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World Review of Entrepreneurship, Management and Sustainable Development

World Review of Entrepreneurship, Management and Sustainable Development (WREMSD)

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World Review of Entrepreneurship, Management and Sustainable Development (43 papers in press)

Regular Issues

  • Stakeholder collaboration based on an innovated tourism product club model - An empirical investigation of the Parenzana product club   Order a copy of this article
    by Robert Ribarić, Christian Stipanović 
    Abstract: The aim of this study is to analyse the potential of a tourism product club, as a form of collaboration, in the development of a tourism product. The study applies a qualitative approach and consists of a theoretical part and an applicative part. Structured interviewing in the field was used to survey 49 respondents and the data were processed using thematic coding and qualitative content analysis. The theoretical part includes a schematic diagram of a tourist product club model that would ensure the competitiveness of an integrated tourism product, drive entrepreneurship and encourage the entrepreneurial activities of stakeholders. The applicative part investigates the possibilities of valorising, for the purposes of tourism, the Parenzana route, which passes through two countries, Croatia and Slovenia. Based on the current state, fundamental objectives are defined that could be accomplished through the synergy of innovated operational strategies, resulting in a highly-developed, integrated tourism product based on the Parenzana product club model.
    Keywords: stakeholder collaboration; cross-border collaboration; entrepreneurship; business model; tourism product club; innovations; integrated tourism product; sustainable development; qualitative research; thematic coding; qualitative content analysis; operational strategies; Parenzana.

  • Entrepreneurial characteristics and intentions among undergraduates in Malaysia   Order a copy of this article
    by Mohani Abdul, Azmawani Abd. Rahman, Mastora Yahya, Mohammad Mizanur Rahman 
    Abstract: This study investigates the entrepreneurial intentions of undergraduate students in the Public University and Private Institution of Higher Learning in Malaysia. Six entrepreneurial characteristics were observed during the focus group interviews which included; risk taking propensity, self-confidence, need for achievement, innovativeness, tolerance of ambiguity, and locus of control. These elements are used to define the entrepreneurial profile of students using the trait model of entrepreneurship as a basis of the proposed research. Ten students from the public and private higher institutions of learning were interviewed. Students were selected from one public university (IPTA) and another from private university (IPTS). Results based on the students entrepreneurial intentions are compared between the IPTA and IPTS and some plausible explanations are discussed. This research provides deeper insight into entrepreneurship education besides providing comprehensive empirical evidence about the impact of higher education on entrepreneurial intentions, thus fills an important gap in the entrepreneurship literature.
    Keywords: Entrepreneurial intentions; entrepreneurial characteristics; risk taking propensity; self-confidence; need for achievement; innovativeness; tolerance of ambiguity; locus of control; Undergraduates; Public university; IPTA; Private university; IPTS; Malaysia.

  • Asymmetric effects on the development of social enterprises. Factors and effects   Order a copy of this article
    by Jace Kristjana, Athanasios Tsagkanos, Evangelos Koumanakos 
    Abstract: The purpose in this paper is to empirically examine the factors that affect the development of social enterprises. Our research focus on a group of 16 EU countries in which the social economy sector is considered developed. Using a less homogeneous group of countries with respect to a more homogeneous group of areas from the same country will offer a different view regarding the significant factors. Our methodology is based on advanced econometric tests as Bootstrap test and Bayesian Bootstrap that attain better statistical properties in presence of low size sample with respects to classical correlation test. The results exhibit asymmetric effects of social entrepreneurship that differentiate the factors contributing to their development. In countries of South of Europe all the factors that theory proposes affect the development of social enterprises whereas in countries of North of Europe the impact is confined on the unemployment in vulnerable groups (as women and young people) and low expenditure on care for elderly. These results provide strong evidence that countries of South of Europe should turn the model of their macroeconomic policy.
    Keywords: Social enterprises; European Union; Bootstrap test; Asymmetric effects.

