Green Management Matters Regardless

Author(s): Alfred A. Marcus and Adam R. Fremeth

Source: Academy of Management Perspectives, Vol. 23, No. 3 (Aug., 2009), pp. 17-26
Published by: Academy of Management
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 2009 MarcusandFremeth 17

EXCHANGE

Green Management Matters

Regardless
A.MarcusandAdamR.Fremeth
byAlfred

Executive
Overview
it is undeniable that a new enthusiasm exists for green management, not among managers but
Today, only
among business school students, though this enthusiasm is just starting to be tapped in a more formalway
in curriculum, instructional materials, and careers and advancement. Green management matters
faculty
for many reasons, but itmatters because expect managers to use resources and
fundamentally people wisely
protect the environment; minimize the amounts of air, water, energy, minerals, and other
responsibly;
materials found in the final goods people consume; recycle and reuse these goods to the extent possible
rather than on nature to them; respect nature's calm, and and
drawing replenish tranquility, beauty;
eliminate toxins that harm in the and communities. From a moral or normative
people workplace
perspective the obligation forgreenmanagement is absolute, and whether it "pays" to be green isonly partly
relevant.

As the theme of the annual Academy of Man agement (Sexton, Marcus, Easter, & Burkhardt,
agement meeting "Green Management Mat 1999). Many claims have been made for green man
some ambivalence
ters" is introduced with agement, including a happier, healthier, and more
("For many of us, the connection between our workforce and the recruitment of more
productive
work and the issue of environmental sustainability talented and creative
employees. Indeed, nearly
is not of why
obvious")1, answering the question every major business in the world today has rec
green management matters is important. What is the claims of green management not just
ognized
the connection between management and envi as a defensive mechanism to retain legitimacy and
ronmental sustainability? the right to operate, but as a centerpiece of an
Demands for green management spring from a organization's ongoing mission and reason for be
variety of sources, including societal mandates in ing. A cursory review of business Web sites reveals

corporated into laws, treaties, and regulations an astounding array of assertions about green man
(Marcus, 1980a) and fear of shunning, loss of agement, some of them truly astonishing given
sales, and decline in reputation if management that the businesses that make them (consider for
does not have a tangible commitment to green man instance, Exxon-Mobil) have less than totally
clean histories.
All of this suggests that corporations are em
The authors gratefully acknowledge Professor Guido Palazzo, Univer
bedded in a particular culture and history that
sity of Lausanne, for his valuable assistance on this article.
This article draws on ideas addressed in Alfred Marcus' new book, shape their symbols, words, meanings, and norms.
Strategic Foresight, Palgrave Macmillan, 2009. thus not with first
1 Pragmatists suggest starting
Quote taken from the Academy of Management Web site, http://
principles, assumptions, or overarching theories
meeting.aomonline.org/2009/.

*
Alfred A. Marcus (amarcus@umn.edu) is a Professor and Spencer Chair in Strategy and Technological Leadership in the Department of
Strategic Management and Organization, Carlson School of Management and in the Technological Leadership Center at the University
of Minnesota.
Adam R. Fremeth (afremeth@uwo.ca) is an Assistant Professor at the Richard Ivey School of Business, University of Western Ontario.

by theAcademyof Management;all rightsreserved.Contents

Copyright may not be copied,e-mailed,posted to a listserv,
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Usersmay print,download,or e-mailarticlesfor individual
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 ofManagement
18_Academy Perspectives_August

from economics or from presumed theoretical per number is likely to grow tomore than nine billion
spectives but fromwithin "the direct practice of beforeworld population is expected to plateau and
social life" (Dewey, 1925, as cited by Scherer & fall off (Marcus, Islam,& Moloney, 2008). This
Palazzo, 2007, p. 1102). "This pragmaticargument fantasticflourishing of the human species puts an
... discussed in political and social ... is extreme strain on nature to adequately and
theory equi
... ...
acknowledged by postmodern authors and tably provide for the amenities humans need.
critical theorists," according to Scherer and we are very sophisticated, which
Technologically,
Palazzo (2007, p. 1102). Today, it is undeniable may allow us to expand the carrying capacity of
that a new enthusiasm exists for green management. the earth, but we also are divided into belligerent
Green management (Ehrenfeld, 1999; Starik & groups thatmake ithard forus to take collective
Marcus, 2000) matters formany reasons, but funda action and address common
sensibly problems.
mentally itmatters because at this time in history These problems are dire and involve not only pro
and in this culture people expect managers to: tectingnature but a full array of additional issues
resources
often discussed under the rubricof sustainable de
Use wisely and responsibly.
velopment such as water shortages, drought, disease,
Protect the environment.
education, human rights, poverty, and the adequacy
Minimize the amounts of air, water, energy,
of theworld's food supplies.
minerals, and other materials used in the final

