Prof. dr. H.P.G. (Enrico) Pennings

Enrico Pennings
Erasmus School of Economics (ESE)
Erasmus University Rotterdam
Fellow ERIM
Field: Strategy & Entrepreneurship
Affiliated since 2006

Enrico Pennings is a professor of applied industrial organization at the Department of Applied Economics, the Erasmus School of Economics (ESE). Professor Pennings has been a fellow of the Tinbergen research school since 2005 and a member of ERIM since 2006. Before joining the Erasmus School of Economics (ESE) he was an assistant professor at IGIER-Bocconi University in Milan and at the University Pompeu Fabra in Barcelona. From 2013 to 2018 he was director of the Department of Applied Economics and from 2018 to 2022 he was vice-dean and research director of ESE. Professor Pennings obtained his PhD in 1998 Cum Laude from the Erasmus University Rotterdam with a thesis entitled Real Options and Managerial Decision Making.

Publications

Article (62)

  • Academic (57)

    • Nacken, T., Karreman, B., & Pennings, E. (2024). Addressing endogeneity in the relationship between early entry and performance: The case of foreign market expansion. Long Range Planning, 57(6), Article 102478. Advance online publication. https://doi.org/10.1016/j.lrp.2024.102478

    • Feng, K., Karreman, B., Zeng, D., & Pennings, E. (2024). R&D collaboration, social coordination, and standardization: evidence from the Chinese automotive industry. Journal of Technology Transfer, 49(1), 158-190. https://doi.org/10.1007/s10961-022-09972-8

    • Liu, Z., Du, Y., & Pennings, E. (2024). Open knowledge disclosure and firm value: a signalling theory perspective. Industry and Innovation, 31(4), 475-500. https://doi.org/10.1080/13662716.2024.2320765

    • Chung, B., Franses, P. H., & Pennings, E. (2023). Conditions that make ventures thrive: from individual entrepreneur to innovation impact. Small Business Economics, 62(3), 1177-1200. https://doi.org/10.1007/s11187-023-00800-3

    • Kerkemezos, Y., Pennings, E., Karreman, B., & van Reeven, P. (2023). Price asymmetries and the path dependence of market power: Evidence from the U.S. airline industry. International Journal of Industrial Organization, 87, Article 102921. https://doi.org/10.1016/j.ijindorg.2023.102921

    • Bhaskarabhatla, A., Anurag, P., Chatterjee, C., & Pennings, E. (2021). How does regulation impact strategic repositioning by firms across submarkets? Evidence from the Indian pharmaceutical industry. Strategy Science, 6(3), 209-227. https://doi.org/10.1287/stsc.2020.0121

    • Peeters, T., Mills, B., Pennings, E., & Sung, H. (2021). Manager Migration, Learning-by-hiring and Cultural Distance in International Soccer. Global Strategy Journal, 11(3), 494-519. https://doi.org/10.1002/gsj.1354

    • Witte, C., Burger, M., & Pennings, E. (2020). When political instability devaluates home-host ties. Journal of World Business, 55(4), Article 101077. https://doi.org/10.1016/j.jwb.2020.101077

    • Smit, H., Pennings, E., & van Bekkum, S. (2017). Real Options and Institutions. Journal of International Business Studies, 48(5), 620-644. https://doi.org/10.1057/s41267-016-0055-7

    • Bhaskarabhatla, A., Anurag, P., Chatterjee, C., & Pennings, E. (2017). Mitigating Regulatory Impact: The Case of Partial Price Controls on Metformin in India. Health Policy and Planning, 32(2), 194-204. https://doi.org/10.1093/heapol/czw109

    • de Vries, AGB., Pennings, E., Block, J., & Fisch, C. (2017). Trademark or patent? The effects of market concentration, customer type and venture capital financing on start-ups’ initial IP applications. Industry and Innovation, 24(4), 325-345. https://doi.org/10.1080/13662716.2016.1231607

