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Edith Penrose's legacy to the resource-based view

  • Andy Lockett

    (Nottingham University Business School, Nottingham, UK)

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    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.

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    File URL: http://hdl.handle.net/10.1002/mde.1214
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    Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

    Volume (Year): 26 (2005)
    Issue (Month): 2 ()
    Pages: 83-98

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    Handle: RePEc:wly:mgtdec:v:26:y:2005:i:2:p:83-98
    Contact details of provider: Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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    1. Pitelis, Christos (ed.), 2002. "The Growth of the Firm: The Legacy of Edith Penrose," OUP Catalogue, Oxford University Press, number 9780199248520, March.
    2. 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.
    3. 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, 01.
    4. 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.
    5. Henderson, Rebecca. & Cockburn, Iain., 1994. "Measuring competence? : exploring firm effects in pharmaceutical research," Working papers 3712-94., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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