Missionalignmentwithemployeesandfinanciers:Probing intotheworkingsofBCorpcertification
|PhilippeVanCauwenberge |HeidiVanderBauwhedeFacultyofEconomicsandBusinessEconomics, DepartmentofAccountancy,Corporate FinanceandTaxation,GhentUniversity, Ghent,Belgium
Correspondence
PhilippeVanCauwenberge,Facultyof EconomicsandBusinessEconomics, DepartmentofAccountancy,Corporate FinanceandTaxation,GhentUniversity, Sint-Pietersplein7,9000Ghent,Belgium. Email: philippe.vancauwenberge@ugent.be
Abstract
Sustainableenterprisesarebecomingmorepopularandplayanimportantrolein tacklingenvironmentalandsocialchallenges.Theirhybridnature,thatis,thecombinationoffinancialandsocietalgoals,makesthempronetoexternallegitimacyissues andcompetinginternallogics,whichresultsinmissiondrift.Weinvestigatewhether andhowBCorpcertificationhelpsremedymissiondriftbyconductingsemistructuredinterviewswith16keyemployeesin13DutchandBelgiancertifiedB Corpsfromvariousindustries.OurfindingsshowthatBCorpcertificationhelps ingrainthemissionintohumanresourcemanagement,inboththerecruitmentand employeeengagementprocesses,whichcontributestointernalalignmentandlowers theriskofmissiondrift.Inaddition,certificationhelpsarticulatethecompany'sdual naturetofinanceprovidersandfindfinancingsourcesthatrelatemorewiththe mission.
KEYWORDS
certifiedBcorps,hybridenterprise,missiondrift,sustainabilitycertification,sustainable enterprise
1 | INTRODUCTION
Sustainableormission-drivenenterprisesareclassifiedashybrid enterprisesbecausetheyarecommittedtodeliveringpositiveenvironmentalandsocialimpactswhileachievingtheirprofitobjectives (Kirstetal., 2021;Nigrietal., 2020a).Thishybriditymakesthem pronetoexternallegitimacyissuesandcompetinginternallogics, whichmightcausemissiondriftwherebyenterprisesforfeittheir socialorsustainablemissioninfavoroffinancialgoalsorviceversa (Espositoetal., 2022).ThisstudyaimstoexaminehowcertifiedB Corps,whicharesustainableenterprisesthathavetheirsocialorenvironmentaleffortscertifiedbyBLab,engagewithkeyprovidersof laborandcapital(RQ1),andwhetherandhowBCorpcertification helpspreventmissiondrift(RQ2).Specifically,weaimtounderstand whethercertificationingrainsthemissionintohumanresourcemanagementandmakesthechoiceoffinancingmodesandproviders morealignedwiththemission.Asthenumberofsustainableenterprisesisrapidlygrowing,thisissueistimelyandimportantbecause sustainableenterprisesplayanimportantroleinaddressingsocietal
andenvironmentalproblems,ashasbeenrecognizedbytheUnited Nations(Kirstetal., 2021;Tabares, 2021).
TheBCorpmovement,whichstartedin2006,aimstocatalyze theemergenceandgrowthofsustainablecompaniesby(a)certifying companiesthatdemonstratehighsocialandenvironmentalperformance,(b)advocatinglegalformsthatareadaptedtothedualmissionsofcompanies,(c)acceleratingimpactinvestingthrougharating system,and(d)sharingsuccessstoriesofbusinessesthatcombine profitandpurpose(Caoetal., 2017).Themovementhasgrownrapidlyworldwide(Kirstetal., 2021),asmorethan5000companiescurrentlyhaveaBCorpcertificate(BLab, 2022a).Fromanacademic perspective,interestintheBCorpmovementisgrowing(Diez-Busto etal., 2021;Kirstetal., 2021).Variousstudieshaveanalyzedthe emergenceandcharacteristicsofcertifiedBCorps(Harjoto etal., 2019;Hickmanetal., 2014),examinedthemotivationstopursuecertification,andinvestigatedtheimplicationsofcertificationfor sustainabilitystrategy(Kimetal., 2016;Villelaetal., 2021;Wilburn& Wilburn, 2015)andthefinancialandnon-financialperformanceofB Corps(Chen&Kelly, 2015;Gazzolaetal., 2019;Parkeretal., 2019;
Romietal., 2018).However,littleisknownabouthowBCorpcertificationhelpsindealingwithemployeedemandsandexternalpressures fromshareholdersandothercapitalproviders(Kirstetal., 2021). Hybridcompanies,however,struggletofindasuitableplacebetween thefor-profitandnon-profitsectorsintheirquestforaccesstocapital andlabor(Battilanaetal., 2012).Inaddition,institutionaltheoryand resourcedependencytheorysuggestthattherelationshipwithkey resourceprovidersiscrucialinsustainingthecompany'shybridnature astheycanexertpressuresandgeneratetensionsthatleadtomission drift(Cornforth, 2014;Stubbs, 2017a;Stubbs, 2017b).
ThisstudycontributestotheBCorpandhybridorganizationliteraturebyexamininghowcertifiedBCorpsengagewithprovidersof keyresources(RQ1)andwhetherandhowBCorpcertificationhelps preventmissiondrift(RQ2).Weconductsemi-structuredinterviews with16respondentsworkingfor13differentBCorpsfromvarious sizesandsectors,allheadquarteredinBelgiumortheNetherlands.To distillthekeythemesthatprovideinsighttoourresearchquestions, weconductaninductivethree-stagecodingprocess.Thisexploratory researchapproachisespeciallyusefulforstudyingtopicsthathave attractedlittleformaltheorizingandresearch(Stubbs, 2019).Our findingsshowthatBCorpcertificationhelpsincorporatethemission inhumanresourcemanagementandinfluencestherecruitmentprocessand,subsequently,employeeengagement.AstheBCorpcertificateprovidesameanstoexplainthebusinessmodeland requirements,itnotonlyincreasesthelegitimacyofthecompany whenattractingnewemployeesbutalsokeepsemployeesawareof thesocialorsustainablemission,makingitfunctionalforimproving theinternalalignment.Inaddition,theBCorplabelclearlyhelpsarticulatethehybridnatureofthecompanywithfinanciers,oftenresulting inabetterfitbetweenthecompany'smissionandthefinanceproviders'aspirations.OurstudyrevealsthatthatBCorpcertification seemstotriggerandfacilitateatrendwherebycompaniesaremoving towardsacollectiveownershipmodelinwhichstakeholders(mainly employees)becomeownersofthecompany.
Ourstudycontributestotheliteratureonsustainableenterprises andBCorpcertificationinseveralways.First,weaddtothehybrid organizationliteraturebyexploringhowsustainableenterprises a primeexampleofhybridorganizations copewiththesometimesconflictingcommercial,social,and/orenvironmentallogicsandhowBCorp certificationmayhelprestrainmissiondrift.Second,ourstudy enhancestheBCorpliteraturebyprovidinginsightsintotherelationshipsbetweencertifiedBCorpsandsomekeystakeholders (i.e.,employeesandfinanciers).ExistingEuropeanqualitativestudieson certifiedBCorpsmainlyfocusontheItalianBCorps(Kirstetal., 2021; Nigrietal., 2020a;Nigrietal., 2020b).Italyhasimplementedthe “SocietàBenefit” legalstructure,asadvocatedbytheBCorpmovement. Sincethereisnolegalstructureaimedatmission-drivencompaniesin BelgiumandtheNetherlands(similartothemajorityofjurisdictions aroundtheworld),ourstudyisconductedinaninstitutionalcontext thatislesssupportiveoftheBCorpmovementandwhere,byconsequence,theriskofmissiondriftmightbemorepertinent.
