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Ethical leadership, virtue theory and generic strategies:When the timeless becomes timely Geoffrey G. BellLabovitz School of Business and EconomicsUniversity of Minnesota DuluthDuluth, MN 55812-3002Bruno DyckAsper School of BusinessUniversity of Manitoba, Winnipeg MB Canada R3T 5V4Mitchell J. NeubertHankamer School of BusinessBaylor UniversityWaco, TX 76798-8006Abstract:Rather than see virtue theory as an approach that is constrained and coopted by the often-unstated materialistic-individualistic assumptions that characterize mainstream consequential utilitarianism, we offer virtue theory as an alternative moral-point-of-view that allows researchers, instructors and leaders to develop theory and practices that challenge the mainstream. We develop a new model of ethical leadership and its relationship to business strategy that is based on virtue ethics rather than consequentialist-utilitarian assumptions. We use Porter’s generic strategy theory as an example, and develop Minimizer, Transformer, and Compounder strategies that reflect virtue theory’s concerns with process and well-being in the context of community.Introduction Despite a long history of reminders, scholars seem prone to forget that ethics are not monolithic. In other words, what it means for a leader to be “ethical” within one ethical moral-point-of-view may be very different from what ethical leadership means within an alternative ethical moral-point-of-view. In particular, what constitutes ethical leadership differs between virtue ethics and consequential utilitarianism. This chapter draws attention to how management theory in general is informed by ethics and moral theories ADDIN EN.CITE <EndNote><Cite><Author>Bacharach</Author><Year>1989</Year><RecNum>795</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Bacharach, 1989)</DisplayText><record><rec-number>795</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">795</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>S B Bacharach</author></authors></contributors><titles><title>Organizational Theories: Some criteria for evaluation</title><secondary-title>Academy of Management Review</secondary-title></titles><periodical><full-title>Academy of Management Review</full-title></periodical><pages>496-515</pages><volume>14</volume><number>4</number><keywords><keyword>theory</keyword><keyword>theory building</keyword><keyword>constructs</keyword><keyword>variable</keyword></keywords><dates><year>1989</year></dates><urls></urls></record></Cite></EndNote>(e.g., Bacharach, 1989), and specifically helps to integrate ethical leadership, strategy and virtue theory PEVuZE5vdGU+PENpdGU+PEF1dGhvcj5Ib3NtZXI8L0F1dGhvcj48WWVhcj4xOTk0PC9ZZWFyPjxS
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ADDIN EN.CITE.DATA (Behnam & Rasche, 2009; Hosmer, 1994; Robertson, 2008). It demonstrates that the “preferred” outcomes of a theory depend on the ethical assumptions underlying the theory. We use virtue theory to both develop new leadership and strategy theory and to critique existing understandings of ethical leadership. This is important because virtue theory may be difficult to operationalize in management theory ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2001</Year><RecNum>1889</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Dyck & Kleysen, 2001)</DisplayText><record><rec-number>1889</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1889</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Kleysen, R.</author></authors></contributors><titles><title>Aristotle's virtues and management thought: An empirical exploration of an integrative pedagogy</title><secondary-title>Business Ethics Quarterly</secondary-title></titles><periodical><full-title>Business Ethics Quarterly</full-title></periodical><pages>561-574</pages><volume>11</volume><number>4</number><dates><year>2001</year></dates><urls></urls><electronic-resource-num>10.2307/3857761</electronic-resource-num></record></Cite></EndNote>(e.g., Dyck & Kleysen, 2001), and the application of virtue theory to strategy is rare PEVuZE5vdGU+PENpdGU+PEF1dGhvcj5Bcmpvb248L0F1dGhvcj48WWVhcj4yMDAwPC9ZZWFyPjxS
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ADDIN EN.CITE.DATA (notable exceptions include Arjoon, 2000; Bell & Dyck, 2011; Krsto & Ellwood, 2013). The chapter lies at the intersection of four literatures: ethics, leadership, virtue theory, and strategic management. It contrasts and compares a generic strategy framework associated with consequential utilitarianism (Generic Strategy 1.0) with one based upon virtue theory (Generic Strategy 2.0). We pay particular attention to the capacity of virtue-based generic strategy to address socio-ecological challenges facing humankind. We exemplify this by developing a virtue theory-based model of generic strategies. Finally, we discuss the implications for a virtue theory understanding of ethical leadership and strategy. Meta-theory, ethics and virtue theory ADDIN EN.CITE <EndNote><Cite AuthorYear="1"><Author>Weber</Author><Year>1958</Year><RecNum>1842</RecNum><DisplayText>Weber (1958)</DisplayText><record><rec-number>1842</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1842</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Weber, Max</author></authors><subsidiary-authors><author>Parsons, T.</author></subsidiary-authors></contributors><titles><title>The Protestant Ethic and the Spirit of Capitalism</title></titles><dates><year>1958</year></dates><pub-location>New York</pub-location><publisher>Scribner's</publisher><urls></urls></record></Cite></EndNote>Weber (1958) argued that the formal rationality associated with capitalism was underpinned by the substantive rationality associated with the Protestant ethic, which differed from and replaced society’s previously-dominant substantive rationality ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2005</Year><RecNum>1825</RecNum><DisplayText>(Dyck & Schroeder, 2005)</DisplayText><record><rec-number>1825</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1825</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Schroeder, David</author></authors></contributors><titles><title>Management, theology and moral points of view: Towards an altnerative to the conventional materialist-individualistic ideal-type of management</title><secondary-title>Journal of Management Studies</secondary-title></titles><periodical><full-title>Journal of Management Studies</full-title></periodical><pages>705-735</pages><volume>42</volume><number>4</number><dates><year>2005</year></dates><urls></urls></record></Cite></EndNote>(Dyck & Schroeder, 2005). Implicit in Weber’s analysis is the idea that differing “substantive rationalities” (e.g., moral-points-of-view, such as consequential utilitarianism and virtue theory) would produce differing “formal rationalities” (e.g., alternative conceptions of ethical leadership). According to ADDIN EN.CITE <EndNote><Cite AuthorYear="1"><Author>Weber</Author><Year>1958</Year><RecNum>1842</RecNum><DisplayText>Weber (1958)</DisplayText><record><rec-number>1842</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1842</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Weber, Max</author></authors><subsidiary-authors><author>Parsons, T.</author></subsidiary-authors></contributors><titles><title>The Protestant Ethic and the Spirit of Capitalism</title></titles><dates><year>1958</year></dates><pub-location>New York</pub-location><publisher>Scribner's</publisher><urls></urls></record></Cite></EndNote>Weber (1958), modern corporations are no longer being managed based on a religious Protestant ethic, but rather this ethic has been secularized and replaced by what we today might call “consequential utilitarianism” ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2005</Year><RecNum>1825</RecNum><DisplayText>(Dyck & Neubert, 2010; Dyck & Schroeder, 2005)</DisplayText><record><rec-number>1825</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1825</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Schroeder, David</author></authors></contributors><titles><title>Management, theology and moral points of view: Towards an altnerative to the conventional materialist-individualistic ideal-type of management</title><secondary-title>Journal of Management Studies</secondary-title></titles><periodical><full-title>Journal of Management Studies</full-title></periodical><pages>705-735</pages><volume>42</volume><number>4</number><dates><year>2005</year></dates><urls></urls></record></Cite><Cite><Author>Dyck</Author><Year>2010</Year><RecNum>1848</RecNum><record><rec-number>1848</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1848</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Neubert, M.</author></authors></contributors><titles><title>Management: Current Practices and New Directions</title></titles><dates><year>2010</year></dates><pub-location>Boston</pub-location><publisher>Cengage / Houghton Mifflin</publisher><urls></urls></record></Cite></EndNote>(Dyck & Neubert, 2010; Dyck & Schroeder, 2005). The historical roots of consequential utilitarianism—developed by the likes of Jeremy Bentham, David Hume, James Mill, and John Stuart Mill—emphasize how desirable (i.e., ethically commendable) outcomes of an action are ones that generate the largest net benefit (including positive and negative externalities) for most people associated with the action ADDIN EN.CITE <EndNote><Cite><Author>Gandz</Author><Year>1988</Year><RecNum>2751</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Gandz & Hayes, 1988; McKay, 2000)</DisplayText><record><rec-number>2751</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456934546">2751</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Gandz, J.</author><author>Hayes, N.</author></authors></contributors><titles><title>Teaching business ethics</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>657-669</pages><volume>7</volume><number>9</number><dates><year>1988</year></dates><urls></urls></record></Cite><Cite><Author>McKay</Author><Year>2000</Year><RecNum>2752</RecNum><record><rec-number>2752</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456934649">2752</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>McKay, R. B.</author></authors></contributors><titles><title>Consequential uitilitarianism: Addressing ethical deficiencies in the municipal landfill siting process</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>289-306</pages><volume>26</volume><number>4</number><dates><year>2000</year></dates><urls></urls></record></Cite></EndNote>(e.g., Gandz & Hayes, 1988; McKay, 2000). Over time, a short-hand version of mainstream consequential utilitarianism in business theory and practice has developed focusing on measuring the outcomes of actions in terms of their financial costs and benefits (where money serves as a proxy capturing most of the other costs and benefits) at the firm level of analysis (consistent with a popularized understanding of “the invisible hand,” where what is good for a business is good for society) ADDIN EN.CITE <EndNote><Cite><Author>Smith</Author><Year>1986 [1776]</Year><RecNum>1893</RecNum><DisplayText>(Dyck & Neubert, 2010; Gustafson, 2013; Smith, 1986 [1776])</DisplayText><record><rec-number>1893</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1893</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Smith, Adam</author></authors></contributors><titles><title>The Wealth of Nations: Books I-III</title></titles><pages>537</pages><dates><year>1986 [1776]</year></dates><pub-location>London, UK</pub-location><publisher>Penguin Books</publisher><urls></urls></record></Cite><Cite><Author>Dyck</Author><Year>2010</Year><RecNum>1848</RecNum><record><rec-number>1848</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1848</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Neubert, M.</author></authors></contributors><titles><title>Management: Current Practices and New Directions</title></titles><dates><year>2010</year></dates><pub-location>Boston</pub-location><publisher>Cengage / Houghton Mifflin</publisher><urls></urls></record></Cite><Cite><Author>Gustafson</Author><Year>2013</Year><RecNum>2753</RecNum><record><rec-number>2753</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456934801">2753</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Gustafson, A.</author></authors></contributors><titles><title>In defense of a utilitarian business ethic</title><secondary-title>Business and Society Review</secondary-title></titles><periodical><full-title>Business and Society Review</full-title></periodical><pages>325-360</pages><volume>118</volume><number>3</number><dates><year>2013</year></dates><urls></urls></record></Cite></EndNote>(Dyck & Neubert, 2010; Gustafson, 2013; Smith, 1986 [1776]). Weber was not the first to note that one’s moral-point-of-view would give rise to specific associated ways of organizing and understanding of ethical leadership. In particular, already two and a half millennia ago Aristotle and his Greek contemporaries recognized that the “economy is intelligible only as an ethical dilemma” ADDIN EN.CITE <EndNote><Cite><Author>Booth</Author><Year>1993</Year><RecNum>2760</RecNum><Suffix>:8 cited in</Suffix><DisplayText>(Booth, 1993:8 cited in; Leshem, 2016: 231)</DisplayText><record><rec-number>2760</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456944144">2760</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Booth, W. J.</author></authors></contributors><titles><title>Households: The moral architecture of the economy</title></titles><dates><year>1993</year></dates><pub-location>Ithaca, NY</pub-location><publisher>Cornell University Press</publisher><urls></urls></record></Cite><Cite><Author>Leshem</Author><Year>2016</Year><RecNum>2755</RecNum><Suffix>: 231</Suffix><record><rec-number>2755</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456936713">2755</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Leshem, D.</author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Retrospectives: What did the ancient Greeks mean by </style><style face="italic" font="default" size="100%">oikonomia?