What is international joint venture control? Why is it important?

What will be an ideal response?

International joint venture control refers to the processes that management puts in place so as to direct the success of the firm's goals. Most of a firm's objectives can be achieved by careful attention to control features at the outset of the joint venture, such as the choice of a partner, the establishment of a strategic fit, and the design of the IJV organization. IJV control is an important issue because at least one parent is headquartered outside the venture's country of operations thus requiring unique measures of control. Lack of attention to specific control requisites of IJVs can limit the parent company's ability to utilize its resources efficiently, coordinate its activities, and implement its strategy.