Adverse Selection and the Choice between Joint Ventures and Acquisitions: Evidence from Spanish Firms | Zendy

Cristina LópezDuarte | Zendy; Esteban García Canal | Zendy

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Adverse Selection and the Choice between Joint Ventures and Acquisitions: Evidence from Spanish Firms

Author(s) -

Cristina LópezDuarte,

Esteban García Canal

Publication year - 2002

Publication title -

journal of institutional and theoretical economics jite

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.211

H-Index - 36

eISSN - 1614-0559

pISSN - 0932-4569

DOI - 10.1628/0932456022975367

Subject(s) - adverse selection , joint (building) , selection (genetic algorithm) , business , industrial organization , finance , computer science , artificial intelligence , engineering , architectural engineering

We analyze the determinants of the choice between greenfield joint ventures, full acquisitions, and partial acquisitions in the internationalizationexpansion of a firm through foreign direct investments. Our results show that this choice is condi- tioned bytransaction-cost factors (particularlythe cultural distance between the home and host countries), as well as bythe previous experience and international- ization path of the foreign investor, as suggested bythe knowledge-based theories of the firm. (JEL: F 21, F 23, L 14)

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