Hart (1995, p. 988), argued “one of the most important drivers of new resources
and capability development for firms will be the constraints and challenges posed by
the natural (biophysical) environment”. This led to the development of the
natural-resource-based view (NRBV), which is an extension of the resource-based view
(RBV) of the firmand has received recent attention (Baker and Sinkula, 2005;Menguc and
Ozanne, 2005). It is composed of three interconnected environmental strategies that may
contribute to a sustainable competitive advantage. First, the pollution prevention strategy
aims to decreaseemissionswith a continuous improvement policy, and second, the product
stewardship strategy, whereby a firm takes an environmentally proactive stance toward
raw material and component suppliers to minimise the environmental impact. Lastly,
sustainable development, fostered by a strong sense of social-environmental purpose, is a
firm’s pursuit of sustainability as a long-term and shared vision (Hart, 1995). All three
strategies are interconnected and there is a sequential “path dependency” and an element
of “embeddedness” as all three strategies are needed to a certain degree (Hart, 1995).