Theremainderofthispaperisorganizedasfollows.Section 2 discussesthetheoreticalframeworkandelaboratesontheBCorp
movement.Section 3 providesanoverviewofourresearchmethodology.Section 4 presentsourfindings.Section 5 concludesthestudy.
2 | LITERATUREREVIEW
2.1 | Theoreticalframework
2.1.1|Mission-drivenbusinessashybridenterprise
Overthepastfewyears,companiesthatcombinefinancialgoalswith socialorsustainableaimshaveincreased.Thesesustainablecompaniesaredeemedpromisingdriversforthecreationofsocialandcommercialvalue(Sabeti, 2011)andcanbeconsideredaprimeexampleof hybridenterprises,thatis,companiesthatspandifferentinstitutional fieldsandfaceconflictinginstitutionallogics(Dohertyetal., 2014). Thisgrowthcorrespondstoagrowingnumberofconsumers,investors,andworkersseekingtoreconciletheirpurchases,investments, andemploymentdecisionswiththeirvalues(Marquis, 2020).Comparedtocommercialenterprises,sustainablecompaniesexperience tensionduetoconflictinginstitutionaldemandsresultingfromcommercialandsocialorsustainablelogicsthatareembeddedindifferent regulatory,social,andculturalenvironments(Pache&Santos, 2010).
2.1.2|Missiondrift
Managerialtensionsthatemanatefromcombiningconflictinglogics mightpromptmissiondrift,wherebythecompanyabstainsfromits socialorsustainablemissioninpursuitoffinancialsustainability (Ebrahimetal., 2014).Missiondriftjeopardizesthecompany'shybrid natureandmighthamperstakeholders'perceptionsofthecompany's legitimacy(Dart, 2004).Severalstudiesconceptualizethecausesand implicationsofmissiondriftandthewaysinwhichhybridenterprises canaddressthisphenomenon(Cornforth, 2014;Ebrahimetal., 2014; Ramus&Vaccaro, 2017).Institutionaltheoryandresourcedependencytheoryaretwosuitableframeworksforexaminingthepressuresandmechanismsthatleadtomissiondrift(Cornforth, 2014).
Institutionaltheory exploresfactorsrelatedtotheemergenceand survivalofinstitutions,andtheprocessesthathelpthemgainlegitimacy (Smithetal., 2013).Institutionaltheoristsarguethatbyconformingto socialnorms,rules,andvaluesimposedbytheinstitutionalenvironment, companiesgainlegitimacy,whichgrantsthemstatusandaccessto resources(DiMaggio&Powell, 1983;Meyer&Rowan, 1977;Pache& Santos, 2010).DiMaggioandPowell(1991)concludethatwithinorganizationalfields,thatis,networksoforganizationsthatproducesimilar productsorservices,severalideasandpracticesbecometakenfor granted,leadingto ‘institutionalisomorphism’ (i.e.,allorganizations adoptuniformideasandpracticesinpursuitoflegitimacy)(DiMaggio& Powell, 1991).Theconceptof ‘institutionallogic’ isfirstintroducedby AlfordandFriedland(1985)andisdefinedas “thesociallyconstructed, historicalpatternsofmaterialpractices,assumptions,values,beliefs,and rulesbywhichindividualsproduceandreproducetheirmaterial
subsistence,organizetimeandspace,andprovidemeaningtotheir socialreality.” (Thornton&Ocasio, 1999,p.804).FriedlandandAlford (1991)conceptualizesocietyasaninterinstitutionalsystemofsocietal sectorsinwhicheachsectordenotesdistinctexpectationsregarding socialrelationsandorganizationalbehavior.TheydistillfivekeyinstitutionalsectorsinWesternsociety:thecapitalistmarket,bureaucratic state,democracy,nuclearfamily,andChristianreligion.Eachsectorhas itsowninstitutionallogic.Organizationsmaybesubjecttoseveral potentiallycontradictoryinstitutionallogics,leadingtoconflictsand choices(Pache&Santos, 2010).This “institutionalpluralism” mayhave positive(e.g.,institutionallogicsmightbecomplementary)andnegative consequences(e.g.,goalambiguity,fragmentation,conflictandinstability)(Kraatz&Block, 2008).Hence,hybridorganizations,whicharesubjecttoinstitutionalpluralism,mightfacepressuretoadhereto conflictinginstitutionaldemands,i.e.thesocialwelfare/communitylogic (valuecreation)versusmarket/commerciallogic(valuecapture) (Pache&Santos, 2010;Santos, 2012).Spanningtheseinstitutional boundariesoftenimpliesatrade-offbetweenvaluecreationandvalue capture(Santos, 2012)andmighteventuallyleadtotensionsandprioritizationofonelogicoveranother(Dohertyetal., 2014).
Resourcedependencytheory statesthatanorganization'sexternal environmentisregardedastheorganizationsthatafocalfirmdepends onforresourcesandsupport(Pfeffer&Salancik, 1978).Thetheory buildsontheideathatresourcesarefundamentalfororganizational success,andthataccesstoandcontrolovertheseresourcescreatea positionofpower.Hence,organizationsinneedofresourcesmust carefullyconsiderstrategiesthatpreserveopenaccesstothese resources.Accordingly,thecompanyisheavilydependentonother actorswhenmakingdecisionsregardingfunding,staffselection,board ofdirectors'composition.Threefactorsdetermineanorganization's levelofdependenceonotheractors(Cornforth, 2014):importanceof resourcestotheorganization,providers'degreeofcontrol,andwhether theproviderhasamonopoly.PfefferandSalancik(1978)showthat organizationsaremorepronetocomplywithdemandsofexternalfactorsthatarecrucialforkeyresources,whiletheypresumablyforsake thedemandsofactorsonwhichtheydonotdependon.Hence,pressurefromactorsonwhichtheorganizationheavilydependsonfor scarceresourcesmightbeasourceofmissiondrift(Cornforth, 2014).
Cornforth(2014)proposesthreeinstruments governancemechanisms,compartmentalization,andintegrativestrategies thatcan safeguardacompany'smissioninthepresenceofmultiplemarket pressuresandresourcedependencies.
Governancemechanismsincludeconstitutionalandregulatory safeguards,externalaccreditation,andboardcomposition.Thecompanycouldincludeitssocialorsustainablemissioninitsarticlesof incorporationtoavoidmissiondrift.However,constitutionscanbe modifiedoroverlooked.Consequently,severaljurisdictionshavenew legalformsthatadapttothefirm'smission-drivenpurpose (Haldar, 2019;Kirstetal., 2021).Cornforth(2014)alsorecommends voluntaryexternalaccreditationtosafeguardacompany'smission. Basedontheresourcedependencytheory,Cornforth(2014)alludes toincludeintheboardpeoplewhoareincontrolofkeyresourcesas awayofmanagingexternaldependencies.
Compartmentalizingcommercialandsocial/sustainablemission activities,whichinvolvesseparatingcommercialandnon-commercial activities,mightbeawaytodealwiththeriskofmissiondrift (Cornforth, 2014;Pache&Santos, 2013a;Stubbs, 2017a).