</style></title><secondary-title>Journal of Economic Perspectives</secondary-title></titles><periodical><full-title>Journal of Economic Perspectives</full-title></periodical><pages>225-238</pages><volume>30</volume><number>1</number><dates><year>2016</year></dates><urls></urls></record></Cite></EndNote>(Booth, 1993:8 cited in; Leshem, 2016: 231), and they debated about organizational strategies and leadership practices that were “formally rational” vis a vis the “substantive rationality” of virtue theory ADDIN EN.CITE <EndNote><Cite><Author>Solomon</Author><Year>1992</Year><RecNum>2013</RecNum><DisplayText>(Arjoon, 2000; Solomon, 1992)</DisplayText><record><rec-number>2013</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1287775299">2013</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Solomon, Robert C.</author></authors></contributors><titles><title>Corporate roles, personal virtues: An Aristotelian approach to business ethics</title><secondary-title>Business Ethics Quarterly</secondary-title></titles><periodical><full-title>Business Ethics Quarterly</full-title></periodical><pages>317-339</pages><volume>2</volume><number>3</number><dates><year>1992</year></dates><urls></urls><electronic-resource-num>10.2307/3857536</electronic-resource-num></record></Cite><Cite><Author>Arjoon</Author><Year>2000</Year><RecNum>2021</RecNum><record><rec-number>2021</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1288283084">2021</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Arjoon, Surendra</author></authors></contributors><titles><title>Virtue theory as a dynamic theory of business</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>159-178</pages><volume>28</volume><dates><year>2000</year></dates><urls></urls></record></Cite></EndNote>(Arjoon, 2000; Solomon, 1992). Aristotelian virtue theory has at least three hallmarks that differentiate it from mainstream consequential utilitarianism. Virtue theory emphasizes: virtues (versus outcomes), holistic well-being (versus maximized financial well-being) and the larger community (versus the firm). We discuss each in turn.First, virtue theory focuses on processes more than on outcomes. For example, it focuses on the leader’s character, not accomplishments. Virtue theory’s emphasis on character and the practice of virtues contrasts with consequential utilitarian ethics. From a consequential utilitarian approach it is unethical for leaders to allow process to impede the maximization of outcomes, which comes perilously close to saying the ends justifies the means. Conversely, from a virtue theory perspective it is unethical for leaders to focus on outcomes at the expense of their everyday practice of virtues. That said, while virtue theory focuses on the internal sphere, it also clearly influences the outer sphere ADDIN EN.CITE <EndNote><Cite><Author>MacIntyre</Author><Year>1981</Year><RecNum>1576</RecNum><DisplayText>(MacIntyre, 1981)</DisplayText><record><rec-number>1576</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1576</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>MacIntyre, Alasdair</author></authors></contributors><titles><title>After virtue: A study in moral theory</title></titles><dates><year>1981</year></dates><pub-location>Notre Dame, Indiana</pub-location><publisher>University of Notre Dame Press</publisher><urls></urls></record></Cite></EndNote>(MacIntyre, 1981). In this way the processes and character of leadership may be observed in organizational practices and outcomes. Thus organizational practices that are developed based on virtue theory can subsequently influence the character of organizational members who work within those structures and systems ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2010</Year><RecNum>2754</RecNum><DisplayText>(Dyck & Wong, 2010)</DisplayText><record><rec-number>2754</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456935944">2754</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Wong, K.</author></authors></contributors><titles><title>Corporate spiritual disciplines and the quest for organizational virtue</title><secondary-title>Journal of Management, Spirituality & Religion</secondary-title></titles><periodical><full-title>Journal of Management, Spirituality & Religion</full-title></periodical><pages>7-29</pages><volume>7</volume><number>1</number><dates><year>2010</year></dates><urls></urls></record></Cite></EndNote>(Dyck & Wong, 2010).Second, whereas consequential utilitarianism implies that “more is better” (e.g., firms should grow in size and profits), virtue theory emphasizes knowing when “enough is enough,” and moreover asserts that there is enough to sustain everyone ADDIN EN.CITE <EndNote><Cite><Author>Leshem</Author><Year>2016</Year><RecNum>2755</RecNum><Suffix>: 226</Suffix><DisplayText>(Leshem, 2016: 226)</DisplayText><record><rec-number>2755</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456936713">2755</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Leshem, D.</author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Retrospectives: What did the ancient Greeks mean by </style><style face="italic" font="default" size="100%">oikonomia?</style></title><secondary-title>Journal of Economic Perspectives</secondary-title></titles><periodical><full-title>Journal of Economic Perspectives</full-title></periodical><pages>225-238</pages><volume>30</volume><number>1</number><dates><year>2016</year></dates><urls></urls></record></Cite></EndNote>(Leshem, 2016: 226). Rather than assume that it is inherently good (ethical) to increase economic wealth endlessly, Aristotelian virtue ethics “call[s] into question the pursuit of economic goals as an end in and for themselves” ADDIN EN.CITE <EndNote><Cite><Author>Leshem</Author><Year>2016</Year><RecNum>2755</RecNum><Suffix>: 236</Suffix><DisplayText>(Leshem, 2016: 236)</DisplayText><record><rec-number>2755</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456936713">2755</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Leshem, D.</author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Retrospectives: What did the ancient Greeks mean by </style><style face="italic" font="default" size="100%">oikonomia?</style></title><secondary-title>Journal of Economic Perspectives</secondary-title></titles><periodical><full-title>Journal of Economic Perspectives</full-title></periodical><pages>225-238</pages><volume>30</volume><number>1</number><dates><year>2016</year></dates><urls></urls></record></Cite></EndNote>(Leshem, 2016: 236) and assert “that a luxurious life (as well as an unending focus on economic life) is a perversion of the good life” ADDIN EN.CITE <EndNote><Cite><Author>Leshem</Author><Year>2016</Year><RecNum>2755</RecNum><Suffix>: 233</Suffix><DisplayText>(Leshem, 2016: 233)</DisplayText><record><rec-number>2755</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456936713">2755</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Leshem, D.</author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Retrospectives: What did the ancient Greeks mean by </style><style face="italic" font="default" size="100%">oikonomia?</style></title><secondary-title>Journal of Economic Perspectives</secondary-title></titles><periodical><full-title>Journal of Economic Perspectives</full-title></periodical><pages>225-238</pages><volume>30</volume><number>1</number><dates><year>2016</year></dates><urls></urls></record></Cite></EndNote>(Leshem, 2016: 233). 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ADDIN EN.CITE.DATA (Aristotle, 2000; Crespo, 2008; Dyck, 2013a; Meikle, 1994). Natural chrematistics is evident when someone trades goods for money that is subsequently used to purchase other needed goods. This creates “true wealth” in a community among members who are contributing tangible goods to its well-being. In contrast, unnatural chrematistics is evident when someone uses money to purchase goods in order to resell them at a profit—what Aristotle called “spurious wealth”—in a way that does not tangibly improve a community’s well-being and which has no satiation ADDIN EN.CITE <EndNote><Cite><Author>Meikle</Author><Year>1994</Year><RecNum>2758</RecNum><DisplayText>(Meikle, 1994)</DisplayText><record><rec-number>2758</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456937295">2758</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Meikle, S.</author></authors></contributors><titles><title>Aristotle on money</title><secondary-title>Phronesis</secondary-title></titles><periodical><full-title>Phronesis</full-title></periodical><pages>26-44</pages><volume>39</volume><number>1</number><dates><year>1994</year></dates><urls></urls></record></Cite></EndNote>(Meikle, 1994). This is consistent with modern economists who realize that there are limits to growth on a finite planet ADDIN EN.CITE <EndNote><Cite><Author>Meadows</Author><Year>2004</Year><RecNum>2773</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Meadows, Randers, & Meadows, 2004)</DisplayText><record><rec-number>2773</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1457107462">2773</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Meadows, Donella</author><author>Randers, Jorgen</author><author>Meadows, Dennis</author></authors></contributors><titles><title>Limits to Growth: The 30-year update</title></titles><pages>338</pages><dates><year>2004</year></dates><pub-location>White River Junction, VT</pub-location><publisher>Chelsea Green Publishing Company</publisher><urls></urls></record></Cite></EndNote>(e.g., Meadows, Randers, & Meadows, 2004).Finally, the third hallmark that distinguishes virtue theory from consequential utilitarianism is that virtue theory has a distinct focus on the overall well-being of the larger community. In a nutshell, the goal of virtue theory is to optimize eudemonia (a deep sense of human flourishing and happiness), which occurs only via enacting the virtues in community PEVuZE5vdGU+PENpdGU+PEF1dGhvcj5HYXZpbjwvQXV0aG9yPjxZZWFyPjIwMDQ8L1llYXI+PFJl
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ADDIN EN.CITE.DATA (Flynn, 2008; Gavin & Mason, 2004; Koehn, 1998; Sinnicks, 2014). Thus, an ethical leader is someone who exhibits and promotes virtue in community and acts to maximize its collective well-being (eudemonia). In an economic context, firms are communities ADDIN EN.CITE <EndNote><Cite><Author>Solomon</Author><Year>1992</Year><RecNum>2013</RecNum><DisplayText>(Koehn, 1998; Solomon, 1992)</DisplayText><record><rec-number>2013</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1287775299">2013</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Solomon, Robert C.</author></authors></contributors><titles><title>Corporate roles, personal virtues: An Aristotelian approach to business ethics</title><secondary-title>Business Ethics Quarterly</secondary-title></titles><periodical><full-title>Business Ethics Quarterly</full-title></periodical><pages>317-339</pages><volume>2</volume><number>3</number><dates><year>1992</year></dates><urls></urls><electronic-resource-num>10.2307/3857536</electronic-resource-num></record></Cite><Cite><Author>Koehn</Author><Year>1998</Year><RecNum>2014</RecNum><record><rec-number>2014</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1288033019">2014</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Koehn, Daryl</author></authors></contributors><titles><title>Virtue ethics, the firm, and moral psychology</title><secondary-title>Business Ethics Quarterly</secondary-title></titles><periodical><full-title>Business Ethics Quarterly</full-title></periodical><pages>497-513</pages><volume>8</volume><number>3</number><dates><year>1998</year></dates><urls></urls><electronic-resource-num>10.2307/3857434</electronic-resource-num></record></Cite></EndNote>(Koehn, 1998; Solomon, 1992), and also belong to a larger community of organizations and the broader society. Virtue theory often emphasizes the “common good” ADDIN EN.CITE <EndNote><Cite><Author>Arjoon</Author><Year>2000</Year><RecNum>2021</RecNum><DisplayText>(Arjoon, 2000; Pirson, 2011)</DisplayText><record><rec-number>2021</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1288283084">2021</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Arjoon, Surendra</author></authors></contributors><titles><title>Virtue theory as a dynamic theory of business</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>159-178</pages><volume>28</volume><dates><year>2000</year></dates><urls></urls></record></Cite><Cite><Author>Pirson</Author><Year>2011</Year><RecNum>2502</RecNum><record><rec-number>2502</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1406042144">2502</key></foreign-keys><ref-type name="Book Section">5</ref-type><contributors><authors><author>Pirson, Michael</author></authors><secondary-authors><author>Amann, Wolfgang</author><author>Pirson, Michael</author><author>Dierksmeier, Claus</author><author>von Kimakowitz, Ernst</author><author>Spitzeck, Heiko</author></secondary-authors></contributors><titles><title>What is business organizing for? The role of business in society over time</title><secondary-title>Business Schools Under Fire: Humanistic management education as the way forward</secondary-title></titles><pages>41-51</pages><dates><year>2011</year></dates><pub-location>Houndsmills, Basingstoke, Hampshire</pub-location><publisher>Palgrave Macmillan</publisher><urls></urls><electronic-resource-num>10.1057/9780230353855.0007</electronic-resource-num></record></Cite></EndNote>(Arjoon, 2000; Pirson, 2011), which transcends both the interests of individuals per se, and their material or financial well-being. In sum, virtue theory has radical implications for the content and meaning of ethical leadership. From a mainstream consequential utilitarian perspective it is unethical for a leader to incur financial costs that exceed minimum legal requirements in order to reduce her firm’s negative social and/or ecological externalities if doing so compromises the financial outcomes for the firm ADDIN EN.CITE <EndNote><Cite><Author>Friedman</Author><Year>1970</Year><RecNum>583</RecNum><DisplayText>(Friedman, 1970)</DisplayText><record><rec-number>583</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">583</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Milton Friedman</author></authors></contributors><titles><title>The social responsibility of business is to increase its profits</title><secondary-title>New York Times Magazine</secondary-title></titles><pages>122-126</pages><dates><year>1970</year><pub-dates><date>September 13, 1970</date></pub-dates></dates><urls></urls></record></Cite></EndNote>(Friedman, 1970). From a virtue perspective, it would be unethical for a leader not to reduce her firm’s negative social and/or ecological externalities so long as doing so does not compromise the firm’s viability. The radical nature of our approach is hard to understate. We are not using virtue theory to “tweak” existing mainstream theory about ethical leadership or strategy, for example, by arguing that ethical leaders should exhibit virtuous behavior while maximizing their firm’s (and their own) financial well-being. Rather, according to virtue theory, we are suggesting that maximizing financial well-being should not be the primary purpose of business. We are suggesting that nurturing community well-being should become the primary purpose, and that this involves ethical leadership character and practices that nurture organizational structures, systems, and strategies that facilitate eudemonia. In the next section, we examine the implications of ethical leadership through the lens of organizational strategy, contrasting and comparing differences between consequential utilitarianism and virtue theory. In particular, we review the mainstream consequential utilitarian approach to strategy, and then develop a parallel approach based on virtue theory.Virtue theory, ethical leadership, and strategyThe influence of organizational leaders is evident in many areas, but perhaps is the most pervasive in the development of firm strategy. Strategy involves the setting of organizational direction ADDIN EN.CITE <EndNote><Cite><Author>Andrews</Author><Year>1971</Year><RecNum>1936</RecNum><DisplayText>(Andrews, 1971)</DisplayText><record><rec-number>1936</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1280244588">1936</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Andrews, Kenneth R.</author></authors></contributors><titles><title>The Concept of Corporate Strategy</title></titles><dates><year>1971</year></dates><pub-location>Homewood, Ill</pub-location><publisher>Richard D. Irwin</publisher><urls></urls></record></Cite></EndNote>(Andrews, 1971), which is inherently an ethical process ADDIN EN.CITE <EndNote><Cite><Author>Elms</Author><Year>2010</Year><RecNum>2059</RecNum><DisplayText>(Elms, Brammer, Harris, & Phillips, 2010; Hosmer, 1994)</DisplayText><record><rec-number>2059</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1290636753">2059</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Elms, Heather</author><author>Brammer, Stephen</author><author>Harris, Jared D.</author><author>Phillips, Robert A.</author></authors></contributors><titles><title>New directions in strategic management and business ethics</title><secondary-title>Business Ethics Quarterly</secondary-title></titles><periodical><full-title>Business Ethics Quarterly</full-title></periodical><pages>401-425</pages><volume>20</volume><number>3</number><dates><year>2010</year></dates><urls></urls></record></Cite><Cite><Author>Hosmer</Author><Year>1994</Year><RecNum>2057</RecNum><record><rec-number>2057</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1290546966">2057</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Hosmer, Larue Tone</author></authors></contributors><titles><title>Strategic planning as if ethics mattered</title><secondary-title>Strategic Management Journal</secondary-title></titles><periodical><full-title>Strategic Management Journal</full-title></periodical><pages>17-34</pages><volume>15</volume><number>Summer 1994</number><keywords><keyword>Strategy, morals, ethics, trust, commitment</keyword></keywords><dates><year>1994</year></dates><urls></urls></record></Cite></EndNote>(Elms, Brammer, Harris, & Phillips, 2010; Hosmer, 1994). Scholars have argued that ethics and strategy have become divorced over time ADDIN EN.CITE <EndNote><Cite><Author>Hosmer</Author><Year>1994</Year><RecNum>2057</RecNum><DisplayText>(Hosmer, 1994)</DisplayText><record><rec-number>2057</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1290546966">2057</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Hosmer, Larue Tone</author></authors></contributors><titles><title>Strategic planning as if ethics mattered</title><secondary-title>Strategic Management Journal</secondary-title></titles><periodical><full-title>Strategic Management Journal</full-title></periodical><pages>17-34</pages><volume>15</volume><number>Summer 1994</number><keywords><keyword>Strategy, morals, ethics, trust, commitment</keyword></keywords><dates><year>1994</year></dates><urls></urls></record></Cite></EndNote>(Hosmer, 1994). We propose an alternate hypothesis – it is not that ethics have become divorced from strategy, but rather that the strategy literature so completely adopts the consequentialist-utilitarian moral framework that the two have become fused together. In this section, we demonstrate this by reviewing Porter’s generic strategy theory and then reinterpreting it through a virtue theory lens. Doing so provides the foundation for us to develop a set of generic strategies based on virtue theory paralleling Porter’s generic strategies. Our method of developing alternative theory parallel to mainstream theory is well-established and consistent with those who argue that using paradoxical and competing assumptions provides a helpful framework for developing new theory and a more holistic understanding of management PEVuZE5vdGU+PENpdGU+PEF1dGhvcj5FbHNiYWNoPC9BdXRob3I+PFllYXI+MTk5OTwvWWVhcj48
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ADDIN EN.CITE.DATA (e.g., Elsbach, Sutton, & Whetten, 1999; Lewis & Grimes, 1999; Poole & Van de Ven, 1989). This parallelism-based approach leverages the strengths associated with long-honored theoretical frameworks and addresses some of their shortcomings. In our case, we develop parallels to Porter’s generic strategies. We begin by reviewing Porter’s theory. Generic Strategy 1.0 (based on consequential utilitarianism). Michael Porter’s work on generic strategies, along with his five forces and value chain frameworks, has been highly influential both among practitioners and scholars ADDIN EN.CITE <EndNote><Cite><Author>Stonehouse</Author><Year>2007</Year><RecNum>2045</RecNum><Suffix>: 257</Suffix><DisplayText>(Stonehouse & Snowdon, 2007: 257)</DisplayText><record><rec-number>2045</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1289583773">2045</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Stonehouse, G.</author><author>Snowdon, B.</author></authors></contributors><titles><title>Meet the person: Comparative advantage revisited: Michael Porter on strategy and competitiveness</title><secondary-title>Journal of Management Inquiry</secondary-title></titles><periodical><full-title>Journal of Management Inquiry</full-title></periodical><pages>256-273</pages><volume>16</volume><number>3</number><dates><year>2007</year></dates><urls></urls></record></Cite></EndNote>(Stonehouse & Snowdon, 2007: 257). It has robust empirical support delineating a range of direct and moderating effects PEVuZE5vdGU+PENpdGU+PEF1dGhvcj5Lb3RoYTwvQXV0aG9yPjxZZWFyPjE5OTU8L1llYXI+PFJl
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ADDIN EN.CITE.DATA (e.g., Dess & Davis, 1984; Kotha & Vadlamani, 1995; Miller & Dess, 1993; Wright, 1987). Our intention in describing Porter’s generic strategies is not to challenge existing theory and research, but instead to use it as a starting point to develop virtue-based generic strategies, which we call Generic Strategy 2.0. Because of their ubiquity, we focus on Porter’s (1980, 1985) early conceptions of generic strategies. We briefly review the ethical assumptions that underpin them, and highlight their value as “ideal-types” that provide a conceptual foundation for Generic Strategy 2.0. The consequentialist utilitarian assumptions underlying Porter’s generic strategies are quite evident. First, the strategies primarily focus on maximizing’s financial outcomes. For ADDIN EN.CITE <EndNote><Cite AuthorYear="1"><Author>Porter</Author><Year>1991</Year><RecNum>2046</RecNum><Suffix>: 95</Suffix><DisplayText>Porter (1991: 95)</DisplayText><record><rec-number>2046</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1289584330">2046</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Porter, Michael E.</author></authors></contributors><titles><title>Toward a dynamic theory of strategy</title><secondary-title>Strategic Management Journal</secondary-title></titles><periodical><full-title>Strategic Management Journal</full-title></periodical><pages>95-117</pages><volume>12</volume><dates><year>1991</year></dates><urls></urls></record></Cite></EndNote>Porter (1991: 95) the key question in strategy is “why [do] firms succeed or fail” (outcomes, consequences)? Firms succeed when they attain a competitive position that produces “superior and sustainable financial performance” ADDIN EN.CITE <EndNote><Cite><Author>Porter</Author><Year>1991</Year><RecNum>2046</RecNum><Suffix>: 96</Suffix><DisplayText>(Porter, 1991: 96; Stonehouse & Snowdon, 2007: 268)</DisplayText><record><rec-number>2046</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1289584330">2046</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Porter, Michael E.</author></authors></contributors><titles><title>Toward a dynamic theory of strategy</title><secondary-title>Strategic Management Journal</secondary-title></titles><periodical><full-title>Strategic Management Journal</full-title></periodical><pages>95-117</pages><volume>12</volume><dates><year>1991</year></dates><urls></urls></record></Cite><Cite><Author>Stonehouse</Author><Year>2007</Year><RecNum>2045</RecNum><Suffix>: 268</Suffix><record><rec-number>2045</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1289583773">2045</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Stonehouse, G.</author><author>Snowdon, B.</author></authors></contributors><titles><title>Meet the person: Comparative advantage revisited: Michael Porter on strategy and competitiveness</title><secondary-title>Journal of Management Inquiry</secondary-title></titles><periodical><full-title>Journal of Management Inquiry</full-title></periodical><pages>256-273</pages><volume>16</volume><number>3</number><dates><year>2007</year></dates><urls></urls></record></Cite></EndNote>(Porter, 1991: 96; Stonehouse & Snowdon, 2007: 268). Superior profitability is both “the right goal, and for firms, the only goal” ADDIN EN.CITE <EndNote><Cite><Author>Stonehouse</Author><Year>2007</Year><RecNum>2045</RecNum><Suffix>: 267</Suffix><DisplayText>(Stonehouse & Snowdon, 2007: 267)</DisplayText><record><rec-number>2045</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1289583773">2045</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Stonehouse, G.</author><author>Snowdon, B.</author></authors></contributors><titles><title>Meet the person: Comparative advantage revisited: Michael Porter on strategy and competitiveness</title><secondary-title>Journal of Management Inquiry</secondary-title></titles><periodical><full-title>Journal of Management Inquiry</full-title></periodical><pages>256-273</pages><volume>16</volume><number>3</number><dates><year>2007</year></dates><urls></urls></record></Cite></EndNote>(Stonehouse & Snowdon, 2007: 267). Thus, Porter’s generic strategy framework reflects consequentialist utilitarian assumptions: generic strategies enable firms to generate competitive advantage (outcomes) characterized by superior financial profitability (a materialistic conception of performance) at the firm-level of analysis ADDIN EN.CITE <EndNote><Cite><Author>Porter</Author><Year>1991</Year><RecNum>2046</RecNum><DisplayText>(Porter, 1991; Stonehouse & Snowdon, 2007)</DisplayText><record><rec-number>2046</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1289584330">2046</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Porter, Michael E.</author></authors></contributors><titles><title>Toward a dynamic theory of strategy</title><secondary-title>Strategic Management Journal</secondary-title></titles><periodical><full-title>Strategic Management Journal</full-title></periodical><pages>95-117</pages><volume>12</volume><dates><year>1991</year></dates><urls></urls></record></Cite><Cite><Author>Stonehouse</Author><Year>2007</Year><RecNum>2045</RecNum><record><rec-number>2045</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1289583773">2045</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Stonehouse, G.</author><author>Snowdon, B.</author></authors></contributors><titles><title>Meet the person: Comparative advantage revisited: Michael Porter on strategy and competitiveness</title><secondary-title>Journal of Management Inquiry</secondary-title></titles><periodical><full-title>Journal of Management Inquiry</full-title></periodical><pages>256-273</pages><volume>16</volume><number>3</number><dates><year>2007</year></dates><urls></urls></record></Cite></EndNote>(Porter, 1991; Stonehouse & Snowdon, 2007). In cost leadership, firms strive to have a lower financial cost structure than rivals, leading to increased profits and/or enhanced market share (via lower prices). Differentiation occurs when a firm offers goods and services with unique features that command a premium price in excess of the extra cost of providing those features. These two strategies occur in the context of competitive scope (broad versus narrow). A major criticism of the consequential utilitarian paradigm generally, and of Generic Strategies 1.0 particularly, is that while the theory and practice (formal rationality) associated with this paradigm (substantive rationality) contribute to unprecedented firm-level financial outcomes (which is ethical and good within this paradigm), they have done so at great social and ecological costs. The paradigm’s focus on maximizing competitiveness and financial performance diminishes people’s well-being and happiness ADDIN EN.CITE <EndNote><Cite><Author>Kasser</Author><Year>2003</Year><RecNum>1780</RecNum><DisplayText>(Kasser, 2003)</DisplayText><record><rec-number>1780</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1780</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Kasser, T.