Real Options Reasoning and A New Look at The R & D Investment Strategies of Pharmaceutical Firms  

Oleh:

McGrath, Rita Gunther ; Nerkar, Atul

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 25 no. 1 (Jan. 2004), page 1-22.
Topik: innovation; real options; pharmaceutical industry; patenting; innovation

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.14 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Real options reasoning (ROR) is a conceptual approach to strategic investment that takes into account the value presercing 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 strategy theory of investment.

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