    by Christian Hürlimann, Jasim Al-Ali, Dolores S. Bengoa 
    Abstract: This paper reports the findings of an ongoing research project in renewable energy (RE) investment valuation. We present the results of a survey of 111 Swiss and German investors in RE typically a non-traded asset (NTA). The surveys focus is placed on capital budgeting techniques, risk assessment, risk mitigation, cost of capital (CoC) approaches, and risk-adjustment processes in RE valuations, set in relation to demographic data of the surveyed firms and the interviewed participants to recognise relevant influencing factors. The research objectives are challenging due to the restricted data access for NTA. The survey results are both reassuring and surprising. In contrast to public traded companies (PTC), various unsystematic risk components are considered in risk assessments and risk-adjustments in RE investment valuation. The majority of organisations still employ simple techniques, such as the weighted average cost of capital (WACC) for valuating RE investments, particularly by large organisations, to derive country, technology, industry and/or project stage specific discount rates rather than project specific discount rates. A surprising number of organisations still use their firms risk within discount rates in RE valuations instead of project risk. In addition, the propagated certainty equivalent (CE) method is seldom applied. Moreover, we find clear evidence about materialised risk influencing personal risk preferences, and some evidence about cultural differences in valuation processes apart from providing considerations and suggesting improvements in line with good and/or best practice approaches while benchmarking the data and results between the available subsamples.
    Keywords: capital budgeting; asset pricing; investment return; cost of capital; risk assessment; risk mitigation; project risk; risk-adjustment; non-traded assets; private equity; renewable energy; Switzerland; Germany; benchmarking.

  • Modelling the Impact of Entrepreneurial Venture Risk Taking on Solid Waste Collection Capacity in Abuja, Nigeria   Order a copy of this article
    by Chukwunonye Ezeah, Sylvester A. Ofobruku 
    Abstract: This research, investigated the impact of entrepreneurial venture risk taking on solid waste collection capacity in Abuja, Nigeria. The study utilized a multi-methods approach consisting of direct field observations, key informant interviews and questionnaire survey for primary data collection. Data collected were analysed using the statistical programme for social sciences, SPSS version 17.0 software. Results indicate that entrepreneurial activities can be used to optimize efficiencies in sustainable solid waste management. In particular, the study found that entrepreneurial venture risk taking has a positive correlation on solid waste collection capacity with a strong significance value of 0.001. It is recommended that government should formulate policies that encourage entrepreneurial venture risk taking in order to enhance sustainable solid waste collection capacity within the case study area.
    Keywords: Entrepreneurship; Nigeria; Solid Waste Management; Venture risk taking; Waste Collection.
    DOI: 10.1504/WREMSD.2018.10018666
  • User entrepreneurship and high technology. A longitudinal case study in the medical device industry in Italy   Order a copy of this article
    by Francesco Capone 
    Abstract: The study investigates the creation of new ventures, starting from consumption and users. The research on user entrepreneurship has been rapidly developing in recent times, highlighting the importance of user communities and consumers passion for innovations that can satisfy unmet needs. Notwithstanding this increasing research effort, most contributions focus on end-user entrepreneurship and in low-tech sectors such as consumer goods or sport industries. This work intends to contribute to the debate by presenting a longitudinal case study of a professional user entrepreneurship in an high-tech sector, i.e. the medical device industry. Adopting the idea of a veterinarian-user, the company has developed a ground-breaking, complex product for the market, becoming an important market reality. The results present the evolution stages in the creation of user entrepreneurship from the generation of the idea till the business scale up and illustrate the contributions of user communities and the role of local clusters.
    Keywords: user entrepreneurship; innovation; medical devices industry; longitudinal case study; Italy.

