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Bettina Bastian, Ulf Henning Richter and Christopher L. Tucci

The resource-based view of the firm (RBV) has emerged as a dominant perspective in strategic management, aiming to explain how unique firm resources and capabilities lead to sustained competitive advantage. In this book chapter, we apply the RBV to the context of finite natural resources and show that the RBV criteria do not suffice to understand performance differences given political risk resulting from the fixed location of natural resources and auto-consumption that drives natural resource depletion. Using a property rights perspective, we outline factors that enhance the explicatory power of the RBV for the extractive sector. We develop four scenarios that link natural resource endowment, depletion, political risk, firm performance, innovation and diversification.