Shareholder Wealth Effects on Joint Venture Termination: A Transaction Cost Analysis

J.J. Reuer

Working Papers from Purdue University, Krannert School of Management - Center for International Business Education and Research (CIBER)

Abstract: Managing joint venture (JV transitions can have implications for parent firm performance as JVs become important, albeit temporary, instruments of firms' corporate and international strategies. This study examines the average shareholder wealth effects of five specific types of JV termination. Empirical evidence from U.S. firms terminating domestic and international JVs reveals venture termination neither positively nor negatively influences firm value on average, and no one type of JV termination is superior to its alternatives in general.

Keywords: JOINT VENTURES; SHAREHOLDERS; WEALTH (search for similar items in EconPapers)
JEL-codes: G3 G12 (search for similar items in EconPapers)
Date: 1997

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Persistent link: http://EconPapers.repec.org/RePEc:fth:purkib:97-001

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