    • Fernald, KDS., Pennings, E., van den Bosch, JF., Commandeur, H., & Claassen, E. (2017). The moderating role of absorptive capacity and the differential effects of acquisitions and alliances on Big Pharma firms' innovation performance. PLoS One (print), 12(2), 1-22. https://doi.org/10.1371/journal.pone.0172488

    • Witte, C., Burger, M., Ianchovichina, E., & Pennings, E. (2017). Dodging bullets: the heterogeneous effect of political violence on greenfield FDI. Journal of International Business Studies, 48(7), 862-892. https://doi.org/10.1057/s41267-017-0079-7

    • Pennings, E. (2016). Real Options with Ex-Post Division of the Surplus. Journal of Banking and Finance, 81, 200-206. https://doi.org/10.1016/j.jbankfin.2016.09.007

    • Altomonte, C., Colantone, I., & Pennings, E. (2016). Heterogeneous firms and asymmetric product differentiation. The Journal of Industrial Economics, 64(4), 835-874. https://doi.org/10.1111/joie.12105

    • Reeven, P., & Pennings, E. (2015). On the Relation between Multimarket Contact and Service Quality: Mutual Forbearance or Network Coordination? Strategic Management Journal, 37(10), 2121-2134. https://doi.org/10.1002/smj.2435

    • Bhaskarabhatla, A., & Pennings, E. (2014). Defensive Disclosure of Patentable Inventions under Antitrust Enforcement. Industry and Innovation, 21(7), 533-552. https://doi.org/10.1080/13662716.2014.987452

    • Fernald, KDS., Pennings, E., & Claassen, E. (2014). Biotechnology Commercialization Strategies: Risk and Return in Interfirm Cooperation. Journal of Product Innovation Management, 32(6), 971-996. https://doi.org/10.1111/jpim.12218

    • Pennings, E. (2011). Unionization Structure, Licensing and Innovation. International Journal of Industrial Organization, 29(2), 232-241. https://doi.org/10.1016/j.ijindorg.2010.06.001

    • van Bekkum, S., Smit, H., & Pennings, E. (2011). Buy Smart, Time Smart: Are Takeovers Driven by Growth Options or Mispricing? Financial Management - FM, 40(4), 911-940. https://doi.org/10.1111/j.1755-053X.2011.01166.x

    • Pennings, E., & Sereno, L. (2011). Evaluating Pharmaceutial R&D udner Technical and Economic Uncertainty. European Journal of Operational Research, 212(2), 374-385. https://doi.org/10.1016/j.ejor.2011.01.055

    • Duso, T., Pennings, E., & Seldeslachts, J. (2010). Learning dynamics in research alliances: A panel data analysis. Research Policy, 39(6), 776-789. https://doi.org/10.1016/j.respol.2010.03.002

    • Hoogendoorn, B., Pennings, E., & Thurik, R. (2010). What do we know about social entrepreneurship? An analysis of empirical research. International Review of Entrepreneurship, 8(2), 71-112.

    • Pennings, E., & Altomonte, C. (2009). Domestic plant productivity and incremental spillovers from foreign direct investment. Journal of International Business Studies, 40(7), 1131-1148. https://doi.org/10.1057/jibs.2008.99

    • van Bekkum, S., Pennings, E., & Smit, H. (2009). A Real Options Perspective on R&D Portfolio Diversification. Research Policy, 38(7), 1150-1158. https://doi.org/10.1016/j.respol.2009.03.009

    • Pennings, E. (2008). Privatization of real options. Journal of Comparative Economics, 36(3), 489-497. https://doi.org/10.1016/j.jce.2008.05.003

    • Altomonte, C., & Pennings, E. (2008). Learning from foreign investment by rival firms: theory and evidence. International Journal of Industrial Organization, 26(5), 1203-1217. https://doi.org/10.1016/j.ijindorg.2007.12.002

