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1、StrategicManagementJournalStrat.Mgmt.J.,38:42–63(2017)PublishedonlineEarlyView15November2016inWileyOnlineLibrary(wileyonlinelibrary.com)DOI:10.1002/smj.2593Received30April2014;Finalrevisionreceived14March2016REALOPTIONSTHEORYINSTRATEGICMANAGEMENT12*LENOSTRIGEORGISandJE
2、FFREYJ.REUER1DepartmentofAccountingandFinance,SchoolofManagementandBusiness,King’sCollegeLondon,UniversityofCyprus,Nicosia,Cyprus2LeedsSchoolofBusiness,UniversityofColorado,Boulder,Colorado,U.S.A.Researchsummary:Thisarticleprovidesareviewofrealoptionstheory(ROT)instrat
3、egicmanagementresearch.WereviewthefundamentalsofROTandprovideataxonomyofthisresearch.Bysynthesizingandcritiquingresearchonrealoptions,weidentifyanumberofimportantchallengesaswellasopportunitiesforROTifitistoenhanceitsimpactonstrategicmanagementandpotentiallydevelopinto
4、atheoreticalpillarinthefield.WeexaminehowROTcaninformthekeytensionsthatmanagersfacebetweencommitmentversusflexibilityaswellasbetweencompetitionversuscooperation,andweshowhowitcanuniquelyaddressthefundamentalissuesinstrategy.Weconcludewithsuggestionsonfutureresearchdire
5、ctionsthatcouldenhanceandunifythethus-fardistinctmainapproachestorealoptionsresearch.Managerialsummary:Realoptionstheory(ROT)appliestheheuristicsandvaluationmodelsoriginallydesignedforfinancialsecuritiestothedomainofcorporateinvestmentdecisions(e.g.,jointventures[JVs],
6、foreigndirectinvestment,researchanddevelopment[R&D],etc.)andstrategicdecisionmakingunderuncertainty.Thisarticleprovidesasynthesisofthisbodyofresearchinstrategicmanagementandrelateddisciplines.WesuggesthowROTcanaddressfundamentalissuesofstrategy,includingthedilemmasmana
7、gersfacebetweencommitmentversusflexibilityaswellasbetweencompetitionversuscooperation.Wediscusshowthreedistinctapproachestorealoptionsanalysiscancomplementeachother,andweidentifysomeofthemainchallengesandopportunitiesforROTtobecomeatheoreticalpillarinstrategy.Copyright
8、?2016JohnWiley&Sons,Ltd.INTRODUCTION[JVs],acquisitions,etc.),foreigndirectinvestmentandMNCperformance,cooperationvers