  • Articulation of Micro Entrepreneurial Success and Wellbeing among Ghanaian Women   Order a copy of this article
    by Fanny Adams Quagrainie, Abigail Opoku Mensah, Alex Yaw Adom 
    Abstract: This study was motivated by recent calls towards the workings of entrepreneurship in promotion of well-being as little attention has been paid to the less tangible effects of entrepreneurship and the well-being of entrepreneurs as well as how entrepreneurial success (ES) relates to well-being. Using a mixed method sampling strategy, a sample of 85 women entrepreneurs (WEs) who own small businesses were purposively and randomly sampled, data was collected via interviews (face-to-face) in Tema and Accra. Both thematic content analysis and regression test were used to analyzse data. The findings indicate that model for measuring ES and well-being were applicable among Ghanaian WEs. It also suggested the possible existing low debt and leaving a legacy for family as indicators for ES. Being ethical was also identified as indicator for subjective well-being. The study also found a significant relationship among ES, objective and existential well-being, while a non-significant relationship was observed between ES and subjective well-being. The study suggests that policy-makers need to remain conscious of the constraining forces of social institutions when designing interventions. Entrepreneurial success may not be an appropriate tool for promoting the subjective well-being. The study provides insight into an area of research that has received less attention among female entrepreneurs. The effects of entrepreneurship and the well-being of women entrepreneurs as well as how entrepreneurial success (ES) relates to well-being were explored in this study to understand and appreciate how it impart on women and to put in appropriate measures to support women entrepreneurs.
    Keywords: Entrepreneurial success; well-being; women entrepreneursrn.

  • Does Employee Innovation Mediate the Relationship between Employee Performance and Relationship Marketing? An ICT-Based Case   Order a copy of this article
    by Amir Emami, Mahsa Molaei, Datis Khajeheian 
    Abstract: The following research questions drove the study: Does employee performance impact relationship marketing? And if so how? and Does employee innovation mediates this relationship? This research used the survey method. The sample size includes 196 employees of FANAP engaged in the field of ICT. Research findings from the Structural Equation Method (SEM) suggest that although employee performance has a significant positive effect on relationship marketing, employee innovation does not mediate the relationship. In addition, among all aspects of employee performance, job fit has the most significant effect on the relationship between employee performance and relationship marketing.
    Keywords: Employee performance; relationship marketing; organizational innovation.

  • Green Innovation in Recycling, - A Preliminary Analysis of Reversed Logistics in Norway.   Order a copy of this article
    by Arne Nygaard, Robert Dahlstrom, Bente Flygansvær 
    Abstract: There has been an exponential growth of new electronic products in the global consumer market. New electronic consumer products generate a growing need for new methods, processes and entrepreneurship in recycling. In this study, we examine how entrepreneurs involved in the recycling of electronic products innovate to create a more sustainable circular economy. The recycling system must take care of electronics that contains hazardous materials. Also, a recycling system should prevent the waste of potentially useful materials. Thus, entrepreneurship is crucial to improve the handling of toxic material and processing technology to reuse valuable elements. Innovation therefore is essential to facilitate a sustainable recycling process. In this study, we analyse entrepreneurial innovation in the light of the organisational structure of the recycling system. Following a study of 108 recycling entrepreneurs, competition and specific investments are found to be important factors that drive the sustainable innovation that make Norway one of the countries with the highest recycling rates of electronic and electric waste.
    Keywords: Electronics industry; Sustainable entrepreneurship; Circular systems; Ecological innovation; Reverse Logistics; Reverse Distribution; Competition; Specific Investments.

  • Does Institutional Inefficiency Encourage Entrepreneurs to Adopt Effectuation Logic in Strategic Business Decision?   Order a copy of this article
    by Md. Nur Alam, Utz Dornberger 
    Abstract: The institutional setup of a country defines the boundaries for businesses, allowing for certain courses of action whilst restricting others. It provides system signals to entrepreneurs, which are interpreted during their decision-making. A firm needs to pass through the institutional setup of its home and host countries when it extends its operation outside the domestic market. Therefore, the efficiency of the home and host institutions play a significant role in terms of the decision-making logic that entrepreneurs adopt during their decision to internationalize. The efficiency of local institutions can cause entrepreneurs to adopt a certain decision-making logic while inefficient local institutions can force entrepreneurs to adopt other types. This paper examines the relationship between perceptions of institutional efficiency and entrepreneurial effectuation logic. The study tested the hypothesis using a sample of 101 Bangladeshi software entrepreneurs. The data were collected by applying a structured questionnaire. The data analysis was conducted by implementing a Partial Least Squares (PLS) structural equation modelling. The result of this study supports the assumption that the perception of institutional efficiency has an impact on entrepreneurial effectuation logic.
    Keywords: Effectuation Logic; Internationalisation; Perceptions of Institutional Efficiency; Software Entrepreneurs; System Signals.

