This study aims to analyze the determinants of ownership in international joint ventures(IJVs) of Korean manufacturing firms. This analysis is conducted through the transaction cost approach(specific knowledge of the parent's firm, marketing ability of the parent's firm, financial ability of the parent's firm) and bargaining power approach(market size of host countries, market attractiveness of host countries, national credit rating of host countries, transparency of government, investment restrictions, corporate tax). In this analysis of ownership structures, subsidiaries and information of parent firms selected from the KOCIS(Korea overseas company information system) of Ministry of Finance and Economy Republic of Korea and Korean manufacturing firms in Korea Stock Exchange. In this study, 178 subsidiaries of 147 parent firms in 19 countries were adopted as samples and analyzed. First results supported the evidence that transaction cost model predicted the influences of marketing ability of the parent's firm to ownership mode choice. Second results supported the evidence that bargaining power model predicted the influences of market size of host countries, national credit rating of host countries, transparency of government, investment restrictions and corporate tax.

This study aims to analyze the determinants of ownership in international joint ventures(IJVs) of Korean manufacturing firms. This analysis is conducted through the transaction cost approach(specific knowledge of the parent's firm, marketing ability of the parent's firm, financial ability of the parent's firm) and bargaining power approach(market size of host countries, market attractiveness of host countries, national credit rating of host countries, transparency of government, investment restrictions, corporate tax). In this analysis of ownership structures, subsidiaries and information of parent firms selected from the KOCIS(Korea overseas company information system) of Ministry of Finance and Economy Republic of Korea and Korean manufacturing firms in Korea Stock Exchange. In this study, 178 subsidiaries of 147 parent firms in 19 countries were adopted as samples and analyzed. First results supported the evidence that transaction cost model predicted the influences of marketing ability of the parent's firm to ownership mode choice. Second results supported the evidence that bargaining power model predicted the influences of market size of host countries, national credit rating of host countries, transparency of government, investment restrictions and corporate tax.

international joint ventures(IJVs), transaction cost approach, bargaining power approach, institutional environment of host country