    • Coucke, K., Pennings, E., & Sleuwaegen, LIE. (2007). Employee layoff under different modes of restructuring exit, downsizing or relocation. Industrial and Corporate Change, 16(2), 161-182. https://doi.org/10.1093/icc/dtm002

    • Mukherjee, A., & Pennings, E. (2006). Tariffs, licensing and market structure. European Economic Review, 50, 1699-1707. https://doi.org/10.1016/j.euroecorev.2005.08.005

    • Pennings, E., & Altomonte, C. (2006). The Hazard Rate of Foreign Direct Investment: A Structural Estimation of a Real-option Model. Oxford Bulletin of Economics and Statistics, 68(5), 569-593. https://doi.org/10.1111/j.1468-0084.2006.00178.x

    • Sleuwaegen, LIE., & Pennings, E. (2006). International Relocation of Production: Where do Firms Go? Scottish Journal of Political Economy, 53(4), 430-446. https://doi.org/10.1111/j.1467-9485.2006.00388.x

    • Pennings, E. (2005). How to Maximize Domestic Benefits from Foreign Investments: The Effect of Irreversibility and Uncertainty. Journal of Economic Dynamics and Control, 29, 873-889.

    • Pennings, E., & Sleuwaegen, LIE. (2004). The choice and timing of foreign direct investment under uncertainty. Economic Modelling, 21(6), 1101-1115. https://doi.org/10.1016/j.econmod.2004.02.003

    • Pennings, E. (2004). Optimal Pricing and Quality Choice when Investment in Quality is Irreversible. The Journal of Industrial Economics, 52, 569-589.

    • Pennings, E. (2004). Imitation, Patent Protection and Welfare. Oxford Economic Papers, 56, 715-733.

    • Lint, O., & Pennings, E. (2003). The recently chosen digital video standard: Playing the game within the game. Technovation, 23(4), 297-306. https://doi.org/10.1016/S0166-4972(01)00118-3

    • Lint, O., & Pennings, E. (2003). The V-shaped value evolution of R&D projects. Applied Economics Letters, 10(1), 27-32. https://doi.org/10.1080/1350485022000016067

    • Pennings, E. (2003). The V-Shaped Value Evolution of R&D Projects. Applied Economics Letters, 10(1), 27-32.

    • Pennings, E., & Lint, LJO. (2003). On the recently developed digital video standard. A game-based analysis, Technovation. International Journal, 23, 297-306.

    • Pennings, E., & Lint, LJO. (2003). On the recently developed digital video standard, a game based analysis. Technovation, 23, 297-306.

    • Lint, LJO., & Pennings, E. (2001). An option approach to the new product development process: a case study at Philips electronics. R and D Management, 31(2), 163-172.

    • Natter, M., & Pennings, E. (2001). Strategic diversification and capacity utilisation. International Journal of Production Economics, 72, 261-272.

    • Pennings, E. (2001). Price or quantity setting under uncertain demand and capacity constraints: An examination of the profits. Journal of Economics, 74, 157-171.

    • Natter, M., & Pennings, E. (2001). Strategic Diversificaton and capacity utilisation. International Journal of Production Economics, 72, 261-272.

    • Sleuwaegen, LIE., & Pennings, E. (2000). International relocation: Firm and industry determinants. Economics Letters, 67(2), 179-186.

    • Pennings, E., & Lint, LJO. (2000). Market Introduction, Phased Rollout or Abandonment? A Real Option Approach. European Journal of Operational Research, 124, 125-138. https://doi.org/10.1016/S0377-2217(99)00121-6

    • Pennings, E. (2000). Taxes and Stimuli of Investment under Uncertainty. European Economic Review, 44, 383-391. https://doi.org/10.1016/S0014-2921(98)00078-6

    • Lint, LJO., Pennings, E., & Natter, M. (1999). Optionsmanagement in F&E: Eine Fallstudie. Zeitschrift fur Betriebswirtschaft, 51(10), 990-1006.

