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Edith Penrose's legacy to the resource-based view

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  • Andy Lockett

    (Nottingham University Business School, Nottingham, UK)

Abstract

In this paper I argue that Edith Penrose's work anticipated the modern approach to strategy in general, and the RBV in particular. Building on the central tenets of Penrose's arguments-that firms are heterogeneous, which is the result of their path dependency-the paper demonstrates how her writings can be used to explain the latest developments of the RBV. Furthermore, the paper argues that many of the insights scholars require to take the RBV forward are still available to those willing to re-visit her writings. Simply stated: Her legacy endures. Copyright © 2005 John Wiley & Sons, Ltd.

Suggested Citation

  • 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.
    • Handle: RePEc:wly:mgtdec:v:26:y:2005:i:2:p:83-98
    DOI: 10.1002/mde.1214
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    References listed on IDEAS

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    1. David J. Teece, 2003. "Towards an Economic Theory of the Multiproduct Firm," World Scientific Book Chapters, in: Essays In Technology Management And Policy Selected Papers of David J Teece, chapter 15, pages 419-446, World Scientific Publishing Co. Pte. Ltd..
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    3. Pitelis, Christos (ed.), 2002. "The Growth of the Firm: The Legacy of Edith Penrose," OUP Catalogue, Oxford University Press, number 9780199248520.
    4. Sidney G. Winter, 2003. "Understanding dynamic capabilities," Strategic Management Journal, Wiley Blackwell, vol. 24(10), pages 991-995, October.
    5. Demsetz, Harold, 1973. "Industry Structure, Market Rivalry, and Public Policy," Journal of Law and Economics, University of Chicago Press, vol. 16(1), pages 1-9, April.
    6. Sayan Chatterjee & Birger Wernerfelt, 1991. "The link between resources and type of diversification: Theory and evidence," Strategic Management Journal, Wiley Blackwell, vol. 12(1), pages 33-48, January.
    7. 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.
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    Cited by:

    1. Lockett, Andy & Siegel, Donald & Wright, Mike & Ensley, Michael D., 2005. "The creation of spin-off firms at public research institutions: Managerial and policy implications," Research Policy, Elsevier, vol. 34(7), pages 981-993, September.
    2. Miozzo, Marcela & DiVito, Lori, 2016. "Growing fast or slow?: Understanding the variety of paths and the speed of early growth of entrepreneurial science-based firms," Research Policy, Elsevier, vol. 45(5), pages 964-986.
    3. Möller Ulrich & McCaffrey Matthew, 2023. "Entrepreneurship and Firm Strategy: Integrating Resources, Capabilities, and Judgment through an Austrian Framework," Entrepreneurship Research Journal, De Gruyter, vol. 13(4), pages 997-1031, October.
    4. Rayees Farooq & Sandeep Vij, 2019. "Does Market Orientation Mediate between Knowledge Management Orientation and Business Performance?," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 18(04), pages 1-35, December.
    5. Kalina Toteva, 2021. "Strategic Patterns of National Postal Operators’ Internationalization: A Network and Resource-based View Approach," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 176-197.
    6. 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.
    7. 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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