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Purpose: The objective of this study is to examine joint venture, technology transfer on the performance of Nigeria's oil and gas sector between 1981-2021. Theoretical Framework: It is indisputable that the Nigerian oil and gas sector is not at peak performance when compared to what is obtainable from its peers in the Organization of Petroleum Exporting Countries (OPEC) (Iheukwumere, 2021; OPEC, ASB 2020). One of the factors responsible for the abysmal performance is ineffective and incoherent technology transfer management through joint venture arrangements (Odusina, 2022). Therefore, there is a need to empirically investigate the impact of joint venture arrangements on Nigeria's oil and gas sector production which lacks sufficient research. Methodology: The ex-post facto design was used where data were collected through secondary sources on the aggregate output of the joint venture companies and the total yearly output of the upstream sector of Nigeria’s oil and gas industry represented the performance of the Nigerian oil and gas sector in the period 1980 to 2021. The collected data were analyzed using the Quantile Autoregressive Distributed Lag (QARDL) approach to test for short and long-run impacts. Findings: The study revealed that there is a significant impact of joint venture arrangements on oil and gas production in both the short run and long run. Research, Practical & Social Implication: The study therefore recommends that policymakers and industry stakeholders should carefully evaluate the terms and conditions of joint ventures to ensure their alignment with the goals of maximizing oil and gas production. Originality/Value: The use of joint venture as a proxy for technology transfer in the production of oil and gas in Nigeria and use of secondary data between 1980-2021 for joint ventures is an eye-opener for further exploration of the study areas in oil and gas production management, particularly in the area of technology transfer, which lacks s

Despite the recognized importance of subsidiary reverse knowledge transfer (RKT) for multinational enterprises' (MNEs') competitive advantages, little is understood about how host country policy uncertainty may affect it. This study, based on absorptive capacity and resource dependence theories and utilizing the global economic policy uncertainty (GEPU) index, examines 1565 firm-year observations of Taiwanese MNE parent–subsidiary activities. Findings suggest that GEPU indirectly undermines subsidiary RKT benefit by reducing MNEs' global R&D intensity and geographical R&D diversity. Notably, this effect is mitigated when MNEs choose joint venture entry modes. This study enriches international business literature by elucidating the intricate relationships between the host country policy uncertainty, MNE strategies, and subsidiary RKT outcomes, thus contributing to a deeper scholarly understanding in the RKT domain. © 2024 European Academy of Management (EURAM).

The international business literature to date holds a lack of attention to the phenomenon popu-lism and its importance for entry mode choice. This study is among the first ones to take a closer look at this relationship while previous literature concentrates more generally on political risk and political uncertainty and their respective implications on entry mode choice. Thus, this study develops and tests a model to explore the potential impact of populism on the decision to either establish a Wholly-owned subsidiary or Joint Venture. Moreover, a potential moderating effect of prior internationalization experience and firm size on the role of populism is examined. A dataset containing 2,358 acquisition deals between 2013 and 2019 is compiled to test how these factors predict entry mode choice. The results demonstrate that populism entices firms to choose Wholly-owned subsidiaries over Joint Ventures. Additionally, the findings confirm a positive moderating effect of internationalization experience and firm size on the propensity to opt for Wholly-owned subsidiaries., Masterarbeit Universität Innsbruck 2022

This article studies the particularities of the creation and operation of foreign investment Joint Ventures in dictatorial regimes, with special emphasis on the relationship between dictatorship and investors. The hotel business in Cuba is studied in depth as a case study, since it is a paradigmatic example that shows the crossed interests in this type of operations. Thus, the dictatorial government seeks access to foreign currency to operate in the international market and exercise political control over the foreign business and its local workers. On the other hand, the foreign investor will want to develop his business without bureaucratic obstacles and to easily return the profits of the business to the parent company in the country of origin. Likewise, this article shows the legal structure of Joint Ventures from a technical point of view, bringing clarity to the creation and development of these operations, generally unknown due to their confidentiality and complexity., El presente artículo estudia las particularidades de la creación y explotación de Joint Ventures de inversión extranjera en regímenes dictatoriales, haciendo especial énfasis sobre la relación entre dictadura e inversionistas. Se profundiza sobre el negocio hotelero en Cuba como caso de estudio, por ser un ejemplo paradigmático que muestra los intereses cruzados en este tipo de operaciones. Así, por parte del gobierno dictatorial, se busca tener acceso a divisas para operar en el mercado internacional y ejercer control político sobre el negocio extranjero y los trabajadores locales del mismo. Por otro lado, el inversionista extranjero querrá desarrollar su negocio sin trabas burocráticas y facilidad para retornar los beneficios del negocio a la sociedad matriz en el país de origen. De igual modo, se muestra la estructura jurídica de las Joint Ventures desde un punto de vista técnico, aportando claridad al funcionamiento de éstas, generalmente desconocido por cuanto a su confidencialidad y complejidad.

[ES] El trabajo consiste en analizar el proceso seguido para la internacionalización de un pyme española en China. China es, en la actualidad un país de grán relevancia y atractivo para miuchas empresas extranjeras. La empresa objeto de estudio tiene una trayectoria de 10 años ya en dicho mercado. A través de este TFG se pretende recopilar y explotar la información relativa a los últimos 10 años de dicha empresa a fin de analizar qué pasos se han dado, qué resultados se han obtenido, con objeto de identificar oportunidades de mejora para una mayor expansión de esta organización en el mercado Chino.

[EN] The present article examines foreign direct investment (FDI) in Algeria. The study explores how legal constraints on social capital formation, in conjunction with trade restrictions, condition companies' international investment strategies and the attractiveness and implementation of investments in Algeria. These factors affect the diversification of the economy and the business climate. The empirical analysis was performed using a sample of 62 joint ventures (JV) in Algeria for the period 1990 to 2019. The JVs were established by companies from 14 countries. The analysis was performed using fuzzy-set qualitative comparative analysis (fsQCA). The 49/51 rule, combined with increasing restrictions, has affected two groups of companies differently. The first group consists of companies that the Algerian government considers necessary for the diversification of the economy. This group essentially consists of companies in the manufacturing sector, which have shifted from the commercialization to the assembly of products in Algeria. The second group consists of oil and gas companies, which have not undergone changes in the way they access the Algerian market.

[ES] El trabajo consiste en analizar el proceso seguido para la internacionalización de un pyme española en China. China es, en la actualidad un país de grán relevancia y atractivo para miuchas empresas extranjeras. La empresa objeto de estudio tiene una trayectoria de 10 años ya en dicho mercado. A través de este TFG se pretende recopilar y explotar la información relativa a los últimos 10 años de dicha empresa a fin de analizar qué pasos se han dado, qué resultados se han obtenido, con objeto de identificar oportunidades de mejora para una mayor expansión de esta organización en el mercado Chino.

[ES] El trabajo consiste en analizar el proceso seguido para la internacionalización de un pyme española en China. China es, en la actualidad un país de grán relevancia y atractivo para miuchas empresas extranjeras. La empresa objeto de estudio tiene una trayectoria de 10 años ya en dicho mercado. A través de este TFG se pretende recopilar y explotar la información relativa a los últimos 10 años de dicha empresa a fin de analizar qué pasos se han dado, qué resultados se han obtenido, con objeto de identificar oportunidades de mejora para una mayor expansión de esta organización en el mercado Chino.

[ES] El trabajo consiste en analizar el proceso seguido para la internacionalización de un pyme española en China. China es, en la actualidad un país de grán relevancia y atractivo para miuchas empresas extranjeras. La empresa objeto de estudio tiene una trayectoria de 10 años ya en dicho mercado. A través de este TFG se pretende recopilar y explotar la información relativa a los últimos 10 años de dicha empresa a fin de analizar qué pasos se han dado, qué resultados se han obtenido, con objeto de identificar oportunidades de mejora para una mayor expansión de esta organización en el mercado Chino.

