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from Part II - Conceptual Framework
Published online by Cambridge University Press: 28 April 2022
In Chapter 3, we continue exploring how firms adapt to the intensity of chronic nature adversity conditions. Our goal in this chapter is to contribute to the debate in the strategic management literature on whether external adversity tends to be positively or negatively related to adaptation. We propose an inverted U-shaped relationship between nature adversity intensity and protective adaptation, such that firms facing lower or higher than medium levels of nature adversity intensity tend to adopt lower levels of protective adaptation. Business adapatation is at its highest at at medium levels of nature adversity. Additionally, we discuss how our proposed inverted U-shaped relationship between nature adversity intensity and protective adaptation is likely to be moderated by several firm-level and institutional context-level characteristics (i.e., age, public ownership, slack resources, and stringency of regulations).
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