Multinational investment and the value of growth options: Alignment of incremental strategy to environmental uncertainty
Multinational investment and the value of growth options: Alignment of incremental strategy to environmental uncertainty
复制标题
跨国投资和增长选择的价值：增量战略与环境不确定性的结合
DOI：
10.1002/smj.2969
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发表时间：
2018-10
影响因子：
8.3
通讯作者：
Shubin Wu
中科院分区：
文献类型：
--
作者：
René Belderbos;Tony W. Tong;Shubin Wu
跨国公司在不确定环境下投资海外子公司的动机之一是投资可能带来的未来增长机会。我们认为，企业是否从跨国投资中获得成长性期权价值取决于市场不确定性和企业增量投资策略之间的相互作用。我们展示的证据表明，跨国投资为在市场不确定性高的东道国经营子公司的公司创造了增长期权价值。然而，在这种不确定的环境下，增量投资策略——在所有国家或每个国家限制子公司的股权或投资规模——对增长期权的价值至关重要。因此，创造增长期权价值需要企业的增量投资策略与它们所面临的不确定的国家环境保持一致。经理们早就认识到采取增量方法制定战略的重要性，但是关于战略增量主义是否以及何时对公司有价值的证据仍然很少。本研究聚焦于日本跨国公司在海外扩张背景下进行增量投资的两种方式——通过限制在外国附属公司的股权或投资规模——并分析了这种增量战略何时能创造转化为市场价值的有价值的增长选择。我们发现，在市场不确定性较高的情况下，这些战略，无论是在所有东道国实施还是在每个国家实施，都确实创造了显著的增长选择价值。研究结果强调了将公司的增量战略与他们所面临的环境不确定性相结合的重要性，这与战略管理中的“契合”核心概念是一致的。
Research Summary One of the motivations for multinational firms' investment in foreign affiliates in uncertain environments is the future growth opportunities the investment may bring. We argue that whether firms derive growth option value from their multinational investment is determined by the interaction between market uncertainty and firms' incremental investment strategy. We show evidence that multinational investment creates growth option value for firms operating affiliates in host countries with high market uncertainty. In such uncertain environments, however, incremental investment strategies—limiting the equity stake or the size of investment in affiliates, across all countries or within each country—prove critical to the value of growth options. Creating growth option value therefore requires an alignment of firms' incremental investment strategy to the uncertain country environments they confront. Managerial Summary Managers have long recognized the importance of taking an incremental approach to strategy making, but evidence on whether and when strategic incrementalism is valuable to firms remains scarce. This study focuses on two ways Japanese multinational firms invest incrementally in the context of foreign expansion—by limiting the equity stake or the size of investment in their foreign affiliates—and analyzes when such incremental strategies create valuable growth options that translate into market value. We find that these strategies, whether implemented across all host countries or within each country, do create significant growth option value, provided that market uncertainty is high. The findings highlight the importance of aligning firms' incremental strategy to the environmental uncertainties they confront, in line with the core notion of “fit” in strategic management.
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