SUSTAINABILITY 2015 SEE CONFERENCE PROGRAM (Overview ETHICS ENTREPRENEURSHIP ) APRIL 30—MAY 1, 2015 /UNIVERSITY OF DENVER /DENVER, COLORADO /THURSDAY, APRIL 30 22PM—2:00PM LIGHTNING PRESENTATION SESSION #1 1:00 (Groups 1 & 2) - Joy Burns Center TAKE OFF THE BLINDERS: VIEWING SUSTAINABILITY FOR THE LONG TERM - ROOM 229 SESSION CHAIR: AMY GUERBER, UNIVERSITY OF ALBERTA Sustainability: Is a Dematerialized Economy the Answer? Steven Hinson, Webster University Business Sustainability in Entrepreneurial Firms: Examining the Signaling Impact of Virtue and Temporality on Market Performance G. Tyge Payne, Texas Tech University; Curt Moore, West Virginia University; Miles Zachary, West Virginia University & Keith Brigham, Texas Tech University Enhancing the Sustainability Narrative: Conceptualizations from Thermodynamics and Ecology Manjula Salimath, University of North Texas & Vallari Chandna, University of North Texas IT’S COMPLICATED: RECOGNIZING RELATIONSHIPS AMONG STAKEHOLDERS, INSTITUTIONS, AND SOCIETY— ROOM 231 SESSION CHAIR: PAUL SEABORN, UNIVERSITY OF DENVER Firm “Kingmaking" as an NGO Strategy to Achieve a Transformational Partnership in an Industry Sector Roland Kidwell, University of Wyoming; Rhoda Davidson, University of Wyoming & Corey Billington, University of Wyoming Does Entrepreneurial Society Undermine Corporate Social Responsibility? An Empirical Investigation of Institutional Setting Hessam Sarooghi, University of Missouri-Kansas City & Niloofar Abolfathi, Bocconi University Entrepreneurship in Contested Industries: The Case of the Marijuana Industry Dara Szyliowicz, University of the Pacific & Tammy Madsen, Santa Clara University Standing on Its Head: Using Institutional Entrepreneurship Theory to Facilitate Change Craig VanSandt, University of Northern Iowa 2:00PM—2:15PM Break 2:15PM—3:15PM LIGHTNING PRESENTATION SESSION #2 (Group 1) - Joy Burns Center SHOW US THE MONEY: HOW TO GET IT, KEEP IT, AND GROW IT—ROOM 229 SESSION CHAIR: JOE COOPER, UNIVERSITY OF WYOMING Value and Valuation for a Sustainable Approach to Finance Scott Fullwiler, Presidio Graduate School; Vanessa Fry, Boise State University & Steven Crane, Presidio Graduate School Do Constraints from Socially Responsible Investing Impact an Investment Manager’s Discretion? John Hughen, University of Denver When the crowd gives credit: The ethics of debt-based crowdfunding Claire Ingram, Stockholm School of Economics & Michel Elmoznino Laufer, Stockholm School of Economics Who Is Manning the Gates? Gatekeepers and Crowdfunding R. Scott Livengood, The Ohio State University & Claire Ingram, Stockholm School of Economics ORGANIZING SPONSORS: In Collaboration with: 1 2:15PM—3:15PM LIGHTNING PRESENTATION SESSION #2 (Group 2) - Joy Burns Center CHANGE THE DISCUSSION: RESPONDING TO STAKEHOLDER CONCERNS AND MEASURING RETURNS—ROOM 231 SESSION CHAIR: SAMANTHA CONROY, COLORADO STATE UNIVERSITY Escaping Unscathed: The Varying Treatment of Firm Misconduct by Markets and Civil Society Jocelyn Leitzinger, University of Michigan & Ivana Katic, Columbia University Animating Stakeholder Engagement Processes: Lessons from the Ceres-Nike Corporate Responsibility Reporting Process Amanda Moss Cowan, University of Oxford; Doug Creed & Marc Ventresca, University of Oxford Principals vs. Principles: How Environmentally and Ethically Responsible are Firm Managers? Ralf Steinhauser, University of Hamburg Toward a New ROI: Measuring Intangible Entrepreneurial Returns on Investment Mellani Day, Colorado Christian University & Mary Boardman, Globalytica, LLC 3:15PM—3:30PM Break 3:30PM—5:00PM PANEL DISCUSSION - Joy Burns Center - ROOM 229 THE CANNABIS CONUNDRUM: PERSPECTIVES ON COLORADO’S “GROWING” INDUSTRY FACILITATOR: ROLAND KIDWELL, UNIVERSITY OF WYOMING PANELISTS: Skyler McKinley, Deputy Director of Marijuana Coordination for the State of Colorado, Office of the Governor John Hickenlooper Michael Elliott, Executive Director of the Marijuana Industry Group Don Childears, President and CEO of the Colorado Bankers Association David Spitz, Chief Executive Officer of Kind Love Diane Carlson, Co-Founder of Smart Colorado 5:00PM—6:30PM RECEPTION & INTERACTIVE POSTER SESSION - Joy Burns Center, Atrium Anita Bhappu, University of Arizona Sharing Tribes: Using Collaborative Consumption to Engage Millennial Employees Silvia Dorado, University of Rhode Island; Alex Nicholls, Said Business School, Oxford University & Bogdan Prokopovych, Stockholm Centre for Organizational Research Marketized, Activist, and Brokered Market Social Orders Michael Elmes Worcester Polytechnic Institute & Karla Mendoza-Abarca, Worcester Polytechnic Institute From "Pounds Delivered” to “Shortening the Line”: Food Bank Leaders in the U.S. as Ethical Sensemakers and Social Innovators Amy Guerber, University of Alberta & Samantha Conroy, Colorado State University Is Information Enough? An Investigation of the Effects of Executive Pay Disclosure on Future Pay Practices Chanhyo Jeong, University of Oregon No Chaos, No Creation – The Role of Physical Environment for Entrepreneurs Kip Kiefer, U.S. Air Force Academy Predicting and Examining Links between IPO Hype, Managerial Expectations, and Firm Outcomes Jaemin Kim, Richard Stockton College & Clay Dibrell, University of Mississippi Attributes of Environmental Disaster & TMT Attention to Natural Environmental Issues Cristina Martinez, IE Business School & Peter Bryant, IE Business School, Madrid Value Experience and Persistence: A Regulatory Engagement Perspective on what Keeps Social Entrepreneurs Engaged over Time ORGANIZING SPONSORS: In Collaboration with: 2 5:00PM—6:30PM RECEPTION & INTERACTIVE POSTER SESSION - Joy Burns Center, Atrium Sid Saleh, University of Colorado-Boulder; Maw Der Foo, University of Colorado-Boulder & David Hekman, University of Colorado-Boulder Mentor or Tormentor: Understanding How Mentors Impact Entrepreneurs’ Performance Using a Creativity Perspective Chris Sutter, Miami University; Justin Webb, University of North Carolina-Charlotte & Geoff Kistruck, York University Changing the Cassette: Exploring Institutional Field Change Among Nicaraguan Dairy Farmers Isaac Wanasika, University of Northern Colorado & Abe Harraf, University of Northern Colorado Big Pharma and BOP Markets: An Entrepreneurial Approach Nathan Woolard, Emporia State University Beyond the Investment: The Social and Communal Impact of a Localized Microlending Project 6:30PM—7:15PM DINNER - Joy Burns Center, Main Dining Room 7:15PM—7:30PM WELCOME - BRENT CHRITE—Dean, Daniels College of Business, University of Denver INTRODUCTION - LYNN SCHOFIELD CLARK—Department Chair and Professor, Department of Media, Film & Journalism Studies, University of Denver 7:30PM—8:15PM KEYNOTE SPEAKER — RIVA FROYMOVICH— Author of End of the Good Life: How The Financial Crisis Threatens a Lost Generation—and What We Can Do About It Sponsored by: The Morton Margolin Distinguished Journalism Lectureship Endowed Fund & Department of Media, Film & Journalism Studies-University of Denver 8:30PM Shuttle Departs to Hotel End of Day One / 2015 SEE CONFERENCE / http://www.seeconf.org /FRIDAY, MAY 1 6:00AM—7:00AM YOGA at the Hilton Garden Inn Denver, Cherry Creek 7:30AM—8:15AM BREAKFAST - Joy Burns Center, Main Dining Room 8:15AM—8:30AM OPENING WELCOME & INTRODUCTION — ROLAND KIDWELL, Chair of the Department of Management and Marketing in the College of Business, University of Wyoming 8:30AM—9:15AM KEYNOTE SPEAKER – MICHAEL RUSSO - Lundquist Professor of Sustainable Management at the Lundquist College of Business at the University of Oregon 9:15AM—9:30AM Break ORGANIZING SPONSORS: In Collaboration with: 3 9:30AM—10:45AM PARALLEL SESSION #1 (Groups 1 & 2) CHASING THE LIGHT: CHALLENGES TO BEING “GOOD” - ROOM 229 SESSION CHAIR: FRANCES AMATUCCI, SLIPPERY ROCK UNIVERSITY OF PENNSYLVANIA Moral Communities as Antidotes to Moral Deafness and Blindness Nino Antadze, University of Waterloo; Oana Branzei, Richard Ivey School of Business, University of Western Ontario & Haiying Lin, University of Waterloo When Organizational Form Influences Ethics: Intrafirm Co-opetition in Hybrid Organization Peter Gianiodis, Clemson University & Jill Brown, Bentley University Do Organizations Light a Candle and Hide It Under a Bushel? The Strategic Publication of Certification Status Chad Carlos, Brigham Young University & Ben Lewis, Brigham Young University BREATHING BETTER: LESSONS IN REDUCING CO2 - ROOM 231 SESSION CHAIR: MATTHEW GRIMES, UNIVERSITY OF ALBERTA Authenticity in CO2 Reductions: the Impact of Women Directors Elizabeth Cooperman, University of Colorado-Denver; John Byrd, University of Colorado-Denver & Ken Bettenhausen, University of Colorado-Denver Spillover Effects of Institutional Entrepreneurship: Observations from the Global Carbon Offset Industry (Best Paper Contender) Hans Rawhouser, University of Nevada-Las Vegas & Michael Cummings, University of NevadaLas Vegas Gains, Large and Small Through Industrial Symbiosis Suzanne Tilleman, University of Montana; Raymond Paquin, Concordia University & Jennifer Howard-Grenville, University of Oregon 10:45AM—11:00AM Break 11:00AM—12:15PM PARALLEL SESSION #2 (Groups 1 & 2) JUGGLING ACT: MANAGING RISK, REDUCING UNCERTAINTY, AND SUCCESSFULLY DEPLOYING RESOURCES - ROOM 229 SESSION CHAIR: CHARLIE STEVENS, LEHIGH UNIVERSITY Stuck in the Middle: Corporate Innovation and Environmental Performance Jegoo Lee, Stonehill College & Sang-Joon Kim, University of California-Irvine Firm Strategies for the Development of Environmental Technology Capabilities Alfred Marcus, University of Minnesota & Joel Malen, Hitotsubashi University Sustainability Commitment in IPO Firms: The Role of Board Capital Krista Lewellyn, University of Wyoming CREATING COMMUNITIES OF PRACTICE: LESSONS FROM EMERGING GREEN INDUSTRIES ROOM 231 SESSION CHAIR: DESIREE PACHECO, PORTLAND STATE UNIVERSITY Insider-Driven Change in Fields of Practice: Exploring the Case of Green Chemistry (Best Paper Contender) Andrew Nelson, University of Oregon; Jennifer Howard-Grenville, University of Oregon; Andrew Earle, University of New Hampshire; Julie Haack, University of Oregon & Doug Young, Lane Community College Cultivating an Industry Identity: The Agency and Influence of Stakeholders in Colorado’s Emerging Cannabusiness Aimee Hamilton, University of Denver & Paul Seaborn, University of Denver Cleantech Clusters and Firm Performance: Evidence from Young Private U.S. Firms Y. Lisa Zhao, University of Missouri-Kansas City & Sanwar Sunny, University of Missouri-Kansas City ORGANIZING SPONSORS: In Collaboration with: 4 12:15PM—1:00PM LUNCH - Anderson Academic Commons 12:450PM—1:00PM WELCOME & INTRODUCTION– MINDEE FORMAN—Ewing Marion Kauffman Foundation 1:00PM—1:45PM KEYNOTE SPEAKER - ANDREW WICKS - Ruffin