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SUSTAINABILITY, STAKEHOLDER GOVERNANCE, AND CORPORATE SOCIAL RESPONSIBILITY

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ADVANCES IN STRATEGIC MANAGEMENT

Series Editor: Gino Cattani

Recent Volumes:

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ADVANCES IN STRATEGIC MANAGEMENT VOLUME 38

SUSTAINABILITY, STAKEHOLDER GOVERNANCE, AND CORPORATE SOCIAL RESPONSIBILITY

EDITED BY

SINZIANA DOROBANTU

New York University, USA

RUTH V. AGUILERA

Northeastern University, USA

JIAO LUO

University of Minnesota, USA

FRANCES J. MILLIKEN

New York University, USA

United Kingdom – North America – Japan – India – Malaysia – China

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Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2018

Copyright © 2018 Emerald Publishing Limited

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A catalogue record for this book is available from the British Library

ISBN: 978-1-78756-316-2 (Print)

ISBN: 978-1-78756-315-5 (Online)

ISBN: 978-1-78756-317-9 (Epub)

ISSN: 0742-3322

List of Contributors

About the Editors

Sinziana Dorobantu is Assistant Professor of Management and Organizations at the Stern School of Business of New York University. Her research spans the areas of nonmarket strategy, stakeholder governance, and global strategy, and focuses on understanding the financial value and evolution of stakeholder engagement strategies, particularly in infrastructure industries.

Ruth V. Aguilera is Professor in the Department of International Business and Strategy at the D’Amore-McKim School of Business at Northeastern University. She is interested in research at the intersection of strategic organization and international business with a focus on comparative corporate governance and corporate social responsibility.

Jiao Luo is Assistant Professor of Strategic Management & Entrepreneurship at the Carlson School of Management, University of Minnesota. Jiao’s research interests lie at the intersection of nonmarket strategy and organization theory, with a focus on the drivers and social impact of corporate social responsibility (CSR) activities.

Frances J. Milliken is Professor of Management and holds the Arthur E. Imperatore Professorship in Entrepreneurial Studies at the Stern School of Business of New York University. Her primary research interests are in how organizational contexts shape the interactions between people in an organization and in CSR.

About the Authors

Ruth V. Aguilera is Distinguished Full Professor at the D’Amore-McKim School of Business at Northeastern University and Visiting Professor at ESADE Business School. Ruth’s research interests lie at the intersection of strategic organization, economic sociology and global strategy, specializing in international and comparative corporate governance, corporate social responsibility, and firm internationalization. She is Senior Editor at Organization Science, Associate Editor at Corporate Governance: An International Review, and Consulting Editor at the Journal of International Business Studies. She is one of the Directors in the Board of the Strategic Management Society and the International Corporate Governance Society as well as a Fellow of the Academy of International Business.

Emily Barman is Professor of Sociology at Boston University. She employs organizational theory and economic sociology to study the conditions and consequences of the turn to market-based solutions to health, social, and environmental challenges. Her most recent book, Caring Capitalism: The Meaning and Measure of Social Value (Cambridge University Press, 2016), was awarded the Best Book Award from the Academy of Management’s Public and Nonprofit Division. Other publications include the award-winning Contesting Communities: The Transformation of Workplace Charity (Stanford University Press, 2006) and articles in American Journal of Sociology, Annual Review of Sociology, Journal of Management Studies, Nonprofit and Voluntary Sector Quarterly, and Social Science History, among others.

Michael L. Barnett is Professor of Management at Rutgers Business School-Newark & New Brunswick, in Rutgers, the State University of New Jersey. He holds PhD from the Stern School of Business at New York University. His research focuses on the firm-stakeholder interface. In particular, he studies how firms individually and collectively manage their relationships with stakeholders, and how their efforts at stakeholder management, through acts of CSR and via communal institutions such as industry trade associations, influence their reputations and financial performance. His work has appeared in numerous academic journals, including Academy of Management Journal, Academy of Management Review, Academy of Management Discoveries, Strategic Management Journal, Journal of Management, Journal of Management Studies, Long Range Planning, and Business & Society, among others.

