This variable indicates the company's experience in the management of JVs; this experience was approximated using the number of JYs which the company under study had participated in since 1986.
In the second phase, two parallel sets of estimations were undertaken for the JYs created by two and more than two partners respectively, including the same variables as in the first stage, except, of course, the one relative to the number of partners.
Results in Tables 4 and 5 support Hypothesis 2, namely, that the influence of relational investments on JV effectiveness is stronger in dyadic JYs than in multi-party ones.