Business, Management and Accounting
3 years ago

Legal uncertainty drives use of control clauses in international joint ventures.

Academy of Management Proceedings
Joint Venture Contract Design: The Role of A Host Country’s Formal Institutional Environment
Jeongho Choi, Andrés Vélez‐Calle, Farok J. Contractor

Paper Summary

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The study looked at how the rules and systems in a country affect the contracts of international joint ventures. They analyzed 404 contracts from 2000 to 2016 and found that in countries with unclear laws, contracts focus more on legal protections. In countries with more stable legal systems, contracts focus more on internal governance. When court processes are slow, contracts emphasize internal governance. And in corrupt countries, contracts focus more on legal protections.