FIRM AND GOVERNMENT AS ACTORS IN PENROSE'S PROCESS THEORY OF INTERNATIONAL GROWTH: IMPLICATIONS FOR THE RESOURCE‐BASED VIEW AND OWNERSHIP–LOCATION– INTERNATIONALISATION PARADIGM

Carol M. Connell

Australian Economic History Review, 2008, vol. 48, issue 2, 170-194

Abstract: Edith Penrose's The Theory of the Growth of the Firm proposed a process theory of growth based on the pursuit of knowledge by the firm and unconstrained by government. In her subsequent studies of foreign direct investment by large firms in developing countries, Penrose considers the firm and government as actors in the same growth process. This paper explores the development of Penrose's expanded process theory of growth from 1955 to 1973 in which she assumes that neither dual actors nor foreign expansion requires a new or special theory. This finding has implications for the resource‐based view and the eclectic ownership–location–internationalisation paradigm interpretations of international business.

Date: 2008
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