 In a study of firms in the aircraft and semiconductor industries, it was found that environmental velocity is not simply an external and objective condition to which firms react; rather, firms collectively construct their environmental velocity through their social networks, collective assumptions, and environmental scanning approaches (Nadkarni and Narayanan, 2007).Furthermore, firms should employ adaptive scanning and sensemaking approaches to effectively understand and deal with the dynamism in high-velocity environments.In a key review of some of the major studies in this area, McCarthy et al.