Reconceptualising the principles of Penrose’s (1959) theory and the resource based view of the firm-

Involvement in a quadruple helix of relationships

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involvement in a quadruple helix of relationships involving customers, universities, government and the SME is question. This research provides a new perspective, slightly different to that of the RBV in that the RBV describes resources in the context of strategic advantage and competitiveness, whereas this research provides an analysis of these resources in the context of firm growth. The majority of the resources identified in this research, excluding external resources, are also identified in Penrose s (1959) theory, suggesting that this research provides a vital synthesis between the two theories. This research also adds to the knowledge of the applicability of the RBV to knowledge-based SMEs and highlights that the RBV is of importance to an explanation of firm growth but that certain additions need to be made to the RBV in order for it to explain firm growth in the current climate. For instance, this research found that intangible resources are of vital importance to knowledge-based firms and are crucial in aiding the firm in achieving growth. Relationships in particular enable the emergence and development of new resources the firm can use to aid its growth. Finally, the results link very well with the dynamic capabilities view of the firm (Teece et al. , 1997) but are able to further knowledge on this area through the identification of the key dynamic capabilities required, under the theme of mediating factors. Wu (2007) defines dynamic capabilities as mediators and this research confirms this definition. The identification of the exact dynamic capabilities or mediating factors required overcomes the main criticism of the dynamic capabilities view which is that it is too vague (Priem and Butler, 2001). The linkage between the new conceptual framework and existing theory is shown in Table VIII, with a detailed description of new knowledge added. A figure detailing the linkage between the extant literature and the new conceptual framework is shown in Figure 3. Discussion and conclusion The aim of this research was to reconceptualise two dominant theoretical perspectives within the firm growth literature. This was accomplished through merging the theories and by conducting empirical research resulting in the generation of a new firm growth framework. As a result, this research addresses a distinct gap in the theoretical firm growth literature and makes a clear contribution to the literature. The results indicate that an explanation of the modern firm growth phenomenon requires a multi-theoretical approach. Crucially, the empirical research showed that the principles of the theory of the growth of the firm, the RBV and the dynamic capabilities perspective can be combined and reconceptualised in a new framework that is capable of providing a more specific 951 Principles of Penrose s (1959) theory Downloaded by Walden University At 08:15 13 November 2018 (PT)
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New theoretical framework Linkage to existing theory New knowledge obtained Resources Penrose concepts linking to resources The firm is a bundle of productive resources
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  • Spring '14
  • Dr.SeanStanley
  • Qualitative Research, edith penrose

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