Relative importance of International Joint Venture as an entry mode for overseas markets is on the increase gradually and study on changes in ownership structure of joint venture have become a more central issue in International Business. Although many researchers carried out studies on the joint venture dynamics, established studies gave undue value to the static theme such as entry mode or initial equity ratio. On the other hand dynamic studies on why ownership structure is changed after international joint investment are incomplete.
This paper is not a study on the static research handled on the side of choice at the specified time, but a dynamic study on determinants of changes in ownership structure in International Joint Ventures. Accordingly this paper executes a longitudinal analysis into dynamic equity changes of Korean joint ventures after initial equity investment in overseas markets. The results indicate that the changes in ownership structure can be explained by determinants such as unexpected market growth, the number of the natives as chief and management officer, local market experience.
본 연구에서는 해외합작법인이 설립된 후 시간의 흐름에 따라 지분변화가 어떻게 일어나는지를 살펴보면서 그 변화요인이 무엇인지에 대해 알아보고자 하였다. 이러한 지분변화요인들에 대해 실물옵션이론, 학습이론, 협상력이론을 토대로 하여 이론적 분석을 시도한 후 6개의 주요 가설들을 도출하였으며, 이에 대한 통계분석 결과 각각의 요인들이 해외합작법인의 지분변화에 주는 영향이 서로 다름을 알 수 있었다.
