Research on International Joint Ventures (IJVs) with Emerging Market Multinational Enterprises (EMNEs) often assumes that local partners are readily available. This study challenges that assumption, highlighting that the widespread corporate transparency deficits among many EMNEs can create trust barriers, complicating the establishment of partnerships with host country firms. Drawing from signaling theory, we argue that corporate transparency acts as a critical signal, fostering trust and facilitating the formation of strategic alliances between EMNEs and host partners. Furthermore, we explore how institutional voids positively moderate this relationship, while host-country press freedom weakens it. Drawing on data from 906 Chinese manufacturing EMNEs between 2012 and 2019, our findings provide new insights into the complex interplay of transparency, trust, and signaling in EMNE partnerships, offering valuable contributions to the literature on international collaboration.
