When a firm undertakes foreign direct investment, it must determine the level of ownership in its foreign subsidiary. This study examines the determinants of the ownership strategy of a Japanese logistics firm from the perspective of international business studies (IB). The study focuses on firm-level factors, including “contributed assets” for shaping firm-specific advantage which a parent firm possesses, “complementary assets” which such firm may need to acquire in a foreign country, and international experience. It also analyzes country-level factors including the institutional difference between a home country and a host country. The study conducts a Tobit regression analysis on the relationship between such factors and the equity ownership level in a foreign subsidiary based on the data-sets of Japanese logistics firms.