Shareholder Influence on Joint Venture Exploration
Abstract
In this study, we theorize about how different types of institutional investors influence firms’ choice of exploration versus exploitation for their joint ventures (JVs). Exploratory JVs engender risk, uncertain outcomes, and ex post contractual updating, whereas exploitative JVs allow for ex ante contracts. We argue that dedicated institutional investors (DIIs), who maintain concentrated holdings over time regardless of current earnings, offer...
Paper Details
Title
Shareholder Influence on Joint Venture Exploration
Published Date
May 30, 2018
Journal
Volume
45
Issue
8
Pages
3178 - 3203
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