합작투자에서 장기적 파트너쉽의 발전을 위한 전제조건: 한독약품 사례를 중심으로

초록

Purpose: This paper aims to investigate the necessary conditions for the development of a long-term partnership between partners in an IJV. We expect to elucidate the tacit nature of trust building process between partner firms. Design/methodology/approach: In order to recognize how trustworthy relationships between partners evolve over time in an IJV, Handok was chosen as a case study. A qualitative research methodology is suited for the understanding of the tacit nature of interaction between partners. In-depth interviews including C.E.O. and long-standing managers of Handok together with analyses of archives and documents are believed to increase the validity of the research. Result/findings: Handok demonstrates a non-conventional structure of an IJV as it acted not only as an IJV but also represented a local partner and subsidiary of the foreign partner. It represented the importance of sharing common values of mutual prosperity between partners so that they can narrow the gap of perceptions in running an IJV. Concrete artifacts that contribute to the alignment of individual interests include holding periodic meetings and sharing activities and performances. Further, continuing R&D efforts of Handok gave a positive impression to its German partner, which became a strong foothold of the partnership in an IJV. Research implications/limitations: Once trust was built between partner firms, it then leads to a long-term partnership regardless of the changes of ownership of a partner firm. The benefits of trust outweighs the implied costs as they significantly reduce the transaction costs incurred in an IJV. Nonetheless, the case of Handok illustrates that the long-lasting relationship through an IJV could come to an end as the changing environments affect the interests of partners. However, the termination of the partnership does not necessarily mean the failure of an IJV. The limitation of a single case study commonly applies to this study. Future work/research: Extending the boundary of the current research, including the analyses of multiple industries/firms rather than a single industry or firm, will significantly compensate the shortcomings of this limited study and its implications. Originality/value: Although a qualitative research embodies the inherent shortcomings, intensive analyses of archives and conducting in-depth interviews with the chairman of Handok as well as with the person who has experience in working with the German partner for more than 20 years enhance the validity of the research.

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