Professor of Business 1:45PM—2:00PM Break 2:00PM—3:15PM PARALLEL SESSION #3 (Groups 1 & 2) Administration at Darden School of Business and Director of the Olsson Center for Applied Ethics at the University of Virginia LEARNING 2 B: COMBINING SOCIAL WELFARE WITH COMMERCIAL LOGIC - ROOM 229 SESSION CHAIR: ABE HARRAF, UNIVERSITY OF NORTHERN COLORADO How Social Hybridity Can Be Sustained From the Ground Laura Claus, University of Cambridge Hybrid Social Enterprise and the Problem of Identity Correspondence Michael Conger, Miami University; Jeff York, University of Colorado-Boulder & Jeffery McMullen, Indiana University 50$, a Laptop, and a Client – The Start to How Impact Makers Has Become a Business Working to Better Their Community Joseph Sprangel, Mary Baldwin College & Amanda Slemaker, Mary Baldwin College DEFINING ENTREPRENEURIAL ADVANTAGES: BUNDLING RESOURCES AND LEVERAGING COMMUNITIES - ROOM 231 SESSION CHAIR: MELISSA AKAKA, UNIVERSITY OF DENVER Community-Building Strategies: The Role of Non-Pecuniary Incentives, Rewards, and Exchanges Christina Kyprianou, University of Texas-Austin Two Purposes are Better Than One: The Ambidextrous Creation of Economic and Social Value Krista Lewellyn, University of Wyoming Towards Understanding Community-based Enterprise Performance in Resource Constrained Environments (Best Paper Contender) Kiven Pierre, Syracuse University; Tom Lumpkin, Syracuse University & Todd Moss, Syracuse University 3:15PM—3:30PM Break 3:30PM—4:45PM PARALLEL SESSION #4 (Group 1) ENERGY CONVERSION: INVESTIGATING THE ROLES OF COMMUNITY AND GOVERNMENT ROOM 229 SESSION CHAIR: RICHARD HARRISON, UNIVERSITY OF EDINBURGH Shine on me: Firm density, social movement support, and government endorsement of the solar photovoltaic industry (Best Paper Contender) Panayiotis Georgallis, University of Michigan; Glen Dowell, Cornell University & Rodolphe Durand, HEC Paris Do I put solar panels on my roof if my neighbors can see them? Uniqueness and conformity as drivers of individual technology adoption Jörg Claussen, Copenhagen Business School & Anders Ørding Olsen, Copenhagen Business School Organizational Responses to Public and Private Politics: An Analysis of Climate Change Activists and U.S. Oil and Gas Firms Jake Grandy, University of Southern California; Shon Hiatt, University of Southern California & Brandon Lee, Melbourne Business School ORGANIZING SPONSORS: In Collaboration with: 5 3:30PM—4:45PM PARALLEL SESSION #4 (Group 2) SHIFTING BOUNDARIES: ATTAINING LEGITIMACY AND CREATING VALUE FROM NEW PRODUCTS AND CATEGORIES - ROOM 231 SESSION CHAIR: SHARON ALVAREZ, UNIVERSITY OF DENVER Market Mediators and the Tradeoffs of Legitimacy-Seeking Behaviors in a Nascent Category (Best Paper Contender) Brandon Lee, Melbourne Business School; Michael Lounsbury, University of Alberta & Shon Hiatt, University of Southern California Institutionalizing Fair Trade: A Rhetorical Analysis of New Market Category Creation Bob Doherty, University of York; Helen Haugh, University of Cambridge & Benjamin Huybrechts, HEC, University of Liege. Entrepreneurial Round Tripping: Contributing to Sustainability through Multi-Directional Value Creation Richard Hunt, Virginia Polytechnic Institute & Lauren Ortiz-Hunt, Center for Innovation and Entrepreneurship-Virginia Polytechnic Institute 4:45PM—5:00PM 5:00PM—6:30PM Break AWARDS CEREMONY & CLOSING RECEPTION - Joy Burns Center, Atrium Sponsored by the University of Denver 2015 SEE CONFERENCE http://www.seeconf.org ORGANIZING SPONSORS: In Collaboration with: 6 2015 SEE CONFERENCE Lightning Presentations SUSTAINABILITY ETHICS ENTREPRENEURSHIP APRIL 30—MAY 1, 2015 /UNIVERSITY OF DENVER /DENVER, COLORADO /THURSDAY, APRIL 30 Lightning SESSION #1– GROUP 1 - Joy Burns Center, Room 229 - 1:00PM—2:00PM TAKE OFF THE BLINDERS: VIEWING SUSTAINABILITY FOR THE LONG TERM SESSION CHAIR: AMY GUERBER, UNIVERSITY OF ALBERTA Sustainability: Is a Dematerialized Economy the Answer? Steven Hinson, Webster University It now seems evident that the global economy has overshot the ecological carrying capacity of the planet. Yet there remains some difference of opinion as to whether this necessitates limits on economic growth. This paper critiques the ‘weak’ sustainability argument that the substitution of human-made capital and technology for natural capital allows for potentially unlimited growth. Yet the need for continued growth is real. One possible answer put forward is the dematerialization of economic activity. This paper discusses the potential weaknesses of the dematerialization argument but acknowledges that this may yet be the best way forward. Business Sustainability in Entrepreneurial Firms: Examining the Signaling Impact of Virtue and Temporality on Market Performance G. Tyge Payne, Texas Tech University; Curt Moore, West Virginia University; Miles Zachary, West Virginia University & Keith Brigham, Texas Tech University Business sustainability is the ability to virtuously manage a business such that short-term demands can be addressed without compromising the future of the business, its stakeholders, or society. As such, two key dimensions of business sustainability must be considered from an organizational level of analysis: temporality and virtue. In this manuscript, we conceptually develop these dimensions and empirically examine their ability – as independent and combined signals of business sustainability – to influence the market performance of entrepreneurial firms. Our findings, based on a longitudinal sample of 236 IPO firms, support our main hypothesis regarding the effect of sustainability on performance. Hypotheses on the differential influences of each dimension and curvilinear effects of business sustainability are also supported. Enhancing the Sustainability Narrative: Conceptualizations from Thermodynamics and Ecology Manjula Salimath, University of North Texas & Vallari Chandna, University of North Texas Constant growth fueled by endless consumption, production and waste harms the ecosystem’s ability to regenerate natural resources and creates areas of excesses and voids. In this paper, we present two key vocabularies: entropy and metabolic rift to add to the dialog of sustainability. We provide relevant arguments from Georgescu-Roegen, Marx, Foster, Moore and other scholars that provide a sound rationale for advancing the current work in sustainability using the underlying fundamentals of systems theory and natural-resource based theory. In our search for additional conceptualizations, we were encouraged by the deep thinking of earlier scholars who were able to bridge the domains of ecology and thermodynamics to render a holistic perspective that we believe provides value and informs future understanding of sustainability. ORGANIZING SPONSORS: In Collaboration with: 7 Lightning Presentations (Continued) Lightning SESSION #1– GROUP 2 - Joy Burns Center, Room 231 - 1:00PM—2:00PM IT’S COMPLICATED: RECOGNIZING RELATIONSHIPS AMONG STAKEHOLDERS, INSTITUTIONS, & SOCIETY SESSION CHAIR: PAUL SEABORN, UNIVERSITY OF DENVER Firm “Kingmaking" as an NGO Strategy to Achieve a Transformational Partnership in an Industry Sector Roland Kidwell, University of Wyoming; Rhoda Davidson, University of Wyoming & Corey Billington, University of Wyoming This study illustrates how a non-governmental organization working with a utility firm used a deliberate partnership strategy to create large-scale transformational benefits in the form of a lower carbon economy. The adoption of a “kingmaker” strategy by the NGO allowed the firm to gain appreciable competitive advantage through an agreement to reduce its carbon emissions in return for strong NGO support. Joint partnership projects additionally created “networked enablers” that subsequently brought institutional pressure to bear on government and industry competitors leading to the signing of an environmentally-friendly energy policy in The Netherlands. This longitudinal case study illustrates the factors required to create a transformational partnership and demonstrates how a deliberate NGO strategy can create systemic and sustainable change. Does Entrepreneurial Society Undermine Corporate Social Responsibility? An Empirical Investigation of Institutional Setting Hessam Sarooghi, University of Missouri-Kansas City & Niloofar Abolfathi, Bocconi University Previous studies on institutional determinants of Corporate Social Responsibility (CSR) have contributed to our understanding of the ceteris paribus effect of specific elements of institutional environments (e.g., rules, norms) on CSR. However, the contingencies that enhance or diminish the effect of these elements on CSR have not been explored in previous studies. To fill this gap, current study focuses on how entrepreneurial institutions (entry regulations and entrepreneurial culture) interact with social institutions (labor regulations and social empathy) to affect the social performance of firms embedded within different institutional settings. The preliminary results show that labor regulations are less efficient in improving CSR when firms are located in countries with entrepreneurship-friendly entry regulations. Results have implications for theory and efficient cross-sectoral policy making. Entrepreneurship in Contested Industries: The Case of the Marijuana Industry Dara Szyliowicz, University of the Pacific & Tammy Madsen, Santa Clara University Entrepreneurs in Colorado are pioneering businesses in the marijuana industry, an industry grossing over $600 million in 2014, that the federal government considers illegal. As a result, innovative entrepreneurs face a series of conflicting obstacles, or sources of contestation that hinder the development of a durable and productive industry. We identify five different drivers that generate contestation in industries -- actor heterogeneity, regulatory arrangements, competing logics, institutional voids and changes in social belief systems. We examine how these drivers influence contestation in, and the evolution of, the marijuana industry in Colorado and, in turn, the choices entrepreneurs make. Standing on Its Head: Using Institutional Entrepreneurship Theory to Facilitate Change Craig VanSandt, University of Northern Iowa Institutional theory seeks to identify and explain, post hoc, the processes and mechanisms leading to organizational stability and change, and ways in which those mechanisms constrain human agency. We will stand the existing agenda on its head. Rather than explaining how institutional change occurs, we will use institutional entrepreneurship theory to explore how organizational fields might facilitate more efficient evolution processes. In particular, we will focus on the well-established energy production fields—coal, oil, and