What determines the success and failure of companies? This is indeed the central question in strategic management. Rival companies face similar institutional (both written-formal rules and law and also informal norms and cultural values) and industrial challenges (remember 5 industry forces). Yet some of them outperform others given similar external challenges. Which factors do you think led to this performance difference? Hope you'll enjoy this discussion--it is the big question of our field that scholars and practitioners try to explain using different lenses.