“Integration” strategieshelpmanagetensionsresultingfrommultipleinstitutionallogicsanddemandsofkeyactors.Onamicrolevel, carefulselectionandsocializationofemployeescanbeaneffective strategytocopewithmissiondrift(Cornforth, 2014).Hiringpolicies delineatewhocanenteranorganization.Socializationpoliciesfurther developdesiredbehaviorsinhires.Bothcancontributetobuildinga commonidentityinsustainableenterprises(Battilana& Dorado, 2010;Besharov&Smith, 2014).Attheorganizationallevel, thecompanycouldcompromise,applyselectivecouplingstrategy,or attempttomanageresourcedependencies.Acaseinpointofcompromiseisapricingstrategythatisaccessibletounderservedpeople withoutjeopardizingtheviabilityofacompany(Pache& Santos, 2013b).Underaselectivecouplingstrategy,companiesselectivelyadoptpracticesbasedondifferentinstitutionallogics.Companiescanmanageresourcedependenciesbydiversifyingfunding sourcestoreducedependencyonfunders,astherelationshipwith financiersisperhapsthemostimportantinter-organizationalrelationship(Battilana&Lee, 2014).Siqueiraetal.(2018)arguethatthe longer-termorientationofmission-drivencompaniesresultsinlower leverageratioscomparedtothatofpurelycommercialfirms,asthe socialorsustainablemissionishardtoreconcilewithperiodicinterest payments.Onamacrolevel,companiescanengagewithwidersocial movementstogainlegitimacyfortheirbusinessmodelandsustain thevalueswithintheorganization(Cornforth, 2014).
2.2 | BCorpmovement
TheBCorpmovementisinitiatedbythenon-profitorganizationBLab in2006.Themovementconsistsoffourinterrelatedinitiatives: “afirmlevelcertificationstandard,astate-levellegislativetemplateauthorizing anewlegalformoforganization,amarket-levelinvestmentratingsystem,andconsumeroutreachthroughbrandbuildingandstorytelling” (Caoetal., 2017,p.2).ThemovementoriginatesintheUnitedStates andaimstocreateanewclassofpurposefulbusinessesthatfocuson thetriplebottomlineofpeople,planet,andprofits(Marquis, 2020). ThecertifiedBCorpsareattheheartofthismovement.Thesecompaniesvoluntarilycommittopositiveoutcomesforstakeholdersandthe environmentaspartoftheirbusinesspractices,meetingthestandards ofBLab(Nigrietal., 2020b).TobecomeacertifiedBCorp,acompany mustcomplywith threerequirements (Diez-Bustoetal., 2021).First,the companymustmeet performancerequirements.Todoso,thecompany mustcompletetheBImpactAssessment(BIA),afreeonlinetoolthat measuresacompany'spositiveimpactinthefollowingfivedomains: governance,workers,community,environment,andcustomers.Ifthe companyscoresatleast80outof200points,thenBLabverifiesthis scoreduringarigorousreview(BLab, 2022b).Second,thecompany mustcomplywith legalrequirements.Thisimpliesthatthecompany mustsignanagreementwherebyitcommitstoconsideringthe
interestsofallstakeholdersinthedecision-makingprocess,also referredtoasstakeholdergovernance(BLab, 2022c).Thislegalframeworksafeguardsthecompany'smissionduringcapitalraisesandleader changes.Dependingonthecorporatelawthatappliestothecompany's jurisdiction,thecompanycanupdateitsArticlesofIncorporation,reincorporateasabenefitcorporation,ormakeotherstructuralchanges (BLab, 2022b).Third,thecompanymustshow transparency byallowing itsBImpactReport,whichcontainsthecompany's(sub)scoresineach ofthefivedomains,tobepublishedontheBCorpwebsite (BLab, 2022b).Thecompanymustalsopayayearlyfeebasedonits sales.Besidescertification,BLaboffersanonlinerecruitmentplatform forcertifiedBCorpsandbenefitcorporations,whichhelpsinhiring like-mindedemployees(BLab, 2022d).
TheBCorpmovementhasgrownexponentiallyworldwide,and therearecurrentlymorethan5000certifiedBCorps.Initially,theBCorp modelwasmainlyengagedwithsmall-andmedium-sizedcompanies.In thelastfewyears,largercompanieshavebeguntoshowinterestinthe BCorpmovement.BLabhascreatedaseparatecertificationtrackfor largemultinationalsthatismorecomplexandrigorous(Marquis, 2020).
Fromalegalperspective,theBCorpmovementisprogressing. Thebenefitcorporationlegalform,whichbridgesthefor-profitand non-profitlegalforms(Nigrietal., 2020a),isavailablein38statesin theUnitedStates,theprovinceofBritishColumbiainCanada, Colombia,Ecuador,andItaly(Cao&Gehman, 2021).Nevertheless, certifiedBCorpsandbenefitcorporationsaredifferentconcepts. Whilethebenefitcorporationisalegalform,theBCorpcertificateis avoluntarycommitmenttomeetverifiedsocialandenvironmental standards.Whilebenefitcorporationsmustcreateanannualimpact reportusingathird-partystandard,thereisnospecificminimumperformancerequirementorreportingframeworktoadhereto.Incontrast,BCorpsmustmeethighstandardsandshowtransparencyby publishingtheirBImpactReportontheBLabwebsite.However,both formshavesimilarities.Bothaimtocatalyzestakeholdergovernance. Inaddition,ifthebenefitcorporationisalegalforminthestateor countryofacertifiedBCorp,meetingthelegalrequirementforB Corpcertificationentailschangingthecorporateformtobenefitcorporation.Furthermore,benefitcorporationsmightusetheBIAto meetthetransparencyrequirementsthatbenefitcorporationsentail. Hence,theBCorpcertificationandbenefitcorporationlegalformcan becomplementary(BLab, 2022c).
3 | RESEARCHMETHODOLOGY
3.1 | Datacollection
BecauseBCorpcertificationisrelativelynewasaresearchtopic (Diez-Bustoetal., 2021),wechooseaqualitativeresearchapproach (Nigrietal., 2020a;Stubbs, 2017a;Stubbs, 2019)toprobehowB Corpcertificationaffectsinternalprocessesandexternalrelations. Themainsourceofdataarein-depthsemi-structuredinterviewsare 16keypeoplefrom13Dutch-orBelgian-certifiedBCorps.These dataareaugmentedwithfollow-upemailconversationsand
secondarysources,suchascompanies'BImpactreports,company documents(e.g.,codeofethics,integratedreport),andnotesfrom eventsorganizedbytheBelgianBLabpartnerorganizationwhere someoftheparticipatingfirmspresented.AlistofallcertifiedBCorps isobtainedfromBLab1 andnarroweddowntocompanieswithheadquartersinFlanders(Belgium)ortheNetherlands,wheretheofficial languageisDutch,astheinterviewsaregoingtobeconductedinthe nativelanguageoftheinterviewerandinterviewee.Next,companies areselectedbasedontheirpotentialtoextendtheemergenttheory (Eisenhardt, 1989).Hence,weaimforvarioussizes,industries,and timessincethecertification.WecontactthecompaniesviatheBelgianBLabpartnerorganization,emailorcontactformsoncompany websites,andreminderssentviaLinkedIn.FifteenBCorpsarewilling toparticipateinthestudy(intheformofpreliminarydiscussionsor semi-structuredinterviews).Wedonotreachouttonewcompanies afterconductingsemi-structuredinterviewswiththe16employees, aswefeelthattheoreticalsaturationisreached(i.e.,nonewinformationorthemesweredetected).Thisnumberalignswithguidelinesfor non-probabilisticsamplesizes(Guestetal., 2006).Table 1 presentsan overviewoftherespondents.
