The dynamics of field transformation is an under-investigated topic within organization theory. Drawing on the new institutional theory of organization, field transformation dynamics is examined, focusing on four change factors—external shocks, changes at the field periphery, ineffective isomorphic pressures and rearrangement of field boundaries. The impact of and interplay between these change factors is investigated within the business press field in Denmark and Italy over the last four decades. Four propositions are suggested and explored to analyse the relevance of change factors in the transformation of the business press field. The evidence from the Danish and Italian cases reveals how changes from the field periphery have minor impact on the field transformation, whereas external shocks, ineffective isomorphic pressures and boundary rearrangements play a major role. Based on these findings, a research agenda is suggested encompassing theory-driven attempts to define change factors and identify patterns of field change in cross-country comparisons in the same field.