International Joint Venture (IJV): An IJV is an agreement by two or more companies, one or more is foreign, to produce a product or service together. It involves a much higher level of investment and therefore of risk than the previous entry strategies. Generally, an IJV consists of a multinational corporation and a local partner. Equity proportions vary but usually relative ownership approximates to 50–50 although there are many variations including IJVs with more than two partners including relatively passive partners with minority holdings. The correct answer is B.