Strategic Renewal of European Financial Incumbents

How do incumbent firms and environments coevolve and how are firm level adaptation and selection at industry level interrelated? Can and do large established organisations renew themselves to adapt to their environment? Three single-lens theories, relating to environmental selection, institutional theory, managerial intentionality, and a coevolutionary perspective are used to investigate strategic renewal of incumbent European financial services firms. We derive propositions and distinguish between three dimensions of strategic renewal to develop metrics that investigate our propositions in a multi-level, multi-country, longitudinal study of the European financial services industry. The results suggest the following clues for further investigation. From an environmental selection perspective, we find financial incumbents have a preference for exploitation renewal actions. Country institutional environments appear to explain to what extent financial incumbents prefer internal and/or external renewal actions. Managerial intentionality seems to explain outlier behaviour and firm-specific frequency and timing of renewal actions. From a coevolutionary perspective, interaction effects contribute to explain deviations from predictions derived from the single-lens theories applied in this thesis.

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