국제합작기업 파트너간 지분인수에 영향을 미치는 요인:실물 옵션 관점의 연구

This paper adopts the perspective that international joint ventures(IJVs) are created as real options to exploit uncertain environments. The exercise of the option is accompanied by an acquisition of the other partner in the joint venture. We investigated which factors would trigger the acquisition of the other partner in the IJVs in Korea. The empirical results show that as the profitability and growth opportunity of the joint venture increase, the acquisition of one partner by the other partner also increases. Especially when the directions of the profitability and growth opportunity are not the same, for example, the profitability is high but the growth potential is low or vice versa, the likelihood of acquisition is higher than when both the profitability and growth opportunity are high or low. The results also indicate that the strategic orientations of the foreign partner and the local partner are different. The foreign partner is more likely to acquire the local partner when the profitability is high, while the local partner tends to acquire the foreign partner when the growth opportunity is high.