The supply of water to towns is one of the fundamental services of any municipality in Spain, given the importance of the asset it is intended to manage, regardless of the form in which its provision is chosen. However, this is not always the case, and sometimes it is seen more as a source of extra funding for the municipality and a matter of political discussion on the convenience of one or another form of management: public or private. Currently in Spain, 45% is public management and 55% is totally or partially with private participation. In this paper we have analyzed, through their Annual Accounts (Accounts (Operating Accounts and Balance Sheet filed with the Mercantile Registry or data provided to the Ministry of Finance), the companies operating in the main Spanish cities, trying to determine the role played by private participation in the management of mixed companies to gain a better understanding of this important economic and social sector.

The supply of water to towns is one of the fundamental services of any municipality in Spain, given the importance of the asset it is intended to manage, regardless of the form in which its provision is chosen. However, this is not always the case, and sometimes it is seen more as a source of extra funding for the municipality and a matter of political discussion on the convenience of one or another form of management: public or private. Currently in Spain, 45% is public management and 55% is totally or partially with private participation. In this paper we have analyzed, through their Annual Accounts (Accounts (Operating Accounts and Balance Sheet filed with the Mercantile Registry or data provided to the Ministry of Finance), the companies operating in the main Spanish cities, trying to determine the role played by private participation in the management of mixed companies to gain a better understanding of this important economic and social sector.

[ES] Desde que en 1930 se produjo la primera alianza aérea, entre la Pan American Grace Airways y la Pan American World Airways, el mundo del transporte aéreo ha ido evolucionando y desarrollando una compleja red de colaboración. Una alianza aérea es una asociación de dos o más aerolíneas que se unen con el objetivo de ampliar los servicios que facilitan. En el caso de los beneficios que reportan a los viajeros se encuentran: las conexiones de código compartido, reducción en los precios en los billetes de ciertas rutas, mayor disponibilidad de horarios y la capacidad de poder combinar varios destinos de una manera fácil, etc. En el caso de las aerolíneas, formar parte de una alianza se traduce en: reducción de costes de personal, posibilidad de compartir instalaciones, programas de fidelización, entre otros. En este trabajo final de grado, se estudiará en profundidad las alianzas aéreas existentes en el mundo para conocer las ventajas que dichas alianzas proporcionan tanto a los viajeros como para las empresas. Para ello, además de la revisión de la literatura existente en torno a este concepto, se realizarán entrevistas a expertos y trabajadores vinculados con el transporte aéreo así como encuestas al público usuario de transporte aéreo para conocer el nivel de familiarización con este tipo de alianzas., [EN] Since the first air alliance between the Pan American Grace Airways and the Pan American World Airways took place in 1930, the world of air transport has evolved and developed a complex network of collaboration. An air alliance is an association of two or more airlines join together with the aim of expanding the services they provide. The benefits they report to travelers are the reduction in ticket's prices for specific routes or the greater availability of schedules, among others. In this final degree project, the existing air alliances in the world will be studied in depth to know the advantages that these alliances provide to both travelers and companies. For this, in addition to reviewing the existing literature on this concept, interviews will be conducted with experts and workers related to air transport, as well as surveys of the public user of air transport to determine the level of familiarization with this type of alliance.

[ES] Desde que en 1930 se produjo la primera alianza aérea, entre la Pan American Grace Airways y la Pan American World Airways, el mundo del transporte aéreo ha ido evolucionando y desarrollando una compleja red de colaboración. Una alianza aérea es una asociación de dos o más aerolíneas que se unen con el objetivo de ampliar los servicios que facilitan. En el caso de los beneficios que reportan a los viajeros se encuentran: las conexiones de código compartido, reducción en los precios en los billetes de ciertas rutas, mayor disponibilidad de horarios y la capacidad de poder combinar varios destinos de una manera fácil, etc. En el caso de las aerolíneas, formar parte de una alianza se traduce en: reducción de costes de personal, posibilidad de compartir instalaciones, programas de fidelización, entre otros. En este trabajo final de grado, se estudiará en profundidad las alianzas aéreas existentes en el mundo para conocer las ventajas que dichas alianzas proporcionan tanto a los viajeros como para las empresas. Para ello, además de la revisión de la literatura existente en torno a este concepto, se realizarán entrevistas a expertos y trabajadores vinculados con el transporte aéreo así como encuestas al público usuario de transporte aéreo para conocer el nivel de familiarización con este tipo de alianzas., [EN] Since the first air alliance between the Pan American Grace Airways and the Pan American World Airways took place in 1930, the world of air transport has evolved and developed a complex network of collaboration. An air alliance is an association of two or more airlines join together with the aim of expanding the services they provide. The benefits they report to travelers are the reduction in ticket's prices for specific routes or the greater availability of schedules, among others. In this final degree project, the existing air alliances in the world will be studied in depth to know the advantages that these alliances provide to both travelers and companies. For this, in addition to reviewing the existing literature on this concept, interviews will be conducted with experts and workers related to air transport, as well as surveys of the public user of air transport to determine the level of familiarization with this type of alliance.

[ES] Desde que en 1930 se produjo la primera alianza aérea, entre la Pan American Grace Airways y la Pan American World Airways, el mundo del transporte aéreo ha ido evolucionando y desarrollando una compleja red de colaboración. Una alianza aérea es una asociación de dos o más aerolíneas que se unen con el objetivo de ampliar los servicios que facilitan. En el caso de los beneficios que reportan a los viajeros se encuentran: las conexiones de código compartido, reducción en los precios en los billetes de ciertas rutas, mayor disponibilidad de horarios y la capacidad de poder combinar varios destinos de una manera fácil, etc. En el caso de las aerolíneas, formar parte de una alianza se traduce en: reducción de costes de personal, posibilidad de compartir instalaciones, programas de fidelización, entre otros. En este trabajo final de grado, se estudiará en profundidad las alianzas aéreas existentes en el mundo para conocer las ventajas que dichas alianzas proporcionan tanto a los viajeros como para las empresas. Para ello, además de la revisión de la literatura existente en torno a este concepto, se realizarán entrevistas a expertos y trabajadores vinculados con el transporte aéreo así como encuestas al público usuario de transporte aéreo para conocer el nivel de familiarización con este tipo de alianzas., [EN] Since the first air alliance between the Pan American Grace Airways and the Pan American World Airways took place in 1930, the world of air transport has evolved and developed a complex network of collaboration. An air alliance is an association of two or more airlines join together with the aim of expanding the services they provide. The benefits they report to travelers are the reduction in ticket's prices for specific routes or the greater availability of schedules, among others. In this final degree project, the existing air alliances in the world will be studied in depth to know the advantages that these alliances provide to both travelers and companies. For this, in addition to reviewing the existing literature on this concept, interviews will be conducted with experts and workers related to air transport, as well as surveys of the public user of air transport to determine the level of familiarization with this type of alliance.

[ES] Desde que en 1930 se produjo la primera alianza aérea, entre la Pan American Grace Airways y la Pan American World Airways, el mundo del transporte aéreo ha ido evolucionando y desarrollando una compleja red de colaboración. Una alianza aérea es una asociación de dos o más aerolíneas que se unen con el objetivo de ampliar los servicios que facilitan. En el caso de los beneficios que reportan a los viajeros se encuentran: las conexiones de código compartido, reducción en los precios en los billetes de ciertas rutas, mayor disponibilidad de horarios y la capacidad de poder combinar varios destinos de una manera fácil, etc. En el caso de las aerolíneas, formar parte de una alianza se traduce en: reducción de costes de personal, posibilidad de compartir instalaciones, programas de fidelización, entre otros. En este trabajo final de grado, se estudiará en profundidad las alianzas aéreas existentes en el mundo para conocer las ventajas que dichas alianzas proporcionan tanto a los viajeros como para las empresas. Para ello, además de la revisión de la literatura existente en torno a este concepto, se realizarán entrevistas a expertos y trabajadores vinculados con el transporte aéreo así como encuestas al público usuario de transporte aéreo para conocer el nivel de familiarización con este tipo de alianzas., [EN] Since the first air alliance between the Pan American Grace Airways and the Pan American World Airways took place in 1930, the world of air transport has evolved and developed a complex network of collaboration. An air alliance is an association of two or more airlines join together with the aim of expanding the services they provide. The benefits they report to travelers are the reduction in ticket's prices for specific routes or the greater availability of schedules, among others. In this final degree project, the existing air alliances in the world will be studied in depth to know the advantages that these alliances provide to both travelers and companies. For this, in addition to reviewing the existing literature on this concept, interviews will be conducted with experts and workers related to air transport, as well as surveys of the public user of air transport to determine the level of familiarization with this type of alliance.

