Fostering environmentally sustainable business: Analysis of factors from entrepreneurial ecosystem perspective

Abstract

Sustainable business practices are paramount for long-term environmental preservation and fostering economic growth. Despite the extensive body of literature on various aspects of business sustainability, there remains a noticeable gap in understanding the fundamental factors influencing its adoption. Drawing on the entrepreneurial ecosystem perspective, this study endeavors to examine the hierarchical importance of various factors affecting the environmental sustainability of the business. Employing a comprehensive literature review, we meticulously identified a list of factors and performed analysis using data gathered from experts. In particular, we used Total Interpretive Structural Modelling and MICMAC approach to analyze the identified factors, with an aim to uncover their interlinkage and association. Our findings underscore the critical role played by the government in shaping business sustainability. Additionally, factors such as consumer, technological innovation, and market competition also hold substantial importance. In contrast, factors such as financial considerations, stakeholders, leadership dynamics, human resources, infrastructure, and internal organizational factors appear to have comparatively less influence. Our study not only reveals the significance of these factors but also unveils the intricate web of interrelationships among them. The resulting strategic theoretical framework offers valuable insights for managers and policymakers, highlighting the practical relevance and contextualized interactions among various factors.