The moderating effect of environmental uncertainty on the relationship between real options and technological innovation in high-tech firms |
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| Authors: | Antonio J Verdu Ignacio Tamayo Antonia Ruiz-Moreno |
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| Institution: | 1. Finance and Economics Department, Miguel Hernandez University, Spain;2. Management Department, Universidad de Granada, Granada, Spain;1. Faculdade de Tecnologia de Sorocaba, Centro Estadual de Educação Tecnológica Paula Souza (CEETPS), Av. Eng. Carlos Reinaldo Mendes, 2015, Alto da Boa Vista., 18013-280, Sorocaba, São Paulo, Brazil;2. Escola Politécnica da Universidade de São Paulo (EPUSP), Av. Prof. Mello Moraes, 2231, 05508-030 São Paulo, São Paulo, Brazil;1. Reykjavik University, School of Business, Menntavegur 1, 101 Reykjavik, Iceland;2. Rotterdam School of Management, Department of Management of Technology and Innovation, P.O. Box 1738, 3000 DR Rotterdam, Netherlands;3. School of Economics, Finance and Marketing, RMIT University, GPO Box 2476V, Melbourne 3001, Australia;1. School of Entrepreneurship and Innovation, Bradley University, Peoria, IL 61625, United States;2. School of Public Affairs and Administration, Rutgers University, Newark, NJ 07102, United States;3. Anderson School of Management, University of New Mexico, Albuquerque, NM 87131, United States;4. School of Public Policy, George Mason University, Arlington, VA 22201, United States;5. John Cook School of Business, Saint Louis University, St. Louis, MO 63108, United States;6. School of Business, State University of New York, Albany, NY 12222, United States;7. National Federation of Independent Business, Nashville, TN 37214, United States;8. Babson College, Wellesley, MA 02457, United States;9. U.S. Small Business Administration, Washington, DC, United States;10. School of Business, George Washington University, United States |
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| Abstract: | In the past decade, management scholars have applied aspects of real options theory to organizational settings, considering it an approach to enhancing strategic flexibility in the firm. They have also recognized that technological innovation is a critical mechanism through which high-tech firms try to secure a place in the competitive world of the future. Uncertainty about the environment makes it very important to analyze both factors, since the use of real options obligates managers to reflect constantly on future scenarios for which they will have to propose innovative solutions. This paper attempts to apply the theory of real options to innovation theory to propose a model in which real options reasoning improves the level of product/process technological innovation. We argue that this improvement will increase when the environment's level of uncertainty is higher. The proposal is supported empirically by a study performed on a sample of technology firms from different countries in the European Union. |
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