Projects in real estate development are commonly associated with failures in attaining clients’ expectations in terms of time, cost and quality. At the same time, the real estate and construction industry in Sweden is recognized as traditional and sometimes characterized by few and dominant actors leading to low competitiveness. The project based environment often results in temporary business agreements creating exposure for opportunistic behavior between actors. Also, growing complexity and occurring economic uncertainty make the capital intensive property development sector exposed to high risk. These challenges create a demand for new business strategies and deeper collaborations among actors. Further, research has suggested joint ventures as a strategy to enhance project performance and solve adversarial relationships. The thesis aims to give an amended knowledge of vertical joint ventures application in the real estate and construction industry in Sweden. This includes examining the current use, identifying motives and analyzing the potential application to explore organizational and market implications of joint ventures. Therefore, the research utilized a qualitative method where different actors from various perspectives was interviewed. Results show that a typical vertical joint venture formation is a separated equity entity, consisting of two parent firms, often between a property manager and a property developer, with equal ownership and decision making. The study indicates that the most common motives to form a vertical joint venture are risk sharing, financial purposes and accessing competencies and resources. Findings implicate that financial purposes are usually associated with property developers and complementary competencies are often the primary motive for property managers. However, for a vertical joint venture to be successful, mutual trust and joint primary goals between joint venture parents are decisive. In addition, a suitable vertical joint, Fastighetsutvecklingsprojekt misslyckas ofta motsvara beställarens förväntningar vad gäller tid, kostnad och kvalitet. Samtidigt betraktas den svenska bygg och fastighetssektorn som konservativ där få och stora aktörer ofta dominerar marknaden vilket gör det svårt för mindre aktörer att konkurrera. Projekt regleras ofta av tillfälliga avtal där aktörer riskeras att utsättas för opportunism. Dessutom medför en ökande komplexitet och en osäkerhet på marknaden en hög risk för den kapitalkrävande bygg och fastighetssektorn. Dessa utmaningar ställer krav på nya affärsstrategier och fördjupade samarbeten hos aktörer. Forskning menar att joint venture kan användas för att förbättra projektresultat samt motverka kontradiktoriska förhållanden. Syftet med detta arbete är att ge en ökad kunskap om hur vertikala joint ventures kan tillämpas i bygg- och fastighetsbranschen i Sverige. Studien utreder därför användningen av vertikala joint ventures, vanliga motiv samt dess möjliga tillämpning för att utforska hur användandet kan påverka organisatorer och marknader. En kvalitativ metod har använts där aktörer med olika perspektiv har intervjuats. Resultatet indikerar att den vanligaste formen av vertikala joint ventures är när två parter investerar eget kapital i ett nytt gemensamt bolag, där ena parten är en fastighetsförvaltare och den andra parten en fastighetsutvecklare som båda har en lika stor del i ägande och beslutsfattande. Studien visar att de vanligaste motiven till att bilda ett joint venture är att dela på risk, få tillgång till finansiering och komplettera med kompetens och resurser. Resultatet visar att fastighetsutvecklare vanligen har finansiella motiv medan fastighetsförvaltare ofta bildar ett joint venture med primära syftet att komplettera med kompetens. För att ett joint venture ska kunna uppfylla sitt syfte krävs förtroende och att parterna har ett gemensamt huvudmål. Därutöver behöver ett projekt vara av större omfattning utifrån antingen risk, komplexitet, s

Research on alliance governance has pointed out that joint ventures (JVs) are particularly complex forms of collaboration. Partnering firms therefore often face difficulties in anticipating contingencies and collaborative behaviors at the contract negotiation stage. When initial JV contracts are incomplete, renegotiation represents a key strategic opportunity for enhancing contractual safeguards or coordination guidelines over the course of the joint venture. Costs and risks entailed by renegotiating JV arrangements at a later stage are far from trivial, however. Existing research on alliances suggests that practitioners have alternative relational and formal governance solutions at their disposal for handling possible inefficiencies caused by contractual gaps over time. Although insightful, this research does not enable a determination as to whether these alternative relational and formal mechanisms substitute for or facilitate ex post contractual renegotiation. The competing arguments found in the literature provide little guidance to JV practitioners as well. Our results show that the collaborative context within which the JV is embedded (i.e., prior inter-partner ties) obviates the need for enhancing incomplete JV contracts ex post. By contrast, ex post contractual adjustments are fostered and facilitated by the formal and administrative apparatus engaged over the course of the JV (i.e., an involved JV board of directors). Such opposing effects suggest that prior ties can “prevent” the occurrence of inefficiencies caused by contractual gaps, while an involved JV board primarily can act as a mediation and renegotiation platform to “repair” the exchange when inefficiencies occur. Our findings highlight the multidimensional nature of joint venture governance, and in particular the interplay among various formal and informal governance solutions in the execution of joint ventures. By unpacking their complex effects on the decision to renegotiate incomplete JV con

This study aimed to verify the presence of semi-strong efficiency in the Brazilian stock market when the creation of joint ventures was announced. The period analyzed in the study was from May 24, 2012 to May 24, 2017, with a sample of 12 announcements about the creation of new joint ventures, in which at least one of the shareholders was a publicly traded Brazilian company. Subsequently, the event study methodology was employed. Expected returns were estimated using the market model, and then abnormal returns (AR) and cumulative abnormal return (CAR) were calculated during the event window. Finally, statistical tests were performed for the average of the abnormal returns in order to verify if the values were significant. The results of the work showed a strong downward trend in the ARs throughout the event window, consequently the CAR was strongly negative, reaching a value of -4.17% at the end of the event window. This fact indicates that the creation of a joint venture was seen as negative by the market. Regarding the statistical significance of the results, it is noteworthy that, only in the two days prior to the announcement of the creation of the joint venture, the AR was significant, in the other days the market behaved efficiently, with the AR not being statistically different from zero. The result of this research is relevant to the decision of managers who evaluate the possibility of establishing a new joint venture, showing the impacts that this decision may have on their company's stocks., Este estudo teve como objetivo verificar a presença da eficiência semiforte, no mercado brasileiro de ações, quando do anúncio da criação de joint-ventures. O período analisado no estudo foi de 24/05/2012 a 24/05/2017, sendo obtida uma amostra de 12 anúncios de criação de novas joint-ventures, nas quais pelo menos um dos acionistas foi uma empresa brasileira de capital aberto. Posteriormente, foi empregada a metodologia de estudo de eventos. Foram estimados os retornos esperados por meio do modelo de mercado, e então calculados os retornos anormais (AR) e os retornos anormais acumulados (CAR) durante a janela de evento. Por fim, foram realizados testes estatísticos para a média dos retornos anormais, a fim de verificar se os valores foram significativos. Os resultados do trabalho evidenciaram uma forte tendência de queda nos ARs ao longo da janela de evento, consequentemente o CAR foi fortemente negativo, atingindo um valor de -4,17% ao final da janela de evento. Tal fato indica que a criação de uma joint-venture, foi vista como negativa pelo mercado. Sobre a significância estatística dos resultados, ressalta-se que, apenas nos dois dias que antecederam o anúncio da criação da joint-venture o AR foi significativo, nos demais dias o mercado se comportou de maneira eficiente, com os AR não sendo estatisticamente diferente de zero. O resultado desta pesquisa é relevante para a decisão dos gestores que avaliam a possibilidade de estabelecer uma nova joint-venture, mostrando os impactos que essa decisão pode ocasionar nas ações de sua empresa.

