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Intellectual capital and real options: agency theory and the dynamics of R&D investments

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  • Andreas Andrikopoulos

Abstract

The real-options approach to R&D investment can be expanded through the integration of explicit modelling for knowledge value dynamics as well as agency-theoretic analysis. Our objective is to combine the market-related dynamics of the demand for R&D products with the firm-specific organisational dynamics of knowledge accumulation and value creation through knowledge. This objective is accomplished using the partially complete markets framework in real options. We introduce the knowledge-related significance of option-pricing parameters and show how these parameters affect investment policies and agency conflicts in R&D and intellectual capital decision making.

Suggested Citation

  • Andreas Andrikopoulos, 2008. "Intellectual capital and real options: agency theory and the dynamics of R&D investments," International Journal of Learning and Intellectual Capital, Inderscience Enterprises Ltd, vol. 5(1), pages 20-32.
    • Handle: RePEc:ids:ijlica:v:5:y:2008:i:1:p:20-32
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    Cited by:

    1. Yessica González Londono & Mauricio Zuluaga Carmona & Cecilia Maya Ochoa, 2012. "Enfoque de opciones reales para la valoración financiera de marcas," Revista Ad-Minister, Universidad EAFIT, October.

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