Todevelopacompletetopicguidefortheinterviews,weparticipateinearlydiscussionswithoneDutchandoneBelgianB Corp.TheDutchBCorpisquestionedinacollectiveQ&Asession forresearchers,whilecommunicationwiththeBelgianBCorpare doneviaemail.Afterconductingthefirstinterview(withCompany A),wefurthercalibrateandslightlyaugmenttheinterviewtopic guidebasedonournewinsights.Thefinalinterviewguidecovers theparticipant'sbackground,company'smissionandbusiness model,financingoptionsforthecompanyandrelationshipwith financiers,recruitmentprocessandengagementofemployees,and theBCorp'sbehaviorintheinternationalBCorpcommunity.The questionsareopen-ended,andtheprobingtechniqueisusedto elaborateoninterestingresponses.Thepilotinterview(withCompanyA)isheldinpersonattheparticipant'soffice.Allotherinterviewsareheldonlineviavideocalls,asmeasuresagainstthe COVID-19pandemicatthetimeofdatacollectionnolonger allowedon-siteinterviews.Theinterviews'durationisbetween 45and85fiveminutesandtheaveragedurationis66minutes. Eachinterviewisrecorded(withtheparticipant'spermission),manuallytranscribedimmediatelyaftertheinterview,andsentbackto theparticipantforverification.Duringthetranscription,adenaturalizedapproachisfollowedtokeepeverydetailoftheinterview andavoidincorrectadjustments(Bucholtz, 2000).However,for citationsfrominterviews,anaturalizedapproachisfollowedto enhancereadability.
3.2 | Dataanalysis
Wefollowathree-stagecodingapproachtoanalyzeandidentify themesfromthedata.Wedonotattempttofitthedataintoapre1https://data.world/blab/b-corp-impact-data
TABLE1 Overviewstudiedcompanies
CompanyCountrySectora
Size(employees)b Personinterviewed
CompanyA(Pilot)BelgiumServicewithMinorEnvironmentalFootprint1–9Founder
CompanyBBelgiumServicewithMinorEnvironmentalFootprint1–9Manager(HR)
CompanyCBelgiumWholesale/Retail10–49Manager(Supplychain)
CompanyDBelgiumWholesale/Retail10–49Manager(Impact)
CompanyETheNetherlandsServicewithMinorEnvironmentalFootprint1–9Co-founder
CompanyFTheNetherlandsManufacturing50–249Co-founder
CompanyGTheNetherlandsServicewithMinorEnvironmentalFootprint250–999ChiefExecutiveOfficer
CompanyHTheNetherlandsServicewithMinorEnvironmentalFootprint10–49Owner
CompanyITheNetherlandsServicewithMinorEnvironmentalFootprint1–9Co-founder
CompanyJBelgiumWholesale/Retail10–49Manager(Marketing)
CompanyKTheNetherlandsServicewithMinorEnvironmentalFootprint10–49P1:Founder P2:AssociatePartner
CompanyLTheNetherlandsServicewithMinorEnvironmentalFootprint10–49P1:Managingpartner P2:Director
CompanyMTheNetherlandsServicewithMinorEnvironmentalFootprint10–49P1:Founder P2:Director
aCompanysectorasgroupedbyBLab.
bNumberofemployeesatthetimeoftheinterviews.
existingcodingframebutgeneratethemesinductivelyfromtheraw data(Braun&Clarke, 2006).Inthefirstroundof ‘open’ coding,we codechunksoftextthatarerelevantforansweringourresearch questionsonasentenceandparagraphlevelusingcodesderivedfrom participants'wording.StraussandCorbin(1998)refertoopencoding as “theanalyticprocessthroughwhichconceptsareidentifiedand theirpropertiesanddimensionsdiscoveredindata” (p.101).Inthe second “axial” codinground,wegroupthefirstordercodesintocategories, “linkingcategoriesatthelevelofpropertiesanddimensions” (Strauss&Corbin, 1998,p.123).Inthethird “selective” codinground, wedrawoutkeythemesthatencompassourfindings.Straussand Corbin(1998)refertothiscodingstageas “theprocessofintegrating andrefiningthetheory” (p.143).Dataanalysisisconductedusingthe computer-assistedqualitativedataanalysissoftware(CAQDAS)packageNVivo.Fourkeythemesemergeduringthecodingprocess:
indual-purposeorganizations(Battilana&Dorado, 2010; Cornforth, 2014).TenoutofthirteenstudiedBCorpsmanagetofind suitableemployees,eveninatightlabormarket.Onerespondent describestheexperienceasfollows.
Itisverydifficulttofindgoodpeople,butIthinkwe aredoingrelativelywell.Wehavenowattractedafew peoplefromlargerfirmswithmoreexperience.Ithink thatisbecauseofourmodel.Ifwehadbeenaregular andtraditionalDutchfirm,Idon'tthinkwewouldhave succeededinthis.[CompanyK,P1].
NoneoftheBCorpsuseBLab'srecruitmentplatform.SeveralB Corpsfeelthattheoutstandingpositionsarespecific,andthreeof themprefersector-specificrecruitmentplatforms.However,ten respondentsexplainthattheyusetheirBCorpstatusintheirlabor marketcampaigns,vacancies,orintakeconversations.Eventhough prospectiveemployeesareunawareaboutBCorp,variousrespondentssaythatBCorpleadstointerestingconversationswithjobcandidates.Onerespondentstatesthefollowing:
Wedousethecertificateonthewebsite,butwefind thatpeopleoftenoverlookthis[…]Itcomesintoits ownwhenwearehavingconversations.[CompanyE].
4 | RESEARCHRESULTS
4.1 |
Hiringlike-mindedpeople
Recruitmentandsocializationpracticescanbeusedasa “micro-level strategy” tomanagetensionsandreducethechancesofmissiondrift
AnothercompanyreferstotheBCorpcertificateas “somekind ofyardsticktohaveaconversationabout” [CompanyL,P2],sincethe BCorpmodelkeepsthemsharpandallowsthemtocheckagainst qualitystandards.Fromacandidate'spointofview, “doinggood things” [CompanyL,P2]isimportant.Nineparticipantsexplainthat thecandidatesareattractedtothecompany'ssocialorsustainable
TABLE2 Codingoutcome
ThemesCategoriesExamplequotes
Hiringlike-minded people Recruitingemployees
Candidatesonquestfor impact
Person-organizationfit Diversityandinclusion
[CompanyJ] Youhavepeoplewhoactuallyhavenoaffinityatallwiththat[sustainability], Ithink thatisperhapsamoredifficultfit. Ontheotherhand, ifyouhavepeoplewhoare100%committed tosustainability, itmightnotbeafiteither
Retainingand engaging employees
Financingthehybrid
Meetingemployees' expectations Employeeengagement
[CompanyB] Iamabitofamediatorbetweentheteamandthefounder. Ifhetakesacertain decisionandIfeelthatitisnotagoodmatchontheotherside, thenBCorpisthereferencefor ‘yes, butweareBCorp’ . […]Thattermalonegivesmeagoodguidelinetobeabletojustifythings sometimes
[CompanyH] Banksfinditextremelycomplicated(ourbusinessmodel)[ ]andthateveryoneowned thecompanywasreallyabridgetoofar ‘Becausewhoisthenliable?’; ‘Wearealltogether ’; ‘no thatisnotpossible. ’ ItispossiblewithaSTAK[i.e., aDutchtypeoffoundationthatseparatesthe votingrightsandprofit-sharingrights], thatisallfine, onlytheydonotwanttofinanceit So, Ido notthinkthatbanksareverymuchconcernedwithfinancingthefutureorrunninginnovative companies
Meetingfinanciers'
[CompanyB] Ithinkit'sstillabitofawaitandsee, evennowwiththatinvestor, forexample, they willsetcertaintargets Andiftheysayyessorryguysbutifyoucannotmanageitwithonlyyour sustainableprojectsthenyougobackanddoitanotherway[ ] Thatisnotreallyexpressedso preciselyatthemoment, butImustsaythatIpersonallyamafraidthatthiscouldbea consequence, thatyouwillhavetosacrificeyourfreedom.
vision.Sixcompaniesencountercandidatesthatspecificallyreferto theBCorpmodelwhenapplyingforaposition.Onerespondent revealsthefollowing:
Youhavealotofpeopleandinternswhoreallywant toworkforaBCorp,sotheysearchveryspecifically for ‘IwanttoworkforaBCorp’ andtheyallendup withusandthosearetheoneswewant.[CompanyA].
