Jonathan Michie is Professor of Innovation and Knowledge Exchange at the University of Oxford, where he is also Pro-Vice-Chancellor and President of Kellogg College. He is the managing editor of the International Review of Applied Economics, and Chair of the Universities Association for Lifelong Learning.Christine Oughton is Professor of Management Economics at SOAS University of London. Her research focuses on innovation, environmental management & economics, corporate governance, financial inclusion and growth. She has published widely on innovation, environmental management & economics, governance and growth.

• Preface - Edith Penrose: Legacy and Impact 1. Edith Penrose’s influence on economic analysis, strategic management and political economy 2. Edith Penrose and the Penrose Lectures 3. Patents, innovation, and development 4. Collective value creation: A new approach to stakeholder value 5. Is the most unproductive firm the foundation of the most efficient economy? Penrosian learning confronts the neoclassical fallacy 6. The story of flight 7. Captive markets and climate change: Revisiting Edith Penrose’s analysis of the international oil firms in the era of climate change 8. Complementarities between product and process innovation and their effects on employment: A firm-level analysis of manufacturing firms in Colombia 9. Penrose’s theory of the firm in an era of globalisation 10. Necessary and sufficient conditions for the absorptive capacity of firms that interact with universities 11. Profit rate dynamics in US manufacturing 12. What is Edith Penrose’s legacy for the theory of the firm? 13. Regulating stock buybacks: The $6.3 trillion question 14. The life and times of Edith Penrose

Jonathan Michie is Professor of Innovation and Knowledge Exchange at the University of Oxford, where he is also Pro-Vice-Chancellor and President of Kellogg College. He is the managing editor of the International Review of Applied Economics, and Chair of the Universities Association for Lifelong Learning.Christine Oughton is Professor of Management Economics at SOAS University of London. Her research focuses on innovation, environmental management & economics, corporate governance, financial inclusion and growth. She has published widely on innovation, environmental management & economics, governance and growth.

• Preface - Edith Penrose: Legacy and Impact 1. Edith Penrose’s influence on economic analysis, strategic management and political economy 2. Edith Penrose and the Penrose Lectures 3. Patents, innovation, and development 4. Collective value creation: A new approach to stakeholder value 5. Is the most unproductive firm the foundation of the most efficient economy? Penrosian learning confronts the neoclassical fallacy 6. The story of flight 7. Captive markets and climate change: Revisiting Edith Penrose’s analysis of the international oil firms in the era of climate change 8. Complementarities between product and process innovation and their effects on employment: A firm-level analysis of manufacturing firms in Colombia 9. Penrose’s theory of the firm in an era of globalisation 10. Necessary and sufficient conditions for the absorptive capacity of firms that interact with universities 11. Profit rate dynamics in US manufacturing 12. What is Edith Penrose’s legacy for the theory of the firm? 13. Regulating stock buybacks: The $6.3 trillion question 14. The life and times of Edith Penrose

Jonathan Michie is Professor of Innovation and Knowledge Exchange at the University of Oxford, where he is also Pro-Vice-Chancellor and President of Kellogg College. He is the managing editor of the International Review of Applied Economics, and Chair of the Universities Association for Lifelong Learning.Christine Oughton is Professor of Management Economics at SOAS University of London. Her research focuses on innovation, environmental management & economics, corporate governance, financial inclusion and growth. She has published widely on innovation, environmental management & economics, governance and growth.

• Preface - Edith Penrose: Legacy and Impact 1. Edith Penrose’s influence on economic analysis, strategic management and political economy 2. Edith Penrose and the Penrose Lectures 3. Patents, innovation, and development 4. Collective value creation: A new approach to stakeholder value 5. Is the most unproductive firm the foundation of the most efficient economy? Penrosian learning confronts the neoclassical fallacy 6. The story of flight 7. Captive markets and climate change: Revisiting Edith Penrose’s analysis of the international oil firms in the era of climate change 8. Complementarities between product and process innovation and their effects on employment: A firm-level analysis of manufacturing firms in Colombia 9. Penrose’s theory of the firm in an era of globalisation 10. Necessary and sufficient conditions for the absorptive capacity of firms that interact with universities 11. Profit rate dynamics in US manufacturing 12. What is Edith Penrose’s legacy for the theory of the firm? 13. Regulating stock buybacks: The $6.3 trillion question 14. The life and times of Edith Penrose