Existing research has utilized real options theory to analyze corporate venture capital (CVC) investment, yet little … work has empirically studied such investment in a comparative setting. In this paper, we begin to address this gap by … investigating firms' investment mode choice between CVC and acquisition, which are alternative modes for external business …

themselves. Fragmentation, demand uncertainty, and investment costs determine the timing of acquisitions. …This paper explains why consolidation acquisitions occur in waves and it predicts the differing role each firm is … initial acquisition triggers a wave of follow-on acquisitions, where the process of asset accumulation by the consolidator is …