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

Full Professor

Department of Applied Economics

Erasmus School of Economics (ESE)

Erasmus University Rotterdam

Fellow ERIM

Field: Strategy & Entrepreneurship

Affiliated since 2006

T: +31 10 4082166

E: pennings@ese.eur.nl

Enrico Pennings is a professor 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. He is former IGIER fellow. 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 (62)

Articles (49)

C.T. Witte, M.J. Burger & H.P.G. Pennings (2020). When political instability devaluates home-host ties. Journal of World Business, 55 (4):101077. doi: 10.1016/j.jwb.2020.101077
T.L.P.R. Peeters, B. Mills, H.P.G. Pennings & H. Sung (2019). Manager Migration, Learning-by-hiring and Cultural Distance in International Soccer. Global Strategy Journal, In press. doi: 10.1002/gsj.1354 [go to publisher's site]
H.P.G. Pennings (2017). Real Options with Ex-Post Division of the Surplus. Journal of Banking and Finance, 81, 200-206. doi: 10.1016/j.jbankfin.2016.09.007
A.S. Bhaskarabhatla, P. Anurag, C. Chatterjee & H.P.G. Pennings (2017). Mitigating Regulatory Impact: The Case of Partial Price Controls on Metformin in India. Health Policy and Planning, 32 (2), 194-204. doi: 10.1093/heapol/czw109
A. de Vries, H.P.G. Pennings, J.H. Block & C. Fisch (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. doi: 10.1080/13662716.2016.1231607
J.T.J. Smit, E. Pennings & S. van Bekkum (2017). Real Options and Institutions. Journal of International Business Studies, 48 (5), 620-644. doi: 10.1057/s41267-016-0055-7
K.D.S. Fernald, H.P.G. Pennings, J.F. van den Bosch, H.R. Commandeur & E. Claassen (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. doi: 10.1371/journal.pone.0172488
C.T. Witte, M.J. Burger, E. Ianchovichina & H.P.G. Pennings (2017). Dodging bullets: the heterogeneous effect of political violence on greenfield FDI. Journal of International Business Studies, 48 (7), 862-892. doi: 10.1057/s41267-017-0079-7
P.A. van Reeven & H.P.G. Pennings (2016). On the Relation between Multimarket Contact and Service Quality: Mutual Forbearance or Network Coordination? Strategic Management Journal, 37 (10), 2121-2134. doi: 10.1002/smj.2435
C. Altomonte, I. Colantone & H.P.G. Pennings (2016). Heterogeneous firms and asymmetric product differentiation. The Journal of Industrial Economics, 64 (4), 835-874. doi: 10.1111/joie.12105
S.E. Fleten, R. Huisman, M. Kilic, H.P.G. Pennings & S. Westgaard (2015). Electricity futures prices: time varying sensitivity to fundamentals. In Risk (pp. 1-22). Journal of Energy Markets doi: 10.21314/JEM.2015.136
K.D.S. Fernald, H.P.G. Pennings & E. Claassen (2014). Biotechnology Commercialization Strategies: Risk and Return in Interfirm Cooperation. Journal of Product Innovation Management, 32 (6), 971-996. doi: 10.1111/jpim.12218
A.S. Bhaskarabhatla & H.P.G. Pennings (2014). Defensive Disclosure of Patentable Inventions under Antitrust Enforcement. Industry and Innovation, 21 (7), 533-552. doi: 10.1080/13662716.2014.987452
