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"Russo, Michael V"
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Deregulation and environmental differentiation in the electric utility industry
This paper analyzes how economic deregulation impacts firm strategies and environmental quality in the electric utility industry. We find evidence that the deregulation introduced to this historically staid industry has stimulated environmental differentiation. Differentiation is most likely to appear where its point of uniqueness is valued by customers, and we confirm this relationship in our sample. Specifically, utilities that served customers who exhibited higher levels of environmental sensitivity generated more 'green' power. The tendency for firms to differentiate in this way is lessened if they are relatively more dependent on coal-fired generation or relatively more efficient. Thus, there is evidence that firms sort themselves into either differentiation or low-cost strategies as the competitive realities of a deregulated world unfold. Deregulation and the ensuing environmental differentiation illustrate how utilities exploited formerly unmet customer demand for green power. The result has been greater levels of renewable generation and, hence, a cleaner environment.
Journal Article
A Resource-Based Perspective On Corporate Environmental Performance And Profitability
Drawing on the resource-based view of the firm, a study posited that environmental performance and economic performance are positively linked and that industry growth moderates the relationship, with the returns to environmental performance higher in high-growth industries. The study tested these hypotheses with an analysis of 243 firms over 2 years, using independently developed environmental ratings. The results indicate that \"it pays to be green\" and that this relationship strengthens with industry growth. The study's academic and managerial implications are highlighted, making special reference to the social issues in management literature.
Journal Article
Companies on a mission : entrepreneurial strategies for growing sustainably, responsibly, and profitably
\"Let your social and environmental conscience be your guide\" can be a successful and durable strategy for a firm. This is the first book to explain how following a vision for the earth and for society can be a powerful route to profits for small and medium sized companies.
Companies on a Mission explains that mission-driven companies appreciate and leverage traditional strategic principles—with a twist—to win in the marketplace. By clearly and pragmatically laying out this argument, author Michael V. Russo crystallizes for enlightened businesses what Michael Porter made clear for mainstream firms years ago. The book shows that a mission-driven approach creates significant barriers to imitation by larger, established rivals. Mission-driven firms build their brands on authenticity. Only you are you. And, authenticity builds customer loyalty. Later in the book, Russo moves beyond the firm level to look at these companies in context. He finds, for instance, that just as specific industries often develop in geographic clusters, mission-driven companies also aggregate. But, they put down roots where other businesses are pursuing complementary goals. Portland and the Bay Area are two such hotbeds. This allows for cooperation, as opposed to breeding stiff competition.
The rise to prominence of mission-driven companies like Patagonia, Seventh Generation, Kettle Foods, and Calvert Group is undoubtedly the result of powerful trends in consumer markets, including the rise of conscious consumerism, the transparency movement, and fallout from global competition. Most books that address social and environmental issues are focused on large corporations, crafted as autobiographies by CEOs, or written as moral calls to action without regard for the bottom line. Companies on a Mission both chronicles a movement and provides grounded guidance to entrepreneurs and managers who wish to join the wave. For these readers, this book is a one-of-a-kind bible.
eBook
When Competition Eclipses Cooperation: An Event History Analysis of Joint Venture Failure
Why do so many joint ventures fail? Despite the fact that their success is the exception rather than the rule, the literature on why joint venture performance has been so poor remains fragmentary. We address this issue, adopting a transaction-cost economics perspective and modeling joint ventures as governance structures that blend the advantages and drawbacks of both markets and hierarchies. Using a data base on electronics industry ventures and event history analysis, we identify several predictors of joint venture failure and test for their influences. A key finding is that the presence of competition between joint venture partners outside of the agreement significantly impairs chances for the operation's chance of survival. We also find clear evidence that the failure rate of joint ventures is nonmonotonic, rising to a peak in the middle term and then declining. Finally, we compare and contrast predictors of terminations due to failure to those due to acquisition of the joint venture by one of its partners. Our overall conclusions highlight implications for strategic choice theory-building and the management of joint ventures.
