The field of strategy has long been preoccupied with explaining, and attempting to predict organizational performance. Indeed, the quest to understand how to gain and hold an advantage over competitors is the primary way in which strategy distinguishes itself from other organizational sciences (Meyer, 1991). Strategic choices are made in anticipation of, or in response to, that competitive context and the performance implications that result, are of central interest to strategy researchers. Most scholarly inquiry directed toward the link between strategic choice and performance has traditionally been divided into content and process research (Summer et al., 1990). Content research focuses on the subject of a strategic decision (i.e., ‘‘what’’ is decided) and thus is concerned with the structural antecedents and their performance consequences. Process research looks at the administrative systems leading to and supporting strategic decisions, or in other words, the role of managers and ‘‘how’’ strategic changes come about.