نقش حاکمیت شرکتی بر موفقیت سرمایه‌گذاری‌های مشترک بین‌المللی

نوع مقاله : پژوهشی

نویسندگان

1 استادیار، دانشگاه صنعتی امیر کبیر،تهران، ایران

2 دانشجوی دکتری، دانشگاه تهران، تهران، ایران

3 دانشجوی کارشناسی ارشد، دانشگاه صنعتی امیر کبیر، تهران، ایران

چکیده

حاکمیت شرکتی از جمله عوامل موفقیت سرمایه‌گذاری­‌های مشترک بین‌المللی می­‌باشد. با وجود این اهمیت، در مورد اینکه نظام حاکمیتی چگونه بر بهبود عملکرد و بهره‌وری سرمایه‌گذاری‌های مشترک بین‌المللی تأثیر می‌گذارد و همچنین چگونه منجر به عملکرد نوآورانه در اتحادهای مذکور خواهد شد، نیاز به پژوهش‌های بیشتری است تا یافته‌­های حوزه حاکمیت شرکتی در حالت عام را به‌توان به مفهوم سرمایه‌گذاری‌های مشترک بین‌المللی به عنوان یک شرکت ثالث تازه تأسیس نیز تسری داد؛ اما واقعیت این است که نظر به پیچیدگی این مفهوم، تعمیم ابعاد مختلف حاکمیت ‏شرکتی در حالت عام به سرمایه‌گذاری‌های ‏مشترک‏ بین‌‎المللی، دقت هوشمندانه می‌خواهد. به همین دلیل، این تحقیق سعی دارد تا ضمن شناسایی عوامل مؤثر بر بهبود بهره‌وری و عملکرد در تشکل‌های یاد شده، بر نحوه نقش‌آفرینی مجموعه این عوامل بر عملکرد نوآورانه در این تشکل‌ها بپردازد. برای دستیابی به هدف مذکور با استفاده از روش مرور نظام‌مند، 400 پژوهش استخراج شد که از میان آنها، 60 مقاله عمیقاً بررسی گردیدند. در نهایت 3 عامل متجلی در قرارداد همکاری و مؤثر بر بهبود بهره‌وری و عملکرد و همچنین 5 عامل که به‌طور مستقیم بر این مقوله تأثیر دارند، به همراه تبیین نحوه نقش‌آفرینی مجموعه این عوامل بر عملکرد نوآورانه در این تشکل‌ها، شناسایی شدند. 

کلیدواژه‌ها

موضوعات


عنوان مقاله [English]

The role of corporate governance in the success of international joint ventures

نویسندگان [English]

  • Mohammad Hadi Sadegh 1
  • Maryam Parchami Sarghein 2
  • Mohammad Hossein Tajadini 3
1 Assistant Professor, Amirkabir University of Technology, Tehran, Iran
2 PhD student, university of Tehran, Tehran, Iran
3 MA student, Amirkabir University of Technology, Tehran, Iran
چکیده [English]

  IntroductionCorporate governance is one of the key success factors (KSFs) of international joint ventures (IJVs) as one of the most common types of the strategies which is being using by the companies that intend to operate internationally. In spite of the importance of this key success factors, the lack of a research which determined How corporate governance will improve the performance and productivity of international joint ventures, and recognized how it will lead to innovative performance on them. The reason of such this research gap is because of this perspective which the findings of the general researches in the field of corporate governance, can be extended to the international joint ventures structure as new firm as well. But, because of complex nature of these entities, the extension of the findings of other types of organizational structures to international joint ventures type is not accurate extension. Therefore, this article intends to recognize the factors which have effect on improve the performance and productivity of international joint ventures and determined how these factors will lead to innovative performance on them.
  Methodology: The systematic literature review is research method. Thus, the related literature was systematically reviewed over a period of one year (from September 2018 to September 2019) from the on-line databases such as Sage, Elsevier, Springer, Willy and etc. In the first step, while determining and specifying the subject of study, the research questions were developed in accordance with the research design. In the next step, the research protocol was designed and an appropriate mental model was designed accordingly based on PICOC model which consist of Population, Intervention, Comparison, Outcome, and Context. Subsequently, inclusion and exclusion criteria were determined. Accordingly, the comprehensive and systematic search began within the literature and 400 studies were considered. After classification, screening, and measurement of their quality (methodological assessment based on Caldwell's proposed method), 60 studies were finally examined in depth (through a detailed review of their abstracts, introduction, methodology, and results) and the required data were collected. Then, in the last step, the obtained data were classified, codified (using open coding method through Excel software) synthesized and finally summarized.
  Results and Discussion: Three factors manifested in the cooperation agreement and affecting productivity and performance, and five factors that directly affect governance in the success of international joint ventures. In other words, corporate governance and its related factors play a critical role in the success of international joint ventures.
  Conclusion: According to the diversity of detected factors, it can be concluded that corporate governance play critical role on the success of the international joint ventures and international joint ventures are a complex organizational structure and multi-dimensional concept which cannot be undermined and treated like other types of organizations. Thus, results can be as a guide to any types of mutual collaborations especially to the international joint ventures because of its unique and complex nature.