goods
people consume.
and reuse these goods to the extent
Recycle Sustainable Development
possible, rather than drawing on nature to re
The demands sustainable development makes on
plenish them. are not
management just for this generation,
Respect nature's calm, tranquility, and beauty.
but for futureones (Marcus & Kaiser, 2006).
Eliminate toxins thatharm people in thework
They are not just environmental but social and
place and communities. economic (see Figure 1). Sustainable development
Reduce greenhouse gas emissions and avoid ac
has been defined as "meeting the needs of the
tivities that do irrevocable damage to the cli
mate.
presentwithout compromising the ability of future
generations to meet their needs" (Brundtland
The question is, why have these expectations Commission, 1987). The cornerstone is a concep
become so widely accepted? Many theories have tion of interlocking environmental, social, and
been advanced (Bansal, 2003; Delmas & Toffel, economic spheres, whose development should be
2004; Marcus, 2005; Sharma, 2000; Vogel, 2005). harmonious. Referred to as the "triple bottom
However, the attention green management re line" (Elkington, 1994), these three spheres have
ceives ultimately may spring from a very simple been described as follows.
source. At least partially it derives from the com
mon people have at this time in this
Figure1
recognition
culture that the planet is crowded, that well
Sustainable Development: Three Overlapping
educated and wealthy segments of the population
are aging, that poorer and younger Spheres
segments are
moving from place to place in search of opportu
nities they do not have in their own countries,
that violence exists and has the potential to ex

pand, that there is risk of pandemics, and that

collectively we are putting increasing stress on the
world's resources and the globe's cli
threatening
mate and other life support systems (Marcus,
2009a). More than six billion people currently
inhabit the planet, and by the year 2050 this Source: Adams, W. M. (2006).

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 and
2009_Marcus Fremeth_19

Environmental: create environmen moral or normative perspective the obligation to

Organizations
tal impacts at various levels, including local, sustainable development is absolute, and whether

national, and international These oc it pays is not that relevant. Nonetheless, the at
regional,
cur in relation to air, water, land, and biodiver tention given to whether it pays continues to be

sity resources. Some are well understood, while for if it pays then progress toward sus
important,
others present substantial measurement chal tainability is likely to be more rapid. Businesses
lenges owing to their complexity, uncertainty, will not necessarily introduce green management
and synergies. practices because of the normative obligation, but
Social: The social dimension of sustainability cap because coincides with their
green management
tures the impact of an organization's activity on economic interest to satisfy key stakeholders and
society, including on employees, customers, thrive as profitable enterprises.
community, supply chain, and business partners. At one time many practicing managers re
Social performance is a key ingredient in assur a preoccupation with green management
garded
ing an organization's license to operate, and as a it is more
almost exclusively threat. Today
supports the organization's ability to deliver can
widely accepted that green management be
environmental and economic
profitable (Porter& van der Linde, 1995; Sharma,
high-quality per
formance.
2000; Sharma & Vredenburg, 1998). The conven
Economic: The ways organizations affect the econ
tional view was that green managementimposed
omies in which they operate are captured and
costs, slowedproductivity growth, and hindered
disclosed by conventional financial accounting
competitiveness. A revised view sees it as a driv
and Additional measures are re
reporting.2 and in
ing force for corporate entrepreneurship
quired to capture the full range of an organiza
novation (Cohen & Winn, 2007; Dean & Mc
tion's economic impacts.
Mullen, 2007). Green management can play a
Sustainable development seeks a level of harmony central in the optimization
role of production