natural gas. Our premise for spotlighting this particular field is the crucial need to move from “dirty” sources of energy generation to cleaner, renewable supplies, such as hydropower, wind, and solar. We will use a model of institutional change processes proposed by Dorado as the starting point for our analysis. ORGANIZING SPONSORS: In Collaboration with: 8 Lightning Presentations (Continued) Lightning SESSION #2– GROUP 1 - Joy Burns Center, Room 229 - 2:15PM—3:15PM SHOW US THE MONEY: HOW TO GET IT, KEEP IT, AND GROW IT SESSION CHAIR: JOE COOPER, UNIVERSITY OF WYOMING Value and Valuation for a Sustainable Approach to Finance Scott Fullwiler, Presidio Graduate School; Vanessa Fry, Boise State University & Steven Crane, Presidio Graduate School Financial tools, models, and theories play a powerful role in the planning, assessment, and decision making about the economic aspects of an enterprise. The concept of value within these foundations largely means economic value, namely it can be counted and converted to a monetized unit. Acceptance of value as economic value continues to dominate research on value concepts in the social and natural sciences disciplines even when an alternative approach to value is proposed. Our research attempts to expand concepts of value beyond financial/economic and be inclusive and integrative with social and ecological value. We believe this research is critical and important to influence the education of finance in business and management schools that offer course work or focus on sustainability. Do Constraints from Socially Responsible Investing Impact an Investment Manager’s Discretion? John Hughen, University of Denver Investment managers commonly construct equity portfolios subject to client-imposed constraints. Common constraints include restrictions on investing in socially responsible companies (SRI). When clients impose severe restrictions, the portfolio manager is prevented from applying his investment strategy, and the account is classified as a non-discretionary portfolio. Most investment management firms have now adopted ethical guidelines (GIPS Standards) that prevent non-discretionary portfolios from being included in performance presentations to prospective clients. This paper uses Compustat data and ASSET4 ESG ratings on environmental, social, and corporate governance performance to quantify the impact of SRI. As measured by Jensen’s alpha, SRI constraints generally do not impact a portfolio manager’s discretion in implementing popular investment strategies. This study is the first to provide guidelines on how SRI constraints impact manager discretion. When the crowd gives credit: The ethics of debt-based crowdfunding Claire Ingram, Stockholm School of Economics & Michel Elmoznino Laufer, Stockholm School of Economics Existing investment legislation and standard terms around investments are implemented with professional investors in mind. Allowing consumers, or crowdfunding creditors, to invest smaller amounts of money than professional investors online may require a different regulatory framework. This paper looks into the implications of applying the existing arrangements to debt-based crowdfunding, first through an examination of the differences between professional investors and consumers who make purchases online and then through an examination of the terms and conditions of a debt-based crowdfunding company based in Sweden. We find that professional investors and crowd investors differ in three key ways: first, in the amounts that they invest, second in the variance of their levels of education and experience of investment, and third how they interact with investment opportunities. Who Is Manning the Gates? Gatekeepers and Crowdfunding R. Scott Livengood, The Ohio State University & Claire Ingram, Stockholm School of Economics Providers of financial capital play an integral role in the entrepreneurial process. From one perspective, financiers provide capital to resource-constrained enterprises and make possible activities that otherwise would not occur. From another perspective, however, financial institutions can also act as gatekeepers, withholding funds from enterprises that are not deemed to have a high likelihood of success and effectively allocating funds to those new firms that appear to capitalize on promising opportunities in the marketplace. This theoretical paper examines the underlying characteristics and motivations of various sources of financial capital available to early-stage firms in light of their roles as gatekeepers of both social and economic value creation. This gatekeeper model is then applied to a relatively new form of entrepreneurial finance, crowdfunding. ORGANIZING SPONSORS: In Collaboration with: 9 Lightning Presentations (Continued) Lightning SESSION #2– GROUP 2 - Joy Burns Center, Room 231 - 2:15PM—3:15PM CHANGE THE DISCUSSION: RESPONDING TO STAKEHOLDER CONCERNS AND MEASURING RETURNS SESSION CHAIR: SAMANTHA CONROY, COLORADO STATE UNIVERSITY Escaping Unscathed: The Varying Treatment of Firm Misconduct by Markets and Civil Society Jocelyn Leitzinger, University of Michigan & Ivana Katic, Columbia University Prior research indicates that firms caught in acts of misconduct may suffer a loss of legitimacy, damage to their reputations, or other sanctions. Yet, despite pressures to conform, many prominent firms continue to “misbehave” – some successfully, and others to the outcry of stakeholder audiences. In this study, I suggest that both discrepancies may be due to variation in stakeholders’ assessments of firm actions as instances of misconduct, and that these assessments depend on characteristics of the wrongdoing allegation, the firm accused, and the act itself. Using a unique data-set of corporate front groups in the U.S., I examine how markets and society react to allegations of firm misconduct – investigating changes in the accused organization’s social legitimacy and market value after their misdeeds are made public. Animating Stakeholder Engagement Processes: Lessons from the Ceres-Nike Corporate Responsibility Reporting Process Amanda Moss Cowan, University of Oxford; Doug Creed & Marc Ventresca, University of Oxford In 2005, environmental NGO Ceres’ stakeholder report review process with Nike yielded unexpected, positive outcomes. By 2015, the organization’s Roadmap to Sustainability had institutionalized expectations for business reporting of sustainable business practices. This paper explores the formative experiences underpinning Ceres’ work supporting firms and stakeholders working on difficult issues. As this qualitative study reveals, practical lessons from the Ceres-Nike go beyond current ‘best practices,’ also illustrating how the presence of ambiguity and unpredictability leads to progress in these complex multi-stakeholder dialogues. In contrast to accounts that treat ambiguity as a deficit, we identify opportunities for breakthrough outcomes through the robust, intentional managing of these ambiguities. This case reveals the ways that a carefully convened process enhances firm’s strategic capabilities and creates stakeholder-to-stakeholder benefits. Principals vs. Principles: How Environmentally and Ethically Responsible are Firm Managers? Ralf Steinhauser, University of Hamburg The separation of ownership and control in corporations opens up the potential for moral hazard. Thus it is conventional wisdom that managers who are not closely monitored pursue personal goals rather than maximize shareholder wealth. Yet little is known about what these goals are. This paper provides new insights into managers’ personal preferences by studying the variations in corporate environmental and social performance associated with different corporate governance provisions. I employ a unique dataset to exploit variations in takeover defenses to analyze differences in managers’ behavior. We find that with weaker governance, more resources are allocated into environmentally and socially responsible objectives and away from core responsibilities. These findings support a theory that ethical principles are important for the subjective well-being of managers. Toward a New ROI: Measuring Intangible Entrepreneurial Returns on Investment Mellani Day, Colorado Christian University & Mary Boardman, Globalytica, LLC Scholars have discussed both the profit motive (Simons & Astebro, 2010) and a broader set of motives (Elkington, 1997; Becker, 1993; Balog, et al, 2014) when studying entrepreneurial behavior. Some of these are internal and underlie how entrepreneurs perceive and experience risk and reward, costs and benefits. These motivators that may affect an internal return on investment (ROI) calculation can also be examined through a neuroentrepreneurship lens. Day (2014) takes a first step in this through framing the issue, identifying a set of potential costs and benefits, and developing a hypothesis for how these may be ranked in order of importance. This current paper presents a first step in the empirical testing of the ROI model presented in Day (2014). It does so by identifying existing data that measures these costs and benefits to varying degrees, then discussing the future research necessary to build upon this moving forward. ORGANIZING SPONSORS: In Collaboration with: 10 2015 SEE CONFERENCE Panel Discussion SUSTAINABILITY ETHICS ENTREPRENEURSHIP APRIL 30—MAY 1, 2015 /UNIVERSITY OF DENVER /DENVER, COLORADO /THURSDAY, APRIL 30 Panel Discussion - Joy Burns Center, Room 229 - 3:30PM—5:00PM THE CANNABIS CONUNDRUM: PERSPECTIVES ON COLORADO’S “GROWING” INDUSTRY FACILITATOR: ROLAND KIDWELL, Professor of Management and Chair of the Department of Management and Marketing in the College of Business at the University of Wyoming Roland Kidwell's research has been published in Academy of Management Review, Journal of Man agement, Journal of Business Venturing, Entrepreneurship Theory and Practice, Journal of Business Ethics, Journal of Family Business Strategy, Journal of Management History, and Human Resource Management. He is co-editor of the book Managing Organizational Deviance (Sage, 2005). He is on the editorial boards of several journals including Entrepreneurship Theory and Practice and Journal of Small Business Management. He is chair of the Management History Division of the Academy of Management, and previously served as the division’s scholarly program and professional development workshop chair. He has held visiting teaching and/or research positions in Australia, Norway and France. For 11 years, Roland worked as a newspaper reporter and then city editor of the Roanoke (Va.) Times. He has a BS in journalism from the University of Maryland—College Park, an MBA from Radford (Va.) University, and a PhD in Business