Strategic Management Review > Vol 5 > Issue 1-2

Why Unicorns Exist? On Penrose, Hymer and Prediction

Christos Pitelis, National and Kapodistrian University of Athens, Greece, and University of Cambridge, UK,
Suggested Citation
Christos Pitelis (2024), "Why Unicorns Exist? On Penrose, Hymer and Prediction", Strategic Management Review: Vol. 5: No. 1-2, pp 91-112.

Publication Date: 08 Apr 2024
© 2024 now Publishers, Inc.
Growth of firmsmultinational enterprisesharing economyunicornstheory and prediction


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In this article:
Penrose, Hymer and the Evolution of the Theory of the (Growth of) the (Multinational) Firm 
Discerning Integration, Limitations and Theory Development 
Predicting the 'Unicorn', Discussion and Opportunities for Further Research 


We critically assess and cross-fertilise key ideas by Edith Penrose and Stephen Hymer on the theory of the growth of the firm and the multinational enterprise. We integrate and develop these by addressing limitations regarding in particular intra-organisational conflict, context (market and ecosystem) co-creation and the role of finance. We explore whether the updated theory is aligned to and helps explain and predict the 'sharing economy' and 'unicorns'. We then assess the overall contribution of the two scholars and their relevance to understanding, helping predict and shape the evolution of today's corporation and the organisational market-aided economy.



Strategic Management Review, Volume 5, Issue 1-2 Special Issue in Honor on Edith Penrose and The Theory of the Growth of the Firm
See the other articles that are part of this special issue.