Determinants of International Joint Ventures Termination Mode Choice and Parent Firms’ Value Creation

The trends in international joint venture (IJV) establishment have attracted considerable research attention in recent decades. However, IJVs are not always a panacea for multinational enterprises’ (MNEs’) competitive woes, as evidenced by the high termination rate of IJVs. Although the existing literature has focused on the termination of IJVs, there is only limited research on why MNEs choose a particular termination mode (TM) and the consequences of that choice. Therefore, this dissertation aims to study the determinants of the choice of TM for IJVs and to test the influence of particular TMs on parent-firm value creation (VC). An IJV may be discontinued by one of several forms of TM. This dissertation is one of the first studies to provide a holistic view of the determinants of the choice of TM for an IJV, such as acquisition, liquidation, and sell-off. The study’s conceptual model draws on transaction cost theory, the real-option view, and the resource-based view to address IJV formation motives and factors at four levels: the IJV, the parent firm, inter-partner, and the host country (HSC). Further, the current research examines the impact of certain TMs on parent-firm VC and analyzes the moderating role of HSC-level factors on that impact. This study tests the hypotheses using multinomial logistic regression and linear regression on its sample of 105 IJVs headquartered in Nordic countries (i.e., Denmark, Finland, Norway, and Sweden) that were terminated between 2000 and 2020. The results reveal only partial support for the impact of market-, efficiency- and strategic asset-seeking IJV formation motives on the acquisition TM choice. Among the parent-firm-level determinants, the perceived low cultural distance and majority ownership position were found to intensify the chance that Nordic MNEs would choose to acquire their IJVs, while an equal ownership position in an IJV heightens the chance of adopting the sell-off TM choice. Among IJV-level factors, high performance and mature age were associated with the preference for the acquisition TM choice. Additionally, inter-partner conflicts are positively related to the liquidation TM choice, while HSC political risk and weak IPR protection enhance the chance of the liquidation TM being chosen. Further, of the hypotheses explaining the impact of IJV TM choices on parent-firm VC, only the moderating effect of HSC political risk and intellectual property rights protection was statistically significant. This dissertation’s findings offer theoretical and empirical contributions and propose exciting future research directions.Kansainvälisen yhteisyritykseen (IJV) liittyviä teemoja on viime vuosikymmeninä tutkittu runsaasti. Tästä huolimatta, on vain vähän ymmärrystä, miksi monikansalliset yritykset valitsevat tietyn lakkauttamismuodon ja mitkä ovat tämän valinnan seuraukset. Väitöskirjan tavoitteena onkin tutkia IJV:n lakkauttamismuodon valintaan vaikuttavia tekijöitä sekä sen vaikutuksia emoyrityksen arvonluontiin. IJV:n lakkauttamismuotoja ovat mm. yritysosto, likvidointi ja myynti. Tämä väitöskirja on yksi ensimmäisistä tutkimuksista, joka tarjoaa kokonaisvaltaisen kuvan lakkauttamismuotoihin vaikuttavista tekijöistä. Tutkimuksen käsitteellinen malli hyödyntää transaktiokustannusteoriaa, reaalioption näkemystä ja resurssipohjaista näkemystä IJV:n muodostamisen motiiveista ja tekijöistä neljällä tasolla: yhteisyrityksen, emoyrityksen, partnerien välisen ja isäntämaan. Lisäksi väitöskirjassa tutkitaan tiettyjen lakkauttamismuotojen vaikutusta emoyrityksen arvonluontiin sekä isäntämaatason tekijöiden moderoivaa vaikutusta tähän suhteeseen. Tutkimustulokset pohjautuvat 105:een, vuosina 2000–2020 lakkautettuun kansainväliseen yhteisyritykseen, joiden pääkonttori on Pohjoismaissa (Tanskassa, Suomessa, Norjassa ja Ruotsissa). Tilastollisina analyysimenetelminä käytettiin regressioanalyysiä. Tutkimustulokset antavat vain osittaista tukea IJV:n perustamismotiivien, kuten markkina-, tehokkuus- ja strategisen omaisuushakuisuuden, vaikutuksesta yritysoston valintaan IJV:n lakkauttamismuotona. Emoyritystason vaikuttavista tekijöistä havaittiin kulttuurisen etäisyyden ja enemmistöomistajan aseman lisäävät mahdollisuuksia yritysoston valintaan IJV:n lakkauttamismuodoksi. Sen sijaan tasaomistus IJV:ssä lisäsi todennäköisyyttä valita lakkauttamismuodoksi IJV:n myynnin. Yritysoston valintaa lakkauttamismuodoksi preferoitiin yhteisyritysten ollessa hyvin menestyneitä sekä iältään vanhempia. Sen sijaan partnereiden väliset ristiriidat, isäntämaahan liittyvä poliittinen riski ja heikko immateriaalioikeuksien suoja lisäsivät likvidoinnin valintaa lakkauttamismuodoksi. Lisäksi vain isäntämaan poliittisella riskillä ja immateriaalioikeuksien suojalla todettiin olevan tilastollisesti merkitsevä moderoiva vaikutus IJV:n lakkauttamismuotojen ja emoyrityksen arvonluonnin väliseen suhteeseen. Väitöskirjan tutkimustulokset tuovat teoreettista ja empiirisistä kontribuutiota sekä johdattavat mielenkiintoisiin jatkotutkimusehdotuksiin.fi=vertaisarvioitu|en=peerReviewed

