Firms’ strategic orientation toward entrepreneurship exposes them to regulatory uncertainties. Prior research suggests that addressing these uncertainties through corporate political activities (CPA) may require costly trade-offs, such as the loss of strategic flexibility. We argue that some of these trade-offs can be mitigated by the way firms structure their CPA. We extend the insights from real options reasoning (ROR) to offer a framework for how firms may circumvent some of these trade-offs through greater CPA breadth, which allows firms to retain their strategic flexibility while reaping some of the benefits of CPA.

中文翻译：

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关于创业取向和政府关系的实物期权视角


公司对创业的战略取向使它们面临监管不确定性。先前的研究表明，通过公司政治活动 （CPA） 解决这些不确定性可能需要代价高昂的权衡，例如失去战略灵活性。我们认为，其中一些权衡可以通过公司构建 CPA 的方式来减轻。我们扩展了实物期权推理 （ROR） 的见解，为公司如何通过更大的 CPA 广度来规避其中一些权衡提供了一个框架，这使公司能够在获得 CPA 的一些好处的同时保持其战略灵活性。