International Joint Venture (IJV) is one of the most popular market entry mode in emerging markets. The instability and stability of IJV have also been receiving ongoing attention in the literature (e.g. Deitz et al. 2010; Kogut 1989; Rhoades & Lush 1997; Sim & Ali 2000). IJV instability and stability are often treated as opposite to one another in the literature, and assumed the factors that account for instability has an inverse impacts on stability. However, conceptually and empirically they are not exactly two contrasting phenomena. This study adopts the perspectives of Superficial Friendship theory (Yan 2010) to differentiate the determinants of IJV instability and stability and empirically compares their determinants. The results indicate that the factors that account for instability do not have inverse impacts on stability. The empirical results not only contribute to an understanding of the different drivers of IJV instability and stability but also have important implications for international business managers in both parents and IJVs with regard to keeping an IJV profitable and successful.