S. van Bekkum, J.T.J. Smit & E. Pennings (2011). Buy Smart, Time Smart: Are Takeovers Driven by Growth Options or Mispricing? Financial Management - FM, 40 (4), 911-940. doi: 10.1111/j.1755-053X.2011.01166.x
H.P.G. Pennings & L. Sereno (2011). Evaluating Pharmaceutial R&D udner Technical and Economic Uncertainty. European Journal of Operational Research, 212 (2), 374-385. doi: 10.1016/j.ejor.2011.01.055
H.P.G. Pennings (2011). Unionization Structure, Licensing and Innovation. International Journal of Industrial Organization, 29 (2), 232-241. doi: 10.1016/j.ijindorg.2010.06.001
T. Duso, H.P.G. Pennings & J. Seldeslachts (2010). Learning dynamics in research alliances: A panel data analysis. Research Policy, 39 (6), 776-789. doi: 10.1016/j.respol.2010.03.002
B. Hoogendoorn, H.P.G. Pennings & A.R. Thurik (2010). What do we know about social entrepreneurship? An analysis of empirical research. International Review of Entrepreneurship, 8 (2), 71-112.
H.P.G. Pennings & C. Altomonte (2009). Domestic plant productivity and incremental spillovers from foreign direct investment. Journal of International Business Studies, 40 (7), 1131-1148. doi: 10.1057/jibs.2008.99
S. van Bekkum, H.P.G. Pennings & J.T.J. Smit (2009). A Real Options Perspective on R&D Portfolio Diversification. Research Policy, 38 (7), 1150-1158. doi: 10.1016/j.respol.2009.03.009
J. Emami Namini & H.P.G. Pennings (2009). Horizontal multinational firms, vertical multinational firms and domestic investment. In Tinbergen Institute Discussion Paper 2009-004/2 doi: 10.2139/ssrn.1330801
H.P.G. Pennings (2008). Privatization of real options. Journal of Comparative Economics, 36 (3), 489-497. doi: 10.1016/j.jce.2008.05.003
C. Altomonte & H.P.G. Pennings (2008). Learning from foreign investment by rival firms: theory and evidence. International Journal of Industrial Organization, 26 (5), 1203-1217. doi: 10.1016/j.ijindorg.2007.12.002
K. Coucke, H.P.G. Pennings & L.I.E. Sleuwaegen (2007). Employee layoff under different modes of restructuring exit, downsizing or relocation. Industrial and Corporate Change, 16 (2), 161-182. doi: 10.1093/icc/dtm002 [go to publisher's site]
L.I.E. Sleuwaegen & H.P.G. Pennings (2006). International Relocation of Production: Where do Firms Go? Scottish Journal of Political Economy, 53 (4), 430-446. doi: 10.1111/j.1467-9485.2006.00388.x
A. Mukherjee & H.P.G. Pennings (2006). Tariffs, licensing and market structure. European Economic Review, 50, 1699-1707. doi: 10.1016/j.euroecorev.2005.08.005
H.P.G. Pennings & C. Altomonte (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. doi: 10.1111/j.1468-0084.2006.00178.x
H.P.G. Pennings (2005). How to Maximize Domestic Benefits from Foreign Investments: The Effect of Irreversibility and Uncertainty. Journal of Economic Dynamics and Control, 29, 873-889.
