Abstract
Green production, sale, willing to pay and financing are related to green business. Bangladesh, a developing country in South Asia, is the most fertile delta region and identified as one of the front-line countries to suffer from the adverse consequences of climate change. Research question of the study is limited to examining several relationships related to green business production, sale, and willingness to pay. Primary data were utilized to test the hypothesized relationships. Based on the literature review, several conceptual relationships are presented and empirically tested. Findings conclude that production and sale of green products were related to the plan to produce and sell green products in Bangladesh. Consumers who are environmentally sensitive are willing to pay premium prices for green products and purchase these products frequently. Paper recommends that government, civil society organizations and the financial institutions should take a more active role in promoting and encouraging businesses to produce and market green products. Authors suggest that the government should provide incentives to set up community banking in the rural areas including informal sector, micro savings, and investment through green financing, for green production, green transportation and green consumption.
Highlights
“Green” is associated with environment friendly initiatives in production, distribution and consumption of goods
Bangladesh is amongst the few countries, which are susceptible to natural disasters
Perception of the people and cognizance behavior should be to minimize the adverse impact of environmental disaster, which may reduce the risk of vulnerability of the people, living in the low lying coastal areas of the country, barely above the sea level
Summary
Practice of environmentally friendly (“green”) policies represents a form of socially responsible behavior by business firms (Jones, 1996). Kirchhoff’s (2000) model is about a monopolist’s voluntary over compliance with legal environmental standards under asymmetric information. Zsolnai (2002) asserts that the green business paradigm is not sufficient for achieving ecological sustainability, but the community economy might be able to meet the requirements of ecological sustainability. Chowdhury (2006) described that the environmental marketing and management integrate all the three areas of business-society-environment relationships, which is the triple bottom line economy-societyenvironment. Adams (2009) argued that green development focuses on the right of the individual to choose and control his or her own course for change, rather than having it imposed. Environmental management systems (EMS) and green strategies have been adopted by businesses to reduce market failure and show the relationships between adoption of green strategies and various motivational factors in various developed countries, such as competitiveness, ethical and rational reasons, ecologically responsible initiatives, social responsibility, and empirical studies have been undertaken in various European and SouthAmerican countries (Bansal & Roth, 2002; Potoski & Prakash, 2005; Prajogo et al, 2012). Various studies show that motivations to adopt comprehensive environmental management system (EMS) practices to reduce negative environmental impact of business operations is positively influenced by relational motivations as firms consider their image, compliance and prevention of environmental incidents as significant drivers to implement EMS practices (Singh, Jain, & Sharma, 2015; Banerjee et al, 2015; Sangle, 2010; Banerjee, Iyer & Kashyap, 2003; Projogo, Tang, & Lai, 2012; Bansal & Roth, 2000; Dasgupta, Hetrige, & Wheeler, 2000). National policies of the country and institutions need to be adjusted/redesigned/developed, as appropriate, to empower the people to participate effectively in economic, social, political, and environmental processes and benefit equitably (Ahmad, 2016)
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