Indien ist eine junge Republik, die nach ungefähr 250 Jahren kolonialer Fremdbestimmung im Jahre 1947 gegründet wurde. Nachdem die britischen Kolonialherren jahrzehntelang die indische Wirtschaftspolitik bestimmt und deutlich zu Gunsten Großbritanniens ausgelegt hatten, war es nicht verwunderlich, dass die junge Republik Indien sich zunächst gegenüber einem starken ausländischen Einfluss abschottete. "Self reliance" ist das Stichwort, in dem die Idee einer autarken indischen Republik Ausdruck findet, die auf ihre eigenen Stärken vertraut. Einer der geistigen Väter dieser Politik war Mahatma Gandhi. Das Streben nach Unabhängigkeit in der jungen Republik, auch in wirtschaftlicher Hinsicht, äußerte sich in einer starken Beschränkung ausländischen Engagements. Insbesondere die Devisenbewirtschaftung und der sogenannte Foreign Exchange Regulation Act (FERA) behinderten ausländische Unternehmen in Indien.

This study aimed to verify the presence of semi-strong efficiency in the Brazilian stock market when the creation of joint ventures was announced. The period analyzed in the study was from May 24, 2012 to May 24, 2017, with a sample of 12 announcements about the creation of new joint ventures, in which at least one of the shareholders was a publicly traded Brazilian company. Subsequently, the event study methodology was employed. Expected returns were estimated using the market model, and then abnormal returns (AR) and cumulative abnormal return (CAR) were calculated during the event window. Finally, statistical tests were performed for the average of the abnormal returns in order to verify if the values were significant. The results of the work showed a strong downward trend in the ARs throughout the event window, consequently the CAR was strongly negative, reaching a value of -4.17% at the end of the event window. This fact indicates that the creation of a joint venture was seen as negative by the market. Regarding the statistical significance of the results, it is noteworthy that, only in the two days prior to the announcement of the creation of the joint venture, the AR was significant, in the other days the market behaved efficiently, with the AR not being statistically different from zero. The result of this research is relevant to the decision of managers who evaluate the possibility of establishing a new joint venture, showing the impacts that this decision may have on their company's stocks., Este estudo teve como objetivo verificar a presença da eficiência semiforte, no mercado brasileiro de ações, quando do anúncio da criação de joint-ventures. O período analisado no estudo foi de 24/05/2012 a 24/05/2017, sendo obtida uma amostra de 12 anúncios de criação de novas joint-ventures, nas quais pelo menos um dos acionistas foi uma empresa brasileira de capital aberto. Posteriormente, foi empregada a metodologia de estudo de eventos. Foram estimados os retornos esperados por meio do modelo de mercado, e então calculados os retornos anormais (AR) e os retornos anormais acumulados (CAR) durante a janela de evento. Por fim, foram realizados testes estatísticos para a média dos retornos anormais, a fim de verificar se os valores foram significativos. Os resultados do trabalho evidenciaram uma forte tendência de queda nos ARs ao longo da janela de evento, consequentemente o CAR foi fortemente negativo, atingindo um valor de -4,17% ao final da janela de evento. Tal fato indica que a criação de uma joint-venture, foi vista como negativa pelo mercado. Sobre a significância estatística dos resultados, ressalta-se que, apenas nos dois dias que antecederam o anúncio da criação da joint-venture o AR foi significativo, nos demais dias o mercado se comportou de maneira eficiente, com os AR não sendo estatisticamente diferente de zero. O resultado desta pesquisa é relevante para a decisão dos gestores que avaliam a possibilidade de estabelecer uma nova joint-venture, mostrando os impactos que essa decisão pode ocasionar nas ações de sua empresa.

Projects in real estate development are commonly associated with failures in attaining clients’ expectations in terms of time, cost and quality. At the same time, the real estate and construction industry in Sweden is recognized as traditional and sometimes characterized by few and dominant actors leading to low competitiveness. The project based environment often results in temporary business agreements creating exposure for opportunistic behavior between actors. Also, growing complexity and occurring economic uncertainty make the capital intensive property development sector exposed to high risk. These challenges create a demand for new business strategies and deeper collaborations among actors. Further, research has suggested joint ventures as a strategy to enhance project performance and solve adversarial relationships. The thesis aims to give an amended knowledge of vertical joint ventures application in the real estate and construction industry in Sweden. This includes examining the current use, identifying motives and analyzing the potential application to explore organizational and market implications of joint ventures. Therefore, the research utilized a qualitative method where different actors from various perspectives was interviewed. Results show that a typical vertical joint venture formation is a separated equity entity, consisting of two parent firms, often between a property manager and a property developer, with equal ownership and decision making. The study indicates that the most common motives to form a vertical joint venture are risk sharing, financial purposes and accessing competencies and resources. Findings implicate that financial purposes are usually associated with property developers and complementary competencies are often the primary motive for property managers. However, for a vertical joint venture to be successful, mutual trust and joint primary goals between joint venture parents are decisive. In addition, a suitable vertical joint, Fastighetsutvecklingsprojekt misslyckas ofta motsvara beställarens förväntningar vad gäller tid, kostnad och kvalitet. Samtidigt betraktas den svenska bygg och fastighetssektorn som konservativ där få och stora aktörer ofta dominerar marknaden vilket gör det svårt för mindre aktörer att konkurrera. Projekt regleras ofta av tillfälliga avtal där aktörer riskeras att utsättas för opportunism. Dessutom medför en ökande komplexitet och en osäkerhet på marknaden en hög risk för den kapitalkrävande bygg och fastighetssektorn. Dessa utmaningar ställer krav på nya affärsstrategier och fördjupade samarbeten hos aktörer. Forskning menar att joint venture kan användas för att förbättra projektresultat samt motverka kontradiktoriska förhållanden. Syftet med detta arbete är att ge en ökad kunskap om hur vertikala joint ventures kan tillämpas i bygg- och fastighetsbranschen i Sverige. Studien utreder därför användningen av vertikala joint ventures, vanliga motiv samt dess möjliga tillämpning för att utforska hur användandet kan påverka organisatorer och marknader. En kvalitativ metod har använts där aktörer med olika perspektiv har intervjuats. Resultatet indikerar att den vanligaste formen av vertikala joint ventures är när två parter investerar eget kapital i ett nytt gemensamt bolag, där ena parten är en fastighetsförvaltare och den andra parten en fastighetsutvecklare som båda har en lika stor del i ägande och beslutsfattande. Studien visar att de vanligaste motiven till att bilda ett joint venture är att dela på risk, få tillgång till finansiering och komplettera med kompetens och resurser. Resultatet visar att fastighetsutvecklare vanligen har finansiella motiv medan fastighetsförvaltare ofta bildar ett joint venture med primära syftet att komplettera med kompetens. För att ett joint venture ska kunna uppfylla sitt syfte krävs förtroende och att parterna har ett gemensamt huvudmål. Därutöver behöver ett projekt vara av större omfattning utifrån antingen risk, komplexitet, s