H.P.G. Pennings (2004). Imitation, Patent Protection and Welfare. Oxford Economic Papers, 56, 715-733.
H.P.G. Pennings (2004). Optimal Pricing and Quality Choice when Investment in Quality is Irreversible. The Journal of Industrial Economics, 52, 569-589.
H.P.G. Pennings & L.I.E. Sleuwaegen (2004). The choice and timing of foreign direct investment under uncertainty. Economic Modelling, 21 (6), 1101-1115. doi: 10.1016/j.econmod.2004.02.003
H.P.G. Pennings & L.J.O. Lint (2003). On the recently developed digital video standard, a game based analysis. Technovation, 23, 297-306.
H.P.G. Pennings (2003). The V-Shaped Value Evolution of R&D Projects. Applied Economics Letters, 10 (1), 27-32.
H.P.G. Pennings & L.J.O. Lint (2003). On the recently developed digital video standard. A game-based analysis, Technovation. International Journal, 23, 297-306.
M. Natter & H.P.G. Pennings (2001). Strategic Diversificaton and capacity utilisation. International Journal of Production Economics, 72, 261-272.
H.P.G. Pennings (2001). Price or quantity setting under uncertain demand and capacity constraints: An examination of the profits. Journal of Economics, 74, 157-171.
M. Natter & H.P.G. Pennings (2001). Strategic diversification and capacity utilisation. International Journal of Production Economics, 72, 261-272.
L.J.O. Lint & H.P.G. Pennings (2001). An option approach to the new product development process: a case study at Philips electronics. R and D Management, 31 (2), 163-172.
H.P.G. Pennings (2000). Taxes and Stimuli of Investment under Uncertainty. European Economic Review, 44, 383-391. doi: 10.1016/S0014-2921(98)00078-6
L.I.E. Sleuwaegen & H.P.G. Pennings (2000). International relocation: Firm and industry determinants. Economics Letters, 67 (2), 179-186.
H.P.G. Pennings & L.J.O. Lint (2000). Market Introduction, Phased Rollout or Abandonment? A Real Option Approach. European Journal of Operational Research, 124, 125-138. doi: 10.1016/S0377-2217(99)00121-6
L.J.O. Lint, H.P.G. Pennings & M. Natter (1999). Optionsmanagement in F&E: Eine Fallstudie. Zeitschrift fur Betriebswirtschaft, 51 (10), 990-1006.
L.J.O. Lint & H.P.G. Pennings (1998). Financiën en strategie:time-to-wait or time- to-market. MAB, 71 (3), 117-125.
L.J.O. Lint & H.P.G. Pennings (1998). Een reële optieanalyse van het gelijktijdig ontwikkelen van twee produktstandaarden. MAB, 72 (1/2), 60-66.
H.P.G. Pennings (1998). How to Finance your Investment Opportunity Internally: A Note. The Journal of Futures Markets, 18, 599-604.
L.J.O. Lint & H.P.G. Pennings (1998). R&D as an option on market introduction. R and D Management, 28, 279-287.
H.P.G. Pennings & L.J.O. Lint (1997). The option value of advanced R&D. European Journal of Operational Research, 103 (1), 83-94.
L.J.O. Lint & H.P.G. Pennings (1997). Financiën en strategie: time-to-wait or time-to-market? MAB, 117-125.
L.J.O. Lint & H.P.G. Pennings (1995). Optiemanagement bij investeringen in nieuwe technologie. Holland Management Review, 44-45.

