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Strategic Adaptation

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The main reason for conducting business is creating and maintaining value (cf. Conner 1991; Sirmon et al. 2007). As companies are not stand-alone, closed systems, value creation is dependent in various ways on interrelations with the environment. It is from the environment that organizations are acquiring all the inputs and resources that they need for their operation, whether these are tangible or intangible resources, capital or human resources.