Administration from Louisiana State University. PANELISTS Skyler McKinley, Deputy Director of Marijuana Coordination for the State of Colorado, Office of the Governor John Hickenlooper A fourth-generation Pueblo, Colorado native and proud product of Lakewood High School, Skyler McKinley graduated summa cum laude from American University in Washington, D.C. with degrees in journalism and law & society. He began his career consulting and in senior staff positions with political campaigns and nonprofits at the local, state, and national level. He then moved into government administration as a policy and communications adviser to members of House leadership in the Colorado General Assembly – where he received a formal commendation on the House floor for “extraordinary leadership” and “bringing new voices into the political conversation through pioneering work in new media.” Skyler contributed to the book "Citizen Power: A Mandate for Change" with former U.S. Sen. Mike Gravel. He also worked as a writer and researcher under renowned investigative journalist and author Chuck Lewis at the Investigative Reporting Workshop in Washington, D.C. As the deputy director of Colorado Gov. John Hickenlooper’s Office of Marijuana Coordination, Skyler’s mission is to ensure the efficient, effective, and transparent implementation of the world’s first recreational marijuana regulatory regime by coordinating public policy priorities, messaging, and budget requests across state agencies. ORGANIZING SPONSORS: In Collaboration with: 11 Panel Discussion (Continued) Michael Elliott, Executive Director of the Marijuana Industry Group Mike Elliott is an attorney and the Executive Director of the Marijuana Industry Group (MIG), a trade association of licensed marijuana businesses based in Denver, Colorado. MIG was formed in 2010. MIG’s mission is to build a comprehensive and robust regulatory framework for the sale of cannabis in Colorado. Mike has also run several political campaigns, including the 2010 campaign that defeated a proposed ban of medical marijuana centers in El Paso County (Colorado Springs). Don Childears, President and CEO of the Colorado Bankers Association Don Childears has served the Colorado Bankers Association since 1975, preceded by legislative and campaign work for a Congressman. He completed his Juris Doctor from University of Denver College of Law, and BSBA from Colorado State University. Community activities vary including: First Amendment Council, Referenda C & D Finance Committee, Civil Justice League, Governor’s Y2K TF, Kids Voting, Housing Council, two graduate schools of banking, and political activities and campaigns. Business activities include ABA BankPac, Colorado Competitive Council Steering Committee, BancInsure, a publishing company, a network predating the internet, and a burglar alarm company. He frequently speaks (NBC Nightly News, ABA’s Annual Convention) and teaches government, political influence, and banking. David Spitz, Chief Executive Officer of Kind Love Mr. Spitz joined Kind Love in 2014 as its CEO. He transformed Kind Love from a “basement grower” venture into a very analytical, scalable and differentiated player-making Kind Love one of the biggest companies in the market. He expanded the company’s operations from medical to recreational, finished the company’s state-of-the-art facility in Denver, and optimized the production of marijuana infused products. With the introduction of new technologies, Mr. Spitz has positioned Kind Love as a leader in the highquality cannabis industry. Mr. Spitz has 30 years' experience creating and extracting value for shareholders in a variety of companies and industries. In 1979 he founded IES Ltd., a group of companies specializing in IT, Internet, healthcare and homeland security; and executed IPOs, secondary public offerings, and several mergers and acquisitions. He expanded IES and sold the company in February 2001. From 2001 to 2007 Mr. Spitz was an investment banker at Bathgate Capital. Since 2007 Mr. Spitz has been involved in numerous companies in a variety of business-development consultancy positions. He was also an in-house M&A specialist for Pioneer Behavior Health, partner and COO for Altos Medical, and partner with DaVinci Capital in Denver. Diane Carlson, Co-Founder of Smart Colorado Smart Colorado is a non-profit organization at the forefront of protecting the health, safety and futures of Colorado youth as marijuana becomes increasingly available and commercialized. Smart Colorado formed after the passage of Amendment 64, which legalized recreational marijuana in the state of Colorado, by a group of concerned citizens who voted both for and against the Constitutional Amendment with the sole interest of protecting Colorado youth. Smart Colorado has grown rapidly ever since. Ms. Carlson studied economics at the University of Maryland and received a Master’s in Public Policy from Harvard. As a financial and policy analyst at the New York Federal Reserve Bank she became an expert in banking regulatory and legislative policy. She later built and managed a successful human resource company in New York City, which she grew to over 40 million in revenues specializing in staffing solutions for major corporations and financial institutions. ORGANIZING SPONSORS: In Collaboration with: 12 2015 SEE CONFERENCE Poster Presentations SUSTAINABILITY ETHICS ENTREPRENEURSHIP APRIL 30—MAY 1, 2015 /UNIVERSITY OF DENVER /DENVER, COLORADO /THURSDAY, APRIL 30 INTERACTIVE POSTER SESSION— Joy Burns Center, Atrium - 5:00PM—6:30PM Sharing Tribes: Using Collaborative Consumption to Engage Millennial Employees Anita Bhappu, University of Arizona In today’s global economy, motivated and productive employees are the differentiating factor when it comes to business performance and competitive advantage (Rich, Lepine & Crawford, 2010). Organizations today are struggling to engage their employees, especially Millennials – the generational cohort born between 1980 and 2004 – who will be 75% of the workforce in 2025 (Council of Economic Advisers, 2014). 51% of Millennials report that they prefer to share rather than buy things (Havas, 2014), which is why collaborative consumption is the essence of the rapidly growing sharing economy (Botsman, 2010). This exploratory research investigates, both theoretically and empirically, whether organizations can better engage and integrate Millennials into their enterprise by encouraging collaborative consumption among their employees. Marketized, Activist, and Brokered Market Social Orders Silvia Dorado, University of Rhode Island; Alex Nicholls, Said Business School, Oxford University & Bogdan Prokopovych, Stockholm Centre for Organizational Research This paper contributes to research on the advancement of social value within markets. It advances a typology that establishes a connection between the 'social order' of a market and variances (beyond those rooted in organizational charter) in (a) the degree to which the generation of social value generates financial/competitive upsides, (b) the potential for private value to crowd out social value, and (c) the challenges of balancing private and social value. Here, social order describes institutional alignments which solve the three inevitable coordination problems required for a market to operate (Beckert, 2009): An alignment which defines the use value derived by customers; reconciles the competitive forces framing how much of this value is privatized, and limits the risk of opportunistic behavior in exchanges. This alignment is institutional rooted by emerges stochastically as actors interactions layer historically and generate differences among markets. From "Pounds Delivered” to “Shortening the Line”: Food Bank Leaders in the U.S. as Ethical Sensemakers and Social Innovators Michael Elmes, Worcester Polytechnic Institute & Karla Mendoza-Abarca, Worcester Polytechnic Institute This paper considers the critical role that food bank leaders are playing in sensemaking around the ethical and justice dimensions of hunger and food-related illnesses in the U.S. These food bank leaders are engaged in a kind of ethical sensemaking (Sonenshein, 2009) that has led to a shift from a traditional operationally-focused strategy (food-in/ food-out efficiencies and pounds served) to one that both provides emergency food aid and tries to “shorten the line” through experimentation with innovative, ethical solutions designed to eliminate hunger at its source. We consider food justice as a discourse of resistance to the logic of industrial agriculture and at how some food banks as ethical sensemakers are trying to bridge these discourses in their approach to hunger and food-related diseases. To illustrate the phenomenon, we consider the transition that has occurred at one food bank in the US and the justice-based innovations that they have designed and implemented across its county to end hunger. We conclude by proposing a model of ethical sensemaking that may help to explain how some food bank leaders have successfully adopted a variety of new strategies in their approach to food insecurity. ORGANIZING SPONSORS: In Collaboration with: 13 Poster Presentations (Continued) Poster Presentations (Continued) Is Information Enough? An Investigation of the Effects of Executive Pay Disclosure on Future Pay Practices Amy Guerber, University of Alberta & Samantha Conroy, Colorado State University Social unrest due to the increasing wealth gap in the U.S. could lead to a widespread legitimation crisis – threatening the sustainability of social, economic, and government institutions. Although the government has passed legislation requiring increased reporting of pay policies and outcomes for top managers and for average workers, questions about the likelihood that these policies will have a meaningful impact persist. In the current paper, we explore the conditions under which compensation disclosures may influence future pay outcomes for executives as well as average employees. We propose a model explaining the impact of compensation disclosure characteristics on future compensation outcomes for both executives and workers, and we explore the moderating impact of stakeholder influence (specifically employee and shareholder bargaining power) on this relationship. No Chaos, No Creation – The Role of Physical Environment for Entrepreneurs Chanhyo Jeong, University of Oregon Entrepreneurship is all about creativity. Without enough understanding, we design our work environment based on intuition and anecdotal evidences. Although some research found a causal link between clutter and divergent thinking ability, their research covered neither team creativity nor convergent thinking. Our brain does not always make