Jonathan Bundy is Assistant Professor of Management and Entrepreneurship in the W. P. Carey School of Business at Arizona State University. His research takes a behavioral approach to strategic management and focuses on the social and cognitive forces that shape organizational outcomes and behavior. He specifically investigates crisis and impression management, corporate reputation and other social evaluations, firm-stakeholder relationships, and corporate governance. His work has appeared in leading journals, including the Academy of Management Review, Administrative Science Quarterly, Journal of Management, and Strategic Management Journal. Before joining W. P. Carey, he was Assistant Professor of Management and Organization in the Smeal College of Business at the Pennsylvania State University. He received his Bachelor’s and Master’s degrees from the University of New Mexico and his Doctorate in Strategic Management and Organization Theory from the University of Georgia.

W. Chad Carlos is Assistant Professor of Entrepreneurship at the BYU Marriott School of Business. He received his PhD in Management and Organizations from Cornell University. His research focuses on issues related to entrepreneurship and nonmarket strategy in contexts such as health care, sustainability, and university technology commercialization and has been published in top management journals such as Administrative Science Quarterly and Organization Science. Professor Carlos has taught courses on entrepreneurship and innovation to students and executives around the globe including the Middle East, Europe, Africa, and Latin America. Prior to his academic career, he was Certified Public Accountant and Senior Consultant with KPMG in their Silicon Valley office.

Imran Chowdhury is Associate Professor of Management at the Lubin School of Business, Pace University, and Visiting Professor at the Free University of Berlin’s International Summer and Winter University. He teaches courses in international management, strategic management, and entrepreneurship. His current research focuses on the intersection of business and society, encompassing domains such as social entrepreneurship and innovation, corporate social responsibility, philanthropy, and community-focused organizations. Imran has his work published or forthcoming in Academy of Management Learning & Education, Advances in Strategic Management, Journal of Business Ethics Education, Social Networks, and in several edited volumes. He is a member of the Editorial Board of Academy of Management Learning & Education, serves on the Award Committee of the oikos International Case Competition (Social Entrepreneurship track), and is Term Member at the Council on Foreign Relations. He received his PhD from ESSEC Business School (Paris).

Sinziana Dorobantu is Assistant Professor of Management and Organizations at the Leonard N. Stern School of Business of New York University. Her research spans the areas of nonmarket strategy, stakeholder governance, and global strategy, and focuses on understanding the financial value and evolution of stakeholder engagement strategies, particularly in energy and infrastructure industries. Her research has been published in the Administrative Science Quarterly, the Journal of Corporate Finance, the Strategic Management Journal, and Strategy Science. Prior to joining Stern, she completed PhD at Duke University and a two-year Postdoctoral Fellowship at The Wharton School of University of Pennsylvania.

Nicolai J. Foss is the Rodolfo Debenedetti Chaired Professor (“Ordinario”) of Entrepreneurship at the Bocconi University, Milano. Foss is Member of Academia Europaea and Fellow of the SMS. His research interests are strategic entrepreurship and the role of organizational design in a strategic context. His research has been published in the leading research journals in management.

Ari Ginsberg is Professor of Entrepreneurship and Management at New York University’s Stern School of Business, and Affiliate Professor at New York University’s Tandon School of Engineering. He has been the recipient of several honors at New York University, including the Citibank Excellence in Teaching Award, Peter Drucker Fellowship, and the Harold Price Entrepreneurship Professorship. He has published numerous articles in leading scholarly journals, such as the Academy of Management Review and the Strategic Management Journal, and has received multiple academic awards for his work on entrepreneurial strategies and corporate innovation and change. His current research focuses on entrepreneurial mindset development, corporate venturing, innovation ecosystems, and technology commercialization. He received his MBA and PhD in Strategic Planning and Policy from the University of Pittsburgh as well as Master’s degree in Human Learning and Cognition from Columbia University.

Heather A. Haveman is Professor of Sociology and Business at the University of California, Berkeley. She received BA and MBA from the University of Toronto, and PhD from the University of California Berkeley. Before coming to Berkeley in 2006, she taught at Duke (1990–1994), Cornell (1994–1999), and Columbia (1998–2007). She studies how organizations’, industries’, and employees’ careers evolve, and the impact of organizations on their employees and society at large. Her work combines insights from institutionalism, organizational demography, social movements, economic geography, microeconomics, and social history. It has appeared in many journals, including the Academy of Management Journal, Administrative Science Quarterly, American Sociological Review, American Journal of Sociology, Organization Science, Law and Society Review, and Sociological Science as well as in several edited books. Her book, Magazines and the Making of America: Modernization, Community, and Print Culture 1741–1860, was published by Princeton University Press in 2015.

