This article draws on the cultural friction perspective to study the performance implications of cultural distance (CD) in international joint ventures (IJVs). In particular, I theorize about the cultural carriers, point of contact, exchange, and mitigating mechanisms through which CD affects the interactions and relationships between the different organizations involved in IJVs. I postulate that CD between the focal firm's home country and the partner firm's home country negatively influences the focal firm's abnormal returns, while CD between the focal firm's and the IJV's home countries and CD between the partner firm's and the IJV's home countries exert a positive impact. I further propose that prior IJV experience is an important mitigating mechanism that moderates these relationships, contingent on the level of the prior experience's success. Using data for 709 IJV announcements, I find that CD between focal firm and partner firm and CD between focal firm and IJV significantly influences market reactions to IJVs, while prior experience moderates the effect of CD between the parent firms. This study helps to resolve previously inconclusive findings by documenting that CD's impact fundamentally depends on whose CD is considered and what type of experience a firm possesses.

中文翻译：

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国际合资企业的文化摩擦：谁的文化距离影响市场反应？

本文利用文化摩擦的视角来研究文化距离 (CD) 在国际合资企业 (IJV) 中的绩效影响。特别是，我对文化载体、接触点、交流和缓解机制进行了理论化，CD 通过这些机制影响参与 IJV 的不同组织之间的互动和关系。我假设焦点公司母国与合作公司母国之间的CD对焦点公司的异常收益产生负面影响，而焦点公司与IJV母国之间的CD以及合作伙伴公司与IJV母国之间的CD产生积极影响. 我进一步提出，先前的 IJV 经验是缓和这些关系的重要缓解机制，取决于先前经验的成功程度。使用 709 份 IJV 公告的数据，我发现焦点公司与合作伙伴公司之间的 CD 以及焦点公司与 IJV 之间的 CD 显着影响市场对 IJV 的反应，而先前的经验缓和了母公司之间 CD 的影响。这项研究通过记录 CD 的影响从根本上取决于考虑谁的 CD 以及公司拥有何种类型的经验，有助于解决以前不确定的发现。