The selection of neo-institutional theory as theoretical lens for the dissertation rests on several arguments. 3 First, the theory bears significant potential to generate fresh insights into the strategy formation process (Mintzberg and Lampel, 1999; Hensmans, 2003). Second, it con- ceptualizes very well the environment, its actors, its creation, and its internal functioning (Scott, 2001). Third, it allows for an explicit integration of external, regulatory actors who receive particular attention due to their “potentially profound influence in shaping an organi- zation's legitimacy and performance” (Oliver, 1997a:99). Fourth, it combines a rational and analytical perspective with a social and political one (Scott,.