Olga Hawn is Assistant Professor of Strategy and Entrepreneurship and Sustainability Distinguished Fellow at the Kenan-Flagler Business School, University of North Carolina in Chapel Hill. She has PhD in Strategy from the Fuqua School of Business at Duke University, Master’s degree in Management Research from Saïd Business School at University of Oxford, and Master’s degree in International Business and BA in Economics from the Plekhanov Russian University of Economics. Her research lies at the intersection of strategy and organization theory, business and society. In particular, she is engaged in multidisciplinary research on nonmarket strategy, including environmental, social, and corporate governance activities of the firm with a focus on the strategic impact of such activities, their antecedents, and consequences in developed and emerging markets. Her work has been published in top journals such as Strategic Management Journal, Academy of Management Journal, and Academy of Management Review.

Irene Henriques is Professor of Sustainability and Economics at the Schulich School of Business, York University in Toronto Canada, Distinguished Visiting Star Professor at the EGADE Business School, Tecnologico de Monterrey, Mexico, and Co-Editor of Business & Society. Her research interests span economics, stakeholder management and sustainability. She has published numerous articles in leading economic and management journals including the American Economic Review, Academy of Management Journal, Strategic Management Journal and Journal of Management Studies. Irene has served as Chair of the Organizations and the Natural Environment (ONE) Division of the Academy of Management and the Strategy Division of Administrative Sciences Association of Canada (ASAC). She has also served as Chair of the Joint Public Advisory Committee (JPAC) to the US, Canadian and Mexican Environment Ministers under NAFTA (the Commission for Environmental Cooperation).

Bryan W. Husted is Professor of Management at the EGADE Business School of the Tecnologico de Monterrey in Mexico. He received PhD in Business and Public Policy from the University of California at Berkeley. His current research focuses on corporate social and environmental performance. His work has appeared in such journals as Organization Science, Strategic Management Journal, Journal of International Business Studies, Business Ethics Quarterly, Journal of Business Ethics, Journal of Management Studies, Long Range Planning, Business & Society, and Organization Studies, among others. Bryan has served as President of the Society for Business Ethics, Division Chair of the Social Issues in Management division of the Academy of Management, and is Fellow and Past President of the International Association for Business and Society. He is currently Coeditor of Business & Society and National Researcher (level III) of the National Research System (SNI) of Mexico.

Andrew Inkpen is Professor of Management and the J. Kenneth and Jeanette Seward Chair in Global Strategy at Thunderbird School of Management, Arizona State University. His research areas include global strategy, the management of multinational firms, and the management of strategic alliances and international joint ventures. In recent years, he has focused on the global energy industry in research and teaching. He has published several books on the oil and gas industry and recently published a study of vertical integration in oil and gas (with Kannan Ramaswamy). His research has been published in various journals including Academy of Management Review, Strategic Management Journal, Journal of International Business Studies, Journal of Management Studies, Organization Science, and Decision Sciences. He is on the editorial boards of Strategic Management Journal, Journal of International Business Studies, Organization Studies, Asia Pacific Journal of Management, and Journal of International Management.

Anne Jacqueminet is Assistant Professor of Management at Bocconi University, Milan. She received her PhD in Strategic Management from HEC Paris. Her current research looks at the antecedents, processes, and consequences of strategic implementation of sustainability practices within multinational enterprises (MNEs) as well as the relationship between MNEs’ corporate strategies and their corporate social (ir)responsibility. Her work has been published in the Journal of International Business Studies among others. Anne Jacqueminet serves as Ad-hoc Reviewer for several journals and conferences. She currently teaches Business Strategy and CSR and Business Ethics in the Bachelor program of Bocconi University. Prior to joining academia, she had worked for four years as Consultant in climate change and sustainability.

