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

Cristina López-Duarte and Esteban García-Canal

Journal of Institutional and Theoretical Economics (JITE), 2002, vol. 158, issue 2, 304-324

Abstract: We analyze the determinants of the choice between green field joint ventures, full acquisitions, and partial acquisitions in the international expansion of a firm through foreign direct investments. Our results show that this choice is conditioned by transaction-cost factors (particularly the cultural distance between the home and host countries), as well as by the previous experience and internationalization path of the foreign investor, as suggested by the knowledgebased theories of the firm.

JEL-codes: F21 F23 L14 (search for similar items in EconPapers)
Date: 2002
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