With the forces of globalization, previously safe home markets open up to foreign competition. This urges companies to expand internationally to keep growing. Current literature on how a company should enter a foreign market, namely the choice of entry mode, is based on findings for manufacturing firms and studies on service firms are scarce. In recent years, the service sector has grown steadily and stands for an increasing share of the overall economy, leading to studies on service companies gaining importance. This study looks at a sub-set of the service industry, soft services, and discern what factors are important for their choice of entry mode. Soft service companies are generally identified as companies where the production and consumption of a product cannot be separated, ruling out export as an entry mode. A literature review was conducted to create a comprehensive framework of the influencing factors for the choice of entry mode. This framework was evaluated by interviewing five soft service companies: Max Burgers, Nordic Choice Hotels, BrewDog, O’Learys and Espresso House. The cases were selected based on their international experience and industry criteria. Each company represents a different sector within soft services to ensure conclusions from contrasting companies within soft services. The framework was then modified to incorporate the findings from the case studies. The factors with substantial support from theory and emphasized as important in the interviews were categorized as primary factors. These were: Internal resources with emphasis on financial resources, capabilities with emphasis on international experience, strategic objective and legal considerations. The interviews also revealed the complex relationship among factors, which limit the applicability of general models and decision trees. A further discovery was that the relationship between the degree of control and chosen entry mode was not as strongly supported as theory suggests, with, A comprehensive framework that ranked the most important factors to consider was developed. The factors were concluded to be: Internal resources with emphasis on financial resources, capabilities with emphasis on international experience, strategic objective and legal considerations.

Ukraine and the G7 countries are strategic partners in the implementation of joint socio-economic projects. An analysis of the innovation and investment devel opment of enterprises in the G7 countries and Ukraine showed that an important tool to remove obstacles to creating favorable conditions for attracting investment in the Ukrainian economy is to improve the regulatory framework and attract capital to modernize domestic production. The same applies to the issue of creating and developing special forms of organization of in novative activity (clusters, industrial park, technology parks). The official basis for the analysis is the official materials of the State Statistics Service. Statistical analysis (ab solute and relative statistical values, samples) allowed us to evaluate the main indicators of the enterprise, the dynamics and structure of export opportunities. Based on a systematic and structural approach, posi tive aspects of enterprise development and risks in G7 countries were identified. Thanks to the analysis, com parison and extrapolation in the sphere of functioning of enterprises of the G7 countries and Ukraine, priority areas of development are identified.

Research on alliance governance has pointed out that joint ventures (JVs) are particularly complex forms of collaboration. Partnering firms therefore often face difficulties in anticipating contingencies and collaborative behaviors at the contract negotiation stage. When initial JV contracts are incomplete, renegotiation represents a key strategic opportunity for enhancing contractual safeguards or coordination guidelines over the course of the joint venture. Costs and risks entailed by renegotiating JV arrangements at a later stage are far from trivial, however. Existing research on alliances suggests that practitioners have alternative relational and formal governance solutions at their disposal for handling possible inefficiencies caused by contractual gaps over time. Although insightful, this research does not enable a determination as to whether these alternative relational and formal mechanisms substitute for or facilitate ex post contractual renegotiation. The competing arguments found in the literature provide little guidance to JV practitioners as well. Our results show that the collaborative context within which the JV is embedded (i.e., prior inter-partner ties) obviates the need for enhancing incomplete JV contracts ex post. By contrast, ex post contractual adjustments are fostered and facilitated by the formal and administrative apparatus engaged over the course of the JV (i.e., an involved JV board of directors). Such opposing effects suggest that prior ties can “prevent” the occurrence of inefficiencies caused by contractual gaps, while an involved JV board primarily can act as a mediation and renegotiation platform to “repair” the exchange when inefficiencies occur. Our findings highlight the multidimensional nature of joint venture governance, and in particular the interplay among various formal and informal governance solutions in the execution of joint ventures. By unpacking their complex effects on the decision to renegotiate incomplete JV con

We explore how family-owned small and medium-sized enterprises (SMEs) control their investments abroad: through full ownership (wholly owned subsidiaries) or sharing the ownership with other partners (joint ventures). Focusing on the role of family control (family members as CEO and/or board chair) and three dimensions of distance (cultural, geographic, and institutional) to explain this choice, we analyze 1475 foreign subsidiaries owned by 701 family SMEs and find that cultural, geographic, and institutional distance affect the choice of ownership mode in different ways. Moreover, family control moderates the relationship between distance and foreign ownership mode in the case of cultural and institutional distance, but not in that of geographic distance. Our study contributes to the international business literature by helping to explain the effect of distance on foreign ownership mode choice and by highlighting the importance of the characteristics of main decision makers. The paper also contributes to the literature on family business, shedding light on the role of family control in family SMEs’ foreign ownership mode choice. We thereby offer new insights into the preferences of family leaders and explain how, under certain conditions, when family members cover a central role in the governance, the foreign ownership modes differ.

Using a sample of 770 foreign market entries in the time period 2005–2015 we examine whether the equity entry mode strategies chosen by SMEs are different from those of large firms. Our findings reveal that when compared to large firms, SMEs tend to rely more on cooperative entry modes. More specifically, SMEs prefer joint venture rather than wholly owned subsidiary. Using a propensity score matching approach to avoid sample bias issues, our results show that the choice between joint venture and wholly owned subsidiary is strongly influenced by the size of the investing firm and by their financial resources, while the family ownership structure is not a significant discriminant. We discuss the theoretical underpinnings of our findings along with the managerial implications emerged from this research.

This study investigates the role of learning from failures and how learning from failure of others shapes the entry mode choice of subsequent entrants – a choice between joint venture (JV) and wholly owned subsidiary (WOS). A review of the entry modes and institutional perspective literature has revealed that research to date has focused on the effect of successes rather than failures. While it recognises the effect of other firms’ entry mode on the entry mode decisions of subsequent entrants, it has overlooked the influence of failures’ on entry mode. It is important to investigate the effect of failure of other firms since it has been recognised by organisational learning scholars as a valuable source of information for firms to improve their performance, decrease their uncertainty and consequently influences their actions. Therefore, the present research applies institutional and organisational learning perspectives as the underpinning theories to examine how the failure of others determines the entry mode choice of a firm. Further investigation was carried out on how a firm’s entry mode decision in response to regulative and normative institutions might be asymmetric. Additionally, firms’ responses to institutional dimensions were analysed further by investigating how they would change with experience in the host country and in other foreign countries. This study applied a quantitative approach to answer these questions in the context of China. The data for this study consists of 1021 observations invested by 622 foreign firms from 2003 to 2012. Through a logistic regression analysis, this study found that the failure of prior entrants with JV structure increases a new entrant’s tendency to choose JV over WOS. Moreover, regulative distance negatively influences the choice of JV whereas the effect of normative distance was found to be positive. Regarding the effect of experience, host country experience was found to be an influential factor that mitigates the eff

