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According to the evolutionary approach, technological progress is not an exogenous phenomenon but rather depends on a set of socioeconomic and institutional conditions. Within the framework of technological paradigms, technological trajectories emerge, within which companies build their path. In this paper, we return to the concepts of paradigm and trajectory and seek to identify the main factors in the evolution of firms. Dynamic capabilities, at the origin of new organizational routines, are at the heart of companies’ strategies for mastering the direction of technical progress. The constant enrichment of knowledge capital, a set of information and knowledge produced, acquired, and systematized by one or more firms with a view to production and, more broadly, the generation of value, is an illustration of this. However, the financialization of economies largely influences corporate governance and becomes a determining factor in the evolution of the trajectories of companies.JEL codes: L20, M20