Strategic growth option, uncertainty, and R&D investment

被引：95

作者：

Van Vo, Lai ^{[1
]}

Huong Thi Thu Le ^{[2
]}

机构：

[1] Western Connecticut State Univ, Ancell Sch Business, 181 White St, Danbury, CT 06810 USA

[2] NE Illinois Univ, Coll Business & Management, 5500 North St Louis Ave, Chicago, IL 60625 USA

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2017年 / 51卷

关键词：

Growth option; Idiosyncratic volatility; R&D investment; Uncertainty; STOCK RETURNS; CROSS-SECTION; CASH FLOW; VOLATILITY; DYNAMICS; EQUITY; VALUATION; COSTS; DEBT; RISK;

D O I：

10.1016/j.irfa.2017.03.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the effect of uncertainty on R&D investment We find that firms invest more in R&D when they face higher uncertainty, as measured by idiosyncratic return volatility. We further show that the effect is more pronounced for firms in more competitive industries as well as for firms whose products have less market power. Overall, our findings support the theory of strategic growth option in which firms under competition follow preemptive strategy when they face high uncertainty. (C) 2017 Elsevier Inc. All rights reserved.

引用

页码：16 / 24

页数：9

共 50 条

[1] Option games theoretic analyses on strategic R&D investment
Yu Dong-ping
Qiu Wan-hua
[J]. Proceedings of 2006 Chinese Control and Decision Conference, 2006, : 1093 - 1098
[2] Strategic R&D investment, competitive toughness and growth
d'Aspremont, Claude
Ferreira, Rodolphe Dos Santos
Gerard-Varet, Louis-Andre
[J]. INTERNATIONAL JOURNAL OF ECONOMIC THEORY, 2010, 6 (03) : 273 - 295
[3] An R&D investment game under uncertainty in real option analysis
Villani, Giovanni
[J]. COMPUTATIONAL ECONOMICS, 2008, 32 (1-2) : 199 - 219
[4] An R&D Investment Game under Uncertainty in Real Option Analysis
Giovanni Villani
[J]. Computational Economics, 2008, 32 : 199 - 219
[5] Managing R&D as a strategic option
Mitchell, Graham R.
Hamilton, William F.
[J]. RESEARCH-TECHNOLOGY MANAGEMENT, 2007, 50 (02) : 41 - 50
[6] Strategic optimization in R&D investment
Ferreira, M.
Figueiredo, I. P.
Oliveira, B. M. P. M.
Pinto, A. A.
[J]. OPTIMIZATION, 2012, 61 (08) : 1013 - 1023
[7] Option-game Analysis in R&D Investment under Demand Uncertainty
An, Shi
Tun, Ji-yuan
[J]. ADVANCES IN BUSINESS INTELLIGENCE AND FINANCIAL ENGINEERING, 2008, 5 : 217 - 221
[8] Competitive analysis of R&D investment with R&D budget constraint and R&D uncertainty
Gao, Xing
Wang, Ying
[J]. MANAGERIAL AND DECISION ECONOMICS, 2023, 44 (04) : 2438 - 2456
[9] Growth, R&D, and uncertainty
Tsuboi, Mizuki
[J]. ECONOMIC MODELLING, 2020, 87 : 394 - 400
[10] R&D Investment, Patent Length, Uncertainty
Xue Minggao
Su Lili
Gao Guan
[J]. PROCEEDINGS OF THE 4TH INTERNATIONAL CONFERENCE ON PRODUCT INNOVATION MANAGEMENT, VOLS I AND II, 2009, : 461 - 472

← 1 2 3 4 5 →