Edited by Jorma Larimo, Niina Nummela and Tuija Mainela
Chapter 15: Institutional signatures or firm-specific imprints? Joint venture profiles and the performance panorama in five emerging market groups
This chapter investigates the relative significance of two sets of variables – institutional variables and firm-specific variables – vis-à-vis their influence on the expected performance of American firms who announce their participation in international joint ventures. Using Dunning’s OLI paradigm as its theoretical anchor, this chapter discusses the performance role of institutional as well as firm-specific factors and puts forward two propositions. Recognizing the tremendous diversity in the institutional architecture across emerging markets, this chapter tests its propositions across five distinct emerging market groups: (1) Asia, (2) BRICS, (3) Europe, (4) Latin America, and (5) the rest of the world. Results indicate that the expected performance of American firms is largely homogeneous across these five groups. However, the institutional profiles of these groups vary considerably more than those of partner firms. Thus, this chapter underscores the theoretical as well as empirical imperative to model the role of institutions in studies of firm performance.
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