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Abstract：Partner selection is recognised as being the prime decision for the success of collaboration. This paper, specifically on the background of international joint venture, critically discusses the literature on partner selection for the collaboration in respect of the partner selection criteria.
Key Words:Partner Selection； International Joint Ventures
1. Introduction of Partner Selection
Selecting the right collaboration partner, in most of the researches, is considered to be one of the most important factors for the success of collaboration. The following factors can be given to help understand the partner selection criteria better.
2. Reputation of the Potential Partner
2.1The Corporate Reputation
An important factor should be kept in mind during partner selection is whether it has a reputation for fair performance in the past. [4] If a potential partner appears to be dedicated to fair play, it might become the good collaboration partner to the business success. [2]
Outstanding corporate reputations usually link to fair performance not only in financial position but also in operational aspects such as good supply chain relationship, fair corporate social responsibility performance and sustainable development ability. More important, particularly in business operations, sound reputations make the finance easier and can attract more capital investment. It is undeniable that reputation is a kind of valuable intangible asset of the company and it can also release the crisis by creating and raising a proof to protect the company from and gaining more time to recover from a terrible hardship. [2]
2.2 The Reputation as a Collaboration Partner
Besides the reputation as a business entity, the sound reputation as a collaboration partner should also be sought from the potential partner. This is mainly concerning the partner’s historical play as a collaboration partner. The sufficient information and evidence to support the decision can be achieved by inquiring the old staffs and previous management. [4] The local parent company can also interview the potential partner’s previous collaboration partner to check the credibility and capability of being a good collaboration partner.
3 Historical Collaboration Experience
In the selection of joint venture partner, the historical collaboration experience of the potential partners has been considered to be the prime factor because of its indication of collaboration performance and the significant influence to the future collaboration success. [3] If the potential collaboration partner has full experience in dealing with all kinds of the problems which might occur in the collaboration process as well as the operation of the international joint venture company, it might help to reduce the relevant operational cost and achieve collaboration success. The collaboration experience can be indicated in several aspects. For example, the potential partner has fair long term collaboration partnership with other companies and the collaboration is very successful with sound performance. Besides, the skilled and professional key directors particularly which have experience of working for collaborations might suggest that the potential partner is worth to cooperate. More important, the company can also learn from the collaboration experience from the potential partner to improve its own compatibility in the business. 4 Expectation of the Partner
The first step to identify the expectation of the company is intend to seek from the collaboration partner is carrying out internal assessment of its capabilities. This kind of expectation would be influenced by the associated power position which the company is willing to accept, such as the size of the partner, the compatibility of corporate culture, and the management style. [1]
It is suggested that mutual expectations of partners should be specified with respective to the contributions and benefits. The collaboration parties must make agreement on the operational strategies which include sufficient flexibility for the strategic objectives and the communication on the solution of possible problems.
References
[1] Ravinder K. Zutshi. Wee Liang Tan, “Impact of Culture on ‘Partner Selection Criteria’ in East Asian International Joint Ventures”, Int Entrep Manag J, DOI 10.1007/s11365-008-0076-1, from Springer Science+ Business Media, LLC 2008
[2] Jackson, Kevin T. “Building Reputational Capital: Strategies for Integrity and Fair Play That Improve the Bottom Line”, Oxford; New York: Oxford University Press (US), 2004, Page14
[3] Anand, B. N. and Khanna, T. (2000) “Do Firms Learns to Create Value? The Case of Alliances”, Strategic Management Journal
[4] Vaidya, Ashish “Globalization: Encyclopedia of Trade, Labor and Politics” Santa Barbara, Calif ABC-CLIO, 2005
Key Words:Partner Selection； International Joint Ventures
1. Introduction of Partner Selection
Selecting the right collaboration partner, in most of the researches, is considered to be one of the most important factors for the success of collaboration. The following factors can be given to help understand the partner selection criteria better.
2. Reputation of the Potential Partner
2.1The Corporate Reputation
An important factor should be kept in mind during partner selection is whether it has a reputation for fair performance in the past. [4] If a potential partner appears to be dedicated to fair play, it might become the good collaboration partner to the business success. [2]
Outstanding corporate reputations usually link to fair performance not only in financial position but also in operational aspects such as good supply chain relationship, fair corporate social responsibility performance and sustainable development ability. More important, particularly in business operations, sound reputations make the finance easier and can attract more capital investment. It is undeniable that reputation is a kind of valuable intangible asset of the company and it can also release the crisis by creating and raising a proof to protect the company from and gaining more time to recover from a terrible hardship. [2]
2.2 The Reputation as a Collaboration Partner
Besides the reputation as a business entity, the sound reputation as a collaboration partner should also be sought from the potential partner. This is mainly concerning the partner’s historical play as a collaboration partner. The sufficient information and evidence to support the decision can be achieved by inquiring the old staffs and previous management. [4] The local parent company can also interview the potential partner’s previous collaboration partner to check the credibility and capability of being a good collaboration partner.
3 Historical Collaboration Experience
In the selection of joint venture partner, the historical collaboration experience of the potential partners has been considered to be the prime factor because of its indication of collaboration performance and the significant influence to the future collaboration success. [3] If the potential collaboration partner has full experience in dealing with all kinds of the problems which might occur in the collaboration process as well as the operation of the international joint venture company, it might help to reduce the relevant operational cost and achieve collaboration success. The collaboration experience can be indicated in several aspects. For example, the potential partner has fair long term collaboration partnership with other companies and the collaboration is very successful with sound performance. Besides, the skilled and professional key directors particularly which have experience of working for collaborations might suggest that the potential partner is worth to cooperate. More important, the company can also learn from the collaboration experience from the potential partner to improve its own compatibility in the business. 4 Expectation of the Partner
The first step to identify the expectation of the company is intend to seek from the collaboration partner is carrying out internal assessment of its capabilities. This kind of expectation would be influenced by the associated power position which the company is willing to accept, such as the size of the partner, the compatibility of corporate culture, and the management style. [1]
It is suggested that mutual expectations of partners should be specified with respective to the contributions and benefits. The collaboration parties must make agreement on the operational strategies which include sufficient flexibility for the strategic objectives and the communication on the solution of possible problems.
References
[1] Ravinder K. Zutshi. Wee Liang Tan, “Impact of Culture on ‘Partner Selection Criteria’ in East Asian International Joint Ventures”, Int Entrep Manag J, DOI 10.1007/s11365-008-0076-1, from Springer Science+ Business Media, LLC 2008
[2] Jackson, Kevin T. “Building Reputational Capital: Strategies for Integrity and Fair Play That Improve the Bottom Line”, Oxford; New York: Oxford University Press (US), 2004, Page14
[3] Anand, B. N. and Khanna, T. (2000) “Do Firms Learns to Create Value? The Case of Alliances”, Strategic Management Journal
[4] Vaidya, Ashish “Globalization: Encyclopedia of Trade, Labor and Politics” Santa Barbara, Calif ABC-CLIO, 2005