کلیدواژه‌ها [English]

  • Corporate Governance
  • International Joint Ventures
  • New Firm
  • Success
  • Performance
  1. Park, S. H., & Ungson, G. R. (2001). Intrafirm rivalry and managerial complexity: A conceptual framework of alliance failure, Organization Science, 12(1), 37-53.
  2. Chung, C. C., & Beamish, P. W. (2012). Multi-party international joint ventures: Multiple post-formation change processes, Journal of World Business, 47(4), 648-663.
  3. Gulati, R., Wohlgezogen, F., & Zhelyazkov, P. (2012). The two facets of collaboration: Cooperation and coordination in strategic alliances. The Academy of Management Annals, 6(1), 531-583.
  4. Reuer, J. J., Klijn, E.; Van den Bosch, F. A., & Volberda, H. W. (2011). Bringing corporate governance to IJVs, Global Strategy Journal, 1(1‐2), 54-66.
  5. Klijn, E., Reuer, J. J., Volberda, H. W., & Van Den Bosch, F. A. (2017). Ex-post governance in joint ventures: Determinants of monitoring by JV boards of directors, Long Range Planning Pub.
  6. Das, T. K., & Teng, B. S. (2001). Trust, control, and risk in strategic alliances: An integrated framework, Organization Studies, 22(2), 251-283.
  7. Ouchi, W. G. (1979). A conceptual framework for the design of organizational control mechanisms, Management science, 25(9), 833-848.
  8. Dess, G., Lumpkin, G. T., Eisner, A., & McNamara, G. (2013). Strategic management: Text and cases, 7th edition, McGraw-Hill.
  9. Musteen, M., Datta, D. K., & Herrmann, P. (2009). Ownership structure and CEO compensation: Implications for the choice of foreign market entry modes, Journal of International Business Studies, 40(2), 321-338.
  10. Etemad, H. (2004). Internationalization of small and medium‐sized enterprises: A grounded theoretical framework and an overview, Canadian Journal of Administrative Sciences/Revue Comedienne des Sciences de l'Administration, 21(1), 1-21.
  11. Freeman, S., Edwards, R., & Schroder, B. (2006). How smaller born-global firms use networks and alliances to overcome constraints to rapid internationalization, Journal of International Marketing, 14(3), 33-63.
  12. Barkema, H. G., & Vermeulen, F. (1997). What differences in the cultural backgrounds of partners are detrimental for international joint ventures? Journal of International Business Studies, 28(4), 845-864.
  13. Clarke, T. (2004). Theories of corporate governance: The Philosophical Foundations of Corporate Governance, Oxon: McGraw-Hill.
  14. Child, J., & Rodrigues, S. (2004). Corporate governance in international joint ventures: Toward a theory of partner preferences, Working Paper, 89-112.
  15. Hsieh, L. H., Rodrigues, S. B., & Child, J. (2010). Risk perception and post-formation governance in international joint ventures in Taiwan: The perspective of the foreign partner, Journal of International Management, 16(3), 288-303.
  16. Pajot, C., & Gravière, R. J. D. L. (2010). A study of joint ventures: The challenging world of alliances. Deloitte Report. Retrieved from www.Deloitte.com.
  17. Bettany-Saltikov, J. (2012). How to do a systematic literature review in nursing: a step-by-step guide, McGraw-Hill Education.
  18. Aghajani, T., Rezazadeh, A., & Shoghi, B. (2014). The effect of strategic alliance on organizational performance (The case of alliance between Navard Aluminum Arak & Aluminum Pars). Journal of Strategic Management Research, 20(55), 9-34. [in Persian]
  19. Bodnaruk, A., Massa, M., & Simonov, A. (2013). Alliances and corporate governance. Journal of Financial Economics, 107(3), 671-693.
  20. Guidice, R. M., & Mero, N. P. (2007). Governing joint ventures: Tension among principals’ dominant logic on human motivation and behavior, Journal of Management and Governance, 11(3), 261-283.
  21. Gulati, R. (1995). Does familiarity breed trust? The implications of repeated ties for contractual choice in alliances. Academy of Management Journal, 38(1), 85-112.
