Exploitation and Exploration in International Joint Ventures: Moderating Effects of Partner Control Imbalance and Product Similarity

International joint ventures (IJVs) need to exploit their existing resources as well as explore new capabilities to capture the potential in emerging markets. This study develops a contingent view, arguing that the efficacy of exploitation and exploration depends on the levels of control imbalance and product similarity between an IJV's foreign and local partners. A sample of 198 IJVs in China reveals that partner control imbalance has a...