“…can be referred to as sensitive periods (Kish-Gephart and Campbell, 2015;Mathias et al, 2015). For organizations, sensitive periods are likewise not only considered to be the early years of a firm's existence, but clearly other sensitive periods can occur during the lifetime of an organization, these include discontinuities in product and factor markets (Horn et al, 2021;Nykänen, 2021), new market entry (Benner and Tripsas, 2012), periods of underperformance or crisis (Beltratti and Stulz, 2012;Schaub and Schmid, 2013), etc.…”