Real options theory models certain corporate investments as investments in growth options, yet there is little direct evidence on whether firms actually capture growth option value from these investments. In the current paper, we attempt to bridge this empirical gap, and we also examine the...

Real options theory has attracted significant interest in the field of strategic management. Advocates of the approach emphasize that importing concepts from financial economics holds out the potential of yielding new insights on strategic decision-making under uncertainty as well as...