Li, Qiang; Liu, Hao; Zeng, Yong - In: Journal of management science and engineering 7 (2022) 2, pp. 197-212
The size effect can be attributed to the relative importance of growth options versus assets-in-place in total assets …. By incorporating the changing trend of growth options over firm lifecycle into the dynamic investment model developed by … Berk et al. (1999), this paper demonstrates that the gradual exhausting or exercising of growth options would cause a …