  • A New Driver of Farmers' Entrepreneurial Intention: Findings from E-commerce Poverty Alleviation   Order a copy of this article
    by Feiyan Han, Bo Li 
    Abstract: E-commerce poverty alleviation (EPA) is an emerging form in which poverty alleviation is conducted via e-commerce platforms in China. Although EPA has stimulated farmers entrepreneurial intention, it remains unknown how to effectively promote farmers' entrepreneurial intention in the context of EPA. To mitigate this deficiency, this study examines the effect of farmers entrepreneurial intention through the case of Shanxi Province in China. SEM is employed to study new drivers of farmers entrepreneurial intention, including government, e-commerce platforms, farmers' perceived risk and farmers trust in e-commerce entrepreneurship. The empirical results show that governmental support of EPA has a direct positive effect on farmers entrepreneurial intention and positively affects farmers trust in the e-commerce entrepreneurship. The trust and perceived risk that farmers associate with an e-commerce platform partially mediate the relationship between government support and farmers entrepreneurial intention. E-commerce platform policies indirectly affect farmers entrepreneurial intention. The results of this study can help local governments make appropriate policies to promote entrepreneurship among farmers.
    Keywords: e-commerce poverty alleviation; government support; e-commerce platform; perceived risk; entrepreneurial intention.

    Abstract: The Kirana stores, the typical Indian grocery mini-markets have been facing a serious threat due to the growth of organized retail and the e-commerce sector in India. This is forcing the kirana stores to re think their strategies. The primary study queried consumers residing in five Indian cities to understand their consumption patterns and FMCG buying behavior. Data from industry sources from 2010 -2015 was also used, along with case study analysis of FMCG companies in India to understand their plans up to 2020. Finally, the recent revenue records and sales generation steps by leading e-commerce websites in India were studied. The implication of the research is that these kirana shops would have to go in for different and innovative strategies to face the competition from the retail dragons and to meet the new customer expectations so that they remain sustainable in the long run. As seen here, kirana shops will always survive and outlive any kind of competition . The heart of Indian customers still continues to rest with the kirana stores. The paper suggests various ways in which these stores can enhance their worth, practice innovative retention strategies and build mutually beneficial partnerships with big companies. The bottom line would have to be - its physical with digital!
    Keywords: kirana stores; e-commerce; organized retail; consumer behavior.
    DOI: 10.1504/WREMSD.2019.10019516
  • Determinants of Productivity and Efficiency of Okra Production for Export in Suphan Buri and Nakhon Pathom Provinces, Thailand   Order a copy of this article
    by Pimolwan Katepan 
    Abstract: Agriculture is the prime source of economic activities, especially in Asia. In the okra export market channels, Japan was a major importer, yet suspended all importation of okra from Thailand, according to the promulgation of the Positive List System. This study aimed to 1) estimate one particular type of productive efficiency, viz. technical efficiency, in okra production in Thailands Suphan Buri and Nakhon Pathom Provinces, by using a Cobb-Douglas production function for single okra output and multiple inputs. The analysis applied the Stochastic Production Frontier, and 2) investigate the determinants of production efficiency by using Tobit Regression. Based on data collected from 222 okra farming households in two provinces, who contracted with private companies to produce okra for export. The results revealed that the average technical efficiency of okra production among the samples in Suphan Buri and Nakhon Pathom Provinces was 81.45%. Furthermore, the results showed that okra growers gender, age, formal years of schooling, number of family members engaged in okra production, and hired labour had positive relationships with efficiency scores. While years of experience in okra production had a negative effect.
    Keywords: Okra production; Positive List System; Stochastic Frontier Analysis; Suphan Buri Province; Tobit Regression.

  • Board of directors characteristics, internal control mechanisms, and corporate sustainability performance: a theoretical framework   Order a copy of this article
    by A.N.M. Asaduzzaman Fakir, Ruzita Jusoh, Nurliana Md Rahin 
    Abstract: The purpose of this paper is to propose a framework to examine the relationship among the board of directors characteristics, internal control mechanisms, and corporate sustainability performance. In particular, it aims to uncover how the board specific characteristics influence internal control, which, ultimately, would enhance the sustainability performance of public listed companies. The premise of the resource dependence theory is utilised to identify the board characteristics that may influence the sustainability performance; namely, size, composition, leadership, ownership, diversity, and expertise. Inspired by the institutional theory, the mediating role of internal control mechanisms, proxied by enterprise risk management (ERM) and management control systems (MCS), is also examined in this relationship. The majority of the previous studies concentrated on a few particular dimensions of sustainability like environmental and social aspects, whereas the governance and economic aspects remain unexplored in the literature. This paper fills this important research gap through holistically conceptualizing sustainability performance.
    Keywords: Board of directors; sustainability; enterprise risk management; management control system.

