Intellectual property rights (IPR) and standards are important institutions that by shaping appropriability conditions of companies impact international trade flows and the rate and direction of technological progress and innovation activity. We shed light on microfoundations of IPR and standardization capabilities and explore how companies have developed their IPR and standardization strategies and adapted to related institutional changes in the European Single Market. The analysis of the IPR and standardization strategies of companies active in P\"aij\"at-H\"ame region of Finland, a northern part of the European Union, reveals that only a few companies have explicit IPR and standardization strategies, but several have systematic approaches to following the development of standards and IPR environments in their industries. Companies build dynamic IPR and standardization capabilities and adapt their IPR and standardization strategies to the changing institutional environment via experiential learning.