</author></authors></contributors><titles><title>The High Price of Materialism</title></titles><dates><year>2003</year></dates><pub-location>Cambridge, MA</pub-location><publisher>Bradford Books, MIT Press</publisher><urls></urls></record></Cite></EndNote>(Kasser, 2003), encourages corporate scandals ADDIN EN.CITE <EndNote><Cite><Author>Giacolone</Author><Year>2006</Year><RecNum>1782</RecNum><DisplayText>(Giacolone & Thompson, 2006)</DisplayText><record><rec-number>1782</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1782</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Giacolone, Robert A.</author><author>Thompson, K.R.</author></authors></contributors><titles><title>Business ethics and social responsibility education: Shifting the worldview</title><secondary-title>Academy of Management Learning & Education</secondary-title></titles><periodical><full-title>Academy of Management Learning & Education</full-title></periodical><pages>266-277</pages><volume>5</volume><number>3</number><dates><year>2006</year></dates><urls></urls></record></Cite></EndNote>(Giacolone & Thompson, 2006), and harms the ecology ADDIN EN.CITE <EndNote><Cite><Author>McCarty</Author><Year>2001</Year><RecNum>1783</RecNum><DisplayText>(McCarty & Shrum, 2001)</DisplayText><record><rec-number>1783</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1783</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>McCarty, J.A.</author><author>Shrum, L.J.</author></authors></contributors><titles><title>The influence of individualism, collectivism, and locus of control on environmental beliefs and behavior</title><secondary-title>Journal of Public Policy and Marketing</secondary-title></titles><periodical><full-title>Journal of Public Policy and Marketing</full-title></periodical><pages>93-104</pages><volume>20</volume><number>1</number><dates><year>2001</year></dates><urls></urls></record></Cite></EndNote>(McCarty & Shrum, 2001). 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ADDIN EN.CITE.DATA (Ghoshal, 2005; Mintzberg, Simons, & Basu, 2002; Stahl & De Luque, 2014), particularly those not based on materialist-individualist assumptions ADDIN EN.CITE <EndNote><Cite><Author>Ferraro</Author><Year>2005</Year><RecNum>1773</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Ferraro, Pfeffer, & Sutton, 2005; Giacolone & Thompson, 2006)</DisplayText><record><rec-number>1773</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1773</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Ferraro, Fabrizio</author><author>Pfeffer, Jeffrey</author><author>Sutton, Robert I</author></authors></contributors><titles><title>Economics language and assumptions: How theories can become self-fulfilling</title><secondary-title>Academy of Management Review</secondary-title></titles><periodical><full-title>Academy of Management Review</full-title></periodical><pages>8-24</pages><volume>30</volume><number>1</number><dates><year>2005</year></dates><urls></urls></record></Cite><Cite><Author>Giacolone</Author><Year>2006</Year><RecNum>1782</RecNum><record><rec-number>1782</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1782</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Giacolone, Robert A.</author><author>Thompson, K.R.</author></authors></contributors><titles><title>Business ethics and social responsibility education: Shifting the worldview</title><secondary-title>Academy of Management Learning & Education</secondary-title></titles><periodical><full-title>Academy of Management Learning & Education</full-title></periodical><pages>266-277</pages><volume>5</volume><number>3</number><dates><year>2006</year></dates><urls></urls></record></Cite></EndNote>(e.g., Ferraro, Pfeffer, & Sutton, 2005; Giacolone & Thompson, 2006). As ADDIN EN.CITE <EndNote><Cite AuthorYear="1"><Author>Hamel</Author><Year>2009</Year><RecNum>1862</RecNum><DisplayText>Hamel (2009)</DisplayText><record><rec-number>1862</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1862</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Hamel, Gary</author></authors></contributors><titles><title>Moon shots for management</title><secondary-title>Harvard Business Review</secondary-title></titles><periodical><full-title>Harvard Business Review</full-title></periodical><pages>91-98</pages><dates><year>2009</year><pub-dates><date>February 2009</date></pub-dates></dates><urls></urls></record></Cite></EndNote>Hamel (2009) succinctly states, it is time to replace Management 1.0 with Management 2.0. In light of these concerns, our presentation of Generic Strategies 2.0 highlights their relative strengths in addressing socio-ecological issues. In other words, rather than focus on how ethical leadership seeks to increase the financial welfare of the firm (consequential utilitarianism), we focus on how ethical leadership improves the socio-ecological well-being of community (virtue theory). Generic Strategy 2.0 (based on virtue theory). The Generic Strategies 2.0 we describe here—minimizer, transformer, and compounder—are grounded in virtue theory, and in important ways parallel the ideal types in Porter’s framework. Similar to Porter’s original model, in our model the minimizer and transformer strategies draw upon distinct logics, but founded in virtue theory. Minimizers reduce multiple costs (e.g., social, financial, ecological), including negative externalities. Transformers enhance multiple forms of well-being (e.g., financial, social, ecological), creating positive externalities by redeeming (infusing value into) elements of the environment that were previously undervalued or wasted. Minimizer and transformer strategies emphasize improved socio-ecological well-being (versus having a primary or exclusive focus on financial well-being) for the larger community (recognizing multiple stakeholders; going beyond a primary focus on financial implications at the firm level). This dual emphasis on reducing negative characteristics (minimizer), and enhancing positive characteristics (transformer), reflects ethical leadership ADDIN EN.CITE <EndNote><Cite><Author>Neubert</Author><Year>2013</Year><RecNum>2767</RecNum><DisplayText>(Neubert, Wu, & Roberts, 2013)</DisplayText><record><rec-number>2767</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456947494">2767</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Neubert, Mitch</author><author>Wu, J-C.</author><author>Roberts, J.</author></authors></contributors><titles><title>The influence of ethical leadership and regulatory focus on employee outcomes</title><secondary-title>Business Ethics Quarterly</secondary-title></titles><periodical><full-title>Business Ethics Quarterly</full-title></periodical><pages>269-296</pages><volume>23</volume><number>2</number><dates><year>2013</year></dates><urls></urls></record></Cite></EndNote>(Neubert, Wu, & Roberts, 2013).Because the business world has so completely adopted the consequentialist-utilitarian worldview, it is hard to look at the business world through “fresh eyes.” However, we now try to do so by looking at extant firms that most closely resemble the virtue theory worldview, although we admit that it is sort of like “putting new wine in old skins.”Examples of minimizer strategy. Costco exemplifies a firm moving towards a minimizer strategy, though still with a concern for profits. Costco’s co-founder James Sinegal recognizes the social costs associated with paying low wages, and Costco has internalized these costs by paying its employees relatively high wages and benefits. Sinegal asserts that doing so “is the right thing” ADDIN EN.CITE <EndNote><Cite><Author>Holmes</Author><Year>2004</Year><RecNum>2074</RecNum><Suffix>: 77</Suffix><DisplayText>(Holmes & Zellner, 2004: 77)</DisplayText><record><rec-number>2074</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1294251859">2074</key></foreign-keys><ref-type name="Web Page">12</ref-type><contributors><authors><author>Holmes, S.</author><author>Zellner, W.</author></authors></contributors><titles><title>The Costco way</title></titles><volume>2004</volume><number>April 12, 2004</number><dates><year>2004</year></dates><publisher>Business Week on line</publisher><urls></urls></record></Cite></EndNote>(Holmes & Zellner, 2004: 77); for him this is ethical leadership. Costco also reduces ecological costs, both internally (e.g., using solar energy and reducing packaging materials) and by engaging with suppliers who decrease their ecological footprints. While many of these changes save Costco money, Sinegal is also open to changes where the pay-off is not immediate or guaranteed: “Wall Street is in the business of making money between now and next Tuesday. We’re in the business of building an organization, an institution that we hope will be here 50 years from now” ADDIN EN.CITE <EndNote><Cite><Author>Nadkarni</Author><Year>2015</Year><RecNum>2769</RecNum><Prefix>quoted in </Prefix><DisplayText>(quoted in Nadkarni, Chen, & Chen, 2015)</DisplayText><record><rec-number>2769</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456948833">2769</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Nadkarni, Sucheta</author><author>Chen, T.</author><author>Chen, J.</author></authors></contributors><titles><title>The clock is ticking! Executive temporal depth, industry velocity, and competitive aggressiveness</title><secondary-title>Strategic Management Journal</secondary-title></titles><periodical><full-title>Strategic Management Journal</full-title></periodical><dates><year>2015</year></dates><urls></urls><electronic-resource-num>10.1002/smj.2376</electronic-resource-num></record></Cite></EndNote>(quoted in Nadkarni, Chen, & Chen, 2015).Another example is AKI Energy, whose leaders draw upon traditional First Nations philosophies and values more akin to virtue theory. AKI Energy provides geothermal heating for First Nations communities in Canada, and thereby reduces the fossil fuels and greenhouse gas emission associated with heating homes, minimizes customers’ heating and air conditioning expenses, reduces the money leaving communities, and reduces unemployment rates in Indigenous communities ADDIN EN.CITE <EndNote><Cite><Author>Wood</Author><Year>2015</Year><RecNum>2778</RecNum><DisplayText>(Wood, Loney, & Taylor, 2015)</DisplayText><record><rec-number>2778</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1458141496">2778</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Wood, D.J.</author><author>Loney, L.</author><author>Taylor, K.</author></authors></contributors><titles><title>Social enterprise and the solutions economy: A toolkit for Manitoba First Nations</title></titles><dates><year>2015</year></dates><pub-location>Winnipeg, MB</pub-location><publisher>AKI Energy</publisher><urls></urls></record></Cite></EndNote>(Wood, Loney, & Taylor, 2015). Minimizer strategies may also be evident when groups of organizations form communities to reduce their overall costs. For example, a biomass energy plant was developed in Gussing, Austria as a collaboration among multiple organizations to serve the needs of local homeowners and private industry; it reduced both energy costs to the community and greenhouse gas emissions, and reduced unemployment ADDIN EN.CITE <EndNote><Cite><Author>Turiera</Author><Year>2013</Year><RecNum>2705</RecNum><DisplayText>(Turiera & Cros, 2013)</DisplayText><record><rec-number>2705</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1442515089">2705</key></foreign-keys><ref-type name="Manuscript">36</ref-type><contributors><authors><author>Turiera, Teresa</author><author>Cros, Susanna</author></authors><secondary-authors><author>infomania</author></secondary-authors></contributors><titles><title>Co-business: 50 examples of business collaboration</title></titles><dates><year>2013</year></dates><pub-location>Barcelona, Spain</pub-location><urls></urls></record></Cite></EndNote>(Turiera & Cros, 2013). Examples of a transformer strategy. Greyston Bakery in Yonkers, New York hires ex-convicts, trains them as bakers, and thereby enables them to “start over again” and become contributing members of society in a way that lowers recidivism ADDIN EN.CITE <EndNote><Cite><Author>Bertrand</Author><Year>2015</Year><RecNum>2739</RecNum><DisplayText>(Bertrand, 2015)</DisplayText><record><rec-number>2739</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1445365346">2739</key></foreign-keys><ref-type name="Magazine Article">19</ref-type><contributors><authors><author>Bertrand, Natasha</author></authors></contributors><titles><title>The inspiring story behind the brownies in Ben & Jerry's most popular flavors</title><secondary-title>Business Insider</secondary-title></titles><dates><year>2015</year><pub-dates><date>February 10</date></pub-dates></dates><urls><related-urls><url>ben-and-jerrys-greyston-bakery-workers-2015-2</url></related-urls></urls></record></Cite></EndNote>(Bertrand, 2015). Its strategy is a reflection of what its founder, Bernie Glassman, considers to be ethical leadership: “The company’s business approach is based on an idea developed from two key Buddhist concepts: mandala (wholeness) and path (transformation). According to these concepts, the company is managed in the belief that everything is interconnected, and that one cannot afford to ignore sections of society. Based on Zen traditions, Greyston places great emphasis on personal empowerment and transformation. Employees are encouraged to develop a sense of responsibility for themselves, their families, and their co-workers. Gainful employment is seen as the first step on an individual’s path toward success. Social justice, economic development and personal empowerment are the most important building blocks that support the operations that drive the company” ADDIN EN.CITE <EndNote><Cite><Author>Zsolnai</Author><Year>2015</Year><RecNum>2763</RecNum><Suffix>: 75</Suffix><DisplayText>(Zsolnai, 2015: 75)</DisplayText><record><rec-number>2763</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456944497">2763</key></foreign-keys><ref-type name="Book Section">5</ref-type><contributors><authors><author>Zsolnai, L.