a distinction between physical and cognitive activity. We hypothesize that being surrounded by disorganization will activate the alleviation of controlled self. We also expect that it will take less time for a team in a disorganized environment to complete creativity tasks. We predict that people in a disorganized space will reach a consensus for a convergent thinking task quicker, because a disorganized environment will hinder a team to carefully evaluate each option due to ego depletion. Predicting and Examining Links between IPO Hype, Managerial Expectations, and Firm Outcomes Kip Kiefer, U.S. Air Force Academy This paper provides a model for understanding the information environment and explores how differential relationships between media hype and managerial behavior exist. A key aspect of the model is sources and timing of hype, particularly a concept from communications literature called a trigger event. The specific trigger event explored is the IPO. Results indicate that managers are influenced by media hype in that they exhibit actions reflecting overconfidence when the media hype generated about the firm surrounding its IPO is volumous, salient with respect to the focal firm and relatively positive in nature. Curiously, results reveal that media’s influence is not the same at all times and that it impacts managerial expectations and firm outcomes differently for different types of hype at different times. Attributes of Environmental Disaster & TMT Attention to Natural Environmental Issues Jaemin Kim, Richard Stockton College & Clay Dibrell, University of Mississippi Research in the attention-based view literature has made advances in exploring the effects of organizational characteristics on its attention and responses. However, less is understood about why top management teams (TMTs) allocate their limited attention to natural environmental issues in response to environmental disasters. Combining attention-based view and stakeholder theory, we hypothesize that technological disaster, economic damages, and number of occurrence affect the extent to which TMTs elaborate a cognitive category of the issues associated with stakeholders. Examining five most polluting industries for 10 years, we found that technological disasters and economic damages of environmental disasters stimulated TMTs to attend to natural environmental issues and the frequent occurrence was inversely U-related with the TMT attention. Value Experience and Persistence: A Regulatory Engagement Perspective on what Keeps Social Entrepreneurs Engaged over Time Cristina Martinez, IE Business School & Peter Bryant, IE Business School, Madrid We develop a theoretical explanation of how value experience and level of engagement in entrepreneurial goal pursuit help to explain social entrepreneurs persistence through the entrepreneurial process, or withdrawal from it. In doing so, we examine the role of entrepreneurial behaviors and self-regulatory orientation on motivation and engagement. This conceptual integration proposes a novel explanation for what keeps individuals engaged in social entrepreneurship over time: it is not only the pursuit of an opportunity as an outcome which explains entrepreneurial persistence over time, but also the strength of motivation and engagement with the entrepreneurial process itself and the value derived from this experience. ORGANIZING SPONSORS: In Collaboration with: 14 Poster Presentations (Continued) Mentor or Tormentor: Understanding How Mentors Impact Entrepreneurs’ Performance Using a Creativity Perspective Sid Saleh, University of Colorado-Boulder; Maw Der Foo, University of Colorado-Boulder & David Hekman, University of Colorado-Boulder Mentors benefit entrepreneurs by lending them expertise and access to contacts (Ozgen & Baron, 2007; Davidsson & Honig, 2003). Using a creativity lens, we explore how mentor-investors (mentors who invest) influence startup performance. Self-determination theory (Deci & Ryan, 1985) suggests mentor-investors may stifle creativity increasing the likelihood of startup failure. In contrast, the learned industriousness theory (Eisenberger, 1992) suggests that rewards influence individuals’ behavior towards goals that enhance creativity. We suggest that choice control (Byron and Khazanchi, 2012) moderates the relationship between rewards and startup creativity. This study links the entrepreneurship, creativity and mentoring literatures. We offer insights into how mentor-investors may undermine the creativity that they need to recoup their investments. Changing the Cassette: Exploring Institutional Field Change Among Nicaraguan Dairy Farmers Chris Sutter, Miami University; Justin Webb, University of North Carolina at Charlotte & Geoff Kistruck, York University This study examines an institutional entrepreneur’s efforts to orchestrate field-level change: a non-governmental organization’s efforts to change rural Nicaraguan dairy farmers’ long-held beliefs and practices, restructure their relationships and market transactions, and establish new rules for milk production as means to incorporate the farmers into more developed dairy supply chains. We find that the institutional entrepreneur uses inter-related tactics to change the understandings, relationships, and rules that characterize the field. We also find that field members’ willingness to participate varied depending on their prior experience with alternate institutional logics as well as their openness. We seek to contribute to theory regarding institutional entrepreneurship by exploring the relationships between understandings, relationships, and rules during field change and by clarifying how distributed agency fits into this process. Big Pharma and BOP Markets: An Entrepreneurial Approach Isaac Wanasika, University of Northern Colorado & Abe Harraf, University of Northern Colorado The purpose of this paper is to develop an entrepreneurial framework for effective economic and social performance of big pharma in base of the pyramid (BOP) markets. BOP markets have immense business challenges and are the most underserved segments of the pharmaceutical industry. However, these markets have significant potential for sustainable growth and the most urgent medical needs. Instructively, other industries such as telecommunications and the consumer sector have made inroads in BOP markets, despite the odds. Big pharma stands to achieve sustainable benefits through increased focus on BOP markets. In this paper, we develop an entrepreneurial and transaction economics theoretic approach towards effective performance of big pharma in BOP markets. Beyond the Investment: The Social and Communal Impact of a Localized Microlending Project Nathan Woolard, Emporia State University The opportunity to invest in small business is changing due to Kickstarter and other creative venture funding websites. The purpose of this research project is to explore how participants in a specific Midwestern community crowdfunding project define their involvement in terms of social and political importance that may extend beyond contractual obligations. Specifically, the research will attempt to determine whether participants in the crowdfunding project were motivated by means beyond potential return on investment, and the extent in which communal obligation and consideration for localized economic development impacted the likelihood of their investment. This qualitative case study focuses on a specific large-scale micro-lending project, where an entrepreneur group worked with a local economic development agency to solicit micro-lenders for gap financing for a “BrewPub.” ORGANIZING SPONSORS: In Collaboration with: 15 2015 SEE CONFERENCE Paper Presentations SUSTAINABILITY ETHICS ENTREPRENEURSHIP APRIL 30—MAY 1, 2015 /UNIVERSITY OF DENVER /DENVER, COLORADO /FRIDAY, MAY 1 PARALLEL SESSION #1– GROUP 1 - Joy Burns Center, Room 229 - 9:30AM—10:45 CHASING THE LIGHT: CHALLENGES TO BEING “GOOD” SESSION CHAIR: FRANCES AMATUCCI, SLIPPERY ROCK UNIVERSITY OF PENNSYLVANIA Moral Communities as Antidotes to Moral Deafness and Blindness Nino Antadze, University of Waterloo; Oana Branzei, Richard Ivey School of Business, University of Western Ontario & Haiying Lin, University of Waterloo Management scholars have explored moral impairment of organizations (Bird, 1996; Shadnam & Lawrence, 2011; Palazzo et al., 2012). Yet, less is known about how organizations go about reclaiming and restoring their moral conduct. Drawing on the case of the deadly collapse of the Rana Plaza factory in Dhaha, we suggest that morality can be externally sourced. We explain how the emergence of concern-focused moral communities can help their individual members reverse the decline and even restore moral conduct, when their internal cultures have eroded their own moral hearing and seeing abilities. When Organizational Form Influences Ethics: Intrafirm Co-opetition in Hybrid Organization Peter Gianiodis, Clemson University & Jill Brown, Bentley University Ethical tensions can manifest when current environmental conditions place pressure on an organization to adapt in a manner that may contradict with the imprinting related to its original mission. As firms have increasingly adopted hybrid organizational forms to better fit more challenging external environmental conditions, they have had to manage the ethical challenges resulting from intrafirm co-opetition. In this study, we investigate how a new hybrid form and the adoption of intrafirm co-opetition affected ethical decision-making within a hospital setting. We find that, consistent with prevailing game theory’s prisoners dilemma and organizational explanations of moral misconduct, tensions inherent in intrafirm co-opetition can provoke unethical decision-making. We also find that control mechanisms and incentives increase tensions and perpetuate opportunities for misconduct, rather than reduce them. Do Organizations Light a Candle and Hide It Under a Bushel? The Strategic Publication of Certification Status Chad Carlos, Brigham Young University & Ben Lewis, Brigham Young University Scholars have long recognized the symbolic value of certifications in helping organizations to acquire legitimacy and other benefits. However, extant research has largely treated the attainment and publication of a certification as a single process. In so doing, previous literature provides few insights as to why organizations might attain a certification and at times elect not to publicize their certification status. Drawing upon impression management theory, we suggest that the attainment and publication of certification status are two distinct actions and that firms may engage in strategies to limit communications about a certification if their recent