The industry-based view ignores the impact of industry history and institutions on firm performance.

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The industry-based view considers industry-level factors such as structure, competition, and technological opportunities as the main determinants of firm performance, but it often overlooks the influence of industry history and institutions on firms' strategic choices and outcomes. Industry history refers to the path-dependent processes and events that shape the current structure and dynamics of an industry, while industry institutions encompass the formal and informal rules, norms, and practices that govern firm behavior and outcomes. Both factors can have a significant impact on a firm's ability to create and capture value in a given industry. Therefore, it is important to take them into account when analyzing industry-level dynamics and firm strategy.

The Industry-Based View Ignores the Impact of Industry History and Institutions