</author></authors></contributors><titles><title>Post-materialistic business models</title><secondary-title>Post-Materialistic Business: Spiritual value-orientation in renewing management</secondary-title></titles><pages>46-77</pages><section>3</section><dates><year>2015</year></dates><pub-location>Houndsmills, UK</pub-location><publisher>Palgrave Macmillan UK</publisher><urls></urls></record></Cite></EndNote>(Zsolnai, 2015: 75).Terracycle, Inc. has some attributes of an ecological transformer strategy. Founder Tom Szaky realized that it is profitable to take waste from institutional kitchens, transform it through a natural process of feeding it to worms, package the worms’ excrement into used soda pop bottles, and sell the output as fertilizer ADDIN EN.CITE <EndNote><Cite><Author>Szaky</Author><Year>2013</Year><RecNum>2724</RecNum><DisplayText>(Szaky, 2013)</DisplayText><record><rec-number>2724</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1445029975">2724</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Szaky, T.</author></authors></contributors><titles><title>Revolution in a Bottle: How TerraCycle is redefining green business</title></titles><dates><year>2013</year></dates><publisher>Penguin</publisher><urls></urls></record></Cite></EndNote>(Szaky, 2013). Terracycle now transforms or “upcycles” all sorts of consumer waste into marketable products ADDIN EN.CITE <EndNote><Cite><Author>Allen</Author><Year>2011</Year><RecNum>2715</RecNum><DisplayText>(Allen & Knight, 2011)</DisplayText><record><rec-number>2715</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1445026603">2715</key></foreign-keys><ref-type name="Web Page">12</ref-type><contributors><authors><author>Allen, N.</author><author>Knight, M.</author></authors></contributors><titles><title>Recycling the world's trash into cash</title></titles><volume>2015</volume><dates><year>2011</year></dates><publisher>Cable News Network</publisher><urls><related-urls><url>2011/10/10/world/americas/terracycle-recycling-waste-szaky/index.html</url></related-urls></urls></record></Cite></EndNote>(Allen & Knight, 2011). It works alongside schools (who get paid to collect waste and send it to Terracycle) and other corporations (who seek to transform their waste into sale-able products).Example of a compounder strategy. The compounder strategy is a combination of minimizer and transformer. It represents a departure from Porter’s original model, which considered low cost and differentiation strategies to be distinct and mutually exclusive drivers. Thus, Porter thought it very difficult for firms to pursue both simultaneously. Subsequent empirical evidence suggests that firms may successfully execute “mixed” strategies that encompass both cost leader and differentiation ADDIN EN.CITE <EndNote><Cite><Author>Miller</Author><Year>1993</Year><RecNum>2054</RecNum><DisplayText>(Kotha & Vadlamani, 1995; Miller & Dess, 1993)</DisplayText><record><rec-number>2054</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1290181071">2054</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Miller, A.</author><author>Dess, Gregory G.</author></authors></contributors><titles><title>Assessing Porter's (1980) model in terms of generalizability, accuracy, and simplicity</title><secondary-title>Journal of Management Studies</secondary-title></titles><periodical><full-title>Journal of Management Studies</full-title></periodical><pages>553-585</pages><volume>30</volume><number>4</number><dates><year>1993</year></dates><urls></urls></record></Cite><Cite><Author>Kotha</Author><Year>1995</Year><RecNum>2051</RecNum><record><rec-number>2051</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1290180608">2051</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Kotha, Suresh</author><author>Vadlamani, Bhatt L.</author></authors></contributors><titles><title>Assessing generic strategies: An empirical investigation of two competing typologies in discrete manufacturing industries</title><secondary-title>Strategic Management Journal</secondary-title></titles><periodical><full-title>Strategic Management Journal</full-title></periodical><pages>75-83</pages><volume>16</volume><number>1</number><dates><year>1995</year></dates><urls></urls></record></Cite></EndNote>(Kotha & Vadlamani, 1995; Miller & Dess, 1993). The same argument that supports the viability of mixed conventional generic strategy ADDIN EN.CITE <EndNote><Cite><Author>Dess</Author><Year>1984</Year><RecNum>2053</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Dess & Davis, 1984; Rothaermel, 2015)</DisplayText><record><rec-number>2053</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1290181002">2053</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dess, Gregory G.</author><author>Davis, peter S.</author></authors></contributors><titles><title>Porter's (1980) generic strategies as determinants of strategic group membership and organizational performance</title><secondary-title>Academy of Management Journal</secondary-title></titles><periodical><full-title>Academy of Management Journal</full-title></periodical><pages>467-488</pages><volume>27</volume><number>3</number><dates><year>1984</year></dates><urls></urls></record></Cite><Cite><Author>Rothaermel</Author><Year>2015</Year><RecNum>2666</RecNum><record><rec-number>2666</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1435256777">2666</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Rothaermel, Frank T.</author></authors></contributors><titles><title>Strategic Management</title></titles><pages>467</pages><edition>2</edition><dates><year>2015</year></dates><pub-location>New York, NY</pub-location><publisher>McGraw Hill Education</publisher><urls></urls></record></Cite></EndNote>(e.g., Dess & Davis, 1984; Rothaermel, 2015) is extended here. We argue that firms may be able to simultaneously pursue both minimizer and transformer strategies in what we call a compounder strategy. That is, although the two strategies rely on different logics, some organizations may be able to execute both simultaneously. Firms may find ways to minimize their holistic cost structure and transform waste into valuable products and services. Such a compounder strategy is evident in the ethical leadership approach of First Fruits apple orchard, the largest privately owned contiguous apple orchard in the United States. Consistent with a social transformer strategy, the First Fruits enhances the quality of life its workforce, which includes large numbers of formerly migrant workers. Rather than managing the workforce to maximize firm financial profitability by hiring and laying off (discarding, wasting) workers on an as-needed basis (as commonly occurs in their industry), First Fruits’ owners deliberately enlarged the firm to develop year-round jobs for many employees. This emphasis on year-round permanent jobs subsequently prompted the owners to open a day-care center to address the child-care needs of their packing plant employees, 80 percent of whom are women. In addition, a social minimizer strategy is evident because the firm minimizes nightshifts (especially stressful for employees with children). When the owners became aware of the housing shortage and poor living conditions employees were experiencing, they worked collaboratively with their region’s local planning committee to develop nearby affordable housing ADDIN EN.CITE <EndNote><Cite><Author>Bairstow</Author><Year>2005</Year><RecNum>2712</RecNum><DisplayText>(Bairstow, 2005; Roberge, 2003; Sparks, 2003)</DisplayText><record><rec-number>2712</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1442942246">2712</key></foreign-keys><ref-type name="Personal Communication">26</ref-type><contributors><authors><author>Bairstow, Roger</author></authors><secondary-authors><author>Bruno Dyck</author></secondary-authors></contributors><titles><title>Site visit and discussions</title></titles><dates><year>2005</year><pub-dates><date>July 21</date></pub-dates></dates><work-type>Site visit</work-type><urls></urls></record></Cite><Cite><Author>Sparks</Author><Year>2003</Year><RecNum>2089</RecNum><record><rec-number>2089</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1294623162">2089</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Sparks, Brian</author></authors></contributors><titles><title>Apple grower of the year: Ralph Broetje</title><secondary-title>American Fruit Grower</secondary-title></titles><periodical><full-title>American Fruit Grower</full-title></periodical><number>August 2003</number><dates><year>2003</year></dates><urls></urls></record></Cite><Cite><Author>Roberge</Author><Year>2003</Year><RecNum>2090</RecNum><record><rec-number>2090</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1294623270">2090</key></foreign-keys><ref-type name="Magazine Article">19</ref-type><contributors><authors><author>Roberge, Earl</author></authors></contributors><titles><title>First fruits - Broetje Orchards</title><secondary-title>Washington Business Magazine</secondary-title></titles><number>Summer</number><dates><year>2003</year></dates><urls></urls></record></Cite></EndNote>(Bairstow, 2005; Roberge, 2003; Sparks, 2003). In addition, First Fruits emphasizes elements of an ecological transformer strategy, emphasizing soil-rejuvenating organic practices ADDIN EN.CITE <EndNote><Cite><Author>Pihl</Author><Year>2012</Year><RecNum>2740</RecNum><DisplayText>(Pihl, 2012)</DisplayText><record><rec-number>2740</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1445365797">2740</key></foreign-keys><ref-type name="Newspaper Article">23</ref-type><contributors><authors><author>Pihl, Kristi</author></authors></contributors><titles><title>Acreage down, sales of organic crops up in Washington</title><secondary-title>Tri-City Herald</secondary-title></titles><dates><year>2012</year></dates><urls><related-urls><url>news/local/article32061999.html</url></related-urls></urls></record></Cite></EndNote>(Pihl, 2012) and non-GMO apples ADDIN EN.CITE <EndNote><Cite><Author>Warner</Author><Year>2014</Year><RecNum>2741</RecNum><DisplayText>(Warner, 2014)</DisplayText><record><rec-number>2741</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1445365934">2741</key></foreign-keys><ref-type name="Magazine Article">19</ref-type><contributors><authors><author>Warner, Geraldine</author></authors></contributors><titles><title>Opal apple verified non-GMO</title><secondary-title>GoodFruit Grower</secondary-title></titles><dates><year>2014</year><pub-dates><date>April 2, 2014</date></pub-dates></dates><urls><related-urls><url>opal-apple-verified-non-gmo/</url></related-urls></urls></record></Cite></EndNote>(Warner, 2014), and its ecological minimizer strategy is evident in reductions of its use of pesticides. The comments from the owners of First Fruits provide a clear indication that their understanding of ethical leadership is well-aligned with virtue theory:“When we started our business, we had nothing but a dream and the commitment to work it out. It was with the help of others who gave us every opportunity to learn, to participate, that we learned to fly. We needed an empowering team around us. When we finally became financially successful, it would have been easy to continue stockpiling money (as opposed to true wealth) around us. However, the spiritual values that we are also committed to would not let us. For us, it was impossible to separate business goals from spiritual values which promote the equality and connectedness of all people, using their unique gifts and skills to serve one another while together serving the common good.”“Sure, we have to make money or we’d have to shut the doors … But profit isn’t our main motive. It becomes the by-product of treating people with dignity, respect, and mutuality, and as equals in every sense of the word. We all have a role to play in creating a community of people who care for a business that then cares for them. We believe that if we ever stopped doing that, we would implode” ADDIN EN.CITE <EndNote><Cite><Author>Neubert</Author><Year>2014</Year><RecNum>2770</RecNum><Prefix>cited in</Prefix><Suffix>: 65</Suffix><DisplayText>(cited inNeubert & Dyck, 2014: 65)</DisplayText><record><rec-number>2770</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456950668">2770</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Neubert, Mitch</author><author>Dyck, Bruno</author></authors></contributors><titles><title>Organizational Behavior</title></titles><dates><year>2014</year></dates><pub-location>New York, NY</pub-location><publisher>John Wiley & Sons</publisher><urls></urls></record></Cite></EndNote>(cited inNeubert & Dyck, 2014: 65).Finally, it is also possible that firms may come together in community to adopt a region-level compounder strategy. Doing so may allow the firms to access holistic cost reductions and transformations of waste that are unavailable to any of them individually ADDIN EN.CITE <EndNote><Cite><Author>Asheim</Author><Year>2006</Year><RecNum>2411</RecNum><DisplayText>(Asheim, Cooke, & Martin, 2006)</DisplayText><record><rec-number>2411</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1375370015">2411</key></foreign-keys><ref-type name="Book Section">5</ref-type><contributors><authors><author>Asheim, Bjorn</author><author>Cooke, Philip</author><author>Martin, Ron</author></authors><secondary-authors><author>Asheim, Bjorn</author><author>Cooke, Philip</author><author>Martin, Ron</author></secondary-authors></contributors><titles><title>The rise of the cluster concept in regional analysis and policy</title><secondary-title>Clusters and Regional Development: Critical reflections and explorations</secondary-title></titles><pages>1-29</pages><section>1</section><keywords><keyword>clusters, literature review</keyword></keywords><dates><year>2006</year></dates><pub-location>London, UK</pub-location><publisher>Routledge</publisher><urls></urls></record></Cite></EndNote>(Asheim, Cooke, & Martin, 2006). One notable example of such an industrial ecological community is Kalundborg, Denmark, where multiple organizations take each other’s “waste” and turn it into valuable inputs (Valero, Usón & Costa, 2012), significantly reducing waste products and converting them into viable uses PEVuZE5vdGU+PENpdGU+PEF1dGhvcj5HaWJiczwvQXV0aG9yPjxZZWFyPjIwMDc8L1llYXI+PFJl