actions appear hypocritical in light of the claims associated with the certification. We test our hypotheses by examining variation in the publication of membership in the Dow Jones Sustainability Index. ORGANIZING SPONSORS: In Collaboration with: 16 Paper Presentations (Continued) /FRIDAY, MAY 1 PARALLEL SESSION #1– GROUP 2 - Joy Burns Center, Room 231 - 9:30AM—10:45AM BREATHING BETTER: LESSONS IN REDUCING CO2 SESSION CHAIR: MATTHEW GRIMES, UNIVERSITY OF ALBERTA Authenticity in CO2 Reductions: the Impact of Women Directors Elizabeth Cooperman, University of Colorado-Denver; John Byrd, University of Colorado-Denver & Ken Bettenhausen, University of Colorado-Denver This paper adds to the literature on the impact of corporate board gender diversity on the environmental performance of corporations. Using a sample of 214 S&P 500 companies during 2010 to 2013, reporting to the CDP on corporate environmental commitments and CO2 emissions, we examine whether the presence of women board of directors, along with other corporate governance characteristics, are associated with firm carbon reductions. We identify companies that made a high commitment to reducing their carbon emissions and the firms among these actually reporting lower emissions in the following two to three years. The empirical results show for firms with a high organizational commitment about climate change, those with a larger percentage of women on their boards are more likely to follow through and reduce CO2 emissions. We also find a significant relation between CEO tenure and the likelihood that a firm will have CO2 emission reductions. JEL Classification: G38, M14, J16, Q56 Keywords: Corporate governance, Diversity, Board of Directors, Environmental Performance Spillover Effects of Institutional Entrepreneurship: Observations from the Global Carbon Offset Industry (Best Paper Contender) Hans Rawhouser, University of Nevada-Las Vegas & Michael Cummings, University of Nevada-Las Vegas New industries are often the source of revolutionary changes in economic, organizational, and social life. This study focuses on the creation of an institutional infrastructure to support an emerging industry (Van de Ven, 1993). In particular, it explores the role of public and private sector institution-building activities in the global carbon offsets industry. Insights from our study may provide lessons for future market-based approaches to economic externalities or social value creation. Gains, Large and Small Through Industrial Symbiosis Suzanne Tilleman, University of Montana; Raymond Paquin, Concordia University & Jennifer Howard-Grenville, University of Oregon Addressing the challenge firms face to improve environmental performance while simultaneously earning profits, we test learning and capability development by firms completing successful industrial symbiosis exchanges. These exchanges provide an opportunity to reduce carbon dioxide equivalent emissions while also finding new avenues for financial benefit by selling waste. Using data on 5,016 industrial symbiosis exchanges in in the United Kingdom from 2003-2012, we find partner experience is significant in completing industrial symbiosis exchanges for all firms. However, the impact is greater for novice firms who do not continue after the most opportunistic exchanges are completed. Also, firms gain more financially when they commit to seeking out many industrial symbiosis exchanges despite losses during the development of a capability in industrial symbiosis. ORGANIZING SPONSORS: In Collaboration with: 17 Paper Presentations (Continued) /FRIDAY, MAY 1 PARALLEL SESSION #2– GROUP 1 - Joy Burns Center, Room 229 - 11:00AM—12:15PM JUGGLING ACT: MANAGING RISK, REDUCING UNCERTAINTY, DEPLOYING RESOURCES AND SUCCESSFULLY SESSION CHAIR: CHARLIE STEVENS, LEHIGH UNIVERSITY Stuck in the Middle: Corporate Innovation and Environmental Performance Jegoo Lee, Stonehill College & Sang-Joon Kim, University of California-Irvine This research proposes that a firm considers environmental issues once it achieves innovation at certain levels. Combining the resource allocation approach and the good management theory, we hypothesize the u-shaped relationship between firms' patenting activities and their environmental performance, and test this hypothesis with a panel of 1564 firms from 1991 to 2010. Based on research findings, we suggest that the motivation for “doing good” for environment is accelerated once corporate innovation through patenting activities are accumulated. We also offer a practical implication that corporations who are “stuck in the middle” with moderate innovation level should attempt to diminish the negative environmental activities as well as to develop knowledge creation further. Firm Strategies for the Development of Environmental Technology Capabilities Alfred Marcus, University of Minnesota & Joel Malen, Hitotsubashi University This study identifies strategies that firms employ when technological objectives include the internalization of negative environmental externalities as well as mitigation of additional risk brought about by the market, technological, and public policy uncertainties associated with ETD. Employing data from 256,649 patents held by 347 US manufacturing firms over a 20-year period allow for a clear distinction between ETD and non-ETD activities and enable the use of estimation strategies that control for unobserved firm-level heterogeneity. Results indicate that when firms develop environmental technologies they modify their innovation strategies by relying less on their own knowledge and capabilities, more on publicly generated knowledge, and by adopting a more incremental approach to innovation. Sustainability Commitment in IPO Firms: The Role of Board Capital Krista Lewellyn, University of Wyoming The IPO event is fraught with uncertainty. Being committed to sustainability so as to help address environmental and social issues creates even greater uncertainties since the costs and any benefits of sustainability initiatives on the IPO’s future performance are not certain. According to institutional theory one means by which organizations attempt to reduce uncertainties is through mimetic isomorphism, or imitating competitive and proven strategies of successful organizations. From a resource dependency theory view IPO firms attempt to reduce uncertainty by receiving valuable resources such as strategic advice from the human and social capital of their boards. Using a unique, hand-collected dataset of IPO firms between 2009 – 2011, we explore the relationships between industry sustainability, board capital, and a focal firm’s commitment to sustainability. ORGANIZING SPONSORS: In Collaboration with: 18 Paper Presentations (Continued) /FRIDAY, MAY 1 PARALLEL SESSION #2– GROUP 2 - Joy Burns Center, Room 231 - 11:00AM—12:15PM CREATING COMMUNITIES OF PRACTICE: LESSONS FROM EMERGING GREEN INDUSTRIES SESSION CHAIR: DESIREE PACHECO, PORTLAND STATE UNIVERSITY Insider-Driven Change in Fields of Practice: Exploring the Case of Green Chemistry (Best Paper Contender) Andrew Nelson, University of Oregon; Jennifer Howard-Grenville, University of Oregon; Andrew Earle, University of New Hampshire; Julie Haack, University of Oregon & Doug Young, Lane Community College Insiders can be effective at mobilizing to bring about change in organizations or professions, yet we know little about how they work to influence change in a less structured field of work practice. Drawing on interview, observational, and archival data, we inductively investigate the emergence and growth of “green chemistry,” an effort within the chemical sciences to improve the health, safety, and environmental impacts of chemicals through changing practices associated with chemical synthesis and design. We find that advocates mobilized other chemists through a multivocal discourse and flexible principles, as opposed to a cohesive resonant frame. A pluralistic community resulted, which demanded ongoing efforts to both check and sustain this pluralism. The trajectory of green chemistry suggests that insiders can leverage the very elements that structure a field – shared expertise and work practices – in service of change, but that these same elements are threatened by such change. We discuss implications for theory on insider-driven change in fields of practice, the strategic use of multivocality, and the challenges of social and environmental change among those bound by common expertise, including members of occupations. Cultivating an Industry Identity: The Agency and Influence of Stakeholders in Colorado’s Emerging Cannabusiness Aimee Hamilton, University of Denver & Paul Seaborn, University of Denver Despite considerable work in the identity theory literature on how collectives develop workable, coherent, sustainable identities, major questions remain regarding how other types of interested parties influence the emergence of a new industry as well as the identity of that new industry. Our paper uses stakeholder theory to understand how the actions taken by entrepreneurs and other stakeholders in Colorado’s emerging marijuana industry interrelate to form a collective identity. In highly regulated industries, such as our setting, governments hold tremendous power to influence industry identity through their requirements in areas such as ownership qualifications, vertical integration and marketing. In addition to issues pertaining to entrepreneurship in a new market, we also consider the industry’s ethical conflicts and sustainability challenges. Cleantech Clusters and Firm Performance: Evidence from Young Private U.S. Firms Y. Lisa Zhao, University of Missouri-Kansas City & Sanwar Sunny, University of Missouri-Kansas City Although Cleantech represents a fast growing sustainable economy, the market is still nascent and uncertain. As a result, a wide range of responses in business strategies and government policies are emerging; yet it is not clearly how these will affect Cleantech performance at both regional and individual firm levels. This study attempts to fill the literature gap by examining how local entrepreneurship and innovation climate, government policy, resources, and general population awareness affect Cleantech entrepreneurial firm creation and performance using the lenses of institution theory, resource-based theory and economy of agglomeration. Our results show that entrepreneurship and innovation climate and access to resources have positive impact on geographical clustering and entrepreneurial firm performance but findings about policy and public awareness are mixed. ORGANIZING SPONSORS: In Collaboration with: 19 Paper Presentations (Continued) /FRIDAY, MAY 1 PARALLEL SESSION #3– GROUP 1 - Joy Burns Center, Room 