"In the last four decades the world has been significantly impacted by globalization and rapid technological changes. This in turn had major effects on the global economy: Several developing and socialist economies that earlier followed closed door and import substitution policies started to...

Emerging economies present the case of rapid changes in markets and institutions. In this context, joint ventures between multinational enterprises (MNEs) and local firms are subject to a gamut of calculations between the partners for arriving at mutually beneficial contractual arrangements. In...