Abstract
Penrose’s legacy is a curious one. Much cited, but little read, her work is recognized as one of the main intellectual foundations for modern resource based theories of business strategy and theories of organizational routines and capabilities. However, Penrose did not aim to contribute to the field of strategy; her goal was to advance understanding of the nature of the firm and its growth. Nevertheless, there are important insights in Penrose’s work that have implications for international business and for strategy. We discuss some of the implications of Penrose’s work as well as its limitations. We also briefly discuss the usefulness of adopting a “Penrosean” capability perspective in multinational enterprise (MNE) strategy analysis. The dynamic capabilities framework puts entrepreneurial management into the theory of multinational enterprise, a task Penrose left untouched.
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