Acquisitive and organic growth in Penrose’s theory: A replication and extension of Lockett, Wiklund, Davidsson, Girma (2011)

Alessandro Lucini Paioni; Panos Desyllas; Orietta Marsili; Elena Cefis

doi:10.1177/10422587261435937

Acquisitive and organic growth in Penrose’s theory: A replication and extension of Lockett, Wiklund, Davidsson, Girma (2011)

Alessandro Lucini Paioni
, Panos Desyllas
, Orietta Marsili
, Elena Cefis

Politecnico di Milano
University of Bristol
Università di Bergamo
Scuola Superiore Sant’Anna

Research output: Contribution to journal › Article › peer-review

Abstract

We replicate Lockett, Wiklund, Davidsson, and Girma's (2011) study, which draws on Penrose's theory to explain how organic and acquisitive growth interact, using data from 144,705 Dutch firms (2011-2019). Our results confirm their finding that past organic growth negatively affects subsequent organic growth. However, whereas they reported a positive relationship, we find that past acquisitive growth initially reduces subsequent organic growth. Extending their framework reveals that this effect turns positive over time, particularly for moderately related acquisitions and among high-growth firms. Our findings align with Penrose's theory while offering a more nuanced understanding of when acquisitive growth enhances organic growth.

Original language	English
Journal	Entrepreneurship Theory and Practice
Early online date	27 Apr 2026
DOIs	https://doi.org/10.1177/10422587261435937
Publication status	E-pub ahead of print - 27 Apr 2026

Data Availability Statement

This study utilizes microdata from Statistics Netherlands (CBS), which was accessed securely through an authorized research project. Only aggregate statistics suitable for disclosure, as checked by CBS, are published from this secure environment.

Funding

The authors disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: Cefis acknowledges financial support from the University of Bergamo (grants ex 60%, n. 60CEFI23 and 60CEFI24, Department of Economics).

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10.1177/10422587261435937Licence: CC BY-NC

Cite this

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abstract = "We replicate Lockett, Wiklund, Davidsson, and Girma's (2011) study, which draws on Penrose's theory to explain how organic and acquisitive growth interact, using data from 144,705 Dutch firms (2011-2019). Our results confirm their finding that past organic growth negatively affects subsequent organic growth. However, whereas they reported a positive relationship, we find that past acquisitive growth initially reduces subsequent organic growth. Extending their framework reveals that this effect turns positive over time, particularly for moderately related acquisitions and among high-growth firms. Our findings align with Penrose's theory while offering a more nuanced understanding of when acquisitive growth enhances organic growth.",

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AU - Lucini Paioni, Alessandro

AU - Desyllas, Panos

AU - Marsili, Orietta

AU - Cefis, Elena

PY - 2026/4/27

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AB - We replicate Lockett, Wiklund, Davidsson, and Girma's (2011) study, which draws on Penrose's theory to explain how organic and acquisitive growth interact, using data from 144,705 Dutch firms (2011-2019). Our results confirm their finding that past organic growth negatively affects subsequent organic growth. However, whereas they reported a positive relationship, we find that past acquisitive growth initially reduces subsequent organic growth. Extending their framework reveals that this effect turns positive over time, particularly for moderately related acquisitions and among high-growth firms. Our findings align with Penrose's theory while offering a more nuanced understanding of when acquisitive growth enhances organic growth.

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DO - 10.1177/10422587261435937

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JF - Entrepreneurship Theory and Practice

ER -

Acquisitive and organic growth in Penrose’s theory: A replication and extension of Lockett, Wiklund, Davidsson, Girma (2011)

Abstract

Data Availability Statement

Funding

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