“…Its static nature wanes its relevance with evolving global competitive milieu (Karagiannopoulos, Georgopoulos & Nikolopoulos, 2005), limiting its applicability as a tool to gain sustainable competitive advantage (Aktouf, 2004). Therefore, it cannot gauge market trends in highly changing and dynamic competitive markets (Dulčić et al, 2012).Contributing to this stream of research, we suggest that several new phenomena-e.g., NGOs, have emerged during the recent decades, affecting remarkably the overall global business environment (Teegen, Doh, &Vachani, 2004;Vachani, Doh &Teegen, 2009), but are largely absent in this stream of research.…”