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Drawing on the resource-based view of the firm, we 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. We tested these hypotheses with an analysis of 243 firms over two years, using independently developed environmental ratings. Results indicate that "it pays to be green" and that this relationship strengthens with industry growth. We conclude by highlighting the study's academic and managerial implications, making special reference to the social issues in management literature.We wish to express our appreciation to the Franklin Research and Development Corporation for allowing us to use their proprietary database and to Roger Chope and Steven Matsunaga for assistance with methodological issues. We also thank Thomas Dean,

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.joint venture failure, cooperation between competitors, transaction-cost economics, event history analysis, nonmonotonic hazard

a b s t r a c tThe public increasingly holds firms accountable for social and environmental outcomes, such as product toxicity problems and human rights violations, throughout their global supply chains. How can companies improve the social and environmental performance within their supply chains, particularly as other competitive pressures, such as cost and quality, continue to escalate? Starting from an efficient versus responsive supply chain framework, we develop an integrative model that blends together elements of supply chain configuration, stakeholder management, and capability development. Specifically, we spotlight the dimensions of control and accountability that collectively determine stakeholder exposure, and show how this new construct affects the linkages between supply chain capabilities, configuration, and performance. In particular, this analysis reveals that the nature of stakeholder exposure determines how social/environmental technical and relational capabilities impact social and environmental outcomes. We conclude with implications for research and practice, discussing how current supply chain theories must be extended to incorporate external stakeholders, to clarify strategies and identify potential pitfalls, and to better predict performance outcomes.Published by Elsevier B.V.

A congruence model of organizational design suggests that direct reporting relationships between plant managers and environmental quality managers, monetary incentives for environmental performance, and coordination between environmental quality managers and business strategists reduce plant-level toxic emissions. We tested these relationships in a large sample of U.S. electronics facilities. Only a link between plant manager compensation and environmental performance reduced emissions. Subsequent analyses support a reverse causality, suggesting organizational characteristics result from (rather than cause) emissions performance and that firms remain reactive on environmental issues. These findings confront theories of environmental management and congruence with provocative questions, which we discuss in depth.