Gewaltkonflikte im Sudan, vor allem in Darfur, führten zu Beginn des 21. Jahrhunderts in den USA zu einem erhöhten Druck auf Unternehmen, ihre Investitionen aus dem Sudan abzuziehen oder zu beweisen, dass ihre Geschäfte in diesem Land nicht zu den Konflikten beitragen. In dieser Fallstudie von La Mancha, einem Unternehmen, das in den Jahren 2006 bis 2015 an einem Goldminen-Joint-Venture im Sudan beteiligt war, untersuche ich, ob und wie das Unternehmen öffentlich auf diesen Druck reagierte. Ich zeichne nach, wie die unternehmerische Verantwortung für anhaltende Schadensverursachung in öffentlichen Stellungnahmen des Unternehmens behandelt wurde, welche konzeptionelle Lücken darin erkennbar sind, und wie diese in USA-basierten Aktivistenkreisen (re)produziert wurden. Die Analyse zeigt die selektive Anerkennung von Verantwortung seitens des Unternehmens, welche auf der Perspektive externer Akteure beruht und gleichzeitig direkt von Schadensverursachung Betroffene ignoriert. Die Fallstudie bezieht sich auf Debatten sozialer Verantwortung von Unternehmen in Afrikas Rohstoffindustrie, insbesondere im Rahmen komplexer Unternehmensstrukturen, die sowohl staatliche Akteure als auch ausländische Investoren umfassen. Eine solche komplexe Unternehmensstruktur erschwert die Identifizierung von Verantwortungsträgern, stellt aber gerade deshalb eine besondere Notwendigkeit dar. Der Artikel legt nahe, dass ein Verständnis der Aushandlungsprozesse als Arena, in der sich verschiedene Akteure auf das gleiche Anliegen, aber nicht unbedingt aufeinander beziehen, die kommunikative Diskrepanzen innerhalb solcher Prozesse konzeptionell erfassen kann., Violent conflicts in Sudan, especially those in Darfur in the early years of the new century, led state and non-state actors in the United States to exert heightened pressure on companies to divest from Sudan, or to prove that their activities in that country do not contribute to the conflicts. In this case study of La Mancha, a company involved in a gold mining joint venture in Sudan from 2006 to 2015, I examine whether and how it reacted publicly to this pressure. I trace how corporate social responsibility (CSR) for the continuation of harm-production was treated in its public statements, what conceptual gaps are perceptible in these statements, and how they were (re)produced in US-based activist circles. On this basis, I highlight the selective acknowledgement of responsibility which is based on assessments of harm-production by external actors excluding those directly affected by it. More generally, the case study relates to debates on CSR in Africa's extractive industries, especially within the frame of complex business structures involving both state actors and foreign investors that make it difficult and nonetheless urgent to identify units of responsibility. I suggest that a communication disconnect during the process of identification can be adequately approached through a conceptualisation of this process as an "arena" of actors who relate to a common issue but not necessarily to each other.

The administrator of a city park must respond to various needs pertaining to parks as a provider of social and ecological services for city sustainability, through both profitable and non-profitable services. Especially for a large city park, it is difficult to cover all requirements through a single administrative party. Thus, a joint venture (JV) constituting multiple parties is one promising way to administer a large city park. This study aims to clarify the effectiveness and tasks of a JV in the designated administration of city parks. The results of questionnaires received from 69 designated administrators of large city parks (43.7% cover rate in study targets) indicated that JVs tended to actively seek new relationships with parties that have never interacted before to realize better park administration. The merits of constituting a JV included complementing limited know-how of park administration and accumulating new know-how in constituent parties. On the other hand, some disadvantages were highlighted, such as an insufficient number of new projects created through collaboration and vertically divided administration due to role sharing. To cope with these problems, better communication among constituent parties and the establishment of a collaborative environment are necessary.

This study investigates the role of learning from failures and how learning from failure of others shapes the entry mode choice of subsequent entrants – a choice between joint venture (JV) and wholly owned subsidiary (WOS). A review of the entry modes and institutional perspective literature has revealed that research to date has focused on the effect of successes rather than failures. While it recognises the effect of other firms’ entry mode on the entry mode decisions of subsequent entrants, it has overlooked the influence of failures’ on entry mode. It is important to investigate the effect of failure of other firms since it has been recognised by organisational learning scholars as a valuable source of information for firms to improve their performance, decrease their uncertainty and consequently influences their actions. Therefore, the present research applies institutional and organisational learning perspectives as the underpinning theories to examine how the failure of others determines the entry mode choice of a firm. Further investigation was carried out on how a firm’s entry mode decision in response to regulative and normative institutions might be asymmetric. Additionally, firms’ responses to institutional dimensions were analysed further by investigating how they would change with experience in the host country and in other foreign countries. This study applied a quantitative approach to answer these questions in the context of China. The data for this study consists of 1021 observations invested by 622 foreign firms from 2003 to 2012. Through a logistic regression analysis, this study found that the failure of prior entrants with JV structure increases a new entrant’s tendency to choose JV over WOS. Moreover, regulative distance negatively influences the choice of JV whereas the effect of normative distance was found to be positive. Regarding the effect of experience, host country experience was found to be an influential factor that mitigates the eff

This study investigates the role of learning from failures and how learning from failure of others shapes the entry mode choice of subsequent entrants – a choice between joint venture (JV) and wholly owned subsidiary (WOS). A review of the entry modes and institutional perspective literature has revealed that research to date has focused on the effect of successes rather than failures. While it recognises the effect of other firms’ entry mode on the entry mode decisions of subsequent entrants, it has overlooked the influence of failures’ on entry mode. It is important to investigate the effect of failure of other firms since it has been recognised by organisational learning scholars as a valuable source of information for firms to improve their performance, decrease their uncertainty and consequently influences their actions. Therefore, the present research applies institutional and organisational learning perspectives as the underpinning theories to examine how the failure of others determines the entry mode choice of a firm. Further investigation was carried out on how a firm’s entry mode decision in response to regulative and normative institutions might be asymmetric. Additionally, firms’ responses to institutional dimensions were analysed further by investigating how they would change with experience in the host country and in other foreign countries. This study applied a quantitative approach to answer these questions in the context of China. The data for this study consists of 1021 observations invested by 622 foreign firms from 2003 to 2012. Through a logistic regression analysis, this study found that the failure of prior entrants with JV structure increases a new entrant’s tendency to choose JV over WOS. Moreover, regulative distance negatively influences the choice of JV whereas the effect of normative distance was found to be positive. Regarding the effect of experience, host country experience was found to be an influential factor that mitigates the eff

This study investigates the role of learning from failures and how learning from failure of others shapes the entry mode choice of subsequent entrants – a choice between joint venture (JV) and wholly owned subsidiary (WOS). A review of the entry modes and institutional perspective literature has revealed that research to date has focused on the effect of successes rather than failures. While it recognises the effect of other firms’ entry mode on the entry mode decisions of subsequent entrants, it has overlooked the influence of failures’ on entry mode. It is important to investigate the effect of failure of other firms since it has been recognised by organisational learning scholars as a valuable source of information for firms to improve their performance, decrease their uncertainty and consequently influences their actions. Therefore, the present research applies institutional and organisational learning perspectives as the underpinning theories to examine how the failure of others determines the entry mode choice of a firm. Further investigation was carried out on how a firm’s entry mode decision in response to regulative and normative institutions might be asymmetric. Additionally, firms’ responses to institutional dimensions were analysed further by investigating how they would change with experience in the host country and in other foreign countries. This study applied a quantitative approach to answer these questions in the context of China. The data for this study consists of 1021 observations invested by 622 foreign firms from 2003 to 2012. Through a logistic regression analysis, this study found that the failure of prior entrants with JV structure increases a new entrant’s tendency to choose JV over WOS. Moreover, regulative distance negatively influences the choice of JV whereas the effect of normative distance was found to be positive. Regarding the effect of experience, host country experience was found to be an influential factor that mitigates the eff

This study investigates the role of learning from failures and how learning from failure of others shapes the entry mode choice of subsequent entrants – a choice between joint venture (JV) and wholly owned subsidiary (WOS). A review of the entry modes and institutional perspective literature has revealed that research to date has focused on the effect of successes rather than failures. While it recognises the effect of other firms’ entry mode on the entry mode decisions of subsequent entrants, it has overlooked the influence of failures’ on entry mode. It is important to investigate the effect of failure of other firms since it has been recognised by organisational learning scholars as a valuable source of information for firms to improve their performance, decrease their uncertainty and consequently influences their actions. Therefore, the present research applies institutional and organisational learning perspectives as the underpinning theories to examine how the failure of others determines the entry mode choice of a firm. Further investigation was carried out on how a firm’s entry mode decision in response to regulative and normative institutions might be asymmetric. Additionally, firms’ responses to institutional dimensions were analysed further by investigating how they would change with experience in the host country and in other foreign countries. This study applied a quantitative approach to answer these questions in the context of China. The data for this study consists of 1021 observations invested by 622 foreign firms from 2003 to 2012. Through a logistic regression analysis, this study found that the failure of prior entrants with JV structure increases a new entrant’s tendency to choose JV over WOS. Moreover, regulative distance negatively influences the choice of JV whereas the effect of normative distance was found to be positive. Regarding the effect of experience, host country experience was found to be an influential factor that mitigates the eff