Nan Jia is Associate Professor of Strategic Management at the Marshall School of Business, University of Southern California. She holds PhD in Strategic Management from the Rotman School of Management, University of Toronto (Canada), and BA in Economics from Guanghua School of Management, Peking University (China). Her research interests include corporate political strategy, business-governance relationships, and corporate governance in international business. Her research has been published in the Management Science, Strategic Management Journal, Organizational Science, Journal of Politics, Academy of Management Review, and Administrative Science Quarterly. Her work is mainly empirical, but also incorporates economic modeling. She serves on the editorial boards of the Strategic Management Journal, the Journal of International Business Studies, and the Academy of Management Review.

Hyoung-Goo Kang is Assistant Professor at Hanyang University Business School in Seoul, Korea. His research focuses on financial innovations, innovative institutions, strategic process, and asset allocation. He received his PhD and MA from the Fuqua School of Business at Duke University, MA from the Economics Department at University of Virginia, and BA from the Economics Department at Seoul National University. He has worked at Lehman Brothers Quantitative Research, Samsung Asset Management, International Monetary Fund, Accenture Management Consulting, and Republic of Korea Air Force.

Peter G. Klein is W. W. Caruth Chair and Professor of Entrepreneurship and Corporate Innovation at Baylor University’s Hankamer School of Business. He is Director of Baylor’s Entrepreneurship PhD Program and Senior Research Fellow at the Baugh Center for Entrepreneurship and Free Enterprise. He also serves as Adjunct Professor of Strategy and Management at the Norwegian School of Economics and Carl Menger Research Fellow at the Mises Institute. His research focuses on the links between entrepreneurship, strategy, and organization, with application to innovation, diversification, vertical coordination, health care, and public policy. His work has appeared in Organization Science, RAND Journal of Economics, Strategic Entrepreneurship Journal, Academy of Management Review, Journal of Industrial Economics, Sloan Management Review, and other outlets. He received his PhD in Economics from the University of California, Berkeley, and BA in Economics from the University of North Carolina, Chapel Hill.

Donald Lange is Associate Professor of Management and Entrepreneurship and the Lincoln Professor of Management Ethics at Arizona State University (ASU). Since graduating with his PhD in Management from the University of Texas at Austin he has been with ASU’s W. P. Carey School of Business, where he teaches Managerial Ethics in the MBA program and Organization Theory in the PhD program. His research interests include bad behavior within organizations, corporate social (ir)responsibility, organizational reputation, and stakeholder strategy. His published work appears in top academic management journals including Academy of Management Review, Academy of Management Journal, Organization Science, and Personnel Psychology. His most recent article (with J. R. Busenbark and S. T. Certo), titled “Foreshadowing as Impression Management: Illuminating the Path for Security Analysts,” appears in Strategic Management Journal. Prior to joining academia, he was in top management in the not-for-profit sector.

Mary Dean Lee is Professor Emeritus, Organizational Behavior and Human Resource Management in the Desautels Faculty of Management at McGill University. Her research interests include professional and managerial careers, the changing nature of work, work and family, alternative work arrangements, and work and aging. She has published articles in Academy of Management Journal, Harvard Business Review, Human Relations, Human Resource Management, Journal of Management Studies, Journal of Organizational Behavior, Journal of Social Issues, Journal of Vocational Behavior, Organization Studies, Work, Employment & Society as well as other management journals.

Brandon H. Lee is Associate Professor of Strategy at Melbourne Business School. His research interests include the role of collective action in market formation, environmental sustainability, the regulation of new markets, and certification processes in industries. He has recently published work in this area in Organization Science and Strategic Management Journal. He is currently conducting research on carbon markets, the transformation of the disability sector in Australia and unmanned aerial vehicles. He serves on the editorial boards of Administrative Science Quarterly and Academy of Management Journal and received his PhD in Organizational Behavior from the School of Industrial and Labor Relations at Cornell University.

Matthew Lee is Assistant Professor of Strategy at INSEAD, based in Singapore. His research focuses on how organizations simultaneously pursue social and financial objectives, in settings including social-financial hybrid organizations, corporate social responsibility, and the commercial activity of nonprofit organizations and social movements. He received his Doctorate degree from Harvard Business School.

