Poor performance has been a major concern in research on international joint ventures (IJVs). This study integrates the IJV management mechanisms from transaction cost theory (TCT) and social exchange theory (SET) in order to gain insights into management mechanisms that improve IJV performance. The framework consists of three structural (i.e., symmetric dependence, symmetric equity share and resource complementarity) and three social (i.e., trust, communication and cultural adaptation) IJV management mechanisms, which are considered as potential determinants of IJV performance. Based on the analysis of data collected from 89 IJVs established by Nordic firms in Asia, Europe and the USA, results indicate that TCT-based symmetric dependence and resource complementarity on the one hand and SET-based trust, communication and cultural adaptation on another significantly improve IJV performance. However, impact of symmetric equity share on IJV performance remains negative and non-significant, explaining that IJV partners may consider it rather a safeguard to their own stake and interests in IJVs. In addition, SET-based IJV management mechanisms are found to be more effective than the TCT-based IJV mechanisms in improving IJV performance.

业绩不佳一直是国际合资企业（IJV）研究中的主要问题。这项研究整合了交易成本理论（TCT）和社会交换理论（SET）的IJV管理机制，以深入了解改善IJV绩效的管理机制。该框架由三个结构性（即对称依赖性，对称性的公平份额和资源互补性）和三个社会性（即信任，沟通和文化适应）IJV管理机制组成，它们被认为是IJV绩效的潜在决定因素。根据对北欧公司在亚洲，欧洲和美国建立的89家合资企业收集的数据的分析，结果表明，一方面基于TCT的对称依赖性和资源互补性以及基于SET的信任，交流和文化适应在另一个方面显着提高了合资企业的表现。但是，对称股权份额对合资企业绩效的影响仍然是负面的且不显着，这说明合资企业合作伙伴可能认为这是对其自身在合资企业中权益的保障。此外，发现基于SET的IJV管理机制在改善IJV性能方面比基于TCT的IJV机制更有效。