Integrating resource-based and market-based views in the fisheries industry – CEO perspectives

Icelandic fisheries have been driven by access to natural resources, focused on fishing, processing, and selling products to wholesalers. The purpose of this study is to identify competitive advantage in the industry and find out how it is evolving within the perspective of resource-based view (RBV) and market-based view (MBV). In addition, this study is aimed at providing empirical evidence that can improve the understanding of competitive advantage in RBV and MBV perspectives in academic research. This study involves qualitative case studies based on in-depth elite interviews with chief executive officers (CEOs) of Icelandic fishing companies holding around 50% of the allowable national fishing quota. The findings suggest a transition from an RBV to an MBV to strengthen the competitive advantage of the industry. Key findings stress the significance of growth strategy, enhancing integration, value chain control, and brand development within the MBV perspective. Furthermore, the identified competitive advantage integrates strengths from the RBV with a market perspective for the fisheries industry. By considering these research views jointly, the understanding of companies' strategic behaviors and outcomes in a specific industry is expanded. This study offers, in addition, actionable insights and recommendation for top management and stakeholders in the Icelandic fishing industry, highlighting a shift from RBV to MBV strategies and underscoring the importance of internal resource integration for sustaining competitiveness. Moreover, the study proposes a model showing the prospective competitive advantage of the industry. Additionally, it contributes to the ongoing discussion on competitive advantage and provides valuable industry-specific insights. Limitation of this study is that it may not fully represent the entire fishing industry in Iceland and relies exclusively on the perspectives of CEOs.