This study is aimed at, first, gaining a better understanding of organizational evolutionary processes and, second, their adaptation mechanisms. The research on selection makes it clear that different evolutionary patterns can be characterized, particularly if resources and capabilities are considered. By applying this theoretical model to the population of Spanish savings and loans entities, we have found not only diverse adaptation mechanisms, but also the important role played by strategic behaviour in achieving internal adaptation. In addition, we have also found that each organizational evolution is clearly influenced by resources and capabilities. Hence, the process of organizational evolution appears complex and dependent on environmental dynamics. In sum, it can be concluded that the process of organizational renewal faced by Spanish savings and loans institutions led to different adaptation mechanisms, mechanisms which were strongly influenced by organizational resources and capabilities.
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