To be relevant to a firm a real option needs to fit into a theory of the firm explaining its existence, exercise conditions and value. We make a step toward an option based-theory of the firm by describing the emergence of a firm’s options and the strategic building of new competences for...

This paper aims to show how the process of diffusion of 'clean technologies' confronts a variety of forces at the macro level that create systematic, technological and institutional barriers to their adoption. There is abundant literature on the role of technology transfer in the development of...