“…However, different from other studies that consider the actors as a driver of institutional change (Kingston and Caballero, 2009), this study highlights the influence of the exogenous and endogenous shocks in the institutional design in each track (Figure 2) because institutions are shapers of organizational arrangements (Jepperson, 1991). If the context-dependent nature of institutions (Fortwengel and Jackson, 2016) works as a representation of a moving equilibrium path, institutional change is a new moving equilibrium path (Aoki, 2001) to deal with challenges in the pharmaceutical industry such as sustainable supply chains, performance measurement, lean and agile operation, cold chain management and risk management (Ding, 2018; Dixit et al , 2019; Ruiz Puentes et al , 2021).…”