229 - 2:00PM—3:15PM LEARNING 2 B: COMBINING SOCIAL WELFARE WITH COMMERCIAL LOGIC SESSION CHAIR: ABE HARRAF, UNIVERSITY OF NORTHERN COLORADO How Social Hybridity Can Be Sustained From the Ground Laura Claus, University of Cambridge While much research has focused on how complexity can be managed at the organizational level, we know less about how individuals experience and cope with conflicting institutional prescriptions. To examine how individuals balance multiple logics as an ongoing accomplishment, we conducted an in-depth case study at a leading Benefit Corporation in the U.S. – a newly emerging hybrid form that incorporates a social welfare and commercial logic at its core. We find that not every organizational member experienced complexity to the same degree, and that individuals caught between objectives coped by means of anchoring. Anchoring served to mitigate the discomfort experienced from having to satisfy competing demands, safeguard against drift toward either alternative and sustain hybrid organizing from the ground. Hybrid Social Enterprise and the Problem of Identity Correspondence Michael Conger, Miami University; Jeff York, University of Colorado-Boulder & Jeffery McMullen, Indiana University The rise of social enterprise as a new class of organization and the basis of emerging hybrid industries has potential implications for the future of both charity and business. However, we know relatively little about the processes or means by which individual actors and organizations become aligned with movements, or the mechanisms by which this alignment leads to active participation in collective action and, ultimately, field emergence. We examine this phenomenon through an inductive study of the B Corp movement in the U.S. and build a process model of identity correspondence spanning the individual and organizational levels. Our findings shed light on the role of identity processes in the emergence of hybrid organizational forms, industries, and fields. 50$, a Laptop, and a Client – The Start to How Impact Makers Has Become a Business Working to Better Their Community Joseph Sprangel, Mary Baldwin College & Amanda Slemaker, Mary Baldwin College B Lab is leading a global movement to redefine success in business. This research is a qualitative study of Impact Makers (IM) a for-profit company and B Lab Certified B Corporation that contributes 100% of their net profits ($247k in 2013) to their nonprofit partners. The design strategy of this qualitative inquiry was a purposeful sampling of IM as an “information rich” organization where the intent is to share empirical evidence of organizational success that can be generalized to the current and future Certified B Corporation population. The data collection involved 22 interviews to date of in-depth open interview questions of representatives of the various stakeholder groups of IM. ORGANIZING SPONSORS: In Collaboration with: 20 Paper Presentations (Continued) /FRIDAY, MAY 1 PARALLEL SESSION #3– GROUP 2 - Joy Burns Center, Room 231 - 2:00PM—3:15PM DEFINING ENTREPRENEURIAL ADVANTAGES: BUNDLING RESOURCES LEVERAGING COMMUNITIES AND SESSION CHAIR: MELISSA AKAKA, UNIVERSITY OF DENVER Community-Building Strategies: The Role of Non-Pecuniary Incentives, Rewards, and Exchanges Christina Kyprianou, University of Texas-Austin A type of firm-sponsored external stakeholder community, customer communities increasingly play a central role in how entrepreneurial firms create and capture value. Existing research, however, still lags in explicating the mechanisms through which firms build customer communities. Through an inductive multi-case study, I explore entrepreneurial firm strategies that support community building while focusing on the role of non-pecuniary incentives, rewards and exchanges. Findings suggest that firms face a central strategic challenge: balancing the growth of the community against the quality of its membership. Firms approach this problem by pursuing three sets of processes: community organizer training, community member education, and social processes of inclusion. These findings provide evidence of the important yet neglected role of non-pecuniary mechanisms that support community-building strategies. Two Purposes are Better Than One: The Ambidextrous Creation of Economic and Social Value Krista Lewellyn, University of Wyoming The objective of this paper is to extend the organizational ambidexterity concept to include an organization’s fundamental purpose for being, specifically that corporations are able to simultaneously create economic advantage while also generating resilient social value that contributes to mitigating social issues. Drawing from the literature that explores how economic value is created and captured from the combination, allocation, and deployment of resources, the conceptual model also explores organizational antecedents that facilitate balancing, reconciling and synchronizing the paradoxical contradictions that allow for ambidexterity to manifest in organizations. Propositions are put forth with respect to these enablers of ambidexterity and suggestions for empirically testing the framework are also discussed. Towards Understanding Community-based Enterprise Performance in Resource Constrained Environments (Best Paper Contender) Kiven Pierre, Syracuse University; Tom Lumpkin, Syracuse University & Todd Moss, Syracuse University While there has been considerable research into the effect of market oriented development in less developed economies on entrepreneurship in general, research on the relationship between such development and community-based enterprise has remained sparse. Building on entrepreneurship, institutional theory, and resource dependence literatures, the present study addresses this gap by exploring the effect of pro-market institutions and resource dependence factors on the performance of community-based enterprises within resource constrained environments. Using multi-level random effects estimation on a cross-country sample we find evidence that pro-market institutions have both positive and negative effects on the performance of community-based enterprises which are contingent on a country’s magnitude of dependence on the external environment. We discuss the theoretical and practical contributions of these findings to entrepreneurship literature. ORGANIZING SPONSORS: In Collaboration with: 21 Paper Presentations (Continued) /FRIDAY, MAY 1 PARALLEL SESSION #4– GROUP 1 - Joy Burns Center, Room 229 - 3:30PM—4:45PM ENERGY CONVERSION: INVESTIGATING THE ROLES OF COMMUNITY AND GOVERNMENT SESSION CHAIR: RICHARD HARRISON, UNIVERSITY OF EDINBURGH Shine on me: Firm density, social movement support, and government endorsement of the solar photovoltaic industry (Best Paper Contender) Panayiotis Georgallis, University of Michigan; Glen Dowell, Cornell University & Rodolphe Durand, HEC Paris In this paper we treat regulative institutions as dependent on firm populations and supportive collective action. We argue that in emerging sectors, as the number of firms grows it signals legitimacy and growing acceptance of the sector, which in turn increases the likelihood that the government will endorse it. We further disentangle the influence of two different types of entry – by de novo and de alio firms – on government endorsement, and consider the role of supportive social movements in augmenting the influence of firm density on the establishment of favorable regulation. Analyses of the feed-in-tariff policy support scheme in the European Union suggest that government endorsement depends on the number of firms in a country, and that the presence of a supportive movement increases the effect of de novo firm density on government endorsement. We discuss the implications of our findings for institutional theory, research of social movements and markets, and industry creation. Do I put solar panels on my roof if my neighbors can see them? Uniqueness and conformity as drivers of individual technology adoption Jörg Claussen, Copenhagen Business School & Anders Ørding Olsen, Copenhagen Business School Utility from technology adoption is not only derived from economic value but also influenced through social factors. We argue that visibility of technology adoption can be an important social factor that can increase adoption if individuals want to signal uniqueness or decrease adoption if they want to conform to their peers. We study in how far the potential visibility of solar panels from the street influences the adoption decision of 122,349 Danish households and find that conformity motivations seem to dominate, i.e. the average household is less likely to adopt if solar panels are visible from the street, but less wealthy households are more likely to adopt of solar panels are visible. These findings generate policy implications for supporting the adoption of sustainable technologies. Organizational Responses to Public and Private Politics: An Analysis of Climate Change Activists and U.S. Oil and Gas Firms Jake Grandy, University of Southern California; Shon Hiatt, University of Southern California & Brandon Lee, Melbourne Business School We explore how activists’ public and private politics elicit different organizational responses. Using data on U.S. petroleum companies from 1982-2010, we investigate how climate change activists serving as witnesses at Congressional hearings and engaging in firm protests influenced firms’ internal and external responses. We find that public politics induced internally focused technical actions while private politics induced externally focused institutional actions. The results suggest that activists can have a significant impact on firm behavior by instilling regulatory uncertainty in the early phases of the policymaking process. We discuss the implications of our study for social movement research, organization theory, and nonmarket strategy. ORGANIZING SPONSORS: In Collaboration with: 22 Paper Presentations (Continued) /FRIDAY, MAY 1 PARALLEL SESSION #4– GROUP 2 - Joy Burns Center, Room 231 - 3:30PM—4:45PM SHIFTING BOUNDARIES: ATTAINING LEGITIMACY AND CREATING VALUE FROM NEW PRODUCTS AND CATEGORIES SESSION CHAIR: SHARON ALVAREZ, UNIVERSITY OF DENVER Market Mediators and the Tradeoffs of Legitimacy-Seeking Behaviors in a Nascent Category (Best Paper Contender) Brandon Lee, Melbourne Business School; Michael Lounsbury, University of Alberta & Shon Hiatt, University of Southern California This study contributes to a growing body of research on the emergence and growth of new product market categories by focusing attention on market intermediaries and their role in garnering legitimacy for a nascent market category. Although extant research has demonstrated the importance of