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Beyond entry mode choice: Explaining the conversion of joint ventures into wholly owned subsidiaries in the People's Republic of China

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Abstract

While there is a vast amount of research on firms’ choice of ownership form when entering a foreign market, little attention has been paid to changes in ownership forms of operation abroad after initial entry. Using transaction cost economics and institutional theory we identify a number of factors that may help to explain the likelihood of foreign firms’ converting their joint venture with a local firm into a wholly owned subsidiary. We formulate a number of hypotheses and test them against data collected through a questionnaire survey of managers representing foreign subsidiaries in the People's Republic of China (PRC) that are run either as international joint ventures (IJVs) or as wholly owned foreign subsidiaries (WFOEs) that have recently been converted from IJVs into a WFOE. The paper contributes to research by showing that transaction-cost-based thinking is useful for explaining not only the initial choice of ownership mode when entering a new market, but also the potential subsequent changes of this ownership mode. By combining transaction cost theory with arguments from institutional theory, the study identifies a number of factors that contribute to explaining post-entry changes of foreign firms’ ownership forms in the PRC, and provides empirical evidence of this phenomenon.

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Notes

  1. Some authors have argued that transaction cost theory could adequately handle these issues as well. However, given that some factors that are important for our study are less developed in transaction cost theory than in institutional theory, we believe that the combination of both approaches has the potential to enhance our understanding of IJV-to-WFOE conversions. We would like to thank the Departmental Editor for this useful comment.

  2. We would like to thank one of the anonymous reviewers for this possible explanation.

  3. We would like to thank the Departmental Editor for highlighting this possibility.

  4. We use institutional theory logics to explain our findings for Hypotheses 5 and 6, since our hypotheses are derived from institutional theory thinking, although institutional theory predictions might also be given an explanation based on TCE.

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Acknowledgements

We thank Helen Rogers, Ina Rossbach, Alexander Schaber, and Julia Steiner for their assistance during various stages of the development of the paper. We are also grateful to Departmental Editor Alain Verbeke and two anonymous reviewers for their constructive comments and encouragement during the review process. We also thank the Bavarian Ministry of Economic Affairs, Infrastructure, Transport and Technology for funding this project.

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Authors and Affiliations

  1. Department of International Management, University of Erlangen-Nuremberg, Nuremberg, Germany

    Jonas F Puck & Dirk Holtbrügge

  2. Bradford Centre in International Business, Bradford University School of Management, Bradford, UK

    Alexander T Mohr

Authors
  1. Jonas F Puck
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  2. Dirk Holtbrügge
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  3. Alexander T Mohr
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Correspondence to Jonas F Puck.

Additional information

Accepted by Alain Verbeke, Area Editor, 15 November 2007. This paper has been with the authors for two revisions.

Appendices

APPENDIX A

See Table A1.

Table a1 Home countries in the sample
Full size table

APPENDIX B

See Table B1.

Table a2 Industries in the sample
Full size table

APPENDIX C

See Table C1.

Table a3 ANOVA of ownership level, age of IJV, size of parent firm and industry
Full size table

APPENDIX D

Measures (all on seven-point Likert-type scales)

Generation of local knowledge (α=0.85)

  1. 1)

    How do/did you assess your company's knowledge about the Chinese market today/shortly before the time of conversion in comparison with the time your company started its business there?

  2. 2)

    How do/did you assess your company's knowledge regarding the Chinese law today/shortly before the time of conversion in comparison with the time your company started its business there?

  3. 3)

    How do/did you assess your company's knowledge regarding the Chinese economic situation in your industrial sector today/shortly before the time of conversion in comparison with the time your company started its business there?

  4. 4)

    How do/did you assess your company's knowledge regarding the Chinese political situation today/shortly before the time of conversion in comparison with the time your company started its business there?

  5. 5)

    How do/did you assess your company's knowledge regarding behavioral patterns in business relations with Chinese partners today/shortly before the time of conversion in comparison with the time your company started its business there?

Asset specificity (α=0.78)

  1. 1)

    How do/did you rate the training programs provided by your company (shortly before the time of conversion) in terms of preparing personnel to provide your service or produce your product?

  2. 2)

    How do/did you rate your firm's potential to create new and creative products or services (shortly before the time of conversion)?

  3. 3)

    How many technological resources does/did your firm have (shortly before the time of conversion) to handle international expansion?

Internal isomorphic pressures (α=0.80)

How do/did you assess the level of resource sharing between your subsidiary and the parent firm (shortly before the time of conversion)

  1. 1)

    regarding research and development?

  2. 2)

    regarding raw materials?

  3. 3)

    regarding plant and equipment?

  4. 4)

    regarding advertising and promotional efforts?

  5. 5)

    regarding personnel?

How do/did you assess the level of autonomy and flexibility given to your subsidiary by the parent firm (shortly before the time of conversion)

  1. 1)

    regarding strategic decisions?

  2. 2)

    regarding research and development?

  3. 3)

    regarding organization of production?

  4. 4)

    regarding organization of distribution?

  5. 5)

    regarding budget responsibility?

  6. 6)

    regarding adjustment to local requirements?

Competition in industry (α=0.89)

  1. 1)

    How stable is/was the market share of your company (shortly before the time of conversion)?

  2. 2)

    How many existing or potential competitors do/did you have (shortly before the time of conversion)?

  3. 3)

    How high is/was the level of fixed costs relative to the value added in your industry (shortly before the time of conversion)?

  4. 4)

    How high are/were the costs facing the buyer switching from one supplier (competitor) to another (shortly before the time of conversion)?

Changes in external uncertainty (α=0.91)

  1. 1)

    Do/did you (now) perceive a higher political stability in China shortly before the time of conversion in comparison with the time your company started its business there?

  2. 2)

    Do/did you (now) perceive a higher legal stability (e.g., legal security, legal protection of rights etc.) in China (shortly before the time of conversion) in comparison with the time your company started its business there?

  3. 3)

    Do/did you (now) perceive a higher economic stability in China (shortly before the time of conversion) in comparison with the time your company started its business there?

  4. 4)

    Do/did you (now) perceive a higher social stability in China (shortly before the time of conversion) in comparison with the time your company started its business there?

  5. 5)

    How do/did you estimate the future situation of your industrial sector in the Chinese market (shortly before the time of conversion)

    1. a)

      regarding political stability?

    2. b)

      regarding legal stability?

    3. c)

      regarding economic stability?

    4. d)

      regarding social stability?

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Puck, J., Holtbrügge, D. & Mohr, A. Beyond entry mode choice: Explaining the conversion of joint ventures into wholly owned subsidiaries in the People's Republic of China. J Int Bus Stud 40, 388–404 (2009). https://doi.org/10.1057/jibs.2008.56

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