日本企業の国内市場・日欧合弁におけるパートナーシップ行動(一ノ瀬篤教授退任記念号)

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概要

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• This paper investigates ownership changes by Japanese and European firms in Japanese-European joint ventures in their home markets. There is a perspective for Japanese joint venture partnership, namely the Trojan horse hypothesis(THH)which postulates that Japanese firms form joint ventures with Western partners to learn from them; once the learning is completed, they dissolve the joint venture. The THH view emphasizes that Japanese firms rapidly exit the joint venture through sell-offs or buy-outs of joint venture stakes or joint venture liquidation / bankruptcy shortly after their learning is completed. We have developed a framework to categorize international joint venture strategies and have proposed operational hypotheses to test the THH perspective in previous studies. This paper explores whether Japanese firms in their home market joint ventures display the same behavior as THH proponents have insisted by testing operational hypotheses. We tested two types of operational hypotheses to analyze the joint venture behavior of Japanese firms in general and to compare joint venture behavior between Japanese and European firms. For the first type, we hypothesized that if Japanese firms generally follow the THH strategy the dominant pattern of joint venture ownership change will be one in which Japanese partners buy out the full joint venture stake of their original partners, liquidate the joint venture, or sell off their stakes to their original partners or to other firms. We found that in more than half of the cases, the Japanese firms kept their stake in the joint venture. For the second type, we hypothesized that if Japanese firms follow the THH strategy, they will dissolve their joint venture more often than European firms do by either buying out the full joint venture stake of their original partners, liquidating the joint venture, or selling off their stakes to their original partners or to other firms. However, we have not found statistically significant differences in such THH behavior between Japanese and European firms. These results suggest that the THH perspective is not supported and it seems that Japanese firms tend to have long term relationship in their joint ventures which is at odds with the perspective. These findings are tentative and need to be confirmed in the future. In addition, we have obtained some other interesting findings. First, there was a difference in the joint venture behavior of firms in assembly industries and process industries. Second, Japanese-British partnerships tend to be dissolved, while Japanese-German partnerships tend to be continued.

• 2010-02-25

著者

• 石井 真一

  大阪市立大学経営学研究科

• 石井 真一

  大阪市立大学大学院経営学研究科

関連論文

• 日本企業の国内市場・日欧合弁におけるパートナーシップ行動(一ノ瀬篤教授退任記念号)
• 海外市場・日欧合弁における日欧企業のパートナーシップ行動(片岡尹教授退任記念号)
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