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ADDIN EN.CITE.DATA (c.f., Gibbs & Deutz, 2007; Hawken, 1993; Tudor, Adam, & Bates, 2006). DiscussionIn the remaining space we consider the implications of our argument and framework for teaching and practice as well as for theory and future research. In particular, we focus on ethical leadership based on virtue theory as it relates to a) formulating and implementing strategy and the four functions of management, and b) new theory and research that contrasts with the three hallmarks of consequential utilitarianism. Implications for teaching and practice While a conventional understanding of the generic strategies of cost leadership and differentiation still plays a central role among management scholars, educators, and practitioners, there has been a growing volume of what might be called “non-conventional” writing on strategy. Indeed, Michael Porter himself has tweaked his thinking, and challenges practitioners facing contemporary socio-ecological challenges to focus on creating shared value, even if doing so might not enhance short-term profit ADDIN EN.CITE <EndNote><Cite><Author>Porter</Author><Year>2011</Year><RecNum>2427</RecNum><DisplayText>(Porter & Kramer, 1999, 2011)</DisplayText><record><rec-number>2427</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1378933675">2427</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Porter, Michael E.</author><author>Kramer, Mark R.</author></authors></contributors><titles><title>Creating shared value: How to reinvent capitalism - and unleash a wave of innovation and growth</title><secondary-title>Harvard Business Review</secondary-title></titles><periodical><full-title>Harvard Business Review</full-title></periodical><pages>2-17</pages><number>January-February</number><dates><year>2011</year></dates><urls></urls></record></Cite><Cite><Author>Porter</Author><Year>1999</Year><RecNum>2346</RecNum><record><rec-number>2346</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1355422491">2346</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Porter, Michael E.</author><author>Kramer, Mark R.</author></authors></contributors><titles><title>Philanthropy's new agenda: Creating value</title><secondary-title>Harvard Business Review</secondary-title></titles><periodical><full-title>Harvard Business Review</full-title></periodical><pages>121-130</pages><number>November-December</number><dates><year>1999</year></dates><urls></urls></record></Cite></EndNote>(Porter & Kramer, 1999, 2011). His work is still within the consequentialist utilitarian paradigm insofar as it is consistent with others who view social and ecological challenges as opportunities for business to maximize their long-term profits. Such tweaking may resonate with the ethics of conventional business leaders, but it may be counter-productive to addressing socio-ecological externalities that do not lend themselves to increasing profits ADDIN EN.CITE <EndNote><Cite><Author>Margolis</Author><Year>2003</Year><RecNum>1785</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Gates, 2007; Margolis & Walsh, 2003)</DisplayText><record><rec-number>1785</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1785</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Margolis, J.</author><author>Walsh, J.P.</author></authors></contributors><titles><title>Misery loves companies: Rethinking social initiatives by business</title><secondary-title>Administrative Science Quarterly</secondary-title></titles><periodical><full-title>Administrative Science Quarterly</full-title></periodical><pages>268-305</pages><volume>42</volume><dates><year>2003</year></dates><urls></urls></record></Cite><Cite><Author>Gates</Author><Year>2007</Year><RecNum>1832</RecNum><record><rec-number>1832</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1832</key></foreign-keys><ref-type name="Magazine Article">19</ref-type><contributors><authors><author>Gates, William</author></authors></contributors><titles><title>Remarks of Bill Gates: Harvard Commencement</title><secondary-title>Gazettte Online</secondary-title></titles><dates><year>2007</year><pub-dates><date>June 7, 2007</date></pub-dates></dates><urls><related-urls><url> 24, 2007</access-date></record></Cite></EndNote>(e.g., Gates, 2007; Margolis & Walsh, 2003).In contrast, Generic Strategy 2.0 provides a helpful overarching conceptual framework for strategy formulation that assumes businesses care about society as a whole and meeting fundamental human needs, and that socio-ecological well-being is at least as important as financial well-being. It is consistent with calls for the conventional “value capture paradigm” to be supplanted by a “value creation paradigm” ADDIN EN.CITE <EndNote><Cite><Author>Santos</Author><Year>2012</Year><RecNum>2732</RecNum><DisplayText>(Santos, 2012)</DisplayText><record><rec-number>2732</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1445196847">2732</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Santos, Filipe M.</author></authors></contributors><titles><title>A positive theory of social entrepreneurship</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>335-351</pages><volume>111</volume><dates><year>2012</year></dates><urls></urls></record></Cite></EndNote>(Santos, 2012), with calls for the primary emphasis on self-interested profit maximization to be replaced by an emphasis on balancing multiple forms of well-being for multiple stakeholders ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2010</Year><RecNum>1848</RecNum><DisplayText>(Dyck & Neubert, 2010)</DisplayText><record><rec-number>1848</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1848</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Neubert, M.</author></authors></contributors><titles><title>Management: Current Practices and New Directions</title></titles><dates><year>2010</year></dates><pub-location>Boston</pub-location><publisher>Cengage / Houghton Mifflin</publisher><urls></urls></record></Cite></EndNote>(Dyck & Neubert, 2010), and with calls to see a firm’s rare and inimitable resources as something to be shared, not hoarded ADDIN EN.CITE <EndNote><Cite><Author>Bell</Author><Year>2011</Year><RecNum>1969</RecNum><DisplayText>(Bell & Dyck, 2011)</DisplayText><record><rec-number>1969</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1282835658">1969</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Bell, Geoffrey G.</author><author>Dyck, Bruno</author></authors></contributors><titles><title>Conventional resource-based theory and its radical alternative: A less materialist-individualist approach to strategy</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>121-130</pages><volume>99</volume><dates><year>2011</year></dates><urls></urls><electronic-resource-num>10.1007/s10551-011-1159-4</electronic-resource-num></record></Cite></EndNote>(Bell & Dyck, 2011).Business schools typically teach an approach to strategy that is steeped in a mainstream consequentialist-utilitarian worldview. Although students who take a course in business ethics may be exposed to multiple worldviews that include both consequentialist-utilitarian and virtue ethics, most of their remaining studies are founded on the consequentialist-utilitarian worldview. As a result, it is difficult for students to appreciate that there are alternative moral points of view that produce different preferred outcomes with regard to everyday organizational practices. This points to the importance for the study of ethical leadership to go beyond courses in ethics, leadership, or leadership ethics. In our view, virtue theory should not be limited to a few select classes; it is a holistic paradigm that encompasses and is very relevant to all of management and business. For an example of what teaching accounting, finance, management and marketing from a virtue theory based understanding of ethical leadership might look like, see ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2013</Year><RecNum>2786</RecNum><DisplayText>(Dyck, 2013b)</DisplayText><record><rec-number>2786</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1461095247">2786</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dyck, Bruno</author></authors></contributors><titles><title>A proven way to incorporate Catholic social thought in business school curriculae: Teaching two approaches to management in the classroom</title><secondary-title>Journal of Catholic Higher Education</secondary-title></titles><periodical><full-title>Journal of Catholic Higher Education</full-title></periodical><pages>145-163</pages><volume>32</volume><number>1</number><dates><year>2013</year></dates><urls></urls></record></Cite></EndNote>Dyck (2013b).Even though virtue theory can be used to inform alternative theory and practice for all the business functions, the only currently available classroom resources we are aware of that integrate this perspective are textbooks in the areas of Management ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2010</Year><RecNum>1848</RecNum><Suffix>`, being revised</Suffix><DisplayText>(Dyck & Neubert, 2010, being revised)</DisplayText><record><rec-number>1848</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1848</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Neubert, M.</author></authors></contributors><titles><title>Management: Current Practices and New Directions</title></titles><dates><year>2010</year></dates><pub-location>Boston</pub-location><publisher>Cengage / Houghton Mifflin</publisher><urls></urls></record></Cite></EndNote>(Dyck & Neubert, 2010, being revised) and Organizational Behavior ADDIN EN.CITE <EndNote><Cite><Author>Neubert</Author><Year>2014</Year><RecNum>2770</RecNum><DisplayText>(Neubert & Dyck, 2014)</DisplayText><record><rec-number>2770</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456950668">2770</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Neubert, Mitch</author><author>Dyck, Bruno</author></authors></contributors><titles><title>Organizational Behavior</title></titles><dates><year>2014</year></dates><pub-location>New York, NY</pub-location><publisher>John Wiley & Sons</publisher><urls></urls></record></Cite></EndNote>(Neubert & Dyck, 2014). Both these textbooks are unique because, in each chapter, they contrast and compare an approach to the topic at hand based on consequential utilitarianism, and an approach based on virtue ethics. In other words, students read about a consequential utilitarian and a virtue theory approach to goal-setting, motivation, organizing, controlling, change, strategy and so on (indeed, some of the ideas in the current chapter are drawn from and build on content from these books). In both texts, the virtue-based alternative to the dominant consequentialist-utilitarian perspective is supported by research and illustrated through the examples of vanguard practitioners. Empirical research shows that students in classes where these books are used tend to improve their critical thinking skills, change their views of ethical leadership (in particular, they come to adopt less materialistic and less individualistic views of management), and believe they have improved their ethical thinking skills ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2011</Year><RecNum>2783</RecNum><DisplayText>(Dyck, Walker, Starke, & Uggerslev, 2011, 2012)</DisplayText><record><rec-number>2783</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1460126063">2783</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Walker, K.</author><author>Starke, Fred</author><author>Uggerslev, K.</author></authors></contributors><titles><title>Addressing concerns raised by critics of business schools by teaching multiple approaches to management</title><secondary-title>Business and Society Review</secondary-title></titles><periodical><full-title>Business and Society Review</full-title></periodical><pages>1-27</pages><volume>116</volume><number>1</number><dates><year>2011</year></dates><urls></urls></record></Cite><Cite><Author>Dyck</Author><Year>2012</Year><RecNum>2782</RecNum><record><rec-number>2782</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1460125941">2782</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Walker, K.</author><author>Starke, Fred</author><author>Uggerslev, K.</author></authors></contributors><titles><title>Enhancing critical thinking by teaching two distinct appraoches to management</title><secondary-title>Journal of Education for Business</secondary-title></titles><periodical><full-title>Journal of Education for Business</full-title></periodical><pages>343-357</pages><volume>87</volume><number>6</number><dates><year>2012</year></dates><urls></urls></record></Cite></EndNote>(Dyck, Walker, Starke, & Uggerslev, 2011, 2012). We now draw from these sources to consider how a shift from the consequentialist-utilitarian worldview to a virtue ethics worldview may affect the day-to-day behavior of ethical leaders. As conceptualized by ADDIN EN.CITE <EndNote><Cite AuthorYear="1"><Author>Brown</Author><Year>2006</Year><RecNum>2787</RecNum><DisplayText>Brown and Trevino (2006)</DisplayText><record><rec-number>2787</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1461095313">2787</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Brown, M. E.