Journal Article
Social Sustainability as Buying Local
Recently issued United Nations Sustainable Development Goals call for people to make extensive behavioral changes, including consuming food more sustainably. The authors explore the role that meso-level retailers play in local purchasing, an activity that the United Nations recognizes as a contributor to sustainability. In so doing, the authors promote more balance within the marketing literature, which has focused more on the environmental component of products and purchasing and less on the local dimension. This article spotlights “soft” policies, those that use persuasion and encourage voluntary action, rather than direct methods, such as subsidies and regulations. The authors develop a core hypothesis about how social norm messages and attitudes toward local food affect consumer purchase intentions. They test this hypothesis across national contexts via online surveys of 316 Italian consumers (Study 1) and 186 U.S. consumers (Study 2). The analysis reveals that in both countries, the effectiveness of social norm messages increases with unfavorable attitudes toward local buying. The study concludes with thoughts for researchers and policy makers about how meso-level actors, such as retailers, can elicit more local purchasing.
Journal Article
Leadership Forum on Organizations and Sustainability
In mid-2020, leaders in the field of organizations and the natural environment convened for a conference call to assess the field as it stands and consider reorientations that might elevate its scholarship and amplify its impact. On the call were:Tobias Hahn (ESADE), President of GRONEN, the Group for Research on Organizations and the Natural Environment Jennifer Howard-Grenville (Cambridge Judge Business School, University of Cambridge), Deputy Editor of Academy of Management Journal.Tom Lyon (University of Michigan), President of ARCS, the Alliance for Research on Corporate SustainabilityMike Russo (University of Oregon), Editor-in-Chief of Organization & EnvironmentJudith L. Walls (Institute for Economy and the Environment, University of St.Gallen), Chair of the Organizations and the Natural Environment Division of the Academy of ManagementWhat follows is a lightly edited transcript of our free-flowing conversation, with references that came up in the discussion added.
Journal Article
The emergence of sustainable industries: building on natural capital
This paper focuses on the emergence and growth of sustainable industries, specifically analyzing the rise of the wind energy industry in California. Based on a favorable institutional environment and the presence of abundant natural capital, the wind energy industry took root and flourished in California during the last two decades. This paper analyzes this phenomenon by exploring the determinants of where and when wind energy projects would be established. Findings suggest that in locations where natural, social, and economic influences converged, greater wind energy activity followed. The paper advances a simple framework that uses natural capital, site specificity, and institutional environments to predict which sustainable industries will enjoy growth in coming decades.
Journal Article
Institutions, Exchange Relations, and the Emergence of New Fields: Regulatory Policies and Independent Power Production in America, 1978-1992
This paper analyzes how a new field, independent (or non-utility) power production, was created by a federal mandate that electric utilities purchase power from private generating sources and how the field was populated. Results show that key rules that state regulatory bodies adopted or rejected regulating exchange between independent power producers and utilities were influential predictors of organizational foundings. Results also show that collective action by independent power producers boosted foundings. Finally, if the preexisting relationship between utilities and regulators was one of accommodation, foundings were suppressed. The paper examines these results in view of economic and sociological perspectives on public policies, spotlighting the vital role of institutions in early population dynamics.
Journal Article
Organizational Environments in Flux: The Impact of Regulatory Punctuations on Organizational Domains, CEO Succession, and Performance
A central debate in organizational theory concerns how organizations evolve. There are two diametrically opposing viewpoints. Adaptation theories predict that change occurs as fluid organizations adjust to meet shifting environmental demands, while selection theories predict that change occurs through the differential selection and replacement of inert organizations as environmental demands vary over time. Our paper bridges these polar opposites by using a punctuated equilibrium framework to examine organizations' responses to discontinuous industry-level change. This framework recognizes that the histories of many industries are occasionally punctuated by dramatic exogenous shocks, such as radical technological innovation, social and political turmoil, major changes in government regulation, and economic crashes. Our central thesis is that such environmental punctuations dramatically reduce pressures and rewards for organizational inertia and thereby alter both organizations' propensities for change and their survival chances following change.
We focus on one form of punctuation, major regulatory change, and study firms in two industries: general hospitals and savings and loan associations. For organizations in both industries, we examine three important outcomes: shifts in organizational domain, CEO succession, and changes in financial performance. Our analyses show that punctuational regulatory change prompts shifts in organizational domains and executive leadership. Additionally, post-punctuation domain change and post-punctuation CEO succession both affect subsequent performance. We discuss our results in light of current thinking about the content and process effects of core organizational change, which has been developed in the context of stable environments. Finally, we argue for the development of more temporally sensitive theories of organizational action.
Journal Article