Social Media As a Tool for Youth Involvement

This article contains the results of the empirical study devoted to the problem of Russian youth political involvement and the influence of social media on the young people’s political activities. The study was in years 2018–2019. The study used quantitative method for collecting primary data (survey). The sample of the survey was 600 respondents. The respondents were young people studying at colleges and universities in Russian central region (18 districts). The study examines the political involvement of youth and the impact of social media on the young people political involvement. The survey has revealed the specifics of young people using different information channels to obtain news, thematic features of the information consumed, the degree of confidence in information, the attitude of young people towards politics, characteristics of political behavior, specifics of decision-making in crisis situations and patriotic sentiment among young people. The study has fixed the active use of online communication channels by young people, and their contradictory opinions on this question. They actively consume political information, but believe that they are not interested in politics; they are not involved and do not want to get involved in political activities, but they are ready to participate in protest movements; they have patriotic sentiments, but are not ready to contribute to the solving of political problems in the country. Keywords: youth, social media, information, interest, political involvemen

Improving Students’ Ability to Communicate Interpersonally in English Classroom Discussions through Group Dynamics Implementation

This study investigates the implementation of group dynamics to students to improve their interpersonal communication skill in doing classroom discussions in English lesson. Using proportional random sampling technique, researchers selected 35 of the 2nd grade students of Odessa Secondary School No. 121. The type of this quantitative research is a pre-experimental research with pre-test post-test one group design model. The experiment was carried out in one group without a comparison group. Based on the research findings and discussion, the application of group dynamics to students was known to be effective in improving their interpersonal communication skill in conducting classroom discussions, especially in English lesson. With the implementation of group dynamics, all students confidently expressed their opinions in class discussions. The application of group dynamics also allowed students to appreciate the opinions expressed by others, and ultimately trained the students’ ability to find problem-solving solutions

Un enfoque pedagógico de la Musicoterapia

Exponemos el proceso histórico de la Musicoterapia, presentando los argumentos científicos que nos impulsan a investigar y reflexionar sobre la integración de ésta en el aula de los futuros profesores de Música, desde los nuevos enfoques pedagógicos de lo que se ha venido a denominar como “paradigma educacional emergente” o enseñanza educacional (Morin, Iniesta). Nos auspiciamos en los aportes científicos que señalan que las nuevas posibilidades de la musicoterapia y su uso inteligente en el aula posibilitarán el desarrollo integral del individuo, a través de una búsqueda del equilibrio entre lo cognitivo intelectual y lo cognitivo emocional que toma la escucha musical como eje.We expose the historical process of music therapy, presenting the scientific arguments that drive us to investigate and reflect on the integration in the classroom of the future teachers of music, from the new pedagogical approaches of what has come to be referred as "emerging educational paradigm" or educational teaching (Morin, Iniesta). We sponsor the scientific contributions that indicate that new possibilities of music therapy and its intelligent classroom use will enable the integral development of the individual, through a search for balance between the cognitive intellectual and the emotional cognitive that focuses on music listening

Roles and regulation of the iron-sulphur proteins, HCP, NapG and NapH, induced during anaerobic growth of E. coli

