Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms
研究了制药企业如何根据实物期权逻辑进行研发投资，发现机会范围、先前经验和竞争效应影响企业投资新研发选项的倾向。
Abstract Real options reasoning (ROR) is a conceptual approach to strategic investment that takes into account the value of preserving the right to make future choices under uncertain conditions. In this study, we explore firms' motivations to invest in a new option. We find, based on an analysis of a large sample of patents by firms active in the pharmaceutical industry, that their investments in R&D are consistent with the logic of ROR. We identify three constructs—scope of opportunity, prior experience, and competitive effects—which have an influence on firms' propensity to invest in new R&D options and which could usefully be incorporated in a strategic theory of investment. Copyright © 2003 John Wiley & Sons, Ltd.