    • Lint, O., & Pennings, E. (1998). R&D as an option on market introduction. R and D Management, 28(4), 279-287. https://doi.org/10.1111/1467-9310.00104

    • Lint, LJO., & Pennings, E. (1998). Financiën en strategie:time-to-wait or time- to-market. MAB, 71(3), 117-125.

    • Lint, LJO., & Pennings, E. (1998). Een reële optieanalyse van het gelijktijdig ontwikkelen van twee produktstandaarden. MAB, 72(1/2), 60-66.

    • Pennings, E. (1998). How to Finance your Investment Opportunity Internally: A Note. The Journal of Futures Markets, 18, 599-604.

    • Lint, LJO., & Pennings, E. (1998). R&D as an option on market introduction. R and D Management, 28, 279-287.

    • Pennings, E., & Lint, O. (1997). The option value of advanced R & D. European Journal of Operational Research, 103(1), 83-94. https://doi.org/10.1016/S0377-2217(96)00283-4

    • Lint, LJO., & Pennings, E. (1997). Financiën en strategie: time-to-wait or time-to-market? MAB, 117-125.

    • Pennings, E., & Lint, LJO. (1997). The option value of advanced R&D. European Journal of Operational Research, 103(1), 83-94.

    • Lint, LJO., & Pennings, E. (1995). Optiemanagement bij investeringen in nieuwe technologie. Holland Management Review, 44-45.

  • Professional (5)

    • Karreman, B., Nacken, T., & Pennings, E. (2013). Arabische lente voor de EBRD. Internationale Spectator, 67(4), 46-51.

    • Karreman, B., & Pennings, E. (2011). De volgende fusie- en overnamegolf. Economisch-Statistische Berichten, 96(4619), 589-591.

    • Lint, LJO., & Pennings, E. (1998). De recent overeengekomen videostandaard: een standaardanalyse deel II. Bedrijfskunde, 70(2), 83-89.

    • Lint, LJO., & Pennings, E. (1998). De recent overeengekomen digitale videostandaard, deel I. Bedrijfskunde, 70(1), 39-44.

    • Lint, LJO., & Pennings, E. (1998). R&D als optie op marktintroductie. Bedrijfskunde, 69(1), 61-67.

Book (1)

  • Professional (1)

    • van der Laan, L., & Pennings, E. (2009). Organizations in a Dynamic Environment. Wiley Higher Education.

Chapter (5)

  • Academic (5)

    • Hoogendoorn, B., Pennings, E., & Thurik, R. (2012). A conceptual overview of What We Know About Social Entrepreneurship. In J. DeFilippis, & S. Saegert (Eds.), The Community Development Reader (pp. 117-124). Routledge. http://hdl.handle.net/1765/38346

    • Lint, O., & Pennings, E. (2003). An options approach to new product development. experience from Philips Electronics. In Real R & D Options (pp. 48-66). Elsevier Inc.. https://doi.org/10.1016/B978-075065332-9.50004-5

    • Sleuwaegen, LIE., & Pennings, E. (2001). Relocation and public aid: a first report. In M. J.-L. Dunning, J.H. (Ed.), Multinational firms' strategies: The local-global dilemma (pp. 178-189). Routledge.

    • Lint, LJO., & Pennings, E. (1999). A business shift approach to R&D option valuation. In L. Trigeorgis (Ed.), Real Options and Business Strategy. Applications to Decision Making (pp. 117-135). RISK Publishers.

    • Lint, LJO., & Pennings, E. (1996). Het management van reële optiewaarde. In P. J. J. M. van Loon, & J. H. von Eije (Eds.), De financiële functie en ondernemingswaarde (pp. 201-216). Samsom.

