The upsurge in emerging markets around the world has resulted in profound transitional shifts in political, economic, and institutional systems. On the sectoral and industry levels, events such as the financial crises or environmental disasters are forcing government bodies around the world to re-assess their structural policies and introduce new types and forms of regulation. In this transitional environment, firms are competing to cope with these rapidly changing conditions, to become more sustainable in the long-term and propelling firms in all countries to unprecedented levels of innovation. These types of transitions call for new concepts and theories in strategy research, as well as new methodologies that are based on multilevel research. For the SMS 32nd Annual International Conference, we welcome you to Prague as we focus on the impact of strategy in transition.