How do incumbent firms and environments co-evolve and how are firm-level adaptation and selection at industry level interrelated? Can and do large established organizations renew themselves to adapt to their environment? Three single-lens theories, relating to environmental selection, institutional theory, managerial intentionality, and a co-evolutionary perspective are used to investigate strategic renewal of incumbent firms. We derive propositions and distinguish between three dimensions of strategic renewal and develop metrics to investigate our propositions in a multi-level, multi-country, longitudinal study of the European financial services industry.

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Keywords European Union, financial services industry, organizational change, renewal theory, strategic planning
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Flier, B., van den Bosch, F.A.J., & Volberda, H.W.. (2003). Coevolution in the strategic renewal behaviour of British, Dutch and French financial incumbents: interaction of environmental selection, institutional effects and managerial intentionality. Journal of Management Studies, 40(8), 2163–2187. doi:10.1046/j.1467-6486.2003.00416.x