This study focuses on Penrose’s resource based approach and under explored insights that are of high relevance in moving strategic management and international business research forward. Specifically, we review studies that discuss the relevance and links of Penrose’s resource based approach to other theoretical perspectives, as well as studies that focus on the determinants and consequences of firm level growth. Based on this review, we then suggest future directions, which elaborate on some of the Penrose inspired under researched topics that merit further research attention.