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Why some firms never invest in formal R&D

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  • Alvaro Cuervo‐Cazurra
  • C. Annique Un

Abstract

In this paper we study the frequency of formal R&D investments. We link real options theory to the knowledge‐based view to explain how a firm's knowledge resources influence its frequency of investing in R&D to establish technological options. Specifically, we propose that a firm that lacks internal knowledge resources is more likely to never invest in R&D, a firm that has both internal and external knowledge resources is more likely to sometimes invest in R&D, while a firm that has internal knowledge resources but lacks external knowledge resources is more likely to always invest in R&D. Copyright © 2010 John Wiley & Sons, Ltd.

Suggested Citation

  • Alvaro Cuervo‐Cazurra & C. Annique Un, 2010. "Why some firms never invest in formal R&D," Strategic Management Journal, Wiley Blackwell, vol. 31(7), pages 759-779, July.
    • Handle: RePEc:bla:stratm:v:31:y:2010:i:7:p:759-779
    DOI: 10.1002/smj.836
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