The Growth of the Firm—A Case Study: The Hercules Powder Company

Edith T. Penrose

Business History Review, 1960, vol. 34, issue 1, 1-23

Abstract: Growth is governed by a creative and dynamic interaction between a firm's productive resources and its market opportunities. Available resources limit expansion; unused resources (including technological and entrepreneurial) stimulate and largely determine the direction of expansion. While product demand may exert a predominant short-term influence, over the long term any distinction between “supply” and “demand” determinants of growth becomes arbitrary.

Date: 1960
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