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Edith Penrose's Contributions to the Resource‐based View: An Alternative Perspective

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  • Andy Lockett
  • Steve Thompson

Abstract

ABSTRACT Edith Penrose's work has been widely acknowledged to have played a central role in providing the intellectual foundations of the resource‐based view. This position, however, was recently challenged in a paper by Rugman and Verbeke (2002). In this paper we address the three main arguments of Rugman and Verbeke and, by drawing on her writings, demonstrate that their arguments are materially incorrect. While readily conceding that Penrose's primary goal was to explain the growth of firms, we show that her analysis of path‐dependent firm evolution anticipated many key propositions of the resource‐based view.

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  • Andy Lockett & Steve Thompson, 2004. "Edith Penrose's Contributions to the Resource‐based View: An Alternative Perspective," Journal of Management Studies, Wiley Blackwell, vol. 41(1), pages 193-203, January.
    • Handle: RePEc:bla:jomstd:v:41:y:2004:i:1:p:193-203
    DOI: 10.1111/j.1467-6486.2004.00428.x
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    Cited by:

    1. Peter J. Buckley & Mark Casson, 2010. "Edith Penrose’s Theory of the Growth of the Firm and the Strategic Management of Multinational Enterprises," Palgrave Macmillan Books, in: Foreign Direct Investment, China and the World Economy, chapter 5, pages 53-77, Palgrave Macmillan.
    2. Stewart Johnston & Angela Paladino, 2007. "Knowledge management and involvement in innovations in MNC subsidiaries," Management International Review, Springer, vol. 47(2), pages 281-302, March.
    3. Anthony Goerzen & Paul W. Beamish, 2007. "The Penrose effect: “Excess” expatriates in multinational enterprises," Management International Review, Springer, vol. 47(2), pages 221-239, March.
    4. Binod Timilsina, 2015. "Competitively Distinct Operations as a Key for Superior and Sustainable Business Performance: An Example from Walmart," Management, University of Primorska, Faculty of Management Koper, vol. 10(3), pages 273-292.
    5. Andy Lockett, 2005. "Edith Penrose's legacy to the resource-based view," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 83-98.
    6. Enrico Fontana, 2018. "Corporate Social Responsibility as Stakeholder Engagement: Firm–NGO Collaboration in Sweden," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 25(4), pages 327-338, July.
    7. Steven Toms, 2010. "Value, profit and risk: accounting and the resource‐based view of the firm," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 23(5), pages 647-670, June.
    8. Andy Lockett & Johan Wiklund & Per Davidsson & Sourafel Girma, 2011. "Organic and Acquisitive Growth: Re‐examining, Testing and Extending Penrose's Growth Theory," Journal of Management Studies, Wiley Blackwell, vol. 48(1), pages 48-74, January.
    9. Alex Coad & Sven-Olov Daunfeldt & Dan Johansson & Karl Wennberg, 2014. "Whom do high-growth firms hire?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 23(1), pages 293-327, February.

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