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...

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The goal of this paper is to examine the effects of different ownership structures and of the quality of corporate governance on the Farrell measure of efficiency. Data Envelopment Analysis and Limited Dependent Variable Estimations are applied to the set of Ukrainian joint-stock companies...

Property rights theory has common antecedents with contractual theories of the firm such as transaction costs and agency theories, and is yet distinct from these theories. We illustrate fundamental theoretical principles derived from these three theories by analyzing the business case of oil...

This paper builds on the empirical literature on corporate growth rates - which suggests that corporate growth rates are very nearly random - and asks whether this empirical work is consistent with standard theories of the firm. We examine both static and dynamic optimizing models of firm output...

This paper applies agency theory to explore the relationship between insider stock ownership and firm performance, particularly in terms of technical efficiency. Insiders are further classified into executives, outside directors, and large shareholders to conduct a detailed study. Six-year...

The aim of this paper is to expound Penrose's contribution to the theory of the firm, and examine the contribution of her thinking to economics and business strategy, as well as to discuss some limitations and provide some generalizations of Penrose's work. We also discuss implications for...

This paper uses duality theory to decompose the total effect on the competitive firm's output of an increase in the riskiness of output price into income and substitution effects. Properties of preferences that control the sign of each effect are identified. The analysis extends to the general...

Mergers and alliances are two organizational forms which allow firms to combine complementary capabilities to realize strategic goals; they are, in many cases, strategic substitutes. Managerial decision-makers, therefore, require a framework for choosing between the two strategies. This paper...

The objective of this paper is to use a simultaneous equations method for estimating police production and demand to determine whether or not there are economies of scale in policing. In addition, the effect of market power on productivity, using the Herfindahl-Hirschmann Index, is to be...