Ownership Strategy of Multinationals from ASEAN: The Case of their Investment in Sino-foreign Joint Ventures

摘要

1. This paper examines foreign ownership choice in joint ventures formed by multinationals from ASEAN in China. A central hypothesis is formulated: foreign ownership in an international joint venture is related to the tradeoff between risk and return of the venture, and foreign investors' proprietary assets transferred to the venture. 2. The empirical results support the hypothesis that a higher degree of foreign ownership is positively associated with amount of foreign investment, planned joint venture duration, and joint venture location. The study did not found supporting evidence for the hypothesis that foreign ownership choice is related to foreign investors' intangible assets.