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Real Options: Taking Stock and Looking AheadYong LiState University of New York at Buffalo Barclay E. JamesUniversity of Illinois at Urbana-Champaign - College of Business Ravi MadhavanUniversity of Pittsburgh Joseph T. MahoneyUniversity of Illinois Advances in Strategic Management, Vol. 24, pp. 31-66 Abstract: We discuss recent developments in real options theory and its applications to strategic management research, examine the potential difficulties in implementing real options in theory and practice, and propose several areas for future research. Our review shows that real options theory has provided substantial insights into investment and exit decisions as well as into the choice of investment modes. In addition, extant research studies have contributed significantly to our understanding of whether and how organizations can benefit from real options. Future research that addresses difficulties in applications will further advance both real options theory and practice in strategic management. We call for future generations of research to enhance the impact of real options as an emerging dominant conceptual lens in strategic management.
Number of Pages in PDF File: 49 Keywords: Real options, uncertainty, investment decisions, governance, and performance Accepted Paper SeriesDate posted: May 28, 2008 ; Last revised: January 31, 2010Suggested CitationContact Information
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