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Penrose Revisited: A Re-Appraisal of the Resource Perspective

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Author Info
Iman Seoudi () (Faculty of Management Technology, The German University in Cairo)
Matthias Huehn (Faculty of Management Technology, The German University in Cairo)
Bo Carlsson (Department of Economics, Case Western Reserve University)
Abstract

This paper presents a revision and re-structuring of the Resources/Capabilities/Competences (RCC) perspective, arguably the most important research program in strategy, based on a thorough epistemological analysis and a re-interpretation of Edith Penrose’s 1959 classic. Three distinct schools of thought are identified and differentiated according to a set of dimensions spanning the epistemological, methodological and conceptual domains. The three schools are: 1) The rational-equilibrium school; 2) the behavioral-evolutionary school; 3) the constructionist school. For each school, the pertinent literature is briefly reviewed followed by an in-depth analysis of the underlying theoretical framework. Important implications are drawn for scientific progress in the field.

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File URL: http://mgt.guc.edu.eg/wpapers/014seoudi_huehn_carlsson2008.pdf
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File Function: First version, 2008
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Publisher Info
Paper provided by The German University in Cairo, Faculty of Management Technology in its series Working Papers with number 14.

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Length: 43 pages
Date of creation: Oct 2008
Date of revision:
Handle: RePEc:guc:wpaper:14

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Web page: http://mgt.guc.edu.eg/economics/RePEc/guc/
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Related research
Keywords: Epistemology; Resource Based View; Core Competences; Dynamic Capabilities; Strategy;

Find related papers by JEL classification:
O30 - Economic Development, Technological Change, and Growth - - Technological Change - - - General
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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References listed on IDEAS
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  1. Foss, Nicolai J, 1999. "Edith Penrose, Economics and Strategic Management," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 87-104.
  2. Teece, David J., 1980. "Economies of scope and the scope of the enterprise," Journal of Economic Behavior & Organization, Elsevier, vol. 1(3), pages 223-247, September. [Downloadable!] (restricted)
  3. Helfat, C.E. & Raubitschek, R.S., 2000. "Product Sequencing: Co-Evolution of Knowledge, Capabilities and Products," Papers 00-1, U.S. Department of Justice - Antitrust Division.
  4. Cynthia A. Montgomery & Birger Wernerfelt, 1988. "Diversification, Ricardian Rents, and Tobin's q," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 623-632, Winter. [Downloadable!] (restricted)
  5. Shen, T Y, 1970. "Economies of Scale, Penrose Effect, Growth of Plants and Their Size Distribution," Journal of Political Economy, University of Chicago Press, vol. 78(4), pages 702-16, Part I Ju. [Downloadable!] (restricted)
  6. Mahoney, Joseph T., 1995. "The management of resources and the resource of management," Journal of Business Research, Elsevier, vol. 33(2), pages 91-101, June. [Downloadable!] (restricted)
  7. Hoppe, Hans-Hermann, 1997. " On Certainty and Uncertainty, or: How Rational Can Our Expectations Be?," The Review of Austrian Economics, Springer, vol. 10(1), pages 49-78. [Downloadable!] (restricted)
  8. Pavitt, Keith, 1984. "Sectoral patterns of technical change: Towards a taxonomy and a theory," Research Policy, Elsevier, vol. 13(6), pages 343-373, December. [Downloadable!] (restricted)
  9. Demsetz, Harold, 1973. "Industry Structure, Market Rivalry, and Public Policy," Journal of Law & Economics, University of Chicago Press, vol. 16(1), pages 1-9, April.
  10. Malerba, Franco & Orsenigo, Luigi, 1997. "Technological Regimes and Sectoral Patterns of Innovative Activities," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 83-117.
  11. Teece, David J., 1982. "Towards an economic theory of the multiproduct firm," Journal of Economic Behavior & Organization, Elsevier, vol. 3(1), pages 39-63, March. [Downloadable!] (restricted)
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