Introduction

Abstract

A common explanatory approach for organizational success or failure addresses the necessity for organizations to achieve and maintain a so-called ‘system-environment fit’.¹ However, environments are changing sometimes drastically and fast.² Hence, a variety of research streams argue that social systems such as organizations are required to adapt to these changes.³ Otherwise, a fit between the organization and the environment cannot be maintained and organizational performance fails to appear. For example, evolutionary theory-based implications for corporate management are, inter alia, that the first priority to strive for is not profit but adaptation and survivability.⁴ Building on this insight, Teece, Pisano and Shuen (1997) stated that the long-term prosperity of organizations can only be achieved if they are capable of proactively adapting to their changing environments through generating and exploiting internal as well as external firm-specific competences.⁵ Accordingly, organizations need dynamic capabilities.⁶