TeninterviewedBCorpsattachgreatimportancetothecultural fitwithcandidatesduringtheselectionprocess.Onerespondent revealsthat:
Inconversationswithpeople,Iamprimarilyinterested inwhattheirpersonalviewsare,howtheyperceive developmentsinsociety,muchmorethanIwouldgrill themonresumésandcompetencies.[ ]Intheexpansionoftheteam,Iaminitiallylookingforpeoplewith intrinsicmotivation.[CompanyE].
OneBCorphasanonboardingprocessfocusingonthecompany'smissionandvision.Carefulrecruitment,induction,andmentoring,whichAiken(2002)referstoas “protectiveentrystrategies,” supportsthereproductionoforganizationalvalues.TwoBCorpsindicatethatfindingemployeesthatcancombineaprofitandpurpose perspectivecanbechallenging;onerespondentdescribesthisas “the bestofbothworlds” [CompanyJ].Anotherrespondentdescribesthe recruitmentpracticeasfollows:
ThatisactuallytheDNA,andthatisalsothemostdifficultpart.Alotofpeopleapplyatusbecausetheylike
thefactthatwedosocialwork,butwedosocialwork withacommercialslant.[…]Wealsoreallywanttosell somethingandthatcombinationisjustabittricky.So peopleareeithertoocommercialandthenitdoesn'tfit withhowsubstantiveweactuallyare,orpeoplearein socialfairylandthattheycanhardlyimaginethatyou alsohavetopaythebillsandthereforehavetomake choices.[ ]Youneedtohaveaspecificformofpragmaticidealism.[CompanyH].
Thisrespondentalsoexpressessomedifficultyinexplainingwhat theyarelookingfor.However,therespondentfeelsthatBCorpcan help,asitshowsthetypeofcompanytheyare,andcandidatestendto delveintothis.Hence,theorganizationcanuse “categorymembership” togainlegitimacyamongkeystakeholders(Chauhan&O'Neill, 2020). BattilanaandLee(2014)indicatetherarityofhiring ‘hybrid employees’,thatis,individualswhohaveexperiencewithbothsocial andcommerciallogic.Forthecompaniesstudied,thistranslatestohiringpeoplewithdifferentprofessionalbackgrounds.Sevenrespondents revealthattheirorganizationsplantobemorediverseintermsofethnicbackground,gender,andability.Onestatesthefollowing:
Wearestillawhitemaleorganization.However,-and thisispartlyduetoBCorp-weareawarethatthings havetochange.So,wehavealsosetourselvesobjectivesinthisrespect,inwhichwehavesaidthatatransitionwilltakeplaceinthecomingperiod. [CompanyG].
Despiteeffortstoemphasizeinclusivehiringpractices,mostcompaniesthataspireforgreaterdiversityfeelthattheinflowof
candidatesisnotoverlydiverse.Onerespondentdeclaresthatthe companyaimstoimplementananonymousapplicationprocessfor theirnextrecertificationround,aspiringtoattractamorediverse workforce.Bycontrast,fourcompaniesstatethattheycouldemploy adiversegroupofcandidates.Twocompaniesevenhaveprogramsin placetoassistpeoplewhohavedifficultyfindingwork.
4.2 | Engagingemployees
Hybridorganizationsmightexperiencetrade-offsregardinghighsalaries.Whilehighsalariesallowthemtoattractskilledemployees,they reducetheresourcesavailabletocreatesocialorsustainablevalue andmakeorganizationslessattractivetoimpactinvestors(Doherty etal., 2014).Sixrespondentsrevealthatcandidatesarewillingto acceptlowersalariestohavemoreimpactfuljobs.Onecompany explainsthat “wedonothavethegildedcagebuttheycometousfor thetotalpicture” [CompanyM,P1].However,threerespondentsrecognizethatsalariescanbeanissueifthedifferencebetweenexpectationsandtheofferbecomeslarge.Onerespondentexplainsthat:
ThesalariesweofferfitaBCorpandthesocialorganization[ ]Wechoosenottogoforprofitmaximizationand thatmeansyouneithergoforsalarymaximizationand that'swhereitsometimesbouncesoff.[CompanyH].
Nevertheless,mostoftheinterviewedcompaniesmanageto retainemployees.Onerespondentstatesthefollowing:
So,Ithinkthat'salsoanadvantageofourmodelorour cultureandwealso[ ]havevirtuallynoburn-outsor anythinglikeitandifitisthecase,ithasnothingtodo withthefirm.Ialwaysthinkthatisagoodsign, becauseatotherfirmsandalso[ ]atmypreviousfirm, peopleregularlydroppedoutwithseriousstresscomplaints.[CompanyK,P1].
Mostrespondentsreportthatemployeesarecommittedtothe socialorsustainablemissionofthecompany.Threerespondentsindicatethatpeoplewhoinitially(i.e.,atthetimeofhiring)orthosewho arealreadyworkingforthecompany(i.e.,beforeittransitionedinto itsdualpurpose)expresslittleinterestinthesocialorsustainable visionortransitionintoit.Onerespondentconveysthefollowing:
Itdoeshappenquiteoftenthatyoungpeople(trainees orgraduates)inparticulararenotconstantlyawareof this,whereasweare.So,itissometimesthecasethat they[ ]havetobuysomethingandthentheyforget tolookatthesustainableaspect.Thenwehaveto blowthewhistleonthem: ‘You'redoingagreatjob, butifyouincludesustainabilityinyourdecision,will theoutcomebethesame?’ [ ]Ifyou'retalkingabouta
differenceindisciplineofBCorpthinking,thenit's moreingrainedwithusthanwithpeoplewhohaven't beendoingitforsolong.[CompanyI].
ThisisaninstanceofwhatAiken(2002)referstoas “valuecarriers.” Thesepeopleareactiveinorganizationsthatseektochampionorganizationalvaluesandplayakeyroleinreproducingorganizationalvalues. Threerespondentsassertthatemployeestrytosharpenthemissionand “keeptheambitionalive” [CompanyE].SixBCorpsindicatethattheyfirst needtogrowinternalsupportfortheirtransitiontoaBCorporamore sustainableorsociallyorientedorganization.Asonerespondentexplains:
Whatweshouldalwaysrememberisthatwearein transitionandthattransitiontakestime.Also,inorder togainsupportandweighupeverythingproperly,you havetotakethattime.[CompanyG].
Onerespondent,whousedthecertificationprocedureasaguide forthesustainabilitytransitionnoticesthattheyhadcommunicated thesustainabilitystrategyexternallybeforetheyclarifiedeverything internally,makingithardtocreateacoherentstory.Anothercompany feelsunpreparedtounlockthefullpotentialofcertification,sincenot alldepartmentswereinvolvedinorawareofthecertificationprocess. Incontrast,fivepeoplestatethattheBCorpcertificationprocess enablesthecompanytogeteveryone'sinsightsregardingthecompany'sstrategy.Arespondentresponsibleforthecertificationprocedurerevealsthefollowing:
Itwasawayofincludingtheentireteaminshaping thefutureofthecompany.AsItalkedatthestartto theteamaboutthis,theycamebacktomewithprioritiesofthingstheywantedtofocusonandalsothe workingpoints.Thingswherewehadtoimprove, thingsthathadtobedonebytheteamasateam,not bymyselfonmyown.[CompanyD].
