The institutional appeal implications of organizational strategy decisions to hold firm or to adapt on key tactical factors are analyzed in a cross-sectional analysis of the top 100 Liberal Arts Colleges, compared against a similar analysis of the top 100 Research Universities in the United States. This analysis is motivated by the well-documented declining student interest in Liberal Arts Colleges. Building on theory related to the benefits of identifying, maintaining and emphasizing one's own core organizational identity, Liberal Art Colleges are predicted to experience increased institutional appeal from pursuing such a strategy. Practically, this prediction implies that the predominant industry practice of Liberal Arts Colleges to consistently evolve and change form in response to their shifting environments may be misguided and thus detrimental to the long-term viability of the institution. Evidence is found for significant advantages to holding firm on certain aspects of the Liberal Arts College identity. Moreover, the results indicate differential best strategic practices for Liberal Arts Colleges when compared against Research University counterparts.