</author><author>Trevino, Linda K.</author></authors></contributors><titles><title>Ethical leadership: A review and future directions</title><secondary-title>Leadership Quarterly</secondary-title></titles><periodical><full-title>Leadership Quarterly</full-title></periodical><pages>595-616</pages><volume>17</volume><number>6</number><dates><year>2006</year></dates><urls></urls></record></Cite></EndNote>Brown and Trevino (2006), ethical leadership includes behaviors that reflect being a moral person as well as a moral manager. Here is a brief description of a virtue-based approach to the four functions of management: planning, organizing, leading and controlling.Ethical leadership and virtuous planning. From a virtue theory perspective, the management function of planning obligates leaders to work alongside others to set organizational goals and to develop strategy (such as the minimizer, transformer, and compounder). Such leaders exercise foresight by taking a long-term holistic perspective on planning. They use measurable goals, however they also use goals that may be difficult to measure, including goals related to human dignity, happiness and environmental sustainability ADDIN EN.CITE <EndNote><Cite><Author>Neubert</Author><Year>2016</Year><RecNum>2721</RecNum><DisplayText>(Neubert & Dyck, 2016)</DisplayText><record><rec-number>2721</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1445027122">2721</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Neubert, Mitch</author><author>Dyck, Bruno</author></authors></contributors><titles><title>Developing systainable management theory: Goal setting theory based in virtue</title><secondary-title>Management Decision</secondary-title></titles><periodical><full-title>Management Decision</full-title></periodical><pages>304-320</pages><volume>54</volume><number>2</number><dates><year>2016</year></dates><urls></urls></record></Cite></EndNote>(Neubert & Dyck, 2016). In particular, virtue theory suggests that leaders exercise the virtue of wisdom to set, align, and pursue achievement of goals that seek multiple forms of well-being for multiple stakeholders. The virtuous planner includes others in setting goals and making decisions related to their implementation to realize better-informed strategies and greater ownership of their implementation. Practically, this mutual discernment process results in goals throughout the organization that cascade down from and up to the formulation of virtuous strategies. Ethical leadership and virtuous organizing. The process of organizing human and other organizational resources helps to achieve the strategies and goals that are set in the planning function. The virtuous organizer exercises courage to challenge current organizational structures and systems which are serving the interest of the powerful but not of the powerless, and to implement organizing fundamentals that empower marginalized stakeholders with opportunity and voice. Virtue theory serves as a basis to develop organizing principles that parallel mainstream organizing fundamentals such centralization, specialization, and standardization ADDIN EN.CITE <EndNote><Cite><Author>Neubert</Author><Year>2014</Year><RecNum>2770</RecNum><DisplayText>(Neubert & Dyck, 2014)</DisplayText><record><rec-number>2770</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456950668">2770</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Neubert, Mitch</author><author>Dyck, Bruno</author></authors></contributors><titles><title>Organizational Behavior</title></titles><dates><year>2014</year></dates><pub-location>New York, NY</pub-location><publisher>John Wiley & Sons</publisher><urls></urls></record></Cite></EndNote>(Neubert & Dyck, 2014). Instead of centralizing authority and decision making, ethical leaders promote structures that dignify others by distributing authority, information, and respect across the organization, and invite members to exercise their authority to implement participatively-developed strategies. Instead of specialization, ethical leaders promote sensitization by expanding the scope of what an organizational member thinks about and does. Interaction with others within and outside of the organization is encouraged to better understand others’ needs and the interdependencies among the community of stakeholders. Instead of standardization, ethical leaders welcome experimentation that places a premium on learning and innovation that contributes to the sustainability of the strategies.Ethical leadership and virtuous leading. Rather than an emphasis on positional authority and pressure, a virtue theory approach to leading involves listening and empowering, and welcomes community-wide influence and persuasion. The consequential utilitarian emphasis on techniques that maximize productivity are often extrinsically oriented and short-sighted. In contrast, virtuous leadership exercises temperance to resist the temptation to offer merely instrumental enticements to motivate behavior, and seeks to balance short-term and long-term interests ADDIN EN.CITE <EndNote><Cite><Author>Bell</Author><Year>2015</Year><RecNum>2780</RecNum><DisplayText>(Bell & David, 2015)</DisplayText><record><rec-number>2780</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1458241908">2780</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Bell, Geoffrey G.</author><author>David, Jannifer</author></authors></contributors><titles><title>What if corporate governance fostered executive dignity?</title><secondary-title>Journal of Applied Business and Economics</secondary-title></titles><periodical><full-title>Journal of Applied Business and Economics</full-title></periodical><pages>30-45</pages><volume>17</volume><number>4</number><dates><year>2015</year></dates><urls></urls></record></Cite></EndNote>(Bell & David, 2015). Instead of focusing on directing and structuring the work environment for primarily instrumental outcomes, the virtuous leader focuses on serving others and nurtures intrinsic motivation through meaningful work and growth. Rather than promoting simple and immediate compliance, this approach yields greater levels of creativity and cooperative behavior among organizational members ADDIN EN.CITE <EndNote><Cite><Author>Neubert</Author><Year>2008</Year><RecNum>2081</RecNum><DisplayText>(Neubert, Kacmar, Carlson, Chonko, & Roberts, 2008)</DisplayText><record><rec-number>2081</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1294253028">2081</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Neubert, Mitch</author><author>Kacmar, K. M.</author><author>Carlson, D. S.</author><author>Chonko, L. B.</author><author>Roberts, J. A.</author></authors></contributors><titles><title>Regulatory focus as a mediator of the influence of initiating structure and servant leadership on employee behavior</title><secondary-title>Journal of Applied Psychology</secondary-title></titles><periodical><full-title>Journal of Applied Psychology</full-title></periodical><pages>1220-1233</pages><volume>93</volume><number>6</number><dates><year>2008</year></dates><urls></urls></record></Cite></EndNote>(Neubert, Kacmar, Carlson, Chonko & Roberts, 2008). Such leaders are seen as servants who exhibit humility and model temperance in exercising self-control to resist temporal pressures for the sake of the long-term interests of the organization and other stakeholders ADDIN EN.CITE <EndNote><Cite><Author>Molyneaux</Author><Year>2003</Year><RecNum>2789</RecNum><DisplayText>(Molyneaux, 2003)</DisplayText><record><rec-number>2789</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1461095483">2789</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Molyneaux, D.</author></authors></contributors><titles><title>"Blessed are the meek, for they shall inherit the earth" - Am aspiration applicable to business?</title><secondary-title>Journal of Business Ethics</secondary-title></titles><periodical><full-title>Journal of Business Ethics</full-title></periodical><pages>347-363</pages><volume>48</volume><number>4</number><dates><year>2003</year></dates><urls></urls></record></Cite></EndNote>(Molyneaux, 2003).Ethical leadership and virtuous controlling. Organizational control exists when organizational members know what they are supposed to do and are held accountable to do it. While this conventionally takes the form of providing specific expectations, monitoring progress, and managing exceptions, a virtuous leader facilitates control by ensuring justice. Broadly, justice is a sense of fair treatment ADDIN EN.CITE <EndNote><Cite><Author>Rawls</Author><Year>1958</Year><RecNum>2791</RecNum><DisplayText>(Rawls, 1958)</DisplayText><record><rec-number>2791</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1461354586">2791</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Rawls, John</author></authors></contributors><titles><title>Justice as fairness</title><secondary-title>Philosophical Review</secondary-title></titles><periodical><full-title>Philosophical Review</full-title></periodical><pages>164-194</pages><volume>67</volume><number>2</number><dates><year>1958</year></dates><urls></urls></record></Cite></EndNote>(Rawls, 1958). Beyond distributive justice, which is concerned with outcomes distributed according to inputs and thus could be a means of instrumental control, a virtuous perspective would include aspects of fairness associated with respect and inclusive processes ADDIN EN.CITE <EndNote><Cite><Author>Colquitt</Author><Year>2013</Year><RecNum>2788</RecNum><DisplayText>(Colquitt et al., 2013)</DisplayText><record><rec-number>2788</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1461095420">2788</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Colquitt, J. A,</author><author>Scott, B. A.</author><author>Rodell, J. B.</author><author>Long, D. M.</author><author>Zapata, C. P</author><author>Conlon, D. E.</author><author>Wesson, M. J.</author></authors></contributors><titles><title>Justice at the millennium, a decade later: A meta-analytic test of social exchange and affect-based perspectives</title><secondary-title>Journal of Applied Psychology</secondary-title></titles><periodical><full-title>Journal of Applied Psychology</full-title></periodical><pages>199-236</pages><volume>98</volume><number>2</number><dates><year>2013</year></dates><urls></urls></record></Cite></EndNote>(Colquitt et al., 2013). For example, a just approach to working toward fulfillment of a virtuous strategy ensures that everyone connected with an organization is included to some degree in providing input on implementation and that everyone also shares to some degree in success, including those external stakeholders benefited by minimizer and transformer strategies.Finally, in response to readers who might argue that, because virtue theory is based on ancient ideas it may be esoteric and difficult to operationalize or observe in contemporary organizations, we note that the little empirical evidence that we have on this topic suggests that the opposite may be true. A study by Dyck and Kleysen (2001) asked management students to observe the behaviors of video-taped managers (a sales manager, a financial controller, and a general manager), and to classify their behaviors according to three templates: 1) Mintzberg’s ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>Mintzberg</Author><Year>1973</Year><RecNum>2526</RecNum><DisplayText>(1973)</DisplayText><record><rec-number>2526</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1418053576">2526</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Mintzberg, Henry</author></authors></contributors><titles><title>The Nature of Organizational Work</title></titles><pages>217</pages><dates><year>1973</year></dates><publisher>Prentice-Hall</publisher><urls></urls></record></Cite></EndNote>(1973) three managerial roles (interpersonal, informational, decisional); 2) three of Fayol’s ADDIN EN.CITE <EndNote><Cite ExcludeAuth="1"><Author>Fayol</Author><Year>1949[1919]</Year><RecNum>2785</RecNum><DisplayText>(1949 [1919])</DisplayText><record><rec-number>2785</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1460126671">2785</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Fayol, H</author></authors></contributors><titles><title>General and Industrial Management</title></titles><dates><year>1949 [1919]</year></dates><pub-location>London, UK</pub-location><publisher>Pitman</publisher><urls></urls></record></Cite></EndNote>(1949 [1919]) four functions of management (planning, organizing and controlling); and 3) the four Aristotelian cardinal virtues (wisdom, justice, courage and self-control). Perhaps surprisingly, students were able to classify managers’ actions using the Aristotelian framework 89% of the time, more than the 80% and 82% associated with ADDIN EN.CITE <EndNote><Cite AuthorYear="1"><Author>Mintzberg</Author><Year>1973</Year><RecNum>2526</RecNum><DisplayText>Mintzberg (1973)</DisplayText><record><rec-number>2526</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1418053576">2526</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Mintzberg, Henry</author></authors></contributors><titles><title>The Nature of Organizational Work</title></titles><pages>217</pages><dates><year>1973</year></dates><publisher>Prentice-Hall</publisher><urls></urls></record></Cite></EndNote>Mintzberg (1973) and ADDIN EN.CITE <EndNote><Cite><Author>Fayol</Author><Year>1949[1919]</Year><RecNum>2785</RecNum><DisplayText>(Fayol, 1949 [1919])</DisplayText><record><rec-number>2785</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1460126671">2785</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Fayol, H</author></authors></contributors><titles><title>General and Industrial Management</title></titles><dates><year>1949 [1919]</year></dates><pub-location>London, UK</pub-location><publisher>Pitman</publisher><urls></urls></record></Cite></EndNote>(Fayol, 1949 [1919]) respectively. In sum, the study:“provides an oft-called-for empirical basis for further work in virtue theory as an appropriate conceptual framework for the study and practice of management. The results indicate that virtue theory may be used to re-conceive our fundamental understanding of management, alongside its capacity to weigh moral judgment upon it” ADDIN EN.CITE <EndNote><Cite><Author>Dyck</Author><Year>2001</Year><RecNum>1889</RecNum><Suffix>: 561</Suffix><DisplayText>(Dyck & Kleysen, 2001: 561)</DisplayText><record><rec-number>1889</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1889</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Dyck, Bruno</author><author>Kleysen, R.