  22. Hambrick, D. C., Li, J., Xin, K., & Tsui, A. S. (2001). Compositional gaps and downward spirals in international joint venture management groups. Strategic Management Journal, 22(11), 1033-1053.
  23. Hasangholi Pour, T., Heidari, A., & Jalali, S. H. (2018), Studying the role of nationality of the partners in performance of strategic alliances. Management Researches in Iran, 2(22), 32-50. [in Persian]
  24. Ibrahim, H., & Samad, F. A. (2011). Corporate governance mechanisms and performance of public-listed family-ownership in Malaysia. International Journal of Economics and Finance, 3(1), 105-115.
  25. Keil, T., Maula, M., Schildt, H., & Zahra, S. A. (2008). The effect of governance modes and relatedness of external business development activities on innovative performance. Strategic Management Journal, 29(8), 895-907.
  26. Krishnan, R., Geyskens, I., & Steenkamp, J. B. E. (2016). The effectiveness of contractual and trust‐based governance in strategic alliances under behavioral and environmental uncertainty, Strategic Management Journal, 37(12), 2521-2542.
  27. Kumar, S., & Seth, A. (1998). The design of coordination and control mechanisms for managing JV parent relationships. Strategic Management Journal, 19, 579–599.
  28. Lai, J. H., & Chen, L. Y. (2014). The valuation effect of corporate governance on stakeholder wealth: Evidence from strategic alliances. International Review of Economics and Finance, 32, 117-131.
  29. Luo, Y. (2002). Contract, cooperation, and performance in international joint ventures. Strategic Management Journal, 23(10), 903-919.
  30. Mohr, A., Wang, C., & Goerzen, A. (2016). The impact of partner diversity within multiparty international joint ventures. International Business Review, 25(4), 883-894.
  31. Ouchi, W.G. (1977). The relationship between organizational structure and organizational control, Administrative Science Quarterly, 22(1), 92-112.
  32. Piaskowska, D., Nadolska, A., & Barkema, H. G. (2017). Embracing complexity: Learning from minority, 50-50, and majority joint venture experience. Long Range Planning Pub.
  33. Sadegh, M. H., Parchami Sarghein, M., & Shahhosseini. M. A. (2020). Determining the corporate governance mechanisms in international joint ventures and recognizing the effective factors. Journal of Business Management Perspective, 19(43), 62-96. [in Persian]
  34. Sadegh, M. H., Shahhosseini, M. A., & Heidari. A. (2020). Extracting the effective factors on corporate governance formation in strategic alliances with focus on international joint ventures through systematic literature review. Business Management, 12(1), 64-93. [in Persian]
  35. Shahhosseini, M. A., Heidari, A., Arabi, S. M., & Ghaderi kangavari, S. (2019). Presenting a model for managing R&D strategic alliances in car industry. Business Management, 11 (1), 25-44. [in Persian]
  36. Talebi, K., Sakhdari, K., & Bayat Tork, F. (2016). Determining the effective factores on successful IJVs (Case study: Petrochemical industry). Quarterly Journal of Interdisciplinary Studies. 7(25), 23-50. [in Persian]
  37. Whipple, J. M., & Frankel, R. (2006). Strategic alliance success factors. The Journal of Supply Chain Management, 36(2), 21-28.
  38. Pedada, K., Padigar, M., Sinha, A., and Dass, M. (2021). Developed market partner’s relative control and the termination likelihood of an international joint venture in an emerging market, Journal of Business Research, 135, 295 – 303.
  39. Hsieh, L. H., and Rodrigues, S. B. (2014). Revisiting the trustworthiness–performance–governance nexus in international joint ventures. Management International Review, 54(5), 675-705.
  40. Petersen, K., Feldt, R., Mujtaba, S., & Mattsson, M. (2008). Systematic mapping studies in software engineering. In 12th International Conference on Evaluation and Assessment in Software Engineering (EASE) 12 (1-10).
  41. AlHares, A. (2020). Corporate governance mechanisms and R&D intensity in OECD courtiers, Corporate Governance, 20(5), 863-885. https://doi.org/10.1108/CG-11-2019-0349
