We integrate institutional economics with stakeholder theory to examine the antecedents and outcomes of Environmental Sustainability Practices (ESP) for small and medium enterprises in Latin America. We find that these firms primarily engage in ESP to succeed in export markets. We also find that this is especially true when firms demonstrate organizational agency by adopting complementary strategies such as obtaining international quality certifications to develop credibility among stakeholders. Lastly, their cause receives a further boost when they are based in institutional environments that are known for strong democratic voice and accountability mechanisms. In elucidating the interplay of strategy and institutions, we suggest the need to better integrate organizational agency into institutional theory and institutional environment into stakeholder theory.

我们将制度经济学与利益相关者理论相结合，以研究拉丁美洲中小企业的环境可持续性实践（ESP）的前提和结果。我们发现这些公司主要从事ESP，以在出口市场上取得成功。我们还发现，当企业通过采取补充性策略（例如获得国际质量认证以提高利益相关者之间的信誉）来展示组织机构时，尤其如此。最后，当他们以强有力的民主声音和问责机制着称的机构环境中工作时，他们的事业将进一步得到推动。在阐明战略与制度的相互作用时，