environmental uncertainty (market) and real option

Today, in the current complex and turbulent world, and the increasing uncertainty of the competitive environment, only companies have the ability to compete and survive in this field, which are fully aware of the business environment and take into account the characteristics of their supply network. Creating new capabilities in order to achieve superior performance. Investing under conditions of uncertainty is one of the most important categories that has attracted the attention of financial management specialists for a long time. Investors consider various factors when deciding to invest. In the meantime, paying attention to the performance indicators of the target companies affects the investor's decision. Therefore, it is very important to know the factors that affect the performance of companies. The purpose of this research is to evaluate the performance between the level of environmental (market) uncertainty and the use of real option by managers of listed companies. This research is applied in terms of purpose and descriptive-correlation in terms of nature. The method of data collection is document analysis, and the required data is obtained from the audited financial statements of companies listed to the Tehran Stock Exchange, databases and existing software in this field, such as "Tadbir Pardaz" and "Rehvard Novin" software. The statistical population of this research is the companies listed to the Tehran Stock Exchange between 2016 and 2022. In this research, the method of targeted sampling or systematic exclusion has been used and the 194 sample has been choiced. The results of the hypothesis test of the current research show that environmental uncertainties have effects on real options.