We argue that Rugman and Verbeke, (2002) underestimate the importance of Penrose's (1959) contributions to the modern resource-based view of the firm. In particular, we take issue with Rugman and Verbeke's (2002) arguments concerning Penrose's (1959) contributions to our knowledge of: (1) the...

This paper maintains that the consistent application of subjectivism helps to reconcile contemporary entrepreneurship theory with strategic management research in general, and the resource-based view in particular. The paper synthesizes theoretical insights from Austrian economics and Penrose's...

Shocks, whether they derive from shifts in demand, supply, regulation, or innovation, can create the need for competitive repositioning by industry participants when they disrupt established sources of competitive advantage. Such situations can therefore create a canonical strategic problem:...

The theoretical foundations of management strategy are identified & outlined in this text. Five theories are considered in the light of questions about how organisations operate efficiently, cost minimization, wealth creation, individual self-interest, & continued growth

This paper summarizes and comments on Conner (1991) which contributes to the strategic management area by providing an historical comparison of resource-based theory and five schools of thought within industrial organization economics. Conner (1991) argues that the fundamental distinction...