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| Author: | Lockett, A. (et al.) |
| Title: | Organic and acquisitive growth: re-examining, testing and extending Penrose's growth theory |
| Journal: | Journal of Management Studies
2011 : JAN, VOL 48:1 p. 48-74 |
| Index terms: | management mergers growth theory companies Scandinavia Nordic countries Sweden |
| Freeterms: | organic growth Penrose's growth theory |
| Language: | eng |
| Abstract: | Edith Penrose's theory of firm growth postulates that a firm's current growth rate will be influenced by the adjustment costs of, and changes to a firm's productive opportunity set arising from, previous growth. In this article Penrose's work is extended examining how previous rates of organic and acquisitive growth influence current organic growth. The results suggest that organic growth and acquisitive growth constitute two distinct strategic options facing the firm, which have a differential impact on the future organic growth of the company. The study bases on a panel of Swedish firms over a 10-year period. |
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