PAPER AND PANEL ABSTRACTSSATURDAY PROGRAMSATURDAY – July 5, 2003Panel: Meet the Editors (open to all)Room: Big Sur 1-2Time: 2:00-4:00 p.m.Chair: Lloyd Russow, Philadelphia University, RussowL@PhilaU.eduPanelists:Arie Y. Lewin, Duke University, Journal <strong>of</strong> <strong>International</strong> <strong>Business</strong> Studies, ayl3@mail.duke.eduPervez N. Ghauri, UMIST, <strong>International</strong> <strong>Business</strong> Review, Pervez.Ghauri@umist.ac.ukKim Cahill, Temple University, Journal <strong>of</strong> <strong>International</strong> Management, kcahill@temple.eduMichael Harvey, Southern Methodist University, Journal <strong>of</strong> World <strong>Business</strong>, mharvey@bus.olemiss.eduKlaus Macharzina, Universität Hohenheim, Management <strong>International</strong> Review, klausmac@unihohenheim.deFour to five editors, including the new JIBS editor, Dr. Arie Lewin will participate in a roundtable discussion about theirjournals. Each panelist will speak for approximately 15 minutes on the target audience <strong>of</strong> their journal, topics <strong>of</strong> particularinterest in the upcoming year, the review process, acceptance rates, and guidelines. The remaining time would be left forquestions and answers from the audience.Attendee Benefits: This type <strong>of</strong> panel is particularly valuable for newer colleagues, and an important component inrecruiting efforts. This panel will increase awareness <strong>of</strong> the many international business focused journals that are nottypically promoted at marketing, finance, management and other function-focused conferences. Discussing issues related totarget audience and guidelines will also improve acceptance rates among those already submitting articles. The “Meet theEditors” session will also promote collegiality and provide a networking opportunity among all members.Panelist Benefits: The editors work hard in developing and maintaining the reputation <strong>of</strong> their periodicals. This panel canbe used as one form <strong>of</strong> recognition. Interaction serves to increase respect for the editors’ work, and for those submittingarticles. Through clarification <strong>of</strong> publication ideals, the editors can reduce the incidence <strong>of</strong> receiving papers that are illsuitedto their journal, and perhaps emphasize the importance <strong>of</strong> proper format. They may get ideas for a new special issue,or some direction that they may wish to pursue on a regular basis.<strong>Academy</strong> Benefits: This panel will serve to strengthen the ties among members, both new and established. Strong ties leadto an active group, one committed to expanding AIB activities. If the organization is to grow, we must encourageparticipation. This is one method <strong>of</strong> encouragement for attendees and panelists alike.AIB 2003 - Monterey, California, USA July 5-8, 2003 13
SUNDAY – July 6, 2003SUNDAY PROGRAMConference Theme: Opening PlenaryThe Power <strong>of</strong> Ideas and <strong>International</strong> <strong>Business</strong>Room: Regency BallroomTime: 8:30-10:00 a.m.Chair: Udo Zander, Stockholm School <strong>of</strong> Economics, udo.zander@hhs.seSession 1.1.1 - Track 7 - COMPETITIVECooperation and PerformanceRoom: Spyglass 1Time: 10:30 a.m.-12:00 p.m.Chair: Malika Richards, Drexel University, richards@drexel.edu, mr26@drexel.eduDiscussant: Nitin Pangarkar, National University <strong>of</strong> Singapore, bizpn@nus.edu.sgThe Effects <strong>of</strong> Firm Ownership Structure on <strong>International</strong>Alliance InvestmentsJeffrey J. Reuer, Ohio <strong>State</strong> University, reuerj@cob.ohio-state.edu, reuer_1@cob.osu.eduRoberto Ragozzino, Ohio <strong>State</strong> University, ragozzino_1@cob.osu.eduA large body <strong>of</strong> international and strategy research has addressed the implications <strong>of</strong> agency theory for firm expansion.This work has focused on diversification in general or M&A, while the theory has received little attention in the alliancedomain. We examine the influence <strong>of</strong> incentive misalignments on US manufacturing firms’ decisions to engage ininternational joint ventures and non-equity agreements. The supporting results <strong>of</strong>fer a contrarian perspective on theextension <strong>of</strong> firms’ international alliance portfolios.Joint Venture Sell-Offs: Ordinary Asset Sales or Specific Sell-Offs? A European Stock Market AnalysisPierre-Xavier Meschi, Marseille-Provence <strong>Business</strong> School, pxmeschi@romarin.univ-aix.fr, pxmeschi@univ-aix.frDo joint venture sell-<strong>of</strong>fs create value for shareholders? And from the viewpoint <strong>of</strong> stock market reaction, are joint venturesell-<strong>of</strong>fs distinct from other asset sales? From an event study methodology, abnormal returns are estimated for a sample <strong>of</strong>151 European companies which sold <strong>of</strong>f their stake. The results show that stock market variations observed around the date<strong>of</strong> announcement are significant and positive. Consequently, the specific nature <strong>of</strong> the stock market reaction to joint venturesell-<strong>of</strong>fs in relation to the more general reaction to asset sales is questioned.Value Destruction in Joint Ventures? Why US Joint Ventures Abroad Are Less Pr<strong>of</strong>itable then Wholly-Owned VenturesBenjamin Gomes-Casseres, Brandeis University, bgc@brandeis.eduMauricio Jenkins, INCAE, Costa Rica, JenkinsM@mail.incae.ac.crThis paper explores a striking empirical pattern that has gone unnoticed in the literature: U.S. multinationals’ joint venturesabroad are substantially and systematically less pr<strong>of</strong>itable than their wholly-owned ventures. On average in BEA data,majority-owned affiliates in manufacturing earned a 6.4% return on assets in the years studied, compared to 4.3% forminority-owned affiliates. This pattern is found across many industries and regions, though the size <strong>of</strong> the “pr<strong>of</strong>itabilitygap” is not uniform. To explain these patterns, we develop a new framework that views both the ownership structure andthe pr<strong>of</strong>itability <strong>of</strong> a foreign venture as functions <strong>of</strong> the value created by the ownership-specific capabilities that themultinational company brings to the host country. Where these capabilities are strong, the multinational is likely to choosewhole ownership; its pr<strong>of</strong>its are also likely to be highest in these activities. Where the firm’s capabilities are weak, it islikely to seek additional capabilities from local firms through a joint venture; these investments are also likely to yieldlower pr<strong>of</strong>its. With few alterations, this same framework can be extended to explain “value destruction” among firms thatAIB 2003 - Monterey, California, USA July 5-8, 2003 14
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Explaining Subsidiary Network Embed
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Top Managers’ Influence on Innova
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Political Connectedness and the For
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Strategic Modularization, Evolution
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Imitating and Learning from Others:
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TUESDAY PROGRAMThe Expatriate Exper
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Track 9 - Finance, Accounting, and
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List of ParticipantsAdler, Nancy J.
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Pangarkar, Nitin 1.1.1, 2.3.1, 3.8.