As already underlined by the early accounts of open-systems theory of organizations, firms are not isolated islands. Firms, de facto, consist of a set of different actors, they are embedded in a network of other organizations and actors, and they are an integral part of the civil society and, as a result, under direct influence of various societal and institutional forces. This surrounding institutional and societal framework essentially sets both constraints and rules for the activities of firms. Nevertheless, the relationship is not totally one-way—firms may also influence how this framework develops. Accordingly, the understanding of how and why firms evolve in a particular way, choose specific competitive actions, develop their business models, and even how the managerial cognitions influence the behavior and performance of firms necessitates addressing the complex and multilevel relationships between corporations and society.

Understanding how the societal and institutional framework influences corporate strategy in a specific national context is already a challenging task. But it becomes even more challenging and important for multinational or global organizations that have to manage their operations in the patchwork of different institutional settings and, consequently, balance between global and local forces. In GloStra we seek to consider these issues from fresh perspectives and in so doing create knowledge and implications for strategizing in the global society.