Contract, cooperation, and performance in international joint ventures

Yadong Luo

787 citations0/0 files storedStrategic Management Journal

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International Business and FDI Innovation and Knowledge Management Outsourcing and Supply Chain Management

Abstract

Abstract This study examines how contract, cooperation, and performance are associated with one another within international joint ventures (IJVs). We argue that contract and cooperation are not substitutes but complements in relation to IJV performance. An IJV contract provides an institutional framework guiding the course of cooperation, while cooperation overcomes the adaptive limits of contracts. Our analysis of 293 IJVs in a dynamic market demonstrates that previous cooperation bolsters contractual adaptability, which in turn nurtures current cooperation between the same partners. We find that contract completeness and cooperation drive IJV performance both independently and interactively. When contracts are more complete, cooperation contributes more to performance. Contract and cooperation differ in their quadratic effects such that the contribution of contract completeness to performance declines as completeness increases but the contribution of cooperation remains linear. Copyright © 2002 John Wiley & Sons, Ltd.

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References

1985Economic Action and Social Structure: The Problem of Embeddedness 1981The Evolution of Cooperation 2017Exchange and Power in Social Life 1987The Economic Institutions of Capitalism 1965Exchange and Power in Social Life.1979The Social Psychology of Organizations.1986The Economic Institutions of Capitalism 1979Transaction-Cost Economics: The Governance of Contractual Relations

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