Inaddition,afterthecertifica tionprocedure,BCorpmembershipseemstoincreaseengagem entamongteammembers,assix respondentsdeclarethatitcreatesawarenessandkeepsthem attentive.Onerespond entreferstoBCorpas “ akindofsynonym forsustainable ” [CompanyM]thathelpsthemtoaddressmatters. EightcompaniesstatethattheyusuallyrefertotheBCorpmodel forthealignmentofday-to-daydecision-making.Fiverespondents indicatethattheBCorpmodelmediatesbetweentheteamand management,asithelpsjustifychoices.Onemanagerpoints outthat:
Whenwehaveadecisionaheadofus-anddecisions sometimeshavedifficultsides-thenIsay ‘butweare aBCorp.Dowewantthis?Doyouwanttowalkon thisedge?Doyouwantthisornot?Doesthatmake sense?’ [CompanyG].
TABLE3 Financingsources
CompanyFinancingsources
CompanyAInternalfinancing;Governmentalsupport;Leasing (minorasset)
CompanyBInternalfinancing;COVIDloan;Governmental support;Conversationswithexternalinvestors
CompanyCInternalfinancing;Creditfacility(bank)
CompanyDInternalfinancing;Leasing(minorasset); Conversationswithexternalinvestors
CompanyEInternalfinancing;External(impact)investors(debt + equity)
CompanyFConcessionalfinancing;Convertibledebt(impact investor);Governmentalsupport;Conversations withexternalinvestors
CompanyGInternalfinancing;Leasing;Issuanceofparticipation certificates
CompanyHInternalfinancing;Governmentalsupport;Loan(bank)
CompanyIInternalfinancing
CompanyJInternalfinancing;Governmentalsupport
CompanyKInternalfinancing;Loan(bank)
CompanyLInternalfinancing;Loan(bank);Issuanceof participationcertificates
CompanyMInternalfinancing;Governmentalsupport;Leasing (minorasset)
Hence,employeescanidentifywithBCorpvalues,whichmight benefitinternalalignmentandincreaseengagementwiththecompany'ssocialorsustainablemission(Kurland, 2018).
4.3 | Financingthehybridorganization
Althoughsecuringfinancingiscrucialfororganizationalsuccess (Choi&Gray, 2008),organizationalhybriditymightcomplicatethe acquisitionofresourcessuchasfinancialcapital(Battilana& Lee, 2014;Bergset, 2017).Table 3 showsthattheinterviewedB Corpsaccessvariousfinancingsources.
FortwelveBCorps,internallygeneratedprofitsaretheirprimaryfinancingsource.OnefirmobtainedaCOVIDloan,asinternal financingwasnolongersufficientduringthepandemic.Onecompanyhasacreditfacilitytomanageliquidity,whilethreecompanies havearelativelysmallloanwithabank.Onecompanyalsohasa loanfromaprivateimpactinvestor.Anothercompanyhassecured convertibledebtfromanimpactinvestor,whileanotherhas acquiredanequityinvestmentfromaprivateimpactinvestor. Threeothercompanieshavenegotiatedwithinvestorsregardingan equityround.Sixcompanieshavebenefitedfromgovernmental supportthroughsubsidiesorconcessionalfinancing.Fourcompanieshaveleaseassets,butforarelativelysmallamount.Twocompanieshavesecuredfinancingbyissuingcertificateswithintheir cooperatives.
Twocompanieshavealreadyorganizedasacollectivelyowned companybeforecertification.Oneisownedbyemployees,andthe othercompanyisownedbyorganizationsthatsharethemissionof thecompany.Onerespondentrevealsthat:
Afewyearsagowewerestrugglingabit ‘whatisthat [employeeparticipation]?’.Becauseyoucanexplainit positively,itisprettynicethatyourstaffparticipates. Youcanalsoexplainitnegatively,itisaniceconstructiontopayyourstaffalittledividendinatax-friendly way.So,thenwesaid ‘butwedothinkwearedifferent;wedothinkwemakedifferenttypesofdecisions, moreforthelongerterm.[ ]BCorpfittedinvery nicelywithaquestwewereontoactuallygiveeven moresubstancetoemployeeparticipationandalsoto ourorganization.[CompanyG].
TheotherrespondentindicatesthatBCorpinspiresthemto rethinkandredesigntheircooperative,withtheintentofgetting morestakeholderstoparticipate.Therespondentdeclaresthat theBCorplabelmightalsohelpattractexternalparticipants. FourcompanieshavetakenstepstobecomeacooperativeorganizationsincetheyhaveobtainedtheBCorpcertificate.Allcompaniesmentionthatemployeesshouldbenefitifthecompanies dowellfinancially.Hence,theBCorpcertificationprocesshas inspiredalmosthalfoftherespondentstoorganizetheircompaniesasastakeholder-ownedco mpany.However,somecompanies'roadtocollectiveownershipisstillinitsinfancy.Two companiesexpressthatthewaytheyorganizeissometimesmisunderstoodbytheinstitutionalenvironment.Onecompany sharesthefollowing:
Ithinkthereisakindofprejudicethere,andthat's whatyourunupagainstinthepolicychoicesthatyou makeasacompany.Wewouldliketodocertain things,butsimplytax-wiseorlegally,weareprevented fromdoingthemthisway.Whichmeansthattheway inwhichwewanttosharetheprofitswithourpeople andsocietybecomesverycounterintuitive. [CompanyL,P2].
Onerespondentmentionsthatthecompany'sfinancialstructure isdeliberatelykeptsimple,asemployee-ownershipisconsidereda flexiblewaytofinancethecompany.Therespondentconcludesthe following:
Wehavenowcreatedamodelthatismuchmore accessibleforpeopletobuyinto.Andthatreallydoes makeabigdifference[ ]lettingeveryonebecome ownerforalowercapitalinvestment,ratherthanone personhavingtobuyinforafewmillion. [CompanyL,P1].
Hence,thismightreducetheconstraintsonobtainingnewliquidity.Indeed,securingexternalfinancialcapitalmightbechallengingfor hybridenterprises,astheydonotcorrespondtowell-establishedcategories(Battilana&Lee, 2014).SomeoftheinterviewedBCorps regardaccesstofinanceasdifficult.Onecompanyconsiderssecuring finance “thebiggestchallengethereis” [CompanyF].Fourcompanies recognizethattheyarenoteligibleforaloanwithabank,notonly becauseoftheirfinancialpositionbutalsobecausethewaytheyare organizedortheir(hybrid)businessmodelissometimesmisunderstoodandconsideredhigh-risk.Threecompanieshavesuffered severelyfromtheglobalpandemic,andonehasstruggledtosurvive andsecurefinancing.Onecompany,whichhastransitionedtowardsa sustainablebusinessmodelshortlybeforethepandemic,recognize thatthereisnoroomtobecriticaltowardspotentialprovidersof financialcapitalintermsofasustainablemindset.Therespondent statesthat:
Wearenowatapointwherewealmostnolonger haveachoice[betweeninvestors].So,it'skindoflike ‘whowants,pleasehelp’ [CompanyB].
Whenconsideringnewfinancingoptions,twocompanies mentionthattheylookforinvestorsinimpactspheresthatcan endorsethedevelopmentofthecompanyanditssocialmission. Threecompaniespreferfinancin gfromimpactinvestorsorpeople intheirnetworksoverbankfinancing.OneBCorpexplainsthis preference:
Withinvestorswehadmorecertaintythatitwasan investmentbasednotjustonthecommercialopportunitybutalsoonintrinsicmotivation[ ]Idonotthink thataclassicalorganizationorabigbankfitsourbrand andourmission.[CompanyE].
