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| Tekijä: | Dalziel, M. |
| Otsikko: | Forgoing the flexibility of real options: when and why firms commit to investment decisions |
| Lehti: | British Journal of Management
2009 : SEP, VOL. 20:3, p. 401-412 |
| Asiasana: | finance investments decision making options small business large businesses alliances |
| Vapaa asiasana: | acquisitions |
| Kieli: | eng |
| Tiivistelmä: | Real option investments benefit from the flexibility associated with the possibility of abandonment should investment returns prove insufficient. This study examines the conditions under which large firms commit to investments in small firm equity alliances and acquisitions. It is found that large firms commit to relationships initiated by them and that are subject to a high degree of competition. Uncertainty is not a significant predictor of the choice to commit. The findings point to the discretionary nature of the choice to commit and to firms' willingness to commit to investment decisions, in spite of high uncertainty, during periods of strong growth. |
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