Title: The impact of non-green forces on net present value and green net present value: a study on three agricultural crops

Authors: Md. Jahangir Alam Siddikee; Rony Kumar Datta; Ashrafuzzaman Sohag; Fahmida Tasnim Dhonno; Md Shamim Hossain

Addresses: Department of Finance and Banking, Hajee Mohammad Danesh Science and Technology University (HSTU), Dinajpur, Bangladesh ' Department of Finance and Banking, Hajee Mohammad Danesh Science and Technology University (HSTU), Dinajpur, Bangladesh ' Department of Finance and Banking, Hajee Mohammad Danesh Science and Technology University (HSTU), Dinajpur, Bangladesh; South Westphalia University of Applied Sciences, Soest, Germany ' Department of Finance and Banking, Hajee Mohammad Danesh Science and Technology University (HSTU), Dinajpur, Bangladesh; South Westphalia University of Applied Sciences, Soest, Germany ' Department of Marketing, Hajee Mohammad Danesh Science and Technology University (HSTU), Dinajpur, Bangladesh

Abstract: This study examines how environmental variables influence net present value (NPV) and green net present value (GNPV) in agricultural production. Using data from 201 family farms growing potatoes, corn, and paddy, it explores the effects of non-green factors through regression models and mediating effects. Results show that costs associated with fertilisers, pesticides, air pollution, and water pollution significantly impact the NPV and GNPV of corn and paddy production, whereas potato production remains unaffected. Fertiliser costs influence the NPV of corn, while pesticide costs mediate the NPV of paddy and potato cultivation. The findings emphasise that environmental costs, though intangible, significantly affect financial performance and ecological sustainability. The study urges policymakers, government officials, and farmers to adopt sustainable alternatives that balance environmental conservation with improved agricultural revenues and productivity. It underscores the need to account for environmental costs in financial decision-making for long-term sustainability.

Keywords: environmental factors; net present value; npv; sustainable environment; green capital budgeting; cost of capital.

DOI: 10.1504/IJARGE.2026.154845

International Journal of Agricultural Resources, Governance and Ecology, 2026 Vol.20 No.2, pp.105 - 129

Received: 03 Mar 2024
Accepted: 09 Jan 2025
Published online: 16 Jul 2026 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article