Chen, Wein-Hong; Kang, Min-Ping; Butler, Bella - In: Management Decision 57 (2019) 1, pp. 41-70
Purpose: Penrose’s argument regarding the managerial constraint on continual expansion over two consecutive periods is termed the “Penrose effect,” a relatively less investigated premise in Penrose’s growth theory. The purpose of this paper is to empirically re-examine the Penrose...