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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doi.org/10.1046/j.1467-6486.2003.00416.x, hdl.handle.net/1765/6458
ERIM Top-Core Articles
Journal of Management Studies
Erasmus Research Institute of Management

Flier, B., van den Bosch, F., & Volberda, H. (2003). Coevolution in the strategic renewal behaviour of British, Dutch and French financial incumbents: interaction of environmental selection, institutional effects and managerial intentionality. In Journal of Management Studies (Vol. 40, pp. 2163–2187). doi:10.1046/j.1467-6486.2003.00416.x