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EnglishThe 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.
Uncertainty and the Market Valuation of R&D within a Real Options Logic / Oriani, Raffaele; Sobrero, M.. - In: STRATEGIC MANAGEMENT JOURNAL. - ISSN 0143-2095. - 29:(2008), pp. 343-361.
| Titolo: | Uncertainty and the Market Valuation of R&D within a Real Options Logic | |
| Autori: | ||
| Data di pubblicazione: | 2008 | |
| Rivista: | ||
| Citazione: | Uncertainty and the Market Valuation of R&D within a Real Options Logic / Oriani, Raffaele; Sobrero, M.. - In: STRATEGIC MANAGEMENT JOURNAL. - ISSN 0143-2095. - 29:(2008), pp. 343-361. | |
| Abstract: | 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. | |
| Handle: | http://hdl.handle.net/11385/3270 | |
| Appare nelle tipologie: | 01.1 - Articolo su rivista (Article) |
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| File | Descrizione | Tipologia | Licenza | |
|---|---|---|---|---|
| 1 - oriani-sobrero.pdf | Documento in Post-print | DRM non definito | Administrator |
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