Title: Thematic analysis and systematic literature review on make or buy decisions on pro-environmental investments

Authors: Appin Purisky Redaputri; Claudius Budi Santoso

Addresses: Doctoral Program in Management, Faculty of Economics and Business, Universitas Gadjah Mada, Yogyakarta, Indonesia; Department of Management, Faculty of Economics and Business, Universitas Bandar Lampung, Lampung, Indonesia ' Department of Management, Faculty of Economics and Business, Universitas Gadjah Mada, Yogyakarta, Indonesia

Abstract: This study aims to systematically review and thematically analyse articles on the relationship between make-or-buy choices and pro-environmental investment decisions. This study conducted a systematic literature review by selecting 63 relevant papers from 365 collected from Scopus and EBSCO databases. Content analysis was used to determine the main areas of inquiry and knowledge gaps. Then the collection of articles was mapped into the AMO framework to answer the factors related to make-or-buy and pro-environmental investment decisions and answers potential future research questions. This study is based on several theories, including game theory, investment decision theory, fundamental option theory, and transaction cost theory. For future research frameworks, this study suggests the use of AMO to determine which variables can be further studied.

Keywords: investment decision; pro-environment decisions; make-or-buy; systematic literature review; SLR; AMO framework.

DOI: 10.1504/IJGE.2025.150814

International Journal of Green Economics, 2025 Vol.19 No.3, pp.279 - 307

Received: 03 Oct 2024
Accepted: 09 Sep 2025
Published online: 23 Dec 2025 *

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