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A Penrosean theory of acquisitive growth

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  • Andy Lockett
  • Andrew Wild

Abstract

Penrose's book The Theory of the Growth of the Firm presents a growth theory that overwhelmingly relates to organic growth, with little explicit focus on acquisitive growth. This article addresses the gap in her growth theory by drawing on the historical case of Enodis, and insights from the resource-based view of the firm, to develop a Penrosean theory of acquisitive growth. It concludes that acquisitive growth not only enables a firm to grow more quickly, but that under specific conditions, through its increase in the diversity of resources at the disposal of managers, it may act as a spur to future organic growth.

Suggested Citation

  • Andy Lockett & Andrew Wild, 2013. "A Penrosean theory of acquisitive growth," Business History, Taylor & Francis Journals, vol. 55(5), pages 790-817, July.
    • Handle: RePEc:taf:bushst:v:55:y:2013:i:5:p:790-817
    DOI: 10.1080/00076791.2013.790370
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    Cited by:

    1. Cyron, Thomas & Zoellick, Jan Cornelius, 2018. "Business Development in Post-Growth Economies: Challenging Assumptions in the Existing Business Growth Literature," management revue - Socio-Economic Studies, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 29(3), pages 206-229.
    2. Nghona, Xolani, 2021. "From one dominant growth mode to another : Switching between strategic expansion modes," Other publications TiSEM 8331633d-0e6f-4cc8-8b22-a, Tilburg University, School of Economics and Management.
    3. Blake D. Mathias & Annelore Huyghe & David W. Williams, 2020. "Selling your soul to the devil? The importance of independent ownership to identity distinctiveness for oppositional categories," Strategic Management Journal, Wiley Blackwell, vol. 41(13), pages 2548-2584, December.

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