“…To better understand the motivation of nonlisted firms to adopt environmental strategies, we also introduce expectancy theory into our analysis. As the dominant conceptual framework for understanding human motivation in work organizations (Lawler & Suttle, 1973;Oliver, 1974;Wanous, Keon, & Latack, 1983), expectancy theory is a process theory of motivation (Fudge & Schlacter, 1999) which emphasizes personal actions because of expectations. Having long been used to explain individual motivation, expectancy theory (Vroom, 1964;Wanous et al, 1983) states that motivation is a multiplicative function of three constructs: (i) effort-performance expectancy, which refers to an individual's estimate of the probability of implementation effort achieving desired organizational performance (expectancy or E) (e.g., nonlisted firms have resources and capability to achieve environmental strategies); (ii) performance-outcome expectancy, which concerns an individual's expectations that the level of performance closely ties to certain rewards he or she will receive (instrumentality or I) (e.g., implementation in environmental strategies will lead to financial success); and (iii) the degree of attractiveness of these rewards to an individual (valence or V) (e.g., financial performance is important for nonlisted firms).…”