Why do successful organizations often move in new directions and then fail? We propose that this pattern is especially likely among organizations that have survived a history of competition. Such experience adapts organizations to their environment, through so-called "Red Queen" evolution, but...

Research across disciplines presumes that markets will have strong boundaries. Markets without well-defined boundaries typically are not useful and do not become institutionalized, so are expected to fade away. In contrast, we suggest that in many contexts lenient markets or market labels with...