Bringing history (back) into the resource-based view

This paper assesses the role of historical analysis in the development of the RBV, focusing on the work of Edith Penrose. Drawing on Penrose's own work, and her correspondence with her teacher and colleague Professor Fritz Machlup, the article argues that historical analysis was central to the development of her ideas on firm growth, which provided the intellectual underpinnings of the RBV. It concludes by arguing that history matters to the RBV, despite the fact that it is now largely marginalised in RBV and wider strategy research. It is now time to bring history (back) into the RBV.