Competing risks analysis
| (6.1) | (6.2) | (6.3) | (6.4) | |||||
|---|---|---|---|---|---|---|---|---|
| Acquisition | Divestment | Acquisition | Divestment | Acquisition | Divestment | Acquisition | Divestment | |
| Decline in environmental risk | 1.022*** (0.112) | 0.207 (0.150) | 1.010*** (0.113) | 0.144 (0.152) | 1.020*** (0.113) | 0.208 (0.154) | 1.009*** (0.000) | 0.144 (0.355) |
| Partner-related risk (Number of partners) | 0.407** (0.193) | 0.0292 (0.167) | 0.404** (0.195) | 0.0278 (0.169) | 0.401** (0.201) | 0.0247 (0.192) | 0.398** (0.050) | 0.025 (0.898) |
| Decline in environmental risk *IJV age | −0.303** (0.148) | −0.191** (0.0934) | −0.293** (0.046) | −0.191** (0.020) | ||||
| Partner-related risk *IJV age | −0.156** (0.0745) | −0.00960 (0.202) | −0.139* (0.067) | −0.006 (0.977) | ||||
| Foreign Partner Stake | 0.0383*** (0.00214) | −0.0153 (0.0120) | 0.0379*** (0.00219) | −0.0154 (0.0121) | 0.0379*** (0.00209) | −0.0152 (0.0118) | 0.038*** (0.000) | −0.015 (0.195) |
| Parity JV | 0.177 (0.253) | 0.403* (0.211) | 0.182 (0.246) | 0.403* (0.213) | 0.170 (0.254) | 0.403** (0.201) | 0.176 (0.479) | 0.403** (0.048) |
| Intraindustry IJV | 2.134** (0.857) | 0.650* (0.388) | 2.120** (0.859) | 0.639* (0.386) | 2.106** (0.866) | 0.648* (0.365) | 2.095** (0.016) | 0.638* (0.079) |
| Post2001 | 1.163*** (0.104) | 0.819*** (0.261) | 1.220*** (0.0999) | 0.813*** (0.265) | 1.165*** (0.103) | 0.820*** (0.251) | 1.220*** (0.000) | 0.813*** (0.001) |
| FortuneGlobal500 | 1.176*** (0.224) | −0.608*** (0.159) | 1.185*** (0.220) | −0.607*** (0.159) | 1.176*** (0.224) | −0.608*** (0.160) | 1.183*** (0.000) | −0.607*** (0.000) |
| Cultural Distance | 0.601*** (0.0758) | −0.268** (0.128) | 0.586*** (0.0707) | −0.270** (0.129) | 0.602*** (0.0764) | −0.268** (0.127) | 0.588*** (0.000) | −0.270** (0.035) |
| Marketization | −0.307*** (0.0492) | −0.135 (0.0952) | −0.304*** (0.0484) | −0.132 (0.0962) | −0.311*** (0.0491) | −0.135 (0.0947) | −0.307*** (0.000) | −0.132 (0.168) |
| Foreign partner experience | −0.00894 (0.00999) | −0.00386 (0.00723) | −0.00878 (0.00998) | −0.00386 (0.00720) | −0.00874 (0.0101) | −0.00385 (0.00703) | −0.009 (0.393) | −0.004 (0.581) |
| Sic_m2 | −1.628 (1.132) | 0.347 (1.439) | −1.633 (1.312) | 0.415 (1.482) | −1.544 (1.172) | 0.358 (1.435) | −1.552 (0.135) | 0.421 (0.777) |
| Sic_m3 | 12.65*** (0.831) | −0.426 (0.868) | 15.75*** (1.029) | −0.397 (0.894) | 15.80*** (0.786) | −0.425 (0.862) | 15.767*** (0.000) | −0.397 (0.656) |
| Sic_m4 | 12.86*** (1.331) | 0.502 (1.023) | 15.97*** (1.355) | 0.536 (1.048) | 15.93*** (1.183) | 0.502 (1.026) | 15.928*** (0.000) | 0.535 (0.611) |
| Sic_m5 | 13.08*** (1.556) | −0.610 (1.131) | 16.20*** (1.572) | −0.587 (1.146) | 16.24*** (1.528) | −0.609 (1.133) | 16.231*** (0.000) | −0.587 (0.609) |
| Sic_m6 | −1.502 (1.081) | −0.143 (0.683) | −1.553 (1.187) | −0.109 (0.708) | −1.473 (1.069) | −0.141 (0.679) | −1.527* (0.078) | −0.109 (0.877) |
| Observations | 5,379 | 5,379 | 5,379 | 5,379 | 5,379 | 5,379 | 5,379 | 5,379 |
| Number of IJVs | 459 | 459 | 459 | 459 | 459 | 459 | 459 | 459 |
| Number of failed | 48 | 62 | 48 | 62 | 48 | 62 | 48 | 62 |
| Number of competing | 62 | 48 | 62 | 48 | 62 | 48 | 62 | 48 |
| Number of censored | 349 | 349 | 349 | 349 | 349 | 349 | 349 | 349 |
| (6.1) | (6.2) | (6.3) | (6.4) | |||||
