English, Article, Journal or magazine article edition: Real call options to enlarge foreign subsidiaries – The moderating effect of irreversibility on the influence of economic volatility and political instability on subsequent FDI Jan Hendrik Fisch

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Bookmark: http://trove.nla.gov.au/version/36715
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Real call options to enlarge foreign subsidiaries – The moderating effect of irreversibility on the influence of economic volatility and political instability on subsequent FDI
Author
  • Jan Hendrik Fisch
Physical Description
  • preprint
Notes
  • This paper develops a real options model to explain the decision of enlarging a new foreign subsidiary by subsequent investment. The model is tested by a panel of 1148 subsidiaries in 22 host countries. The findings complement the traditional model of firm internationalization: Rather than abiding by an incremental pattern of investment, internationalizing firms seem to keep foreign investment strategies flexible and build up their subsidiaries contingent upon the interaction of economic volatility and irreversibility of investment. However, the moderating effect of irreversibility on the relationship between uncertainty and investment may not hold for downside risks such as political instability.
  • real options, internationalization, uncertainty, investment strategy
  • RePEc:auh:wpaper:0002
Language
  • English
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