Purpose Business relatedness is important in international diversification because it enables a firm's transfer of resources to business units operating in foreign markets. The purpose of this paper is to develop a conceptual model based on a review of the major contributions of studies regarding the relatedness of subsidiaries, joint ventures or any other foreign unit. Design/methodology/approach The paper examines theory bases, the relatedness construct, data issues and the key achievements of previous studies. Drawing on organizational learning, transaction costs economics and industrial organization, a conceptual model and propositions are developed that intend to close important research gaps. Findings The model includes competitive strategy as a mediator of the effects of relatedness on foreign unit performance, type of foreign unit - that is, a wholly owned unit or joint venture - as a moderator; and competition barriers as a moderator. Research limitations/implications In future research, the propositions need to be transformed into testable hypotheses. It is recommended to treat relatedness as a multidimensional concept. Practical implications A firm is primarily advised to evaluate how its relatedness with foreign units enables knowledge transfer. A foreign cost leadership strategy benefits from product relatedness, while a differentiation strategy calls for resource relatedness. Originality/value The proposed model is unique as it includes an actionable component that mediates the effects of relatedness on international performance, i.e. competitive strategy, and concerns both wholly owned foreign units and international joint ventures.

© 2019 American Society of Civil Engineers. Building information modeling (BIM) and off-site manufacturing (OSM) approaches have been recognized as revolutionary methods in the construction industry. However, limited empirical studies have investigated the relations and effects of BIM in OSM projects. Hence, this study aims to explore the direct relationship between BIM implementation and the performance of OSM projects through their key influential factors. The empirical data were collected through questionnaires and analyzed using the partial least-squares technique. The results show there is a strong relationship between BIM implementation and the performance of OSM projects through integration management and cooperation behavior. Contract management plays a negative moderating effect on the relationship between integration management and the performance of OSM projects. These findings provide new insights into the detailed implementation strategies for BIM in improving OSM projects' performance through their correlated relations. This research also contributes to the effective promotion and use of BIM and OSM in the construction industry.

El TSJ de Castilla y León ha considerado que, a tenor del art. 7.p) LIRPF, los rendimientos derivados del trabajo realizado en el extranjero no deben entenderse exentos cuando son prestados en el seno de una agrupación empresarial joint venture. Este precepto requiere que los trabajos en el exterior sean prestados a una entidad no residente o a un establecimiento permanente en el extranjero. La no concurrencia de este requisito se basa, como argumenta el TSJ de Castilla y León, en el hecho de que al carecer la agrupación empresarial joint venture de personalidad jurídica, es la propia empresa residente en España y empleadora del trabajador desplazado la destinataria del servicio prestado por éste., The High Court of Castilla y León has considered that the tax exemption of article 7 (p) of the LIRPF does not apply to salaries earned from work performed in a foreign country when such work has been carried out in the frame of a joint venture. This provision requires that the work is performed in favour of a non-resident entity or a permanent establishment located abroad. This requirement is not met, according to the High Court of Castilla y León, because it is considered that the employer resident-entity is the beneficiary of the work carried out abroad as the joint venture does not enjoy its own legal personality.

La parca regulación legal del contrato de cuentas en participación en el ámbito del derecho mercantil, junto con su ambigua naturaleza jurídica, han generado numerosas dudas a la hora de determinar su régimen fiscal. Este trabajo aborda la tributación de las cuentas en participación en los principales impuestos de nuestro sistema tributario, tanto en la imposición directa como indirecta. Con tal fin, realizamos un previo acercamiento a los aspectos esenciales de su régimen jurídico mercantil y contable, sobre los que se asentará posteriormente buena parte del análisis de su tratamiento tributario., The scarce legal regulation of joint venture contracts in the field of commercial law, as well as its ambiguous legal nature, generate a great number of doubts when it comes to determining its tax regime. This article analyses the fiscal treatment of joint venture contracts in the field of Personal Income Tax, Corporate Income Tax, Value-Added Tax and Property Transmission Tax and Stamp Duties. With this aim, we make a previous approach to the commercial and accounting legal regime of joint venture contracts. This approach will serve as a starting point for the subsequent analysis of its fiscal treatment, both from the perspective of direct and indirect taxation.

Choice of modes is a critical decision that firms conducting equity-based foreign direct investment must make since it has a significant effect on performance. Entry mode choice has been a major topic in international business research up to now. As the largest country in size in Central Asia and a large economic potential, Kazakhstan became one of the main destinations for foreign direct investment in this area while transitioning to a market-based economy after gaining independence from the Soviet Union in 1991. This paper investigates the main firm- and country-specific factors that affect the choice of equity-based entry modes of foreign investors entering Kazakhstan between a joint venture (JV) and a wholly-owned subsidiary (WOS). We establish hypotheses regarding the effects of such factors on the mode choice and empirically test the hypotheses with secondary data on foreign companies’ entry in Kazakhstan, using binomial logit regression analysis.

El TSJ de Castilla y León ha considerado que, a tenor del art. 7.p) LIRPF, los rendimientos derivados del trabajo realizado en el extranjero no deben entenderse exentos cuando son prestados en el seno de una agrupación empresarial joint venture. Este precepto requiere que los trabajos en el exterior sean prestados a una entidad no residente o a un establecimiento permanente en el extranjero. La no concurrencia de este requisito se basa, como argumenta el TSJ de Castilla y León, en el hecho de que al carecer la agrupación empresarial joint venture de personalidad jurídica, es la propia empresa residente en España y empleadora del trabajador desplazado la destinataria del servicio prestado por éste., The High Court of Castilla y León has considered that the tax exemption of article 7 (p) of the LIRPF does not apply to salaries earned from work performed in a foreign country when such work has been carried out in the frame of a joint venture. This provision requires that the work is performed in favour of a non-resident entity or a permanent establishment located abroad. This requirement is not met, according to the High Court of Castilla y León, because it is considered that the employer resident-entity is the beneficiary of the work carried out abroad as the joint venture does not enjoy its own legal personality.

La parca regulación legal del contrato de cuentas en participación en el ámbito del derecho mercantil, junto con su ambigua naturaleza jurídica, han generado numerosas dudas a la hora de determinar su régimen fiscal. Este trabajo aborda la tributación de las cuentas en participación en los principales impuestos de nuestro sistema tributario, tanto en la imposición directa como indirecta. Con tal fin, realizamos un previo acercamiento a los aspectos esenciales de su régimen jurídico mercantil y contable, sobre los que se asentará posteriormente buena parte del análisis de su tratamiento tributario., The scarce legal regulation of joint venture contracts in the field of commercial law, as well as its ambiguous legal nature, generate a great number of doubts when it comes to determining its tax regime. This article analyses the fiscal treatment of joint venture contracts in the field of Personal Income Tax, Corporate Income Tax, Value-Added Tax and Property Transmission Tax and Stamp Duties. With this aim, we make a previous approach to the commercial and accounting legal regime of joint venture contracts. This approach will serve as a starting point for the subsequent analysis of its fiscal treatment, both from the perspective of direct and indirect taxation.

