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...

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...

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...

Existing strategic group studies have rarely examined ownership type as a variable to classify firms in an industry. Using Chinese firms of different ownership types, we suggest that ownership type can be a parsimonious and important variable that managers use to cognitively classify firms into...