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Oriani, Raffaele; Sobrero, Maurizio

Uncertainty and the market valuation of R&D within a real options logic

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  • Medientyp: E-Artikel
  • Titel: Uncertainty and the market valuation of R&D within a real options logic
  • Beteiligte: Oriani, Raffaele; Sobrero, Maurizio
  • Erschienen: Wiley, 2008
  • Erschienen in: Strategic Management Journal, 29 (2008) 4, Seite 343-361
  • Sprache: Englisch
  • DOI: 10.1002/smj.664
  • ISSN: 0143-2095; 1097-0266
  • Entstehung:
  • Anmerkungen:
  • Beschreibung: AbstractThe aim of this study is to provide new theoretical insights and empirical evidence on the effect of market and technological uncertainty on the market valuation of a firm's R&D capital. A set of hypotheses is developed adopting a real options logic and tested on a panel dataset of 290 manufacturing firms traded in the UK. Consistently with our theoretical model, we show that market and technological uncertainty have distinct effects on the valuation of R&D investments. The results have several important implications for resource allocation to R&D under uncertainty, which we discuss in the concluding section. Copyright © 2008 John Wiley & Sons, Ltd.