We explore the strategic responses of multinational enterprises (MNEs) in the context of protracted institutional change. Analyzing the long-run trajectory of three British MNEs during the setting of Indian independence, we find that these firms engaged in a series of tactical and strategic responses to address uncertain institutional changes in the form of pro-market reversals. Our findings reveal how MNE responses are characterized by path dependence and path creation in that they are historically conditioned by patterns of previous decisions and actions. We demonstrate how tactical responses to earlier institutional changes coalesce to shape dominant strategic responses in later periods. Our paper contributes to a more holistic conceptualization of how MNEs strategize in response to pro-market reversals by integrating a business history lens.

在长期的机构变革中，我们探索了跨国企业（MNEs）的战略应对措施。通过分析印度独立背景下三个英国跨国公司的长期发展轨迹，我们发现这些公司采取了一系列战术和战略对策，以亲市场逆转的形式应对不确定的制度变化。我们的发现揭示了MNE响应如何以路径依赖和路径创建为特征，因为它们在历史上受先前决策和行动模式的制约。我们展示了对早期机构变革的战术反应如何结合起来以形成后期的主导战略反应。我们的论文通过整合商业历史的镜头，为跨国公司如何应对亲市场逆转的战略制定做出了更为全面的构想。