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PurposeThis study aims to investigate impacts of classic transaction cost-related factors (i.e. partner selection cost, specific asset investment and extorting rent cost) on joint venture (JV) partner's cooperative and opportunistic behaviour, from the perspective of transaction cost economics.Design/methodology/approachItem measurements, based on which the questionnaire was developed, were derived according to a thorough search and review of related literature. In all, 226 valid responses from manufacturing enterprises in China were collected. A structural equation modelling approach was used to analyse the data and examine the fitness of the proposed model.FindingsThis study shows that partner selection cost, specific asset investment and extorting rent cost are positively related to a JV partner's cooperative behaviour. Specific asset investment exerts the most significant influence on partner's cooperative behaviour. The results also reveal that partner's opportunistic behaviour is not significantly affected by specific asset investment but is negatively influenced by extorting rent cost. Both partner selection cost and extorting rent cost show positive impacts on specific asset investment.Research limitations/implicationsThe investigation focused on only manufacturing enterprises in one country. Future research could be directed to investigating other countries to increase the generalizability of the findings.Practical implicationsThe findings suggest that increasing the extorting rent cost to promote the probability of specific asset investment is a core element to enhance JV partner cooperation.Originality/valueThe study not only empirically investigates the relative importance of classic transaction cost-related factors on JV partner opportunism and cooperation, but also enables a deeper understanding of the interrelationship among the classic transaction cost-related factors and their influences on partner cooperation and opportunism.

PurposeThe purpose of this paper is to provide a conceptual model for examining the effects of trust (competence trust, goodwill trust) and cooperation on partner opportunism and for exploring the moderating effects of guanxi on the relationships among trust, cooperation and opportunism in joint ventures.Design/methodology/approachThe sample for this paper comprises 981 manufacturing joint ventures from various industrial sectors. A total of 354 valid questionnaires were collected, representing a 36 per cent response rate. The conceptual model is tested with structural equation modeling adopting AMOS software.FindingsThe empirical findings indicate that both competence trust and goodwill trust reduce partner opportunism in a joint venture through fostering cooperation. Competence trust also exerts significant influence on preventing opportunism, whereas opportunistic behavior is not greatly affected by goodwill trust. Additionally, the results reveal that guanxi helps strengthen the negative relationship between cooperation and opportunism.Originality valueThis paper makes a threefold contribution: First, it investigates empirically the direct influence of two types of trust on partner opportunism. Second, it tests indirect influence of trust on partner opportunism through the path of cooperation. Third, it explores the moderating effects of guanxi in relationships on trust, cooperation and partner opportunism. Implications offers suggestions for management practice to reduce partner opportunism in joint-venture manufacturing.

AbstractUsing complexity theory, we seek to better understand the configurations of causal factors stimulating joint ventures' cooperation in Chinese manufacturing context. To this end, we adopt two dominant perspectives of transaction cost economics and relational exchange theory to identify transaction cost‐related factors and elements of relational exchanges as critical factors in joint ventures' cooperation. We apply fuzzy‐set qualitative comparative analysis on a sample of 268 joint venture partners to test research propositions. The findings indicate a need for competence trust and goodwill trust and also show that extorting rent cost should be emphasized. Results reveal those six configurations of causal factors that explain high intention to cooperate. Copyright © 2017 ASAC. Published by John Wiley & Sons, Ltd.