|---|---|---|---|---|---|---|---|---|
| Acquisition | Divestment | Acquisition | Divestment | Acquisition | Divestment | Acquisition | Divestment | |
| Decline in environmental risk | 1.022*** (0.112) | 0.207 (0.150) | 1.010*** (0.113) | 0.144 (0.152) | 1.020*** (0.113) | 0.208 (0.154) | 1.009*** (0.000) | 0.144 (0.355) |
| Partner-related risk (Number of partners) | 0.407** (0.193) | 0.0292 (0.167) | 0.404** (0.195) | 0.0278 (0.169) | 0.401** (0.201) | 0.0247 (0.192) | 0.398** (0.050) | 0.025 (0.898) |
| Decline in environmental risk *IJV age | −0.303** (0.148) | −0.191** (0.0934) | −0.293** (0.046) | −0.191** (0.020) | ||||
| Partner-related risk *IJV age | −0.156** (0.0745) | −0.00960 (0.202) | −0.139* (0.067) | −0.006 (0.977) | ||||
| Foreign Partner Stake | 0.0383*** (0.00214) | −0.0153 (0.0120) | 0.0379*** (0.00219) | −0.0154 (0.0121) | 0.0379*** (0.00209) | −0.0152 (0.0118) | 0.038*** (0.000) | −0.015 (0.195) |
| Parity JV | 0.177 (0.253) | 0.403* (0.211) | 0.182 (0.246) | 0.403* (0.213) | 0.170 (0.254) | 0.403** (0.201) | 0.176 (0.479) | 0.403** (0.048) |
| Intraindustry IJV | 2.134** (0.857) | 0.650* (0.388) | 2.120** (0.859) | 0.639* (0.386) | 2.106** (0.866) | 0.648* (0.365) | 2.095** (0.016) | 0.638* (0.079) |
| Post2001 | 1.163*** (0.104) | 0.819*** (0.261) | 1.220*** (0.0999) | 0.813*** (0.265) | 1.165*** (0.103) | 0.820*** (0.251) | 1.220*** (0.000) | 0.813*** (0.001) |
| FortuneGlobal500 | 1.176*** (0.224) | −0.608*** (0.159) | 1.185*** (0.220) | −0.607*** (0.159) | 1.176*** (0.224) | −0.608*** (0.160) | 1.183*** (0.000) | −0.607*** (0.000) |
| Cultural Distance | 0.601*** (0.0758) | −0.268** (0.128) | 0.586*** (0.0707) | −0.270** (0.129) | 0.602*** (0.0764) | −0.268** (0.127) | 0.588*** (0.000) | −0.270** (0.035) |
| Marketization | −0.307*** (0.0492) | −0.135 (0.0952) | −0.304*** (0.0484) | −0.132 (0.0962) | −0.311*** (0.0491) | −0.135 (0.0947) | −0.307*** (0.000) | −0.132 (0.168) |
| Foreign partner experience | −0.00894 (0.00999) | −0.00386 (0.00723) | −0.00878 (0.00998) | −0.00386 (0.00720) | −0.00874 (0.0101) | −0.00385 (0.00703) | −0.009 (0.393) | −0.004 (0.581) |
| Sic_m2 | −1.628 (1.132) | 0.347 (1.439) | −1.633 (1.312) | 0.415 (1.482) | −1.544 (1.172) | 0.358 (1.435) | −1.552 (0.135) | 0.421 (0.777) |
| Sic_m3 | 12.65*** (0.831) | −0.426 (0.868) | 15.75*** (1.029) | −0.397 (0.894) | 15.80*** (0.786) | −0.425 (0.862) | 15.767*** (0.000) | −0.397 (0.656) |
| Sic_m4 | 12.86*** (1.331) | 0.502 (1.023) | 15.97*** (1.355) | 0.536 (1.048) | 15.93*** (1.183) | 0.502 (1.026) | 15.928*** (0.000) | 0.535 (0.611) |
| Sic_m5 | 13.08*** (1.556) | −0.610 (1.131) | 16.20*** (1.572) | −0.587 (1.146) | 16.24*** (1.528) | −0.609 (1.133) | 16.231*** (0.000) | −0.587 (0.609) |
| Sic_m6 | −1.502 (1.081) | −0.143 (0.683) | −1.553 (1.187) | −0.109 (0.708) | −1.473 (1.069) | −0.141 (0.679) | −1.527* (0.078) | −0.109 (0.877) |
| Observations | 5,379 | 5,379 | 5,379 | 5,379 | 5,379 | 5,379 | 5,379 | 5,379 |
| Number of IJVs | 459 | 459 | 459 | 459 | 459 | 459 | 459 | 459 |
| Number of failed | 48 | 62 | 48 | 62 | 48 | 62 | 48 | 62 |
| Number of competing | 62 | 48 | 62 | 48 | 62 | 48 | 62 | 48 |
| Number of censored | 349 | 349 | 349 | 349 | 349 | 349 | 349 | 349 |
Note(s): Robust standard errors appear in parentheses; ***p < 0.01, **p < 0.05, *p < 0.1
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