The periplasmic nitrate reductase (Nap) has been shown to support anaerobic growth of Escherichia coli K-12 under nitrate-limiting conditions. Two of the Nap proteins, NapG and NapH, are predicted to contain four and two [4Fe-4S] clusters, respectively. In this thesis it is reported that, during fermentative growth. Nap plays a role in redox balancing. This role is most pronounced in a strain that lacks menaquinol and tiierefore cannot use the menaquinol-dependent ftunarate reductase to fulfil a redox balancing role during glucose fermentation. Nitrate stimulated the growth of both a AmenBC AnapGH and an isogenic AmenBC nap^ strain to the same extent, even although the Nap activity was extremely low. This showed that the residual 1% electron flow in the strain deleted for NapG and NapH was sufficient to fulfil this redox balancing function. Using artificial quinones, NapG and NapH were shown to be linked to oxidation of quinones with high midpoint redox potentials. NapF^ and NapF' strains were grown anaerobically after either aerobic or anaerobic growth and NapF was shown to be involved in adaptation from aerobic to anaerobic growth. The hybrid cluster protein (HCP) contains two Fe-S clusters, one of which is a hybrid [4Fe-2S-20] cluster. Despite intensive study, its physiological function is unclear. E. coli HCP is detected after anaerobic growth with nitrate or nitrite, so a possible role for it in some stage of the nitrogen cycle has been proposed. To study the regulation of HCP, an hcprlacZ fusion was constructed and transformed into_^r, arcA and norR mutant strains of E. coli. Transcription from the hep promoter was induced during anaerobic growth. Only the jhr mutant was defective in hep expression, suggesting that transcription from the promoter in response to anaerobiosis is dependent on FNR. Nitrate and nitrite fiirther induced transcription from the hep promoter. The parental strain and the narL, narP and narLmrP mutants were grown anaerobically in medium supplemented with nitrite or nitrate. The nitrite and nitrate response of the hep promoter was mediated by both of the response regulator proteins, NarL and NarP. It is argued that NarL plays a dual role at the hep promoter acting as an activator during growth in the presence of a low concentration of nitrite or nitrate and as both repressor and activator in the presence of high nitrite or nitrate concentrations. Gel retardation assays were used to show that FNR and NarL form a complex with the hep promoter, thus confirming that their effect on transcription is direct. A technique involving the rapid amplification of cDNA ends (RACE) was used to demonstrate that transcription of the hcp~hcr operon initiates at a thymine nucleotide located 31 bp upstream of the translation-initiation codon. A A/icp strain was constructed by homologous recombination. When grown in medium supplemented with nitrate, the growth rate and yield of the parental strain and the hhep mutant were the same, suggesting that HCP is not involved in nitrate-dependent growth. Both HCP^ and HCP' strains were equally sensitive to nitric oxide and hydroxylamine. It was concluded therefore that HCP is unable to protect bacteria against nitric oxide or hydroxylamine toxicity in vivo. HCP was overexpressed from a recombinant plasmid and subsequently purified on a nickel column for biochemical studies. A qualitative method using reduced methyl viologen as an electron donor was developed for use in attempts to identify a possible substrate of HCP in vitro. Nitrite, nitrate and hydroxylamine were tested, but no evidence was presented that any of them can be used as an electron acceptor

Determinants of International Joint Venture Termination Mode Choice: a Multiple Case Study

Globalization pushes firms to go international. International joint venture (IJV) is an important mode to enter into international markets. However, termination rate of IJVs is very high. Prior research has very limitedly focused on the termination modes choice of IJVs. Therefore, the main purpose of this thesis is to find out determinants of IJV termination mode choice. Theoretical framework of this study is developed by using divestment theory, liability of foreignness (LOF) and foreign direct investment (FDI) motive theory. Developed framework involves four level factors which influence the termination mode choice, namely, firm, IJV, inter-partner and host country level factors. Framework is tested by qualitative multiple case data. The data is collected from three companies that have terminated their IJVs by acquisition, sell-off or closure. The study finds that 17 out of 26 identified determinants explain the case companies’ termination mode choice. However, only ten of them were important for the IJV termination mode choice. IJV was terminated via acquisition when IJV was profitable for the entire time of the implementation, the parent firm was willing to expand the presence in the target country, acquisition was prescribed in IJV formation contract, the parent firm had previous Merge and Acquisition (M&A) experience, IJV was from the same industry as parent firm, parent firm had the majority equity of IJV and the parent firm support to the IJV was high. Further, high political instability in the target country, strategy instability of the parent firm, M&A experience, parent firm lack of expand, equal-IJV and un-related IJV industry explained the choice of sell-off IJV termination mode. In addition, lack of parent firm M&A experience and expansion desire, high political risk, and small size of IJV explained the choice of closure IJV termination mode. However, it is found that inter-partner related factors are not important in explaining the IJV termination mode choice. In addition, findings show that carefully crafted contracts that specify the IJV termination mode also guides the future termination mode choice of IJV. These findings help managers to better understand the factors that explain the choice of IJV termination mode.fi=Opinnäytetyö kokotekstinä PDF-muodossa.|en=Thesis fulltext in PDF format.|sv=Lärdomsprov tillgängligt som fulltext i PDF-format

