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Although economic activity between the U.S. and Japan has skyrocketed in the last decade, there are few large sample, cross-industry studies analyzing multiple forms of investment by the Japanese in the U.S. This study analyzes the key characteristics of each stage of industry evolution and the costs and benefits of each form of resource investment to predict the patterns of technological linkages, joint ventures, and direct investment of Japanese companies in the U.S. The results find support for a model predicting a predominance of technological linkages in emerging industries, joint ventures in growing industries, and direct investment in maturing industries. Technological linkages are most attractive in emerging industries as firms struggle to acquire technology, information and expertise and share cost and risk, yet retain flexibility. Joint ventures proliferate in growing industries because they offer a means of acquiring and expanding customer bases, yet reducing vulnerability. In maturing industries, where firms' key competencies are more developed, direct investment allows the company to generate demand in new markets without the disadvantage of joint governance.interorganizational linkages, direct investment, industry evolution, U.S./Japan

The Relationship of Industry Evolution to Patterns of Technological Linkages, Joint Ventures, and Direct Investment Between U.S. and Japan