Mapping Firms' adaptive profiles: The role of experiences and risk perception in the aquaculture industry

Abstract

The experiences of aquacultural firms regarding past environmental events and their present risk perceptions of environmental and social threats are key factors in understanding their adaptive response. This study aims to understand marine aquaculture firms' adaptive behavior considering firms' heterogeneity and the relationship between past experiences, present perceptions, and willingness to invest in adaptation. We identify different adaptation behavior profiles among the aquacultural firms, showing heterogeneity regarding firms' past responses to perturbations, risk perceptions of social and environmental factors, and their future behavior regarding their willingness to invest in adaptation. We conclude that an adaptive profile, based not only on economic and productive features but also on their social behavior regarding environmental threats, influences future adaptive behavior. Implications for management practice and policy are discussed.