April 15, 1983, marked the opening of Tokyo Disneyland, the first Disney theme park outside the United States. The theme park is operated under a licensing agreement with Disney by the Oriental Land Company. Under the arrangement, Oriental Land pays royalties and licensing fees to Disney, amounting to 10 percent of admission revenues and 5 percent of food and merchandise sales. Disney's second international theme park was Euro Disney, which was opened in April 1992. The Paris theme park is owned and operated by Disneyland Paris, a company in which slightly less than 40 percent is held by Disney, 10 percent by a Saudi prince, and the remaining 50 percent by other shareholders. The company's stock trades on Paris's Euro-next stock exchange. On September 12, 2005, Hong Kong Disneyland was opened, the company's third international theme park after Tokyo and Paris (Shanghai Disney is scheduled to open in 2016). In contrast to the Tokyo theme park, this one is operated through a joint venture in which Disney holds 43 percent and the Hong Kong government owns the remaining 57 percent. Explain why Disney may have opted for different entry mode alternatives for its international theme parks.

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