Dynamic Strategy: An Evolutionary Theory Approach

This book explains the dynamic processes of strategic management through scientific theorizing of the temporal heterogeneity of profit-seeking firms’ strategic behavior. The theoretical explanation of dynamic strategy provided herein, which is not without significant normative implications, captures the inherent paradox of dynamic strategy. That a stream of dynamically inconsistent elemental actions of dynamic strategy, which are inextricably linked to the fundamental drivers of enterprise value in dynamic competitive environments, is requisite to achieve dynamically consistent returns over the firm’s lifetime. The implementation challenge for a firm seeking to achieve its intended objective lies in comprehending (and managing) the dynamic interplay among the processes outside and within the firm that co-create the ‘dynamic context’ of the continuously emerging stream of strategic actions, which are elemental to dynamic strategy, and their performance outcomes.