Choice of modes is a critical decision that firms conducting equity-based foreign direct investment must make since it has a significant effect on performance. Entry mode choice has been a major topic in international business research up to now. As the largest country in size in Central Asia and a large economic potential, Kazakhstan became one of the main destinations for foreign direct investment in this area while transitioning to a market-based economy after gaining independence from the Soviet Union in 1991. This paper investigates the main firm- and country-specific factors that affect the choice of equity-based entry modes of foreign investors entering Kazakhstan between a joint venture (JV) and a wholly-owned subsidiary (WOS). We establish hypotheses regarding the effects of such factors on the mode choice and empirically test the hypotheses with secondary data on foreign companies’ entry in Kazakhstan, using binomial logit regression analysis.

http://escholarship.org/uc/item/63j6s1tb Populations of many species of birds are declining worldwide from habitat loss and degradation and the effects of contamination, disease, and alien species. Effects have been great in California’s Central Valley from the loss of over 90% of its historical wetland and riparian habitats. Conservation initiatives at various geographic scales have ranged from protecting and restoring habitats or ecosystems for broad suites of species to ones identifying individual declining and vulnerable taxa and spurring actions to halt or reverse their population declines. In taking the first approach, the Central Valley Joint Venture initially focused on restoring habitats and populations of wintering and breeding waterfowl but currently promotes the conservation of all birds. This joint venture is setting population and habitat objectives for seven taxonomic or habitat bird groups, but to date little attention has been paid to at-risk species of particular conservation concern. We identified 38 at-risk species, subspecies, or distinct populations of birds that warrant heightened conservation efforts in the Central Valley. At-risk birds are unevenly distributed among subregions and habitat types in this valley, but most face the primary threat of habitat loss and degradation. The treatment of at-risk species varies greatly among the seven bird groups considered by the joint venture, and, overall, conservation objectives are not addressed specifically for 50% of the region’s at-risk taxa, though some surely benefit from objectives set for other groups. To adequately treat at-risk species, we recommend a framework for setting conservation objectives that evaluates assumptions about limiting factors, considers objectives already set for threatened and endangered species, assesses whether objectives set for other groups or focal species meet the needs of at-risk species lacking such objectives, establishes objectives for at-risk species for habit

[ES] La finalidad del presente trabajo de fin de carrera es el planteamiento de una idea de negocio que consiste en la creación de una empresa exportadora cuya misión sea la de enlazar productos nacionales de origen español, concretamente vinos y cervezas, con empresas de la República Popular China demandantes. El estudio de esta oportunidad de negocio y su viabilidad económica dará pie a la conclusión que permitirá tomar la decisión sobre la puesta en marcha real del proyecto. En primer lugar, se dará una breve explicación sobre cuales han sido las oportunidades observadas en el mercado que han formado la idea de negocio. Tras ello, se elaborará un estudio de todos los mercados decisivos en el plan de estudios, como la oferta de los productos en el país de origen, la demanda en el país de destino, los competidores directos e indirectos del sector, así como las legislaciones para tener en cuenta. Seguidamente, se planteará el modelo de negocio, explicando cuál es la naturaleza de la empresa y sus procesos de constitución. Para la puesta en marcha del plan también existe la opción de realizar una Joint venture con una empresa de origen chino para tener la posibilidad de trabajar en el país de destino el ámbito de la importación y poder ofrecer un servicio más completo al cliente distribuidor. A continuación, se elaborará el plan comercial, determinando los tipos de productos a comercializar, la estrategia de ventas y distribución y las áreas o regiones de China dónde se implantarán las acciones comerciales planteadas. Seguidamente, se detallará todo el procedimiento a seguir desde la compra de los productos a la fábrica cervecera o bodegas y el control de calidad en la producción hasta la revisión de las cargas y confección de las documentaciones de exportación, imprescindible para el correcto despacho de la mercancía en las aduanas de país de destino. Por último, se elaborará conforme todo lo planteado anteriormente el plan financiero, en este apartado los gastos e

[ES] La finalidad del presente trabajo de fin de carrera es el planteamiento de una idea de negocio que consiste en la creación de una empresa exportadora cuya misión sea la de enlazar productos nacionales de origen español, concretamente vinos y cervezas, con empresas de la República Popular China demandantes. El estudio de esta oportunidad de negocio y su viabilidad económica dará pie a la conclusión que permitirá tomar la decisión sobre la puesta en marcha real del proyecto. En primer lugar, se dará una breve explicación sobre cuales han sido las oportunidades observadas en el mercado que han formado la idea de negocio. Tras ello, se elaborará un estudio de todos los mercados decisivos en el plan de estudios, como la oferta de los productos en el país de origen, la demanda en el país de destino, los competidores directos e indirectos del sector, así como las legislaciones para tener en cuenta. Seguidamente, se planteará el modelo de negocio, explicando cuál es la naturaleza de la empresa y sus procesos de constitución. Para la puesta en marcha del plan también existe la opción de realizar una Joint venture con una empresa de origen chino para tener la posibilidad de trabajar en el país de destino el ámbito de la importación y poder ofrecer un servicio más completo al cliente distribuidor. A continuación, se elaborará el plan comercial, determinando los tipos de productos a comercializar, la estrategia de ventas y distribución y las áreas o regiones de China dónde se implantarán las acciones comerciales planteadas. Seguidamente, se detallará todo el procedimiento a seguir desde la compra de los productos a la fábrica cervecera o bodegas y el control de calidad en la producción hasta la revisión de las cargas y confección de las documentaciones de exportación, imprescindible para el correcto despacho de la mercancía en las aduanas de país de destino. Por último, se elaborará conforme todo lo planteado anteriormente el plan financiero, en este apartado los gastos e

[ES] La finalidad del presente trabajo de fin de carrera es el planteamiento de una idea de negocio que consiste en la creación de una empresa exportadora cuya misión sea la de enlazar productos nacionales de origen español, concretamente vinos y cervezas, con empresas de la República Popular China demandantes. El estudio de esta oportunidad de negocio y su viabilidad económica dará pie a la conclusión que permitirá tomar la decisión sobre la puesta en marcha real del proyecto. En primer lugar, se dará una breve explicación sobre cuales han sido las oportunidades observadas en el mercado que han formado la idea de negocio. Tras ello, se elaborará un estudio de todos los mercados decisivos en el plan de estudios, como la oferta de los productos en el país de origen, la demanda en el país de destino, los competidores directos e indirectos del sector, así como las legislaciones para tener en cuenta. Seguidamente, se planteará el modelo de negocio, explicando cuál es la naturaleza de la empresa y sus procesos de constitución. Para la puesta en marcha del plan también existe la opción de realizar una Joint venture con una empresa de origen chino para tener la posibilidad de trabajar en el país de destino el ámbito de la importación y poder ofrecer un servicio más completo al cliente distribuidor. A continuación, se elaborará el plan comercial, determinando los tipos de productos a comercializar, la estrategia de ventas y distribución y las áreas o regiones de China dónde se implantarán las acciones comerciales planteadas. Seguidamente, se detallará todo el procedimiento a seguir desde la compra de los productos a la fábrica cervecera o bodegas y el control de calidad en la producción hasta la revisión de las cargas y confección de las documentaciones de exportación, imprescindible para el correcto despacho de la mercancía en las aduanas de país de destino. Por último, se elaborará conforme todo lo planteado anteriormente el plan financiero, en este apartado los gastos e

Internationaliseringen av näringslivet har lett till att svenska företag tenderar att samarbeta mer med andra bolag. Exempel på en sådan samarbetsform är joint ventures, det innebär att två eller fler företag bildar ett nytt samägt bolag. Syftet med denna studie är att undersöka om det uppstår abnormal avkastning hos svenska företag vid tillkännagivandet av ett ingått joint venture. Vidare undersöks som underliggande faktorer om nationella och internationella joint ventures och relativa storleksskillnaden mellan moderbolagen påverkar en eventuell abnormal avkastning. Studien är kvantitativ och för att undersöka marknadsreaktionen används en eventstudie. Urvalet består av 198 joint ventures från perioden 2000-2016 som ingåtts av företag noterade på NASDAQ OMX Stockholm large, mid och small cap. Resultatet visar att det generellt uppstår en positiv abnormal avkastning i samband med tillkännagivandet av ett ingått joint venture. Dock tycks ingen av de undersökta faktorerna vara drivande bakom marknadsreaktionen.