ABSTRACTComplexity theory and adaptation landscapesThis article aims to investigate the dynamics of the strategic positioning of companies from a complexity theory approach. Through the application of the concept of adaptation landscapes, the authors develop an algorithm based on Kauffmans’s NK(C) model. This enables them, using an analogy with biological evolution as their starting point, to evaluate how organizational complexity elements can influence the competitive structure of an industry. In this study, the authors simulate combinations of scenarios in which relevant variables of organizations are internally interdependent as well as dependent on external variables. The results suggest that: when there is high internal complexity, sustainable competitive advantages may develop, due to skills in managing capabilities and resources; when there is external complexity, the difficulty of optimization in a rugged adaptation landscape may imply a need for adopting a vertical integration strategy; when entrance barriers are too restrictive, the industry is characterized by a high genetic load, implying a high number of strategies and low performance efficiency; and the possibility of restructuring may avoid inertia and, in complex environments, industry may achieve higher performance strategies.