International joint ventures (IJVs) have become a staple of the global economy. They enable firms to apply both their own and their partner’s core capabilities to projects in markets that each might otherwise not be able to access effectively. For small- and medium-sized companies, in particular, IJVs provide a way to operate in new or foreign countries while sharing responsibility and resources, whereas larger firms can benefit by gaining access to a smaller partner’s niche expertise, access to scare resources, or foothold in a specific market.