Jean-Baptiste Litrico is Associate Professor of Strategy and Organization, and Distinguished Faculty Fellow of Strategy at the Steven J. R. Smith School of Business, Queen’s University (Canada). His research interests include institutional change, the evolution of organizational fields, and the diffusion of management models and practices across organizations. His research has appeared in Academy of Management Journal, Organization Studies, Human Relations, Journal of Organizational Behavior, Journal of Business Ethics, and other management journals. He received PhD in Management from McGill University.

Jiao Luo is Assistant Professor of Strategic Management & Entrepreneurship at the Carlson School of Management, University of Minnesota. Jiao’s primary research interests lie at the intersection of nonmarket strategy and organization theory. She examines when and how firms participate in corporate social responsibility (CSR) activities, and the social impact of these activities. She also studies the comparative efficiency of not-for-profit organizations and how they compete and collaborate with for-profits. Her research has been published or is forthcoming at the Administrative Science Quarterly and the Strategic Management Journal, where she sits on the Editorial Board. She currently serves as the Representatives-at-Large for the Strategic Management Society’s Competitive Strategy Interest Group as well as the Stakeholder Strategy Interest Group. Jiao earned her PhD in Management from Columbia Business School, and Master’s in Economic and Public Policy from the London School of Economics and Political Science.

Alfred Marcus is the author of Innovations in Sustainability: Fuel and Food, Cambridge University Press (2015), which won the Academy of Management ONE 2016 Outstanding Book Award. In 2016, he published The Future of Technology Management and the Business Environment: Lessons on Innovation, Disruption, and Strategy Execution with Pearson Press. He is the author, co-author, or editor of 17 books including Management Strategy: Sustaining Competitive Advantage (with A.Cohen). He is currently working on a book on the energy industry and an ethics text. He has published in major management journals such as the Strategic Management Journal and the Academy of Management Journal. Since 2006, he also has taught in the MBA program of the Technion Israel Institute of Technology. His Bachelor’s and Master’s degrees are from the University of Chicago and his PhD is from Harvard University.

Chris Marquis is the Samuel C. Johnson Professor in Sustainable Global Enterprise and Professor of Management at Cornell University. His current teaching and research examines how the interaction between civil society, governments and corporations leads to socially and environmentally beneficial outcomes. Under this theme, he is currently pursuing several streams of research. The first examines how civil society processes can affect corporate accountability. The second explores how civil society has developed in China. Finally, the third examines institutional change processes in emerging markets more generally. These research projects build on Marquis’ earlier research on how business can have a positive impact on society and in particular how historical and geographical processes have shaped firms’ and entrepreneurs’ social and environmental strategies and activities. He received PhD in Sociology and Business Administration from the University of Michigan.

Afshin Mehrpouya is Associate Professor of Accounting and Management Control Systems at HEC Paris. Trained as a medical doctor in Iran, Afshin also holds an MBA and PhD in Management. His research is broadly on the role of performance measurement in transnational governance, and responsible investments. He currently studies the construction and use of rankings and ratings in regulating environmental and social issues. Afshin has advised a range of development and sustainability related initiatives such as Access to Medicine Index, Aid Transparency Index, Medicines Transparency Alliance, Access to Nutrition Index, and Responsible Mining Index.

Frances Milliken is Professor of Management and holds the Arthur E. Imperatore Professorship in Entrepreneurial Studies at the Stern School of Business of New York University. She received her BA degree in Psychology from Barnard College and PhD in Organizational Behavior from the City University of New York. Key themes in her most recent research and writing center around the relationship between diversity and corporate social responsibility, employee voice, and the impact of corporate sustainability initiatives on employees. She just finished a term as Associate Editor of the Academy of Management’s newest academic journal, Academy of Management Discoveries. She is currently on the editorial boards of the Academy of Management Discoveries, Organization Science and the Journal of Management Studies.

