Edith Penrose and the resource-based view of (international) business strategy
In recent years, there has been substantial interest in the work of Edith Penrose, particularly her contribution to the resource-based theory of (international) business strategy. The aim of this paper is to critically assess some recent literature, focusing, for illustrative purposes, on an article by Rugman and Verbeke (R-V). R-V's article claims that Penrose's focus was on value creation, not rents in equilibrium (the focus of the resource-based view). It also observes that the work by Penrose on the multinational enterprise did focus on value appropriation and rents, but this work was somewhat at odds with Penrose's work on the domestic firm. We claim that while Penrose's work was concerned primarily with value creation, she dealt explicitly with monopoly rents too. Her work on the multinational firm was in line with her analysis of the domestic firm. Moreover, her work has important prescriptive lessons for management practice.
Volume (Year): 13 (2004)
Issue (Month): 4 (August)
|Contact details of provider:|| Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/133/description#description|
|Order Information:|| Postal: http://www.elsevier.com/wps/find/journaldescription.cws_home/133/bibliographic|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Penrose, Perran & Pitelis, Christos, 1999. "Edith Elura Tilton Penrose: Life, Contribution and Influence," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 3-22.
- 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.
- Rugman, Alan M, 1986. "New Theories of the Multinational Enterprise: An Assessment of Internalization Theory," Bulletin of Economic Research, Wiley Blackwell, vol. 38(2), pages 101-118, May.
- Foss, Nicolai J, 1999. "Edith Penrose, Economics and Strategic Management," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 87-104.
- Demsetz, Harold, 1988. "The Theory of the Firm Revisited," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 141-161, Spring.
- Yasemin Y. Kor & Joseph T. Mahoney, 2004. "Edith Penrose's (1959) Contributions to the Resource-based View of Strategic Management," Journal of Management Studies, Wiley Blackwell, vol. 41(1), pages 183-191, 01.
- 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..
- 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.
- Penrose, Edith, 1973. "International Patenting and the Less-Developed Countries," Economic Journal, Royal Economic Society, vol. 83(331), pages 768-786, September.
- Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
- 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.
- Marris, Robin, 1999. "Edith Penrose and Economics," Contributions to Political Economy, Oxford University Press, vol. 18(0), pages 47-65. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:eee:iburev:v:13:y:2004:i:4:p:523-532. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.