Anotherrespondentalsostatesthefollowing:
Wearenotsokeentoborrowfromabank[…]Iwould actuallynevergoforjustaninvestorwhowantsa quickreturnoninvestment.Ijustdon'tthinkmuchof financialinstitutionsandthereforealsoofinvestors whojustwanttoseetheirmoneybackveryquickly andwhoactuallyaskyouduringthefirstmeeting ‘whatisyourexitstrategy’.[ ]Idon'tthinkthat'sa sustainablesolution.[CompanyI].
Bothrespondentshintthatiftheyneedbankfinancing,they wouldoptforbankswithsustainablefocus,preferablyaBCorp.One BCorpmentionsthatit “wouldnotevenconsiderabank” [Company H].Hence,thesefindingscorroborateSiquieraetal.'s(2018)conclusionthatgoingbeyondcommerciallogicresultsindifferentcapital structuredecisionsoffor-profitsocialenterprisescomparedtocommerciallydrivenfirms.Inaddition,ourfindingsshowthathybridfirms notonlydistinguishbetweenthetypesoffinancing,butalsobetween
thetypesoffinanceproviders.Onecompanyhasswitchedtowardsa moresustainablyorientedbankforaloanandassumedtheBCorp certificatehasfacilitatedthis:
Wehavearelativelysmallloan,butlastyearweconsciouslysaid ‘we'regoingtoanotherbank’,soamore sustainablebank.YounoticethatsuchaBCorpcertificatehelps,thatyoucanreallydemonstratethatyou haveasustainablestrategyandbusinessoperations.I don'tthinkitwouldhavebeenpossibletomakethat switchotherwise.Ithinkwewouldhavehadtheloan fromanotherbank,butwewantedtoborrowfromthis bankbecauseit'sasustainablebankandthatwas importanttous.Theyalsocheckcompaniestoseeif theyactuallyhaveasustainablestrategyandwhether itsuitsthem,anddemonstratingthatiswhereBCorp helped.[CompanyL,P2].
4.4 | Meetingfinanciers'demands
TwocompaniesrevealthattheirsustainablevisionandBCorpcertificatehasattractedtheattentionofmainstreambanks.However, tworespondentsperceivethat(private)investorsshowgreater appreciationforacompany'ssustainableorsocialmissionthan banks.Onecompanyisapproachedbyamainstreaminvestorinterestedinitssustainableapproachtodoingbusiness.ThreecompaniesthinkthatthemissionandvisionismorecrucialthanBCorp status;although,BCorpcanleadtointerestingconversationswith investorsaboutthewaythecompanydoesbusiness.OnerespondentreferstotheBCorpmodelas “ aconfirmationofsomething they[potentialinvestors]alread ythoughttheysawinourbusiness model,anunderlining,anaffirmation ” [CompanyE].FourcompaniesrevealthattheappreciationforBCorpamongprovidersof financialcapitalisdisappointing.Thismaybebecauseofthelackof knowledgeabouttheBCorpcertificate.Inaddition,otherfactors, suchasacompany'sfinancialhealth,mayplayamoreimportant rolethanlabelsorcertificates.OneBCorpstronglybelievesthat ESGisbecomingincreasinglyimportant,andthatinthefuture, markerssuchasBCorpcertificationisgoingtomakeadifference as “ impactinvestorsalsowanttohearfromathirdpartythata partyisactuallysustainable ” [CompanyF].
Threecompaniesdisclosethatcompanyfoundersandexternal investorshaveacceptedlowerreturnexpectations,providedtheyare investinginasocialorsustainablemission.Thisallowscompaniesto planforthelongerterm,asmentionedbyonecompany:
Ifyouarenotmaximizingprofit,youinvestdifferently inyourbusiness.Youdon'thavetoanswertoashareholderwhoexpectsX%return.So,wecanaffordto hiresomeoneextra,investextrainmarketing,orto investextraintraining.Becauseevenifitisinthe minus,youaredoingitforthefuture.[CompanyM].
Onecompanyhasanoutstandingloanwithaprivateinvestorthat isopentodiscussionsaboutreturnexpectations: “Wemadevery friendlyagreementsonrepaymentsandtheinterestrate.Still,we havetriedtogetascloseaspossibletothemarketrate,butitisnot assharpastheaveragefintechhockeystickmodel[characterizedby highgrowth]” [CompanyE].ThisfindingconfirmsCooperand Weber's(2021)conclusionthatinvestorsaresometimeswillingto sacrificepersonalfinancialgainsforthesocialgood.Onerespondent assertsthatevenimpactinvestorsareusually ‘greedyformoney’ [CompanyF].Anotherrespondentfearsthatexternalinvestorsmight jeopardizethecompany'ssustainablemissioniftheycannotmeetcertaintargets;however,thisrespondentalsodisclosesthefollowing:
Italsostrengthensme-thanksinparttoBCorp-to beabletotalktoinvestorsaboutambitionsinadifferentwayandtobeabletochallengethatpurelyfinancialpointofview,somehow.[CompanyB].
TABLE4 Summaryofmainfindings
ThemeMainfindings
Hiringlike-minded people
BCorpsaredoingrelativelywellinfinding goodemployees
BCorpsconsidertheculturalfitofthe candidateswiththefirmessential(i.e., candidatesneedtohavesocial/sustainable andcommercialvision)
BCorpsundertakeeffortstocreatemore diversityandinclusion
TheBCorpmodelappealsprospective employees
TheBCorpstatusispartoftherecruitment process(labormarketcampaign,vacancies, intakeconversations,andonboarding process)
Hybridenterprisesmayopttoreinvestprofitsintothecompany (i.e.,intothesocialandsustainablemission),limitingtheportionof profitthatisdistributedtoshareholders(Stubbs, 2017b).WhilefourB Corpsarecurrentlynotpayingoutdividends,oneBCorpdistributes allprofitseveryyear,andanotherBCorphasofficialrulesregarding dividendpaymentsandprofitreinvestments.Twointerviewedcompaniescommittodonatingafixedpercentageoftheirprofittononprofitorganizationsthatarecloselyassociatedwiththem.Onecompanyalsosupportsotherprojectstheybelievein.Onecompanydoes notdonatemoneytonon-profitorganizations;although,itsprofitis lowerasitprovidesdiscountstonon-profitorganizations:
Attheendofthefinancialyear,wearealwaysonthe vergeofmakingaprofit,butthatispurelybecausewe alsoservealotofnon-profitsandwethensay ‘wewill doa €20.000projectfor €5.0000 ,sotospeak.We oftendothatsimplytoincreasetheimpact. [CompanyA].
Anothercompanysupportscharitiesinkind.Twocompaniesconveytheirintenttoinvestprofitinsustainableprojects,buttheyhave notyetdoneit.
Table 4 presentsthemainfindingsforthethemesdiscussed.
Retainingand engaging employees
Overall,BCorpsexperiencehighemployee retention.
Employeesarecommittedtothesocialor sustainablemission.
TheBCorpcertificationprocesshelps employeesengageinthesustainableand socialstrategy.
TheBCorpmodelisusedforday-to-day decisionmakingandtomediatebetween teamandmanagement.
SomeBCorpemployeesacceptthatlower salaryformoreimpact,butsalarycanbean issue.
5 | DISCUSSIONANDCONCLUDING REMARKS
Financingthehybrid organization
Certificationincreasesthefitbetweentypes offinancingandfinanceprovidersand mission.
Hybridcompaniesaresometimes misunderstoodandconsideredashigh-risk bytraditionalbanks.
BCorpcertificationinspiredsomecompanies toredefineownershipand/orbecome stakeholder-owned.
Meetingfinanciers' demands
BCorpcertificationisatopicofconversation withinvestorsandaconfirmationof sustainable/socialvision.
Someinvestorsacceptlowerreturnsfor moreimpact,whichallowscompaniesto thinklongtermduringdecisionmaking.
