A Natural-Resource-Based View of the Firm

Using resource-based theory as a point of departure, this paper proposes a natural resource-based view of the firm--a new theory based upon the firm's relationship to the natural environment.It is composed of three interrelated strategies--pollution prevention, product stewardship, and sustainable development.Propositions are advanced for each of these strategies regarding their connections to sustained competitive advantage, firm performance, and implementation.Strategic management deals with the challenge of establishing and maintaining a match between changing external (environmental) factors and internal (organizational) resources and capabilities (Chandler, 1962, Andrews, 1971;Hofer and Schendel, 1978).There is an active debate among management scholars concerning the relative importance of internal firm resources (e.g.Wernerfelt, 1984;Barney, 1991) versus environmental factors (e.g.Hannan and Freeman, 1977;Porter, 1980Porter, , 1990) ) to sustained competitive advantage.However, most would agree that both internal and external factors are crucial to competitive success (Fiegenbaum, Hart, and Schendel, 1994).In fact, many recent contributions attempt an integration of the internal and

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