</author></authors></contributors><titles><title>Aristotle's virtues and management thought: An empirical exploration of an integrative pedagogy</title><secondary-title>Business Ethics Quarterly</secondary-title></titles><periodical><full-title>Business Ethics Quarterly</full-title></periodical><pages>561-574</pages><volume>11</volume><number>4</number><dates><year>2001</year></dates><urls></urls><electronic-resource-num>10.2307/3857761</electronic-resource-num></record></Cite></EndNote>(Dyck & Kleysen, 2001: 561).Implications for research and theoryWe conclude by reviewing how a virtue theory approach to business contrasts and compares with the three main assumptions of mainstream consequential utilitarianism, and thus helps to develop theory and suggestions for research outside of the conventional (consequential utilitarian) box. First, and perhaps most importantly, virtue theory explicitly questions the mainstream consequence-centric mantra that “more is better.” Humankind lives on a finite planet with finite resources ADDIN EN.CITE <EndNote><Cite><Author>Meadows</Author><Year>2004</Year><RecNum>2773</RecNum><DisplayText>(Meadows et al., 2004)</DisplayText><record><rec-number>2773</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1457107462">2773</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Meadows, Donella</author><author>Randers, Jorgen</author><author>Meadows, Dennis</author></authors></contributors><titles><title>Limits to Growth: The 30-year update</title></titles><pages>338</pages><dates><year>2004</year></dates><pub-location>White River Junction, VT</pub-location><publisher>Chelsea Green Publishing Company</publisher><urls></urls></record></Cite></EndNote>(Meadows et al., 2004). There are presently 7 billion of us, compared to 1 billion in 1804, and 2 billion in 1927. Some estimates suggest that we are already living 50% beyond the carrying capacity of the planet ADDIN EN.CITE <EndNote><Cite><Author>Moore</Author><Year>2013</Year><RecNum>2771</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Moore & Rees, 2013)</DisplayText><record><rec-number>2771</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1456951534">2771</key></foreign-keys><ref-type name="Book Section">5</ref-type><contributors><authors><author>Moore, Jennie</author><author>Rees, William E.</author></authors></contributors><titles><title>Getting to one-planet living</title><secondary-title>State of the World 2013: Is sustainability still possible?</secondary-title></titles><pages>39-50</pages><section>4</section><dates><year>2013</year></dates><pub-location>Washington, DC</pub-location><publisher>Worldwatch Institute</publisher><urls></urls></record></Cite></EndNote>(e.g., Moore & Rees, 2013). In short, we cannot have ever-increasing “more” – it is simply unsustainable. Virtue theory provides a moral-point-of-view upon which to develop understandings of ethical leadership in a world where we need to re-learn when “enough is enough,” a world where transactions are characterized by natural chrematistics rather than unnatural chrematistics. The implications extend not only to our understanding and practice of management, or to the functions of business more generally, but also extend to the larger realm of societal institutions, norms and regulations. We invite future research that includes developing theory regarding how actors within industries can collaborate to reduce consumption, and how regulatory and societal institutions can support the development of a less materialistic and less individualistic operating climate for organizations.Second, a virtue theory understanding of ethical leadership—in direct contrast to the economics-centric nature of mainstream theory and practice—legitimizes the intuitive view that there are more important things in life than money, and that a primary focus on money is dysfunctional ADDIN EN.CITE <EndNote><Cite><Author>Kasser</Author><Year>2003</Year><RecNum>1780</RecNum><Prefix>e.g.`, </Prefix><DisplayText>(e.g., Kasser, 2003)</DisplayText><record><rec-number>1780</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1780</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Kasser, T.</author></authors></contributors><titles><title>The High Price of Materialism</title></titles><dates><year>2003</year></dates><pub-location>Cambridge, MA</pub-location><publisher>Bradford Books, MIT Press</publisher><urls></urls></record></Cite></EndNote>(e.g., Kasser, 2003). More than money, people want to feel connected to others and to have a greater purpose; they desire meaningful relationships, reduced social injustice and ecological degradation, and an opportunity to leave the world in a better condition than they found it ADDIN EN.CITE <EndNote><Cite><Author>Giacolone</Author><Year>2004</Year><RecNum>1778</RecNum><DisplayText>(Giacolone, 2004)</DisplayText><record><rec-number>1778</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1778</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Giacolone, Robert A.</author></authors></contributors><titles><title>A transcendent business education for the 21st century</title><secondary-title>Academy of Management Learning & Education</secondary-title></titles><periodical><full-title>Academy of Management Learning & Education</full-title></periodical><pages>415-442</pages><volume>3</volume><dates><year>2004</year></dates><urls></urls></record></Cite></EndNote>(Giacolone, 2004). Instead of seeking only to accumulate wealth for themselves, people are motivated to contribute to the well-being of the whole (Aguinis, & Glavas, 2012); people want their actions and those of the organizations they are part of to benefit the broader world in which they live (Neubert & Dyck, 2016). Virtue theory is premised on the understanding that true happiness (eudemonia) comes from healthy relationships with others, from working in a community towards larger (non-financial) goals. In particular, it says that ethical leadership is evident when virtues are practiced in community. Future research can explore the implications of strategy formulation based on virtue theory and test the implicit hypotheses embedded in the suggestions for virtuous strategy implementation. For example, does implementing a strategy consistent based on virtue theory (Generic Strategy 2.0) enhance socio-ecological well-being (compared to Generic Strategy 1.0)? What is the effect on followers when leaders enact the four functions of management consistent with implications from a virtue theory perspective? Do followers become more virtuous themselves (as Aristotle predicted), more loyal, more productive, exhibit higher levels of organizational citizenship behavior, perceive their leaders as being more humble and more like servant leaders, and so on?Third, a virtue theory understanding of ethical leadership draws attention to the dysfunctionality of focusing on the firm-level and thereby down-playing the larger community level ADDIN EN.CITE <EndNote><Cite><Author>Donaldson</Author><Year>2015</Year><RecNum>2784</RecNum><Prefix>see also </Prefix><DisplayText>(see also Donaldson & Walsh, 2015)</DisplayText><record><rec-number>2784</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1460126227">2784</key></foreign-keys><ref-type name="Book Section">5</ref-type><contributors><authors><author>Donaldson, Thomas</author><author>Walsh, J.P.</author></authors></contributors><titles><title>Toward a theory of business</title><secondary-title>Research in Organizational Behavior</secondary-title></titles><pages>181-207</pages><volume>35</volume><dates><year>2015</year></dates><urls></urls></record></Cite></EndNote>(see also Donaldson & Walsh, 2015). Virtue theory is consistent with the intuitive understanding that the so-called “invisible hand” is dysfunctional unless it is attached to a “virtuous arm.” Adam ADDIN EN.CITE <EndNote><Cite AuthorYear="1"><Author>Smith</Author><Year>2004 [1759]</Year><RecNum>1894</RecNum><Suffix>: 237</Suffix><DisplayText>Smith (2004 [1759]: 237)</DisplayText><record><rec-number>1894</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="0">1894</key></foreign-keys><ref-type name="Book">6</ref-type><contributors><authors><author>Smith, Adam</author></authors></contributors><titles><title>The Theory of Moral Sentiments</title></titles><pages>504</pages><dates><year>2004 [1759]</year></dates><publisher>Barnes & Noble Publishing Inc.</publisher><urls></urls></record></Cite></EndNote>Smith (2004 [1759]: 237) himself noted that people should be free to pursue their self-interest only insofar as their actions are informed by virtues like justice, self-control, practical wisdom and benevolence. Unabated pursuit of goals to maximize corporate or individual performance encourages excessive risk taking and engaging in unethical behavior ADDIN EN.CITE <EndNote><Cite><Author>Larrick</Author><Year>2009</Year><RecNum>2776</RecNum><DisplayText>(Larrick, Heath, & Wu, 2009; Ordonez, Schweitzer, Galinsky, & Bazerman, 2009)</DisplayText><record><rec-number>2776</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1457108957">2776</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Larrick, R. P.</author><author>Heath, C.</author><author>Wu, G.</author></authors></contributors><titles><title>Goal-induced risk taking in negotiation and decision making</title><secondary-title>Social Cognition</secondary-title></titles><periodical><full-title>Social Cognition</full-title></periodical><pages>342-364</pages><volume>27</volume><number>3</number><dates><year>2009</year></dates><urls></urls></record></Cite><Cite><Author>Ordonez</Author><Year>2009</Year><RecNum>2777</RecNum><record><rec-number>2777</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1457109024">2777</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Ordonez, L.</author><author>Schweitzer, M. E.</author><author>Galinsky, A.</author><author>Bazerman, M.</author></authors></contributors><titles><title>Goals gone wild: How goals systematically harm individuals and organizations</title><secondary-title>Academy of Management Perspectives</secondary-title></titles><periodical><full-title>Academy of Management Perspectives</full-title></periodical><dates><year>2009</year></dates><urls></urls></record></Cite></EndNote>(Larrick, Heath, & Wu, 2009; Ordonez, Schweitzer, Galinsky, & Bazerman, 2009). From a virtue theory perspective, it is foolhardy to focus on maximizing one’s own financial well-being—whether at the individual or firm level—without regard to the classic virtues, and expect that doing so will create positive outcomes for the larger socio-ecological environment. A narrow strategic focus on individualistic and materialist goals yields a limited set of outcomes organizationally and individually, whereas a virtuous approach prudently and temperately considers a broader range of outcomes for more stakeholders in both the short-term and long-term ADDIN EN.CITE <EndNote><Cite><Author>Neubert</Author><Year>2016</Year><RecNum>2721</RecNum><DisplayText>(Neubert & Dyck, 2016)</DisplayText><record><rec-number>2721</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1445027122">2721</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Neubert, Mitch</author><author>Dyck, Bruno</author></authors></contributors><titles><title>Developing systainable management theory: Goal setting theory based in virtue</title><secondary-title>Management Decision</secondary-title></titles><periodical><full-title>Management Decision</full-title></periodical><pages>304-320</pages><volume>54</volume><number>2</number><dates><year>2016</year></dates><urls></urls></record></Cite></EndNote>(Neubert & Dyck, 2016). Future research could contrast the effects of strategy formulation and implementation based in virtue theory with consequentialist utilitarian theory on the level of negative socio-ecological externalities produced by the firm, on levels of income inequality within the firm, and on the character of relationships with customers. For a more specific example, what might be the implications for executive compensation models, which in most cases are solidly established in the consequentialist-utilitarian worldview? In contrast, as ADDIN EN.CITE <EndNote><Cite AuthorYear="1"><Author>Bell</Author><Year>2015</Year><RecNum>2780</RecNum><DisplayText>Bell and David (2015)</DisplayText><record><rec-number>2780</rec-number><foreign-keys><key app="EN" db-id="2zs0ett01eaev8ef29nxper82frdwdtdvpea" timestamp="1458241908">2780</key></foreign-keys><ref-type name="Journal Article">17</ref-type><contributors><authors><author>Bell, Geoffrey G.</author><author>David, Jannifer</author></authors></contributors><titles><title>What if corporate governance fostered executive dignity?</title><secondary-title>Journal of Applied Business and Economics</secondary-title></titles><periodical><full-title>Journal of Applied Business and Economics</full-title></periodical><pages>30-45</pages><volume>17</volume><number>4</number><dates><year>2015</year></dates><urls></urls></record></Cite></EndNote>Bell and David (2015) argue, from a virtue theory perspective executive compensation could focus on a range of alternative outcomes that may be related to the minimizer and transformer strategies (e.g., fostering employment of marginalized members of the community, reducing ecological externalities), and to reflect the high level of intrinsic motivation present in the executive function (Moriarty, 2005) that may be impaired by extensive reliance on financial rewards.In conclusion, ours is a bold vision. 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