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Assessing Two Transaction Cost-Based Theories of Equity Joint Ventures: Asset Specificity versus Measurement Cost

时间:2017-06-12

Organization and Strategy Seminar2017-06

TopicAssessing Two Transaction Cost-Based Theories of Equity Joint Ventures: Asset Specificity versus Measurement Cost

Speaker: Tailan Chi, University of Kansas Business School

Time: Friday, 16 June, 10:00-11:30 am

Location: Room K02 , Guanghua Building 2

Abstract:

        This study empirically examines two explanations for the formation of equity joint ventures (EJVs) that are both derived from transaction cost economics (TCE): One considers EJVs to be a vehicle for mitigating appropriability risk in the presence of asset specificity, and the other considers EJVs to provide an optimizing incentive system in the face of imperfect performance measurement in bundling complementary assets from two or more exchange partners. We compare and contrast their apparently conflicting predictions regarding the formation of EJVs. Using a sample of 2,958 inter-firm exchanges (contracts, EJVs, and mergers and acquisitions) formed among U.S. public firms from 1994 to 2013, our study examines the relationship between the attributes of the assets from both exchange partners and their choice of EJVs. The empirical results shed light on the validity of those two perspectives and suggest that an integration of them will provide a more complete explanation of exchange mode within the TCE framework.


Introduction:

        Tailan Chi is a Professor of International Business & Strategy and holds Carl A. Scupin Professorship at University of Kansas Business School. He received his B.E. from the University of International Business & Economics, Beijing, China, his M.B.A. from University of San Francisco, and his M.A. in economics and Ph.D. in business administration from the University of Washington.

His research conducts economic analysis under the constraints of information imperfections and potential cognitive biases and applies this approach to the study of international business. His current projects examine, inter alia, alternative motives for the formation of joint ventures, interfirm collaborations as dynamic games under uncertainty, and drivers of acquisitions by emerging economy firms in developed economies. He has published in journals such as Strategic Management Journal, Journal of International Business Studies, Management Science, Strategic Entrepreneurship Journal, Global Strategy Journal,Journal of World Business, Decision Sciences, and IIE Transactions. He has co-authored a major textbook,International Business (3rd ed., Routledge), with Oded Shenkar and Yadong Luo.

He is an Area Editor at the Journal of International Business Studies, and serves on the editorial boards ofStrategic Management Journal, Journal of World Business, Global Strategy Journal, Cross-Cultural and Strategic Management, and Journal of International Business & Economics. He is an elected Fellow of the Academy of International Business and a member of Academy of Management, and Strategic Management Society.

He has taught a large variety of international business courses at the undergraduate, MBA and doctoral levels. His main teaching interests include the global regime of international business, international business strategy, and business in China.

He worked as a business negotiator for a major Chinese trading company before coming to the United States. He has advised companies in the U.S. on doing business in China and Pacific Asia.

https://business.ku.edu/tailan-chi

Your participation is warmly welcomed!

 

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