Conference proceeding (2)

  • Academic (2)

    • Fleten, SE., Huisman, R., Kilic, M., Pennings, E., & Westgaard, S. (2015). Electricity futures prices: time varying sensitivity to fundamentals. In Risk (Vol. 8/4, pp. 1-22). Journal of Energy Markets. https://doi.org/10.21314/JEM.2015.136

    • Emami Namini, J., & Pennings, E. (2009). Horizontal multinational firms, vertical multinational firms and domestic investment. In Tinbergen Institute Discussion Paper 2009-004/2 https://doi.org/10.2139/ssrn.1330801

Doctoral Thesis (1)

  • Internal (1)

    • Pennings, E. (1998). Real options and managerial decision making. [Doctoral Thesis, Erasmus University Rotterdam]. Erasmus University Rotterdam (EUR).

Inaugural speech (1)

  • Popular (1)

    • Pennings, E. (2010). Does contract complexity limit opportunities? Vertical organisation and flexibility. Erasmus Research Institute of Management (ERIM). http://hdl.handle.net/1765/20457

Paper (1)

  • Academic (1)

    • Pennings, E., & Sleuwaegen, LIE. (2002). The reorganization decisions of troubled firms: exit, downscale or relocate, 21 pag.

Report (5)

  • Academic (4)

    • Hoogendoorn, B., Pennings, E., & Thurik, R. (2009). What do we know about social entrepreneurship: an analysis of empirical research. (Report ERS-2009-044-ORG ed.) ERIM. Report Vol. ERS-2009-044-ORG

    • Lint, LJO., & Pennings, E. (1999). The option approach to the new product development process. (RIBES 99-31 ed.) RIBES Vol. 99-31

    • Sleuwaegen, LIE., & Pennings, E. (1999). Exit or Relocation under Uncertainty? Theory and Evidence. Mimeo.

    • Sleuwaegen, LIE., & Pennings, E. (1999). The choice and timing of foreign market entry under uncertainty. Mimeo.

  • Professional (1)

    • Meijaard, J., van Fraassen, M., Prince, Y., Hek, P., Nacken, T., Karreman, B., Pennings, E., & Belderbos, RA. (2020). Evaluatie van de NFIA 2010-2018. MIR i.o.v. Ministerie van Economische Zaken en Klimaat.

Additional activities (4)

  • The Journal of Technology Transfer (Journal)

    Publication Peer-review (Academic)

  • Technovation (Journal)

    Editorial work (Academic)

  • The Option Approach to the New Product Development Process

    Oral presentation (Academic)

  • The Option Approach to the New Product Development Process

    Oral presentation (Academic)

PhD Tracks (11)

Innovation in the Pharmaceutical Industry: Evidence from Drug Introductions in the U.S.
  • Role: Co-promotor
  • PhD Candidate: Lenny Pattikawa
  • Time frame: 2002 - 2007
Knowledge, Entrepreneurship and Performance: Evidence from country-level and firm-level studies
  • Role: Member Doctoral Committee
  • PhD Candidate: Haibo Zhou
  • Time frame: 2006 - 2010
The Entrepreneurial Process: An International Analysis of Entry and Exit
  • Role: Member Doctoral Committee
  • PhD Candidate: Peter van der Zwan
  • Time frame: 2007 - 2011
Financial Services and Emerging Markets
  • Role: Promotor
  • PhD Candidate: Bas Karreman
  • Time frame: 2006 - 2011
The Effectiveness of Corporate Governance Mechanisms and Leadership Structure: Impacts on Strategic Change and Firm Performance
  • Role: Member Doctoral Committee
  • PhD Candidate: Ying Feng
  • Time frame: 2011 - 2017
Individual Characteristics, Contextual Factors and Entrepreneurial Behavior
  • Role: Member Doctoral Committee
  • PhD Candidate: Pourya Darnihamedani
  • Time frame: 2012 - 2016
Bloody business: Multinational investment in an increasingly conflict-afflicted world
  • Role: Promotor, Daily Supervisor
  • PhD Candidate: Caroline Witte
  • Time frame: 2013 - 2018
  • Role: Promotor
Through Mind and Behaviour to Financial Decisions
  • Role: Member Doctoral Committee
  • PhD Candidate: Nishad Matawlie
  • Time frame: 2015 - 2020
(In)flexibility in Power Markets with Supply from Variable Renewable Sources
  • Role: Member Doctoral Committee
  • PhD Candidate: Cristian Stet
  • Time frame: 2017 - 2021
Valorizing Innovation through Imaginativeness in Business Venturing
  • Role: Promotor
  • PhD Candidate: Yuk Shouw/Brian Chung
  • Time frame: 2015 - 2022

