How do incumbent firms and environments co-evolve and how are firm-level adaptation and selection at industry level interrelated? Can and do large established organizations renew themselves to adapt to their environment? Three single-lens theories, relating to environmental selection,...

Adopting an information-process perspective, this article conceptualizes exploration orientation in terms of scope of information acquisition. In line with this conceptualization, a multidimensional operational measure of exploration orientation is developed and its internal consistency...