In brief, this dissertation presents four major contributions: (1) Regulatory actors affect strat- egy formation. In particular, and in a situation when a regulator changes from protecting the firm to promoting change, the consistency between resource allocations and the official con- cept of corporate strategy decreases when regulatory involvement increases. (2) Internal alignments are contingent upon the perceived opportunity structure of a regulatory initiative. When perceived as an opportunity, adjustments to the concept of corporate strategy and to portfolio configuration are dominant. When perceived as a threat, internal alignments focus on management systems and organizational design. (3) Externally directed responses depend on.