Detection and characterization of protein oligomeric species by light scattering methods: myosin light chain kinase supramolecular structures

Modern multi-angle light scattering, fast protein liquid chromatography and laser correlation spectroscopy used together give rather complete information about the distribution of different protein particles in solution and their characteristics. The data received by these methods on smooth muscle myosin light chain kinase (MLCK) as the object of investigation suggest that MLCK exists in solution as a mixture of oligomeric, dimeric and monomeric particles which contents at ionic strength close to physiological constitute 2, 53 and 45 wt. % correspondingly. An important point is that supramolecular kinase species content in eluate from a gel filtration column was much higher than their content at equilibrium. The contributions of oligomer, dimer and monomer in eluate at the exit from the column were 5.3, 81.5 and 13.2 wt. % accordingly. All three kinase species are characterized by prolonged lifetime. The transition from pure dimer into equilibrium state lasts for about 10 min. The kinase dimer is a rod-like structure with molecular mass of about 2-10 kDa and root mean square (RMS) radius Rt 22 nm. Oligomer is characterized by RMS radius Rs 80 nm. Its structure may be presented as a helical ring containing JO kinase molecules per turn with a number of turns about 10. Another more realistic explanation of the data obtained involves a rod-like or elongated spiral model according to which 6 kinase molecules, arranged in line or elongated spiral, form one structural unit, which must be a real oligomer (hexamer). About 17 such structural units, associated in parallel, form aggregates with molecular mass of about 101 kDa. Kinase spiral hexamer fits well the structure of smooth myosin filament with which the kinase is in close contact in vivo. Preliminary experiments with a number of other proteins (myosin, myosin subfragment 1, bovine serum albumin, chemotrypsin, papain) showed that all of them form supramolecular structures with prolonged time of transition from pure species to equilibrium distribution of monomers and supramolecular structures.Сучасні методи багатокутового світлорозсіювання в поєд­нанні зі швидкісною хроматографією білків та лазерною кореляційною спектроскопією дають досить детальну інфор­мацію щодо розподілу білкових частинок у розчині, їхнього розміру та молекулярної маси. Дані, отримані при дослід­женні кінази легких ланцюгів міозину гладеньких м'язів, свід­чать про те, що цей білок існує в розчині як рівноважна суміш олігомерних, дймерних та мономерних часток у кількісному співвідношенні 2, 53 та 45 вагових % відповідно. На виході з гель-фільтраційної колонки рівновага значно зсунута в бік олігомерних форм кінази і час переходу до рівноважного стану становить приблизно 10 хв. Димер кінази має стрижнсвидну структуру з середньоквадратичним радіусом (СКР) біля 22 нм. Для олігомеру СКР складає біля 80 нм. Його структуру можна представити у вигляді спірального кільця із 10 витків з 10 молекулами кінази на виток. Структуру олігомера добре описують також стрижневидна або спіралевидна моделі з шістьма молекулами, розміщеними вздовж лінії або витягну­ тої спіралі. Біля 17 таких шестимолекулярних елементів утворюють паралельно асоційовані агрегати. Попередні до­ слідження показали, що низка інших білків також існує в розчині як рівноважна суміш мономерів і надмолекулярних структур з тривалим часом життя.Современные методы многоуглового свсеторассеяния совме­стно со скоростной хроматографией белков и лазерной корреляционной спектрскопией дают достаточно полную информа­цию о распределении белковых частиц в растворе, их размере и молекулярной массе. Данные, полученные при исследовании киназы легких цепей миозина гладких мышц, свидетельству­ют, что этот белок существует в растворе как равновесная смесь олигомерных, димерных и мономерных частиц в количе­ственном соотношении 2, 53 и 45 весовых % соответственно. На выходе из гель-фильтрационной колонки равновесие сильно сдвинуто в сторону олигомерных форм киназы и время перехода в равновесное состояние составляет приблизительно 10 мин. Димер киназы имеет стержневидную структуру со сред­неквадратичным радиусом (СКР) около 22 нм. Для олигомера СКР составляет около 80 нм. Его структуру можно предста­вить в виде спирального кольца из 10 витков с 10 молекулами киназы на виток. Структуру олигомера хорошо описывают также стержневидная или спиралевидная модели с шестью молекулами, размещенными вдоль линии или вытянутой спи­рали. Около 17 таких шестимолекулярных элементов образу­ют параллельно ассоциированные агрегаты. Предварительные исследования показали, что ряд других белков также сущест­вует в растворе как равновесная смесь мономеров и надмолекулярных структур с продолжительным временем жизни