Navigating institutional change: An historical perspective of firm responses to pro-market reversals

Michael Aldous, Kieran M. Conroy*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


We explore the strategic responses of multinational enterprises (MNEs) in the context of protracted institutional change. Analyzing the long-run trajectory of three British MNEs during the setting of Indian independence, we find that these firms engaged in a series of tactical and strategic responses to address uncertain institutional changes in the form of pro-market reversals. Our findings reveal how MNE responses are characterized by path dependence and path creation in that they are historically conditioned by patterns of previous decisions and actions. We demonstrate how tactical responses to earlier institutional changes coalesce to shape dominant strategic responses in later periods. Our paper contributes to a more holistic conceptualization of how MNEs strategize in response to pro-market reversals by integrating a business history lens.

Original languageEnglish
Article number100849
Number of pages15
JournalJournal of International Management
Issue number2
Early online date07 Apr 2021
Publication statusPublished - 01 Jun 2021

Bibliographical note

Publisher Copyright:
© 2021

Copyright 2021 Elsevier B.V., All rights reserved.


  • History
  • Institutions
  • Long-run
  • Multinationals
  • Responses
  • Reversals

ASJC Scopus subject areas

  • Business and International Management
  • Finance
  • Strategy and Management


Dive into the research topics of 'Navigating institutional change: An historical perspective of firm responses to pro-market reversals'. Together they form a unique fingerprint.

Cite this