Politická ekonomie 2009, 57(2):147-162 | DOI: 10.18267/j.polek.678

Strategie podniku a finanční teorie

Jan Vlachý
Vysoká škola ekonomická, Praha.

Corporate strategy and financial theory

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.

Keywords: real options, theory of the firm, corporate strategy, capabilities
JEL classification: D21, D81, G11, G30, J24

Published: April 1, 2009  Show citation

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Vlachý, J. (2009). Corporate strategy and financial theory. Politická ekonomie57(2), 147-162. doi: 10.18267/j.polek.678
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