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Returns to US firms from strategic alliances in China A knowledge-based view.pdf

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Returns to US firms from strategic alliances in China A knowledge-based view.pdf

Journal of World Business 50 (2015) 144–148 Contents lists available at ScienceDirect Journal of World Business journal homepage: /locate/jwb Returns to US ?rms from strategic alliances in China: A knowledge-based view Wesley A. Pollitte a,*, Joseph C. Miller b,1, Attila Yaprak c,2 a Department of Marketing and Merchandising, College of Business, University of Southern Mississippi, 118 College Drive #5091, Hattiesburg, MS 39406, United States b E. Philip Saunders College of Business, Rochester Institute of Technology, Rochester, NY, United States c Department of Marketing, School of Business Administration, Wayne State University, Detroit, MI, United States ARTICLE INFO Article history: Available online 9 May 2014 Keywords: The Knowledge-based view Event study Strategic alliance Joint venture China ABSTRACT Drawing on the knowledge-based view (KBV) of the ?rm, this study compares value creation between US manufacturing and service ?rms entering China through strategic alliances. Using an event study applied on a sample of 192 manufacturing and 105 service ?rms, the results indicate that value creation for manufacturing and service ?rms differ. For service ?rms, having a Chinese state-owned-enterprise as a partner, marketing agreement, and/or Chinese partner creates greater value. These ?ndings highlight the signi?cance of knowledge acquisition versus accession in US–Chinese partnerships. ? 2014 Elsevier Inc. All rights reserved. 1. Introduction Primarily in the form of strategic alliances (SAs), China has become a popular destination for US foreign direct investment. Event studies have shown that SA announcements create value for investing ?rms (Das, Sen, Sengupta, 1998; Koh Venkatraman, 1991). Since the majority of these studies have involved US manufacturing ?rms, our knowledge of the relative marginal value created by SA announcements for service ?rms remains understudied (Cheng, Fung, Lam, 1998). To date, no event study has compared the value contribution of