This paper examines the relationship between ownership structure and financial performance of IJVs in Korea. First, we find that IJVs with equal equity between partners outperform those of unequal ownership structure in terms of financial performances such as return on asset, return on sales and sales's growth rate. Second, we also find the relationship between equity ownership structure and financial performance of IJVs more significant in the cases where the pressure of global integration is high than in the cases where it is low. This results suggest that the ownership structure may be a crucial factors influencing the performance of IJVs and also imply that the relationship between ownership structure and performance of IJVs might be moderated by industrial characteristics of global integration.