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...

Strategy research on real options has emphasized the need to understand better the sources of the option value of the firm. We begin to address this issue by assessing the relative importance of firm versus industry influences on the value of firms' growth options. On the one hand, firms have...

Real options theory predicts that international joint ventures (IJVs) confer valuable growth options to firms, yet there has been no direct evidence on whether firms actually capture growth option value from such investments and under what conditions. We bridge the gap between theory and...

Real options theory predicts that international joint ventures (IJVs) confer valuable growth options to firms, yet there has been no direct evidence on whether firms actually capture growth option value from such investments and under what conditions. We bridge the gap between theory and...

In this study, we investigate how foreign direct investment (FDI) and multinationality affect firms' risk levels. Our investigation builds on the idea from real options theory that international operations offer multinational corporations (MNCs) switching options, yet we also emphasize different...