Managerial Support to Control Entrepreneurial Culture in Integrating Environmental Impacts for Sustainable New Product Development

Abstract

Globalization leads toward the development of new products practice for small- to large-scale companies to survive and compete in the next level challenges. Recently, “Make in India” concept highlights the necessity of developments of innovative products rather being developing the conventional ones which are already existing in the market. Environmental concern is one of the vital but barely neglected constituents which companies are less bothered. But the scenario has been changing rapidly, environmental impacts have become inseparable part of new product development (NPD), and every company is craving for. Proper managerial support from top managers helps to develop a better working environment in the firm which again motivates the entrepreneurial culture. Entrepreneurship is such a culture which encourages the new and innovative ideas to be welcomed in the company and also implemented for better NPD performance. Entrepreneurial culture enhances the idea of caring about environmental factors which are essential for successful NPD. This study draws the interrelationship among these factors and also depicts their effects on NPD success which in turn be quantified by environmental concern. The interrelationship model is established by structural equation modeling (SEM) approach using IBM SPSS AMOS 21.0 software. A detailed questionnaire survey has been performed to collect the primary data from 72 experts of Indian manufacturing industries for analysis purpose. The reliability of the collected data is investigated by composite reliability, average variance extracted, and Cronbach’s alpha reliability test by using IBM SPSS 21.0 software. The interpretation from the developed model clearly states the role of top management support to escalate the entrepreneurial culture of the company which again positively influences the environmental factors for NPD success which in turn be measured by environmental aspects like reduced cost, healthy relationship with investors, regulatory approvals, life-cycle analysis, and customer satisfaction.