Strategic Renewal in Large European Firms: Investigating Viable Trajectories of Change

European firms are confronted with major changes in their business environment because of specific European factors, such as the creation of a single European market, and because of global factors, such as the merging of industries. Firms in Europe therefore need to renew to cope with the changing environment. Renewal is presented as resulting from change processes that take place within organizations. Twenty-four ventures in three large European firms were analyzed to see how such dynamic processes lead to strategic renewal. The findings reveal that renewal trajectories depend on the organizational form, the market, and the strategy.