among these realms, but

invariably this is a har processes and new-product development not only

mony that is hard to achieve. The goal is to in pollution-sensitive industries, such as petro
resolve the conflicts in a way that causes the least chemicals and electric power and manufacturing,
harm andrespects the rights of present and future but also in high-tech industries (King, 1999). Ex
but conflicting interests make it hard
generations, tracting more economic value from fewer natural
to realize this goal. Though measurement is still resources and raw materials canimprove existing
weak, many the world, lead to the development
companies throughout products and services and
and small, have signed on to voluntary of new ones. Win-win solutions exist so that sus
large
guidelines and agreements that commit them to tainable can be achieved at the same time as
goals
some form of sustainable development. business objectives (Hart, 1995).
As observed in numerous accounts (Porter & van
der Linde, 1995;Vogel, 2005), many firmsno longer
Does It"Pay"?
scholars have examined the vol
resist green management. Rather they try to incor
Management
untary nature of the organizational commit porate and profitfrom it. Indeed, there is littledoubt
that for some green management has
ment to sustainable development Ambec
( & companies,
created for competitive
Lanoie, 2008; Christmann & Taylor, 2001; Del opportunities advantage.
mas & Marcus, 2004; King & Lenox, These not have been able to lower
2000), but companies only
on costs and achieve cost
leadership by pursuing envi
much of the academic research has centered
the question of whether it "pays" (Majumdar & ronmental efficiency, but they also have pursued a
Marcus 2001; Marcus, 2005; Porter, 1991). From a differentiation or a focus strategy based on develop

ing "green products" for niche markets (Shrivastava,

1995). An early example was 3M (Marcus,Geffen,
2
See http://www.globalreporting.org. & Sexton, 2002), which in 1975 decided to:

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 ofManagement
20_Academy Perspectives_August

Solve its own environmental problems, pre changes. Companies made considerable progress.
venting pollution at the source whenever and For example, in 1979 Novartis made only 30 units
wherever possible. of finished products for every 70 units of waste,
Develop products thathave a minimal effecton but by 2000, because of extensive effortsto pre
the environment. vent pollution, it produced 75 units of finished
Conserve natural resources through reclama products for every 25 units of waste. Pollution,
tion and other appropriate methods. indeed, should be seen as a form of inefficiency
Meet and maintain government regulations and that challenges firms to lower their costs (Porter
assist government agencies in environmental & van der Linde, 1995). It is an indication of
activities wherever possible. unneeded scrap, harmful substances, and energy
not used, which creates no value for
3M was best known for innovating in pollution completely
customers.
prevention (P2), developing the first successful
industrial program committed to source reduction

through product reformulation, process modifica

and reuse. Introducing New Products and Services
tion, equipment redesign, recycling, to the of green manage
Response challenge
The program itcreated was called 3P, or Pollution more
ment, however, has meant than pollu
Prevention Pays. tion prevention. In many companies it has
The 3M example was followed by other com
involved the development of new products and
panies. In the 1990s, for instance, such companies
services. But not all these attempts to introduce
as Novartis, Chevron, Dow, General Dynamics, new products and services have been successful.
IBM, and Monsanto inventoried their wastes and
Consider Ringer, a producer of natural and non
evaluated impacts, paying to product
attention
toxic pesticides and lawn and garden products
and process design, plant configuration, informa
(Marcus, 2005, 2009b). The company had inno
tion and control systems, human resources, R&D,
vative products that reduced harm, but the prod
and corporate organization (Marcus,
suppliers, ucts and services were high-priced and worked
2005). Usually, these companies assembled a P2 more than conventional ones. Faced with
slowly
team, determined a method for measuring
dedicated and resourceful competition from such
progress, prepared process flow diagrams and ma
companies as the Scotts Company, Ringer had
terial balance models (see Figure 2), and set up market and becom
problems gaining acceptance
tracking systems for materials. They made opera
ingprofitable.After strugglingduringmost of the
tional and material changes, including material
1990s, itwent bankrupt.
use substitutions and process and production In many cases, new product and/or service in
troductions were less than successful. Another ex
Figure2 ample isDeluxe Printing (Marcus 2005a, 2009b).
AMaterial Balance Model
Itwon awards for the development of a new ink
system called PrintWise that unlike soy inks,
which rely on petroleum-based products and sol
vents, was pollution-free and vegetable-based and
used water. To succeed in this business, Deluxe
had to revolutionize its industry as well as trans
form itself.Never before had itmanufactured or
sold ink, yet it now had to sell PrintWise to its
competitors. Like Ringer, Deluxe relied on a high
price strategy, one that its customers were not
to accept. Although the company's core
willing
check-printing business was in decline, the chal
Source: Marcus, A. (2005b). lenges it faced in the inkbusiness were so difficult