  42. Asensio-López, D.Cabeza-García, L., & González-Álvarez, N.(2019). Corporate governance and innovation: a theoretical review, European Journal of Management and Business Economics, 28(3), 266-284. https://doi.org/10.1108/EJMBE-05-2018-0056
  43. Aslam, E., & Haron, R.(2021). Corporate governance and banking performance: the mediating role of intellectual capital among OIC countries, Corporate Governance, 21(1), 111-136. https://doi.org/10.1108/CG-08-2020-0312
  44. Audretsch, D. B., Link, A. N. (2019). Embracing an entrepreneurial ecosystem: an analysis of the governance of research joint ventures. Small Business Economics, 52(2), 429-436.
  45. Audretsch, D. B., Leyden, D. P., & Link, A. N. (2017). Universities as research partners in publicly supported entrepreneurial firms. In Universities and the Entrepreneurial Ecosystem: Edward Elgar Publishing.
  46. Bakker, R. M. (2016). Stepping in and stepping out: Strategic alliance partner reconfiguration and the unplanned termination of complex projects. Strategic Management Journal, 37(9), 1919-1941.
  47. Barros, F.E.E.d.Santos, R.C.d.Orso, L.E., & Sousa, A.M.R.(2021). The evolution of corporate governance and agency control: the effectiveness of mechanisms in creating value for companies with IPO on the Brazilian stock exchange, Corporate Governance, 21(5), 775-814. https://doi.org/10.1108/CG-11-2019-0355
  48. Chen, R., El Ghoul, S., Guedhami, O., & Liu, F. (2022). The corporate governance consequences of small shareholdings: evidence from sovereign wealth fund cross-border investments. Corp Govern Int’l Rev.https://doi.org/10.1111/corg.12445
  49. Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Academy of management review, 22(1), 20-47.
  50. Debellis, F., & Pinelli, M. (2020). Board interlocks in SMEs and the formation of international joint ventures. Piccola Impresa/Small Business, (2).
  51. Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74.
  52. Erena, O.T.Kalko, M.M., & Debele, S.A.(2022). Corporate governance mechanisms and firm performance: empirical evidence from medium and large-scale manufacturing firms in Ethiopia, Corporate Governance, 22(2), 213-242. https://doi.org/10.1108/CG-11-2020-0527.
  53. Estélyiová, K. (2012). Governance structure of strategic alliances-evidences from the south moravian region. Journal of Competitiveness, 4(2).
  54. Faems, D., Janssens, M., Madhok, A., & Looy, B. V. (2008). Toward an integrative perspective on alliance governance: Connecting contract design, trust dynamics, and contract application. Academy of management Journal, 51(6), 1053-1078.
  55. Farooq, M.Noor, A., & Ali, S.(2022). Corporate governance and firm performance: empirical evidence from Pakistan, Corporate Governance, 22(1), 42-66. https://doi.org/10.1108/CG-07-2020-0286.
  56. Hazami-Ammar, S., & Gafsi, A.(2021). Governance failure and its impact on financial distress, Corporate Governance, 21(7), 1416-1439. https://doi.org/10.1108/CG-08-2020-0347.
  57. Issa, A.Yousef, H.Bakry, A.Hanaysha, J.R., & Sahyouni, A.(2021). Does the board diversity impact bank performance in the MENA countries? A multilevel study, Corporate Governance, 21(5), 865-891. https://doi.org/10.1108/CG-06-2020-0222
  58. Jesuka, D., & Peixoto, F.M.(2022). Corporate governance and firm performance: does sovereign rating matter? Corporate Governance, 22(2), 243-256. https://doi.org/10.1108/CG-08-2020-0369
  59. Koutoupis, A.Kyriakogkonas, P.Pazarskis, M., & Davidopoulos, L.(2021). Corporate governance and COVID-19: a literature review, Corporate Governance, 21(6), 969-982. https://doi.org/10.1108/CG-10-2020-0447
  60. Kreutzer, M., Cardinal, L. B., Walter, J., & Lechner. C. (2016). Formal and informal control as complement or substitute? The role of the task environment. Strategy Science 1(4), 235-255. https://doi.org/10.1287/stsc.2016.0019
