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

• 成果类型: Article
• 署名作者: Oriani, Raffaele; Sobrero, Mauriz
• 署名单位: Luiss Guido Carli University; University of Bologna
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.664
• 发表日期: 2008
• 页码: 343-361
• 关键词: R&D; Real options; uncertainty; market value

摘要

The 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 (C) 2008 John Wiley & Sons, Ltd.