Why unicorns exist? On Penrose, Hymer, and prediction

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.