Evolutionary theory

Patia J. McGrath and Atul Nerkar

Chapter 13 in A Guide to Key Theories for Strategic Management, 2026, pp 226-245 from Edward Elgar Publishing

Abstract: This chapter provides an introduction to evolutionary theory in strategic management. Evolutionary theory offers a dynamic and longitudinal view of firm development, wherein firms adapt to changes posed by the environment through the processes of variation, selection, and retention. We begin by discussing evolutionary theory's emergence against the backdrop of the dueling views of population ecology and managerialism, and by showcasing the canonical questions it helps to address. We then delve into its foundational concepts, key assumptions, animating mechanisms, and governing propositions. Next, we explain how, as a metatheory, evolutionary theory connects with other theoretical lenses, including industrial organization, transaction cost economics, the resource-based view, dynamic capabilities, the behavioral theory of the firm, and network theory. We close with evolutionary theory's ongoing importance to strategic management, considering not only its recent advances, such as its expansion with the coevolutionary view, but also its potential future directions.

Keywords: Evolutionary Theory; Adaptation; Variation; Selection; Retention; Metatheory (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035342846
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/doi/10.4337/9781035342853.00018 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:23760_13

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Jack Sweeney ().