Edith Penrose and a Learning-Based Perspective On the Mne and Oli1

Zusammenfassung

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This paper applies insights from Edith Penrose's work to extant theory of the multinational enterprise (MNE) as enveloped by John Dunning's Ownership, Location, Internalization (OLI) Paradigm. The paper suggests that Penrose's knowledge/learning-based approach has important implications on the nature of, and the interactions between, O, L and I, and it helps endogenize and integrate the three elements of Dunning's triad in the context of a dynamic, and strategic perspective of the MNE. More importantly, a learning-based perspective adds a cognitive dimension to the MNE and OLI. This supports a forward looking, synchronic decision making view, that may lead to apparently sub-optimal decisions, taken in view of anticipated changes, alongside strategic behavior, aiming to effect such change, once decisions have been reached. A Penrosean-inspired knowledge/learning-based perspective helps render the OLI more dynamic, strategic and forward looking.

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Auszug

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Edith Penrose and a Learning-Based Perspective On the Mne and Oli1

Introduction

The purpose of this paper is to follow-up and apply insights from Edith Penrose's work to extant theory of the MNE, as enveloped, in particular, by John Dunning's (1977, 1988, 2000, 2003) Ownership, Location, Internalization (OLT) perspective. We claim that Penrose's insights have implications on the nature of O, L and I, and the interactions between the three. They serve as a means of endogenizing and integrating all three elements in the context of a dynamic and strategic perspective of the MNE. In so doing, the learning perspective responds to earlier critiques of the OLI as discussed by Dunning (2001). Moreover, it adds a cognitive dimension and leads to a more forward looking entrepreneurial perspective on the OLI and the MNE.

In the second section we cover briefly existing contributions to the MNE, focusing on the OLI as their envelope. The third section discusses Penrosean insights of relevance to extant theory, proposes a knowledge/learning-based interpretation of OLI, and discusses its implications on earlier critiques, and modern accounts of the OLI. The fourth section contains concluding remarks and implications for managerial practice.

Theory of the MNE and the OLI

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