attaining legitimacy for new market categories, few have considered the tradeoffs associated with such actions. Using the U.S. organic food product category as a context, we explore how one type of market intermediary—a standards-based certification organization—sought to balance the expansion of a nascent market category with retaining its distinctive coherence and identity. Our findings suggest that standards-based certification organizations can expand a market and demarcate clear categorical boundaries, but at a cost to the initial collective identity of the category’s members. Our findings hold important implications for the literatures on legitimacy, new category formation and growth, market intermediaries, and movement-driven markets. Institutionalizing Fair Trade: A Rhetorical Analysis of New Market Category Creation Bob Doherty, University of York; Helen Haugh, University of Cambridge & Benjamin Huybrechts, HEC, University of Liege We draw on category and rhetoric theories to examine how language is employed to create and mainstream new market categories. Originating in the 1970s from consumer interest in alternative trade, annual sales of fair trade certified products now exceed $6 billion. From our analysis of archival data and interviews, we theorize three rhetorical strategies that we connect to new market category creation: Oppositional rhetoric demarcates the new market and establishes the boundaries between new and existing categories; impact rhetoric communicates the purpose and achievements of the new category; and regulatory rhetoric formalizes, disciplines and monitors category membership. Growth rhetoric mainstreams the new market category by selectively combining elements of oppositional, impact and regulatory rhetoric with growth. Category growth proceeds against a backdrop of competing member interests concerning the plasticity and rigidity of category boundaries. We propose the process of category elaboration to explain how members relax category boundaries to accommodate increasing membership and certification variety. Entrepreneurial Round Tripping: Contributing to Sustainability through Multi-Directional Value Creation Richard Hunt, Virginia Polytechnic Institute & Lauren Ortiz-Hunt, Center for Innovation and EntrepreneurshipVirginia Polytechnic Institute One of the key drivers of sustainable growth involves the development of commercial processes that allow for the extended use, reuse or recycling of disposable productive assets. One significant way in which this enhanced utilization occurs is in the realm of multi-directional value creation, which refers to profits that are generated from the development of solution sets that allow commercializable goods and services to flow in more than one direction. The focal point of our investigation centers on the paradox of incumbency in round-tripping: that despite possessing insider knowledge, efficient scale and technical resources, incumbent firms often fail to develop the leading solution sets for multi-directionality. Far more often, it is innovating entrepreneurs, who create and capitalize on these sustainabilitydriven gains. ORGANIZING SPONSORS: In Collaboration with: 23 SUSTAINABILITY 2015 SEE CONFERENCE KEYNOTE SPEAKERS ETHICS ENTREPRENEURSHIP APRIL 30— MAY 1, 2015 /UNIVERSITY OF DENVER /DENVER, COLORADO /THURSDAY, APRIL 30 7:30PM — 8:15PM — Joy Burns Center — Main Dining Room 2015 Margolin Distinguished Journalism Lecture RIVA FROYMOVICH Author, Policy and Content Development Riva Froymovich is a millennial journalist, author and first-generation American, raised on the promise of the American Dream and now writing about ensuring its future. Froymovich will be recognized as the University of Denver’s (DU) 2015 Margolin Distinguished Journalism Lecturer. DU’s Media, Film, and Journalism Studies (MFJS) department is partnering with Daniels College of Business to host Froymovich as a keynote speaker at the 2015 Sustainability, Ethics & Entrepreneurship Conference on Thursday, April 30. Froymovich will present “Resilience and the Millennial Generation.” About Riva Froymovich Riva Froymovich is a vice president at Citi Community Development, which leads Citi’s commitment to achieving financial inclusion and economic empowerment for low-income and urban communities. She is the author of End of the Good Life: How the Financial Crisis Threatens a Lost Generation - and What We Can Do About It (Harper Perennial), which chronicles the impact of the latest financial crisis on Generation Y and promotes reforms in education, employment, and public policy. She is a journalist and has reported both in print and on camera for The Wall Street Journal and the Dow Jones Newswires, among other outlets. She has covered the euro-zone in the throes of economic collapse, the U.S. dollar’s historic decline during the Great Recession, the rapid rise of emerging economies, central banks as they faced their biggest challenge since the Depression, and politicians’ attempt to cobble together financial regulation. She previously worked on content ideation and implementation for events at The Economist. Now, she focuses on increasing access in underserved communities, microfinance and inclusive business models – and telling their stories. Froymovich graduated from New York University with a degree in journalism and minors in urban studies and politics. She resides in New York City. In End of the Good Life: How the Financial Crisis Threatens a Lost Generation and What We Can Do About It, she chronicles the impact of the financial crisis on Generation Y and promotes innovative reforms to forge a better future. Far from a tomb of complaints, the book collects in-depth research and interviews from across the world and encourages Generation Y to find new ways to succeed. ORGANIZING SPONSORS: In Collaboration with: 24 Sponsored by: The Morton Margolin Distinguished Journalism Lectureship Endowed Fund Keynote Speakers (Continued) 2015 Margolin Distinguished Journalism Lecture Sponsored by Morton Margolin Distinguished Journalism Lectureship The Morton Margolin Distinguished Journalism Lectureship is made possible through an endowed fund established by the Margolin Family and friends in 1979. The fund was created in memory of Morton Margolin to bring distinguished business, ethics or economics journalists to DU. Visiting journalists present lectures, master classes and participate in related programs. Morton Margolin Morton Margolin was a long-time Colorado business journalist. He received many awards, including a nomination for the Pulitzer Prize, during his 35-year career as a journalist with the Rocky Mountain News and Colorado Business Magazine (which he helped to establish), among other publications. His series of news stories exposing controversial U.S. reclamation projects in the Riverton, Wyoming, area in 1952 won him that nomination. Historically, DU’s former School of Communication (now the Department of Media, Film & Journalism Studies (MFJS), and the Daniels College of Business presented this prestigious award annually to Colorado journalists, in recognition of their outstanding reporting on Colorado businesses or its economy. See previous Business Journalism recipients ORGANIZING SPONSORS: In Collaboration with: 25 Keynote Speakers (Continued) /FRIDAY, MAY 1 8:30AM — 9:15AM — Joy Burns Center — Main Dining Room Michael V. Russo Lundquist Professor of Sustainable Management at the Lundquist College of Business at the University of Oregon Dr. Russo served as the Founding Director of the Center for Sustainable Business Practices. Mike’s current research projects include a study of the impact of social and environmental issues on global supply chains, and analyses of geographic clustering of mission-driven companies and wind and solar energy companies. His articles have appeared in Academy of Management Journal, Administrative Science Quarterly, Management Science, Organization Science, Production and Operations Management, and Strategic Management Journal, and he serves on the editorial boards of the Academy of Management Journal and Strategic Management Journal. Mike has won a number of research and teaching awards, including the Moskowitz Prize in Social Investing, the oikos Sustainability Case Writing Competition Grand Prize, and most recently a Silver Nautilus Book Award for his book, Companies on a Mission: Entrepreneurial Strategies for Growing Sustainably, Responsibly, and Profitably. 1:00PM — 1:45PM — Anderson Academic Commons Andrew C. Wicks Ruffin Professor of Business Administration at Darden School of Business at the University of Virginia Dr. Wicks is director of the Olsson Center for Applied Ethics, director of the doctoral program, academic advisor for the Business Roundtable Institute for Corporate Ethics. Wicks also serves as an adjunct professor in the Religious Studies department and the Frank Batten School of Leadership and Public Policy at University of Virginia. Wicks is co-author of four books including Managing for Stakeholders: Survival, Reputation and Success, published in 2007 by Yale University Press; Business Ethics: A Managerial Approach, published in 2010 by Prentice Hall; Stakeholder Theory: The State of the Art; and Public Trust in Business, published by Cambridge University Press in 2014. He has published over 30 journal articles, and his work has appeared in a wide variety of journals in business ethics, management and the humanities. His research interests include stakeholder responsibility, stakeholder theory, trust, health care ethics, total quality management and ethics and entrepreneurship. He works with MBA students, executives and corporations in the United States and abroad. Wicks is actively working with Ethics-LX, an entrepreneurial venture, to create a series of web-based simulations that incorporate ethics into the functional areas of business. He has received awards for both his research and teaching. Wicks joined the Darden faculty in 2002 after teaching for 10 years at the University of Washington Graduate Business School. ORGANIZING SPONSORS: In Collaboration with: 26 2015 SEE CONFERENCE Sponsors SUSTAINABILITY ETHICS ENTREPRENEURSHIP APRIL 30— MAY 1, 2015 /UNIVERSITY OF DENVER /DENVER, COLORADO Organizing Sponsors Daniels College of Business—University of Denver Monfort College of Business—University of Northern Colorado College of Business—University of Wyoming Collaborating Institutions Ewing Marion Kauffman Foundation Strategic Entrepreneurship Journal Society for the Advancement of Management Studies Supporting Sponsors: Thank you for attending the 2015 SEE CONFERENCE—http://www.seeconf.org ORGANIZING SPONSORS: In Collaboration with: 27
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