Purpose – This paper seeks to examine the relationships between knowledge capability, strategic change, and firm performance in the US airline industry from regulation to deregulation. Design/methodology/approach – This is a longitudinal study with a cross‐sectional time series research...

Research highlights the role of external knowledge sources in the recognition of strategic opportunities, but is less forthcoming with respect to the role of such sources during the process of exploiting or realizing opportunities. We build on the knowledge-based view to propose that realizing...