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首页> 外文期刊>Journal of Management >Managing Uncertainty in a Formal Standards-Based Industry: A Real Options Perspective on Acquisition Timing
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Managing Uncertainty in a Formal Standards-Based Industry: A Real Options Perspective on Acquisition Timing

机译:在基于正式标准的行业中管理不确定性:购置时间的实物期权视角

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摘要

Scholars have theorized that firms can intervene in the creation of formal technology standards to reduce uncertainty and influence the outcome to their advantage. One approach is through early acquisition: Firms can acquire targets with relevant technology prior to standardization. Using real options logic, the authors show how early acquisitions can be considered a growth option under certain circumstances. They find that acquisitions are more likely to occur before the passage of the standard when (a) acquirers lacked relevant technical knowledge, (b) target firms possessed relevant technical knowledge, and (c) acquirers had a prior equity investment in the target firm.
机译:学者们认为,公司可以干预正式技术标准的制定,以减少不确定性并影响其收益。一种方法是通过早期收购:企业可以在标准化之前使用相关技术来收购目标。使用实物期权逻辑,作者展示了在某些情况下如何将早期收购视为一种增长选择。他们发现,当(a)收购方缺乏相关技术知识,(b)目标公司具有相关技术知识,以及(c)收购方对目标公司拥有先前的股权投资时,收购更有可能在准则通过之前发生。

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