Joint ventures (JVs) serve as a means for staggered divestment or acquisition because they lessen the chances of loss by diverging firms and minimize risk by acquiring firms. JVs involve contractual arrangements that aim to minimize transaction costs. As JVs aid in the expansion of multinational enterprises, JVs have played an important role in business organization and in restructuring the international economy. This chapter looks into how a JV strategy can be explained in terms of internalization. The chapter illustrates several different cases in which various motives for internalization are exhibited in a variety of contexts. Also, the chapter introduces the notion of co-operation and examines how this may serve as a technique for entrepreneurs.
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