Politická ekonomie 2/2009

STRATEGIE PODNIKU A FINANČNÍ TEORIE

CORPORATE STRATEGY AND FINANCIAL THEORY

Jan Vlachý, University of Economics, nám. W. Churchilla 4, 130 67 Praha 3, Czech Republic (vlachy@vse.cz)

The dramatically growing disproportion between the value of corporate assets and market valuation has resulted in a well-researched schism between strategic management and financial theory. Options theory provides a potent tool to resolve this issue. We propose a model which is consistent with both the Resource- and Contractual-Based Theories of the Firm and which demonstrates that corporate strategy can be perceived as a portfolio of embedded and real options. We further argue that embedded options typically serve as hedging instruments for real options which enhances their value and should be a major consideration when assessing the structure and form of contracts. Special emphasis is granted to human capital and the contractual arrangements through which firms purchase its product. Human capital is the key resource for the processes of real-options discovery and strategy-setting, both of which constitute the essential part of a modern firm's value.

Klíčová slova / Keywords: capabilities, corporate strategy, real options, theory of the firm

JEL klasifikace / JEL Classification: D21, D81, G11, G30, J24