An institutional competency-based view of a firm's strategy posits that the firm's managerial, organizational and technological resources should operate coherently under the conditions of institutional constraints to create complementary, firm-specific competencies that can produce a sustained competitive advantage (Oliver, 1997). This perspective proposes that changes in cultural and political environments place specific demands upon the extant set of firm competencies to be renewed in order to maintain a competitive advantage amidst the changes.