Kannan Ramaswamy holds the William D. Hacker Chair in Management at the Thunderbird School of Global Management. Much of his research and teaching career has focused on strategy issues in emerging markets encompassing questions relating to ownership, governance, and globalization with a particular focus on natural resource-based industries. His work has appeared in all the leading journals in strategy and international business such as the Journal of International Business Studies, Strategic Management Journal, and the Academy of Management Journal. He recently coauthored a compendium of field studies of oil and gas companies with Andrew Inkpen and Michael Moffett titled The Global Oil and Gas Industry: Stories from the Field (Pennwell, 2017). He recently published a paper on the efficacy of vertical integration strategies in oil and gas (coauthored with Andrew Inkpen) and their performance impact over the long term evolution of the industry (The Oil and Gas Industry: Value Chains and Vertical Integration, Advances in International Management, 2017).

Rachelle Sampson is Associate Professor at the RH Smith School of Business, University of Maryland. Rachelle’s research focuses on how organization structure and ownership forms influence firm investment time horizons and R&D productivity. Her recent work exposes rising short-termism in US firms and capital markets, outlining implications for firm productivity and growth as well as environmental impact. Her research has been published in several academic outlets, including Management Science, Strategic Management Journal, Academy of Management Journal and Case Western Law Review, and has received press coverage, including Bloomberg and Vox.com. Formerly Professor at NYU-Stern and Georgetown University, Rachelle started her professional career as Consultant for Ernst & Young and as Corporate Attorney in Australia. She received her PhD from the University of Michigan and her law degree from Queensland University of Technology, Australia.

Jing Shi is Professor of Finance, School of Economics, Finance and Marketing, Faculty of Business at RMIT University. Professor Shi’s main research interests are in the areas of empirical corporate finance, emerging markets, political and international economics. Recently, he began to expand his research focus by investigating market development and corporate governance issues in the context of China’s transition process, especially in the fields of networking, political connections, business strategy, and corporate governance. Professor Shi’s research has appeared in leading academic journals, such as the Journal of Political Economy, Administrative Science Quarterly, and Management Science. Professor Shi was Member of the ERA 2015 Research Evaluation Committee (Economics and Commerce). He is currently Editor of Accounting and Finance Journal and Board Member of Asian Finance Association.

Wesley Sine is Professor of Management and Organizations at Cornell University. Professor Sine’s research focuses on how the institutional context, (the normative, regulative, and cultural environment) shapes entrepreneurial behavior innovation and new venture outcomes. His research context includes the United States, Latin America, and the Middle East. He explores issues related to institutional change, industry and technology evolution, and new venture structure and strategy. He has examined a diverse set of economic sectors ranging from the electric power industry to the emergence of the Internet. He has consulted and taught executives in Latin America, Asia, and the Middle East. Sine has published in the following journals: Administrative Science Quarterly, Academy of Management Journal, Management Science, Organization Science, Strategic Management Journal, and Research Policy. Sine is currently Senior Editor at Organization Science and is the Book Review Editor at Administrative Science Quarterly.

Lilach Trabelsi is PhD candidate in Management and Business Administration at Bocconi University in Milan, where she teaches and researches topics related to the role of stakeholders in achieving sustainability objectives. Prior to joining academia, she obtained an MBA from ESADE Business School in Barcelona, and has held various positions in the private banking, high tech, and the public sectors. Lilach’s current research focuses on the link between corporate strategy and sustainability, and in particular, firm participation in multi-stakeholder collaborative sustainability initiatives.

Yongxiang Wang is Associate Professor of Finance at the Marshall School of Business, University of Southern California. His research focuses on how corruption and politics affect resource allocation and efficiency. To this end, he has studied a range of prominent social, economic, and political phenomena in China, including privatization, business groups, workplace safety, the death ceiling program, Sino-Japanese conflict, fellow selection at the China Academy of Science, air pollution, and the Sent-down Youth program during the Cultural Revolution. He has published in top economics, finance, and strategy journals, including JPE, ReStud, AEJ: Applied, JLEO, RFS, JFE, Administrative Science Quarterly, and Management Science.

Maggie Zhou is Bancorp Assistant Professor of Strategy at Stephen M. Ross School of Business, University of Michigan. Maggie’s research focuses on the theory of the firm, organization structure and institutions. Her recent studies investigate the role of complexity in setting limits to firm growth, competitive strategies, and organizational design. Her work has been published in the Strategic Management Journal, Organization Science, Journal of Corporate Finance, and Advances in Strategic Management.