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 and
2009_Marcus Fremeth_2|

that it eventually sold PrintWise to a French A failure to respond to the challenge of green
company. management has consequences. How new fields
In contrast to Ringer and Deluxe, Osmonics (Marcus & Anderson, 2009) emerge, like the en
successfully manufactured and sold filtration de vironmentally vehicle,
friendly needs to be re
vices and equipment to other companies (Marcus searched. The advantage of an all-electric car is

2005a, 2009b). Its products were used to recycle that it gets by with a more efficient motor that
materials in manufacturing processes. In this way does not need a host of parts such as the catalytic
it played a role in pollution prevention in indus converter and spark plugs. The all-electric car
tries as diverse as electroplating and dairying. requires less maintenance. However, there remain

Though Osmonics had its ups and downs as a serious limitations. Among them are that the best

company it succeeded as an ongoing concern, batteries in existence have a range of only about

ultimately being purchased by General Electric. 150 miles per charge (Keegan, 2009). Plug-in hy
The challenge of sustainability has also stimu brids that use batteries and an internal-combus
lated new product innovation in the automobile tion engine to extend the vehicles' range may be

industry(Marcus, 1996; Marcus & Geffen, 2005), a better option. Some people believe that there
a story still playing itselfout today. Throughout will be more than a million plug-in hybrid cars on
the 1990s, auto companies struggled to commer U.S. roads by 2015. For this to happen, a new,
cialize less polluting products. In response to new multibillion-dollar battery industry,with the po
clean-air legislation in several states, including tential to generate thousands of jobs, must be
California, they designed electric vehicles (Mar created. The United States, however, lags far be
cus& Kaiser, 2006). General Motors (GM) was a hind foreign firms in this area. Japanese com

pioneer in developing electric automobiles and panies NEC and Sanyo have been involved, as
researching a wide variety of environmentally has the Chinese firmBYD, which boastsWarren
friendly, including solar-powered, vehicles. GM's Buffett as a major investor. The batteries in GM's
EV-1 electric car entered the market on a lease Volt will come from the Korean company LG
only basis as part of a pilot program. However, Chem. Ford's plug-in hybrid batteries are slated to
GM eventually discontinued the car. Instead it be manufactured by a French-American joint ven
committed itselfto hydrogen fuel-cell technology ture, Johnson Controls/Saft. The United States
that would not be commercially available for some has a number of small companies, such as Enerl,
time. Hybrids (part electric and
part conven A123, Quantum Technologies, Altair Nanotech
tional) then were marketed by other car makers, nologies, Tesla Motors, and ActaCell (backed by
which emphasized their environmental benefits. Google) that are doing advanced battery technol
Honda was the first to sell a hybrid, the Insight ogy work, and though their technologies have
two-seater. By 2002, Honda had a hybrid version some promise, they must catch up to the foreign
of the Civic. However, Toyota's Prius hybrid, in competition in production.
troduced in theUnited States in 2000, proved to Would a new business model stimulate the
be more popular than either the Insight or the development of an all-electric car industry? A way

Civic; in 2006 Americans bought more than to drive down the prices of batteries is to have
350,000 Priuses. GM now is faulted fornot fol customers lease them from a third party. The

lowing up on its original 1990s green car initia Israelistartup Better Place proposes to do this. Its
tives.At the 2009 Detroit auto show, itdisplayed business model is to own and maintain the bat
a model of a new electric vehicle called the Volt teries and sell for their use
subscription plans
(Taylor, 2009). However, the Volt was not yet (Keegan, 2009). Itwould operate like a cell phone
available for purchase, and at an estimated company, selling miles instead of minutes. Better
$40,000 per car was not thought likely to be a Place is creating conveniently located charging
commercial success. To what extent has GM's spots that use robotic arms to replace old batteries
demise been related to itsfailures in developing an with new in a few minutes and is building charg
environmentally friendly car? ing stations in places such as Japan, Israel, Den

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 ofManagement
22_Academy Perspedives_August

mark, and theUnited States. Under the business agement rests on a number of constituent capa
model it proposes, in countries where gasoline bilities. In the retail food industry,for instance, it
prices are high, the lifetime cost of owning and may start with practices such as newspaper, plas
operating an electric car would be similar to that tic, and paper recycling but extend to consumer
of owning and operating a gas-powered vehicle. education, advanced recycling (recycling of
The role new business models will play in over wooden cooking oil, meat/fat/bones, or
pallets,
coming the challenges of green management is an plastic bags), and offeringenvironmental products
one that management researchers should and services. In the same way that a business
important
take up (Marcus,McEvily, & Sutcliffe, 1994)? competency is composed of many
capabilities,
so
too is a green management competency. Constit

