| The first study of the dissertation modifies what is considered to be the most definitive empirical examination so far of internalization theory and aims to provide a more reliable test. Internalization theory has long been accepted as the standard explanation for the raison d'etre of multinational enterprises (MNEs). However, the arguably most definitive empirical support of the theory leaves rooms for alternative interpretations that are not necessarily consistent with internalization theory. Utilizing two separate samples and more advanced analytical techniques, the first study addresses the limitations of the existing empirical evidence by investigating the differential roles of different forms of multinationality on the value creation effects of intangible assets. The results provide strengthened support for internalization theory under certain conditions.;The second study surveys the "hybrid" and "asset bundling" views of equity joint ventures (EJVs) in transaction cost economics (TCE) and then compares and contrasts their apparently conflicting predictions regarding the formation of EJVs. Using a sample of 2,958 inter-firm exchanges (contracts, EJVs, and mergers & acquisitions) formed among U.S. public firms from 1994 to 2013, this study examines the relationship between the attributes of the assets from both exchange partners and their choice of EJVs. The empirical results shed light on the validity of those two perspectives and suggest that an integration of them will provide a more complete explanation of exchange mode within the TCE framework. |