Thisresearchonsustainableorganizations specificallyonBCorps aimstoanswerthefollowingresearchquestions:HowdocertifiedB Corpsinteractandengagewithkeyresourceproviders?DoesBCorp certificationhelphybridenterprisespreventmissiondrift?Andifso, how?Providersofkeyresourcesarecrucialinsustainingthedualpurposeofthesehybridorganizations(Cornforth, 2014).Ourfindings showthatcertificationseemstoimpacttherelationshipofthecompanieswiththeirkeyresourceproviders,thatis,employeesandprovidersoffinancialcapital,inthesensethatthedualmissionismore articulatedandcredible.CertifiedBCorpsstronglyconsidertheir socialorsustainablemissionintheselectionandsocializationofnew employees.BCorpcertificationplaysaroleinrecruitinglike-minded employeesandcommunicatingcompanyvaluesinternally.Thisaligns withNigrietal.'s(2020a, 2020b)conclusionregardinginternalalignmentresultingfromtheBCorpcertificationprocedure.Additionally,a company'ssocialorsustainablemissionisimportantinselectingfinancialcapitalproviders.Duringnegotiations,theBCorplabelhelps emphasizethecompany'smission.Hence,theBCorpcertificatehelps companiesexplaintheirdualpurpose,acombinationthatisnot alwaysproperlyunderstood(Battilana&Lee, 2014),tokeyproviders
orresources.Theselike-mindedemployeesandfinanciersaresometimeswillingtoacceptlowerfinancialcompensationinconsideration ofthecompany'ssocialorsustainablemission.Almosthalfofthe studiedcompaniesare(intheprocessofbecoming)collectivelyowned bykeystakeholders(mainlyemployees).Thissteward-ownershipnot onlyhelpscatalyze “stakeholdergovernance” andplanforthelonger term(BBLab, 2022e;Nigrietal., 2020a),whichisproventocontributetoexternalstakeholderengagement(Winkleretal., 2019),butalso helpsfacilitateaccesstofinance.
Basedonthetheoreticalframeworkofhybridcompaniesandmission drift,weconcludethatBCorpcertificationisconsideredagovernance mechanismthathelpscompaniespreventmissiondrift(Cornforth, 2014). Inaddition,thecertificatealsosupportstheso-calledintegrativestrategiesthatCornforth(2014)putforwardasadditionalstrategiesthatmight preventmissiondrift.Atthemicrolevel,carefulrecruitmentandsocializationofnewemployeesareproposedtoensureinternalsupportforthe socialandeconomicvaluespursuedbythecompany(Aiken, 2002; Battilanaetal., 2012;Cornforth, 2014).TheBCorpcertificationnotonly helpsattractlike-mindedemployees,butalsosupportsthevaluetransfer andengagementofemployeeswiththecompany'ssocialorsustainable mission.Attheorganizationallevel,managingresourcedependenciesis consideredimportantinpreventingmissiondrift.Ourfindingsshowthat managingresourcedependenciesgoesbeyonddifferentiatingbetween financingsources(Battilana&Lee, 2014).Thestudiedcompaniesactively searchforfinanciersthatarenotjustinterestedinfinancialreturns,which mayleadtothediscoveryoffinanciersthatembracethedualobjectives arequirementadvocatedbyBattilanaetal.(2012) tomitigatetheriskof missiondrift.ThismightalsoexplainSiqueiraetal.'s(2018)findings regardingthedifferentcapitalstructuresoffor-profitsocialpurposeorganizationscomparedtopurelycommercialfirms.Somerespondentsindicatethatfurtherdiscussioncouldbemadeonthesocialorsustainable purposeofthecompanywith(impact)investorsthanwithbanks.Inaddition,whenchoosingdebtfinancing,theprovideroftheloanisofimportance.Thatis,therespondentspreferprivatefinanciersorsustainably orientedbanksoverpurelycommercialbanks.Atamacrolevel,linking withwidersocialmovementsisconsideredastrategytoinhibitmission drift(Cornforth, 2014).BybecomingacertifiedBCorp,companies becomepartofawidersocialmovement,whichcanhelpthemgainlegitimacyasitestablishesneworganizationalformsthatembodynewbeliefs, norms,andvalues(Raoetal., 2000).OurfindingshighlightthattheB Corpmovementhelpscompaniesgainlegitimacy.Moreover,identificationwiththismovementalsofeedsbacktolower-levelintegrativestrategies,asthecompaniesusethismovementtorecruitandsocialize employeesanddiscussthepurposeoftheorganizationinconversations withfinanciers.Thus,BCorpcertificationhelpscreateaninstitutional environment,whichisespeciallysuitedtoattractemployeesandinvestorsthatunderwritethedualpurposesofthecompanyandhelpsgain legitimacyamongthem.Theselike-mindedprovidersofkeyresources reducetheriskofmissiondrift.
Ourstudyhaspracticalimplicationsforhybridcompaniesthat pursuesocial/sustainableandfinancialmissions.Ourfindingsshow thatBCorpcertificationmightaidcompaniesinmanagingemployees andtheirrelationshipwithfinanciers,asithelpsshowcasethe
companies,attractlike-mindedemployeesandfinanciers,andopena conversationaboutthesocialorsustainablemission.Besides,our studyinspirescompaniestoconsidernewfinancingsourcesand implement “stakeholdergovernance.” Inaddition,forestablished companies,BCorpcertificationmightbeacatalystforthetransition tobecomemoresustainableorsociallyorientedandhelpgaininternal supportfromemployees.
Ourstudyhaspracticalimplicationsforpolicy-makersandBLab. First,ourfindingsshowthatBCorpcertificationandthewiderBCorp movementmighthelpcompaniessustaintheirvalues.Hence,ifgovernmentsintendtomovetowardsmoreinclusivestakeholdercapitalism,promotionoftheBCorpmovementandimplementationof benefitcorporationlegislationmightbeastepinthisdirection.Second,anotherpolicyimplicationistoreassessandpromotelegalforms adaptedtocollectiveownership,assomerespondentsstruggleto identifythemostappropriatewaytobecomecollectivelyowned eitherbyemployeesorotherstakeholders.
Ourstudyhassomelimitationsthatcanbeexploredinfuture research.First,wequalitativelyanalyzein-depthsemi-structured interviews,whichdoesnotallowustogeneralizetheconclusions. Studiesthatemployquantitativetechniquescouldfurtherassess employeeengagementoracquisitionoftherequiredfinancingand drawconclusionsonamoregenerallevel.Second,thisstudyonly interviewsoneortwoemployeespercompany.Third,weonlyinclude activeBCorpsinBelgiumandtheNetherlands.Neithercountryhasa benefitcorporationlegalstructure.Hence,studiesfocusingonother jurisdictionscouldaugmentourfindings.Morespecifically,future studiesmightconsiderconductingin-depthcomparativecasestudies oncompaniesthatareactiveinenvironmentsthatvaryintermsof institutionalsupportforsustainableorsocialentrepreneurshipand assesswhethertheresultsdiffer.Fourth,thisstudyonlyfocuseson small-andmedium-sizedenterprisesthatareprivatelyheld.AstheB Corpmovementattractslargerandlistedfirms,thefuturestudies couldexplorewhetherourconclusionsalsoholdforthem.Lastly,our findingsarebasedontheviewpointofkeypeoplefromcertifiedB Corps.FuturestudiescouldexamineBCorpcertificationanditsrole inpreventingmissiondriftfromtheperspectiveof(prospective) employeesandfinanciers.
ORCID
ValeriePaelman https://orcid.org/0000-0002-5660-7341
PhilippeVanCauwenberge https://orcid.org/0000-0002-98385185
HeidiVanderBauwhede https://orcid.org/0000-0003-2757-3573
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