AcquiringGreen Competencies uent capabilities, built up over time, are brought

The opportunities for innovation in green man together and related in complex ways, and the

agement are great, but so too are the obstacles. more complex the relations among them, the
As indicated, much of the academic work on more valuable they are in providing competitive
green management centers on the question of advantage. Many researchers have looked at com
whether it pays. Standard economic assumptions petencies in green management (Aragon-Correa
are that green spending imposes costs and slows & Sharma, 2003; Hart, 1995; Shrivastava, 1995).
productivity improvements, but some have argued Christmann (2000), for instance, has demon
that by inducing firms to economize, green spend strated a link between best practices in greening
ing can improve productivity (Porter, 1991). For and complementary competencies in process in

instance, based on evidence from case studies, novation and implementation.

Porter and van der Linde (1995) concluded that The roots of these green competencies are

spending on
green management can enhance a somewhat different from the roots of competen
firm's competitiveness. A considerable body of cies in other areas of concern to business, how
work now supports this idea that under some cir ever. General business competencies yield private
cumstances itdoes pay to be green (Gladwin, 1993; benefits that firms can fully appropriate. Thus,
Hart, 1995; King and Lenox, 2002; Orsato, 2006; firms are self-motivated to seek
them. However,
Russo & Fouts, 1997; Shrivastava, 1995). with regard to green competencies, there are likely
What are these circumstances? Green manage to be other causes that bring them into existence
ment tends to pay when corporations acquire (Marcus & Anderson, 2006). Because green man
green management competencies. A literature on agement is a type of public good, whose full value
these competencies has emerged that mirrors the a firmcannot entirely appropriate (Teece, 2007),
larger literature on corporate competencies (Mar government's role in the acquisition of green ca
cus & Anderson, 2006; Marcus & Geffen, 1998, pabilities obviously is important (Marcus, 1980b).
Marcus, Geffen, & Sexton, 2000; Marcus & Government's role, however, means more than

McEvily, 1999; McEvily & Marcus, 2005). Com just regulatory enactments that command firms to

petencies allow an
organization to tie
together act and punish them for refusing to act in accord

complementary and cospecialized capabilities. Be with government requirements. To capture the

cause they involve a complex harmonization of richness and complexity of the firm-government

parts, they are difficult to imitate. For instance, a interface in green management, the focus must be

competency for quick response and flexibility in on a broad array of public policies. These policies
mass merchandise retailing starts with close ties to do not just refer to legally binding mandates im
but also includes what is posed by the government on firms and other pol
suppliers, understanding
happening in the field?what is selling and what luters, but to policies and programs such as vol

promotions are working?and maintaining de untary government/industry agreements, joint

tailed information about customer behavior and research and development efforts, government in
market trends (Stalk, Evans, & Shulman, 1992). formation dissemination programs, grants, subsi
Similarly, a competency in environmental man dies, transfers, taxes, and other program initiatives

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 and
2009_Marcus Fremeth_23

(Fiorino, 2006; Vogel, 2005). It also must be rec 1994)* Proponents maintain that a well-developed

ognized that firmsdo not merely respond to these plan provides a clear and structured approach to
exert considerable influence on the meet an
organization's objectives. A structured
policies. They
and help create the policies to which the uncertainty of the external
policy process approach mitigates
they then must respond (Fremeth, 2009). A key environment and positions the firm to better meet

aspect in green competency acquisition is the role the threats and opportunities it encounters
that managers play in creating these policies. (Miller & Cardinal, 1994; Rogers, Miller, &
There has been a considerable amount of re Judge, 1999). Despite the alleged benefits of stra
search on the factors that influence green compe tegic planning, some argue that the time and

tency acquisition, but more could be done. What organizational expense is value destroying (Mintz
drives some firms to acquire these competencies berg, 1994)* Indeed, the evidence ofwhether stra
sooner than others? What motivates the leaders tegic planning pays ismixed, and empirical results
and the laggards?What combination of public of a direct relationship between planning and
social movement pressures, and market performance are inconsistent (Armstrong, 1982;
policies,
opportunities makes some firms more skillful in Boyd, 1991; Miller & Cardinal, 1994; Pearce,
green management than others? Freeman, & Robinson, 1987; Robinson & Pearce,
1983; Schwenk & Shrader, 1993).
Does It "Pay" Any Less? Mergers and Acquisitions. While hundreds of
In the years since it was first declared that there deals close in a typical year and billions of dollars
might be an association between green manage in cash or stock get exchanged, the answer to
ment and competitiveness, management schol whether this activity enhances company value
ars have explored many arguments and offered a also remains elusive. A veritable mountain of re

