Strategic reorientation under institutional volatility: a conceptual replication in an emerging-market fintech context

Purpose This study aims to conduct a bounded conceptual replication of McDonald and Gao’s (2019) strategic reorientation framework, examining what it retains, how stakeholder tension is contextually modified and which supporting interpretations become analytically useful in two Turkish fintech cases with varying regulatory salience. Design/methodology/approach A qualitative conceptual replication was conducted across two early-stage Turkish fintech ventures, Alpha and Beta, through nine in-depth founder interviews, documentary analysis and triangulation of secondary data. McDonald and Gao’s audience-management constructs, product framing, audience expectations and penalties and the anticipation, justification and staging of reorientation served as sensitizing concepts. Findings The framework’s broader audience-management problem remains recognizable in both cases but requires contextual qualification. Alpha provides the closer-transfer case, with predominantly market-related stakeholder tension. Beta provides the stronger contextual-modification case, where regulatory salience is more visible alongside customer-process, market and investor considerations. State-induced logic is therefore treated as an article-level interpretation most clearly evidenced in Beta, while founder-centric governance and situated legitimacy-building remain supporting interpretations. Practical implications The cases suggest that founders operating under comparable state-sensitive conditions may benefit from distinguishing regulatory requirements, customer signals and investor expectations when interpreting reorientation pressures. The two-case design does not support general policy prescriptions. Originality/value This bounded replication yields three case-grounded outcomes. First, McDonald and Gao’s broader audience-management problem remains recognizable in the two Turkish fintech cases. Second, context most clearly modifies stakeholder tension in Beta, where regulatory salience joins customer-process, market and investor considerations. Third, founder-centric governance and situated legitimacy-building are retained only as supporting article-level interpretations. The contribution is analytical boundary specification rather than population generalization.