Raff, Horst (contributor); Ryan, Michael (contributor); … - 2007
also indirectly since it determines the outside option of potential acquisition targets and joint venture partners. In … particular, even if greenfield investment is a viable option, the multinational may prefer a joint venture to M&A, and M&A to … greenfield investment, provided that M&A and joint venture both involve sufficiently low fixed costs. The reason is that the …