International Joint Ventures and The Value of Growth Options
基于实物期权理论，研究国际合资企业是否以及何时能提升企业的增长期权价值，发现少数股权和多元化合资企业能增加价值，但其他类型不能，并挑战了新兴市场投资增长期权价值的观点。
According to real options theory, international joint ventures (IJVs) offer valuable growth options, yet there has been no direct evidence of whether, and under what conditions, firms actually capture such value. We argue that an IJV's ownership structure, product-market focus, and geographic location are important contingencies affecting the value of embedded growth options. Our evidence confirms that IJVs do enhance firms' growth option values, but only under certain circumstances. Specifically, minority IJVs and diversifying IJVs contribute to growth option value, but other IJVs do not. The findings also challenge recent claims about the growth option value of investments in emerging economies.