variety of frameworks that address this issue (Klas search in both management and finance con
sen& Whybark, 1999; Margolis & Walsh, 2003; cludes that most of this activity is futile. The
Vogel, 2005). Yet critics still challenge the idea of general warning of "buyer beware" persists because
win-win solutions and argue that in many in of poor valuation in the preacquisition stage and
stances, green management adds to the costs of the hazards that lie ahead in the postacquisition
business and there is no chance of economic pay phase. The consensus among most researchers is
back (Walley & Whitehead, 1994). Though com that acquiring firms typically lose value, but this
panies should seize on
opportunities to increase well-accepted resulthas had little impact on the
shareholder value,ensuring compliance with gov prevalence of mergers and acquisitions.
ernmental requirements often dominates the cor Internationalization. The costs and benefits of
porate agenda and eliminates the possibility of internationalization also have received substantial
win-win solutions. Consumers have not been will empirical attention in the management literature
ing to buy a sufficiently large range of green prod over the past decades, yet whether this type of
ucts, and if the products cost more and do not initiative benefits firms also is controversial.
work well, theywill reject them. Being early to While some studies have shown that internation
market does notguarantee success if firms are too alization leads to enhanced performance (Delios
far ahead of consumer tastes. & Beamish, 1999; Grant, 1987), other studies
How different, though, is green management have not had convincing results or have found no
from the other strategic initiatives a firm may correlation (Morck& Yeung, 1991; Rugman, Lec
take? Indeed, there is risk in any strategic initia raw, & Booth, 1985) or a negative one (Collins,
tive in whicha corporation might become in 1990; Geringer, Tallman, & Olsen, 2000; Michel
volved. Here are three examples that suggest that & Shaked, 1986).
green management may not be that different. Green management, then, may be little differ
Strategic Planning. The value of strategic plan ent from these other moves a firm's managers

ning has been ardently debated within theman make. If there is risk in everything a corporation

agement literature (Liedtka, 2001; Mintzberg, does, then the risk of green management is not

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 ofManagement
24_Academy Perspedives_August

likely to be greater than the riskof other corporate goals. An element of residual risk (Marcus, 1988)
initiatives. exists in whatever humans do.

Thus, the debate between the position that

Why ItStillMatters nature has absolute rights and the position that it

Important research still must be carried out about is simply a commodity lies in the background of
the circumstances it pays to be
under which most green management decisions. A temporal
green. It can
ask the question about the degree dimension adds to the complexity. What discount
to which all corporate initiatives are just ritual. It rate should be applied when costs to the environ
can seek to understand the contextual and mod ment are immediate and benefits far off? If the
erating factors that lead to success. For instance, carrying capacity of the earth is limited, then what
to what extent do time and experience play a role humans extract from nature in the present is at
in increasing the likelihood of success? Do firms the expense of future generations. If the harm is
face greater costs at the earliest stages of acquiring irreversible, under what circumstances do humans

competencies that are overcome with experience have the right to remove endowments from nature
and learning (Capar & Kotabe, 2003; Lu & that future generations will need to sustain life?
Beamish, 2001)? Is the relationship between Green management is not simply a matter of

greening and financial U-shaped as whether itpays. There are these deeper
performance implications.
to linear, as it is in other instances of
opposed
initiatives (Daniels & Bracker,
management References
1989; Geringer, Beamish, & daCosta, 1989; Hitt,
Adams, W. M. (2006). The future of sustainability:Re-think
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century.
nature (Lu & Beamish, 2004; Thomas & Eden, The World Conservation Union. Retrieved June 12,
2004) need to be explored. 2009, from http://cmsdata.iucn.org/downloads/iucn_

Yet in important ways green management is future_of_sustanability.pdf.

Ambec, S., & Lanoie, P. (2008). Does itpay to be green?A
different from these other corporate initiatives. overview.
systematic Academy of Management Perspec
Regardless of whether it pays, society expects tives,22(4), 45-62.
management to be green. If one accepts an abso Aragon-Correa, J.A., & Sharma, S. (2003). A contingent
resource-based view of proactive corporate environmen
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