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The shareholder of majority could exercise power over its partner, but conflicts of interest would happen eventually. Fuji-Xerox's JV-agreement by 50/50 is good example to be at win-win situation for Xerox's products are manufactured in Japan or in the third countries to tap Japan market successfully, where the Japanese consumers traditionally exile non-Japanese brands.
The benefits of JV-agreement are a) access to the host partner's knowledge; b) shared development costs and risks; c) political dependency. However it is a) inability to engage in global strategic coordination; b) inability to realize location and experience curve economies; c) lack of control over technology and know-how
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