当前位置: X-MOL 学术European Business Review › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Relative exploration orientation and real options reasoning: survey evidence from Denmark
European Business Review Pub Date : 2021-06-17 , DOI: 10.1108/ebr-07-2020-0172
Claus Højmark Jensen 1 , Thomas Borup Kristensen 1
Affiliation  

Purpose

This paper aims to extend the understanding of how real options reasoning (ROR) is associated with downside risk and how a firm’s portfolio (explore and exploit) of investment activities affects managers’ ability to effectively apply ROR in relation to downside risk.

Design/methodology/approach

The survey method is used. It is applied to a population of Danish firms, which in 2018 had more than 100 employees. The chief financial officer was the target respondent.

Findings

This study finds that a higher level of ROR is associated with lower levels of downside risk. ROR’s association with lower levels of the downside risk is also moderated by the level of relative exploration orientation in a negative direction.

Originality/value

The field of ROR research on downside risk and portfolio subadditivity has been dominated by research focused on multinationality. This paper extends extant literature on ROR by studying ROR as a multidimensional construct of firm action, which is associated with lower levels of downside risk, also when studied outside of a multinationality setting. This is the case when ROR is implemented as a complete system. This paper also applies a framework of exploitation and exploration to show that findings on subadditivity in options portfolios caused by asset correlations extend outside the scope of multinationality and into one of product/service innovation.



中文翻译:

相对勘探方向与实物期权推理:来自丹麦的调查证据

目的

本文旨在扩展对实物期权推理 (ROR) 如何与下行风险相关的理解,以及公司的投资活动组合(探索和利用)如何影响经理有效应用 ROR 以应对下行风险的能力。

设计/方法/方法

采用调查法。它适用于 2018 年拥有 100 多名员工的丹麦公司。首席财务官是目标受访者。

发现

本研究发现,较高水平的 ROR 与较低水平的下行风险相关。ROR 与较低水平的下行风险的关联也因相对勘探方向为负方向而有所缓和。

原创性/价值

关于下行风险和投资组合次可加性的 ROR 研究领域一直以跨国性研究为主。本文通过研究 ROR 作为企业行动的多维结构来扩展现有的 ROR 文献,这与较低水平的下行风险相关,在跨国环境之外进行研究时也是如此。当 ROR 作为一个完整的系统实施时就是这种情况。本文还应用了一个开发和探索框架来表明,由资产相关性引起的期权投资组合中的次可加性的发现超出了跨国性的范围,并延伸到了产品/服务创新之一。

更新日期:2021-06-17
down
wechat
bug