This study focuses on the issue of determining governance structures to ensure the continuity of cooperative relationships in international joint ventures, which are recognized as an important form of international business for firms in the era of market globalization yet exhibit high instability in practice. To this end, this study empirically analyzed how governance structures affect the perception of environmental dynamism and transaction-specific asset investments in joint venture relationships formed through exchange relationships between partners, and how the perception of environmental dynamism and transaction-specific asset investments affect the continuity of joint venture relationships. The research findings showed that transactional governance did not have a significant effect on transaction-specific asset investments or the perception of environmental dynamism. However, relational norms as relational governance had a positive effect on transaction-specific asset investments and a negative effect on the perception of environmental dynamism. Furthermore, transaction-specific asset investments had a positive effect on the continuity of the joint venture relationship, while the perception of environmental dynamism had a negative effect on it.