“…Another research stream has examined the direct infl uence of exogenous infl uences such as institutional forces (Hoffman, 1999), stakeholder pressures (Buysse & Verbeke, 2003;Henriques & Sadorsky, 1999, Kassinis & Vafeas, 2006, industry growth (Russo & Fouts, 1997), and regulations (Marcus & Geffen, 1998;Majumdar & Marcus, 2001) on the willingness of fi rms to develop a proactive environmental strategy. Recently, literature from the resource-based view of the fi rm (RBV) has called not only for an integrated analysis of the infl uence of exogenous variables on organizational capabilities (Barney 2001;Priem & Butler, 2001a, 2001b, but also for an examination of how such variables have a moderating effect on organizational capacity, via the deployment of organizational capabilities, to implement environmental strategies (e.g., Aragón-Correa & Sharma, 2003).…”