眾所周知的Penrose效應係說明管理能力限制企業成長的現象。由於企業隨著規模的成 長，管理人的任務將變得愈加複雜，而Penrose效應的形成則是肇因於管理人管理能力 不足而損及資源及能力的累積。然本研究預期組織之吸收能力愈佳，愈可經由學習效率 的提升而促進管理能力的累積，降低管理限制對成長的影響。因此，本研究以591家上 市（櫃）之電子資訊企業為様本檢驗吸收能力對Penrose效應的影響，研究結果發現企業 成長型態確實服從Penrose效應。此外，併購活動將因管理限制而抑制企業成長；多角 化程度與Penrose效應為u型關係，最後，國際化程度愈高，愈可抵銷Penrose效應。

Best known as the Penrose effect, the concept perceives managerial capability as the main limitation on firm growth rate. As a firm grows to a size where managerial tasks are growing and increasingly complex, the Penrose effect exists within firms suffering managerial limitations. Such limitations can result from insufficient managerial capabilities, and can cause firm failure in resource and capability accumulation. However, this study predicts that firm absorptive capability increases managerial capability accumulation by effective learning, helping reduce the impact of managerial limitations on firm growth. This study thus examines how absorptive capability affects the Penrose effect by using firm-level data for 591 electronics firms. The results show the growth pattern of Taiwan's electronics firms is identified Penrose effect. Additionally, the managerial constraints curbs firm growth in the case of firms engaged in M&A, and firm diversification exhibits a U-shaped relationship with the Penrose effect. Finally, increasing firm internationalization will contribute to growth, thus reducing the Penrose effect.