  61. Krishnan, R., Geyskens, I., & Steenkamp, J. B. E. (2016). The effectiveness of contractual and trust‐based governance in strategic alliances under behavioral and environmental uncertainty. Strategic Management Journal, 37(12), 2521-2542.
  62. Kujala, J.Nystén-Haarala, S., & Nuottila, J.(2015). Flexible contracting in project business, International Journal of Managing Projects in Business, 8(1), 92-106.
  63. Leyva-Townsend, P.Rodriguez, W.Idrovo, S., & Pulga, F.(2021). Female board participation and firm’s financial performance: a panel study from a Latin American economy, Corporate Governance, 21(5), 920-938. https://doi.org/10.1108/CG-07-2019-0235
  64. Lojacono, G., Misani, N., & Tallman, S. (2017). Offshoring, local market entry, and the strategic context of cross-border alliances: the impact on the governance mode. International Business Review, 26(3), 435-447.
  65. Lopez-Perez, M. V., & Rodriguez-Ariza, L. (2013). Ownership and trust in the governance structures of Spanish-Moroccan SMEs constituted as international joint ventures. Central European Journal of Operations Research, 21(3), 609-624.
  66. Lorange, P., & Roos, J. (1993). Strategic Alliances, John Wiley and Sons.
  67. Marie, L., & Huillier, B.(2014). What does “corporate governance” actually mean? Corporate Governance, 14(3), 300-319.
  68. Miller, R., Glen, J., Jaspersen, F., & Karmakolias, Y. (1997). International joint ventures in developing countries. Finance and Development, 26-29.
  69. Mjoen, H., & Tallman, S. (1997). Control and performance in international joint ventures. Organization science, 8(3), 257-274.
  70. Nippa, M., & Beechler, S.(2013). What do we know about the success and failure of international joint ventures? In Search of Relevance and Holism, Philosophy of Science and Meta-Knowledge in International Business and Management (Advances in International Management, (26), Emerald Group Publishing Limited, Bingley, 363-396.
  71. Nippa, M., Beechler, S., & Klossek, A. (2007). Success factors for managing international joint ventures: A Review and an Integrative Framework. Management and Organization Review, 3(2), 277-310.  
  72. Nippa, M., & Reuer, J.J. (2019). On the future of international joint venture research. J Int Bus Stud, 50, 555–597.
  73. Pandey, N., Andres, C., & Kumar, S. (2022) Mapping the corporate governance scholarship – current state and future directions. Corporate governance: An International Review. https://doi.org/10.1111/corg.12444
  74. Pedada, K., Padigar, M., Sinha, A., & Dass, M. (2021). Developed market partner’s relative control and the termination likelihood of an international joint venture in an emerging market, Journal of Business Research, 135, 295 - 303
  75. Rodríguez-López, N., & Diz-Comesaña, M. E. (2016). The mediated effect of formal and informal control on governance forms. RAE - Revista de Administração de Empresas, 56(6).
  76. Schaan, J. (1983). Parent Control and Joint Venture Success: The Case of Mexico.
  77. Sestu, M. C., & Majocchi, A. (2020). Family firms and the choice between wholly owned subsidiaries and joint ventures: A transaction costs perspective. Entrepreneurship Theory and Practice, 44(2), 211-232.
  78. Singh, K., & Pillai, D.(2022). Corporate governance in small and medium enterprises: a review, Corporate Governance, 22(1), 23-41. https://doi.org/10.1108/CG-10-2020-0470
  79. Sivaprasad, S.Mathew, S.(2021). Corporate governance practices and the pandemic crisis: UK evidence, Corporate Governance, 21(6), 983-995. https://doi.org/10.1108/CG-08-2020-0357
  80. Tong, T. W., & Li, S. (2013). The assignment of call option rights between partners in international joint ventures. Strategic Management Journal, 34(10), 1232-1243.
  81. Tran, H.T.(2021). The link between independent directors and firm’s performance: the moderating role of corporate social responsibility, Corporate Governance, 21(5), 831-844. https://doi.org/10.1108/CG-05-2020-0176