Events (22)

2014
March
18
Crisis-Proof Services: Why Trade in Services Did Not Suffer During The 2008-2009 Collapse
Research Seminar
As: Coordinator, Contact
2014
March
14
Financial Fair Play in European Football
Research Seminar
As: Contact, Coordinator
2014
March
14
Optimal Procurement and Investment In New Technologies Under Uncertainty
Research Seminar
As: Contact, Coordinator
2014
March
12
How Does R&D Worker Recruitment Affect Firm Exploration? A Longitudinal Study of the Role of Cognitive Distance
Research Seminar
As: Contact, Coordinator
2014
March
07
Product Market Financing and the Financing of New Ventures
Research Seminar
As: Contact, Coordinator
2011
December
15
Multinational Strategies, Networks and Regional Economic Development
Research Seminar
As: Coordinator
2011
March
04
Submarkets, Vertical Integration and Survival in the US Laser Industry
Research Seminar
As: Coordinator
2011
March
02
Imperfect Certification
Research Seminar
As: Coordinator
2011
February
25
Arrow's Paradox and Competitive Markets for Information
Research Seminar
As: Coordinator
2011
January
11
The Stability of Offshore Outsourcing Relationships: The Role of Relation Specificity and Client Control
Research Seminar
As: Coordinator
2010
September
17
Does Contract Complexity Limit Opportunities? Vertical Organization and Flexibility
Inaugural Address
As: Speaker
2010
May
18
(De-)Institutionalizing Organizational Competence: Olivetti's Transition from Mechanical to Electronic Technology
Research Seminar
As: Coordinator
2010
April
26
"The Performance Consequences of New Forms of Ambidexterity in the Context of Interorganizational Innovation"
Research Seminar
As: Coordinator
2010
March
24
"The Relationship between Multiple Identification Targets during Post-Merger Integration"
Research Seminar
As: Coordinator
2010
March
09
"The Contingent Value of Initial Collaborative Market Exposure for the Establishment of Autonomous Operations: Evidence from the Aircraft Industry since WWII"
Research Seminar
As: Coordinator
2010
March
08
"Selection at the Gate: Difficult Cases, Spillovers, and Organizational Learning"
Research Seminar
As: Coordinator
2009
June
25
Sustained Strategic Renewal in Long-Lived Firms
Research Seminar
As: Coordinator
2008
March
26
Word of Mouth and Recommender Systems: A Theory of the Long Tail
Research Seminar
As: Coordinator
2008
March
19
Why Butterflies Don't Leave: Locational Behavior of Entrepreneurial Firms
Research Seminar
As: Coordinator
2008
March
12
Entry and Exit fo Firms in a Global Economy: A Cross-Country and Industry Analysis
Research Seminar
As: Coordinator
2008
March
05
Recovering the Sunk Costs of R&D: The Moulds Industry Case
Research Seminar
As: Coordinator
2000
January
01
The Impact of Cross-Border Mergers and Acquisitions on the Acquirers' R&D - Firm-Level Evidence
Research Seminar
As: Coordinator

Address

Visiting address

Office: N3-10
Burgemeester Oudlaan 50
3062 PA Rotterdam

Postal address

Postbus 1738
3000 DR Rotterdam
Netherlands

Latest publication

Article

Nacken, T., Karreman, B., & Pennings, E. (2024). Addressing endogeneity in the relationship between early entry and performance: The case of foreign market expansion. Long Range Planning, 57(6), Article 102478. Advance online publication. https://doi.org/10.1016/j.lrp.2024.102478