Book Contributions (4)

B. Hoogendoorn, H.P.G. Pennings & A.R. Thurik (2012). A conceptual overview of What We Know About Social Entrepreneurship. In J. DeFilippis & S. Saegert (Eds.), The Community Development Reader (pp. 117-124). New York: Routledge
L.I.E. Sleuwaegen & H.P.G. Pennings (2001). Relocation and public aid: a first report. In Mucchielli,.J.-L. Dunning, J.H. (Ed.), Multinational firms' strategies: The local-global dilemma (Studies in global competition series) (pp. 178-189). New York: Routledge
L.J.O. Lint & H.P.G. Pennings (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). Cambridge: RISK Publishers
L.J.O. Lint & H.P.G. Pennings (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). Alphen a/d Rijn: Samsom

Doctoral Thesis

H.P.G. Pennings (1998, juni 12). Real options and managerial decision making. Erasmus University Rotterdam (126 pag.) (Ridderkerk: Offsetdrukkerij Ridderprint B.V.) Prom./coprom.: L.I.E. Sleuwaegen & prof.dr. R.S. Pindyck.

Inaugural Speech

H.P.G. Pennings (2010). Does contract complexity limit opportunities? Vertical organisation and flexibility. (2010, september 17). Rotterdam: Erasmus Research Institute of Management

Professional Publications (7)

J. Meijaard, M. van Fraassen, Y. Prince, P. de Hek, T.G. Nacken, B. Karreman, H.P.G. Pennings & R.A. Belderbos (2020). Evaluatie van de NFIA 2010-2018. (Extern rapport). : MIR i.o.v. Ministerie van Economische Zaken en Klimaat
B. Karreman, T.G. Nacken & H.P.G. Pennings (2013). Arabische lente voor de EBRD. Internationale Spectator, 67 (4), 46-51.
B. Karreman & H.P.G. Pennings (2011). De volgende fusie- en overnamegolf. Economisch-Statistische Berichten, 96 (4619), 589-591.
L. van der Laan & H.P.G. Pennings (2009). Organizations in a Dynamic Environment. USA-Hoboken-NJ: Wiley Higher Education
L.J.O. Lint & H.P.G. Pennings (1998). De recent overeengekomen digitale videostandaard, deel I. Bedrijfskunde, 70 (1), 39-44.
L.J.O. Lint & H.P.G. Pennings (1998). De recent overeengekomen videostandaard: een standaardanalyse deel II. Bedrijfskunde, 70 (2), 83-89.
L.J.O. Lint & H.P.G. Pennings (1998). R&D als optie op marktintroductie. Bedrijfskunde, 69 (1), 61-67.

PhD Tracks (8)

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

Through Mind and Behaviour to Financial Decisions

Role: Member Doctoral Committee
PhD Candidate: Nishad Matawlie
Time frame: 2015 - 2020

Recognitions (2)

Editorial positions

Technovation

Editorial Board

Side positions

Universita di Sassari

Visiting Professor

Events (22)

2014

March

Crisis-Proof Services: Why Trade in Services Did Not Suffer During The 2008-2009 Collapse

Research Seminar

As: Coordinator, Contact

2014

March

Financial Fair Play in European Football

Research Seminar

As: Contact, Coordinator

2014

March

Optimal Procurement and Investment In New Technologies Under Uncertainty

Research Seminar

As: Contact, Coordinator

2014

March

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

Product Market Financing and the Financing of New Ventures

Research Seminar

As: Contact, Coordinator

2011

December

Multinational Strategies, Networks and Regional Economic Development

Research Seminar

As: Coordinator

2011

March

Submarkets, Vertical Integration and Survival in the US Laser Industry

Research Seminar

As: Coordinator

2011

March

Imperfect Certification

Research Seminar

As: Coordinator

2011

February

Arrow's Paradox and Competitive Markets for Information

Research Seminar

As: Coordinator

2011

January

The Stability of Offshore Outsourcing Relationships: The Role of Relation Specificity and Client Control

Research Seminar

As: Coordinator

2010

September

Does Contract Complexity Limit Opportunities? Vertical Organization and Flexibility

Inaugural Address

As: Speaker

2010

May

(De-)Institutionalizing Organizational Competence: Olivetti's Transition from Mechanical to Electronic Technology

Research Seminar

As: Coordinator

2010

April

"The Performance Consequences of New Forms of Ambidexterity in the Context of Interorganizational Innovation"

Research Seminar

As: Coordinator

2010

March

"The Relationship between Multiple Identification Targets during Post-Merger Integration"

Research Seminar

As: Coordinator

2010

March

"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

"Selection at the Gate: Difficult Cases, Spillovers, and Organizational Learning"

Research Seminar

As: Coordinator

2009

June

Sustained Strategic Renewal in Long-Lived Firms

Research Seminar

As: Coordinator

2008

March

Word of Mouth and Recommender Systems: A Theory of the Long Tail

Research Seminar

As: Coordinator

2008

March

Why Butterflies Don't Leave: Locational Behavior of Entrepreneurial Firms

Research Seminar

As: Coordinator

2008

March

Entry and Exit fo Firms in a Global Economy: A Cross-Country and Industry Analysis

Research Seminar

As: Coordinator

2008

March

Recovering the Sunk Costs of R&D: The Moulds Industry Case

Research Seminar

As: Coordinator

2000

January

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