Real option logic helps managers create value when making decisions because it focuses on managing the uncertainty concerning potential upside benefits and downside risks of an investment. Yet there is little research looking at the real option consequences of making export channel investments. We propose that export channel investments vary in their ability to provide real options and present a novel classification of real option export channels. We suggest that when faced with high uncertainty SMEs will prefer simpler real option export channels over more complex options. We also theorize that firm-level strategic flexibility (i.e. the depth and breadth of export experience) negatively moderates the relationship between uncertainty and real option export channel choice. Based on a sample of Austrian exporting SMEs, we find some support for our propositions. Hence, we contribute to the real option and export channel literatures by providing new insights into how export channel decisions are made and how firms choose between different real option alternatives.

实物期权逻辑帮助管理者在做出决策时创造价值，因为它专注于管理投资的潜在上行收益和下行风险的不确定性。然而，很少有研究关注出口渠道投资的实物期权后果。我们建议出口渠道投资在提供实物期权的能力方面有所不同，并提出了实物期权出口渠道的新分类。我们建议，当面临高度不确定性时，中小企业会更喜欢更简单的实物期权出口渠道，而不是更复杂的期权。我们还从理论上认为，公司层面的战略灵活性（即出口经验的深度和广度）对不确定性和实物期权出口渠道选择之间的关系负有调节作用。基于奥地利出口中小企业的样本，我们为我们的提议找到了一些支持。因此，我们通过提供关于如何制定出口渠道决策以及公司如何在不同实物期权替代方案之间进行选择的新见解，为实物期权和出口渠道文献做出贡献。