The dynamic capabilities approach underscores the role of experience accumulation as a firm- specific resource in sustaining a competitive advantage through evolutionary paths. However, little is known about experience transition and its effect on firm performance. This topic is important because it touches upon a long-standing debate about strategy commitment and flexibility. To explain and predict experience transition, this study draws insights from sequence analysis to examine the effects of sequence stability. Drawing from the acquisition sequences of 234 publicly traded firms within the biotechnology industry from 2012 to 2019, this study corroborates with the dynamic capabilities approach and finds that the significantly negative effect of sequence stability is contingent upon complementary assets. While a negative relationship exists between sequence stability and advertising investment, the causal direction reverses when the interaction term shifts to physical capital investment. This study contributes to the resource-based view by highlighting that successful experience transition depends on resource alignment with corporate strategy.

How does information interpretation influence entrepreneurial action when the market is uncertain? This article reveals the role of frame structure through a topic modeling analysis of over 2900 financial news items about 444 newly public firms in 2021, when COVID-19 brought the greatest market uncertainty and, meanwhile, record breaking IPOs. It is the structure of the alignment of primary frames, the foundations of interpretative frames upon which information about financial market and individual firms rest; secondary frames, the positioning of other frames toward primary frames through congruence or incongruence; and socio-cognitive content clusters, the grouping of frequent terms that supply information. The analysis showed that information about successful IPOs has a flatter structure with a higher ratio of alignment than that of unsuccessful ones, regardless of firm age. It suggests a negative association between frame structure and entrepreneurial action outcome when the market is uncertain.