海外進出形態の選択と企業の内部制度環境 : 日本企業の中国進出に関する実証分析

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  • International Entry Mode Decisions and Firm's Internal Institutional Environment : An Empirical Study on Japanese Firms' Entry into China
  • カイガイ シンシュツ ケイタイ ノ センタク ト キギョウ ノ ナイブ セイド カンキョウ : ニホン キギョウ ノ チュウゴク シンシュツ ニ カンスル ジッショウ ブンセキ

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説明

There are a number of studies focusing on firms' international entry mode decisions (Joint Venture/Wholly Owned) and their effect on post entry performance. Most of these studies explain the decisions based on Transaction Cost approach. These studies argue that firms choose the most efficient entry mode based on economic rationality, and such decisions lead the firms to achieve superior performance. More specifically, according to transaction cost approach, firms should start with JV entry to accumulate local knowledge through collaboration with local partners, and then should change entry mode to WO so that they could economize the coordination cost or free-riding risk associated with JV entry. However, those prior studies based on transaction cost approach have not considered the existence of difficulties or resistance to change entry mode. This study, based on the theory of Internal Institutional Environment, focused on internal pressure not to change the entry mode. Based on the theory, this study hypothesized that the more JV experience (and the less WO experience) a firm has in a specific country, the more it may feel high uncertainty for WO entry and therefore choose the JV as a next entry mode. To test this hypothesis, this study empirically examined Japanese firms' entry into China in 1995-1996. The result showed that, by choosing WO as the next entry mode, the firms with more JV experience can achieve higher performance at local subsidiary level. However, another result showed that the firms with more JV experience had chosen JV entry again, and the firms with less JV experience had chosen WO entry. The first result regarding a post entry performance is consistent with the argument based on transaction cost approach. But second one is inconsistent with transaction cost approach, and consistent with the theory of internal institutional environment. Because of the prior regulations by Chinese government, Japanese firms had little experience of WO entry and it might make them feel high uncertainty for WO entry. These results indicate that, even if the benefit from the entry mode change from JV to WO is high, biased accumulation of JV can hinder the change of entry mode.

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