  • Impact of Energy Holes Problem on Ad-hoc Routing Protocols   Order a copy of this article
    Abstract: In the sensor networks, traffic flow usually follows many-to-one pattern and thus results in some nodes carrying more load than other nodes in the network. This may results in the conception of energy holes near the sink. Different protocols exhibits different behavior in the occurrence of energy holes problem. This work analyzes and compares the impact of energy holes on the lifespan and performance of different ad-hoc routing protocols.
    Keywords: Wireless sensor networks; Ad-hoc protocols; Energy Holes problem; Lifespan.

  • Environmentally Sustainable Consumption Awareness among Children: An empirical study   Order a copy of this article
    Abstract: Rising environmental deterioration and consequent environmental concern led to emergence of sustainability. As a cornerstone concept sustainability was formally and globally highlighted in The UN Wold Conference on the Environment in Stockholm in 1972 and then at the Earth Summit held in Rio de Janerio in 1992. Since over consumption was an important cause of environmental problems, sustainable consumption behaviour (SCB) was proposed as a counter pulley to meet sustainable living objectives. SCB, which encompasses all stages of traditional consumption {purchase, use and dispose off (reuse, recycle)}, was redefined and reconceptualise to arrive at new frameworks of sustainable consumption. Within this frame work the role of education and specially of grooming young minds to create awareness and understanding has been widely acknowledged. With this backdrop, current study was designed to investigate awareness level of environmentally sustainable consumption behaviour (ESCB) among primary school children. Earlier research found childrens influences on family consumption decisions which were in turn related to demographic variable like gender and type of school (private vs. government). The current study, therefore, also investigates if above mentioned demographic variables have any influence on ESCB awareness. A structured questionnaire survey was used to collect data from 304 students. Results showed that at an overall level both gender and type of school had significant correlation with ESCB awareness levels. Additionally gender and school type have significant correlation with ESCB with respect to purchase, use and recycle. Gender and school type did not have significant correlation with reuse. Each result has been discussed at length against findings from existing research literature and also with respect to qualitative observations made during the study. This study has important implications for marketers, school authorities and education policymakers who can not only use the framework that has been developed for assessing ESCB awareness level in their own contexts but also do an in depth investigation across the four phases of sustainable consumption process applicable to school children. The insights already arrived at in this study is expected to give them direction and greater understanding of ESCB.
    Keywords: Environmentally Sustainable Consumption Awareness; Gender; School Type; Class.

  • Collective Impact: Dialogue at the Interface of the Colliding Systems of Philanthropy   Order a copy of this article
    by Robert M. Yawson, Gayle Peterson, Ivy Johnson-Kanda 
    Abstract: Collective impact as a collaborative effort arose from the acknowledgment that existing methods and development approaches were incapable of addressing large-scale and long-term societal problems, the so-called wicked problems. By creating a model of the ecosystem of organizations around a particular issue, a funder can understand who else is working in the same space, identify potential allies, and anticipate political or economic challenges that might arise. In a case study to assess the developmental impacts of foreign aid and developmental programs on women and children in one of the poorest districts in Ghana, we developed an approach through which collective impact can be initiated and evaluated. Through the life of Lamisi Seidu, a typical, poor, rural Ghanaian woman, we tell the symbolic story of poor women living in rural, peri-urban, and urban areas all over the world. We examine what defines collective impact, how such initiatives are structured, and the challenges in creating collective impact initiatives that achieve successes that are both long-lasting and large scale. We also discuss the landscape mapping approach we developed.
    Keywords: Collaboration; Collective Impact; Dialogue at the Interface; Landscape Mapping; Networking; Storytelling; Stakeholder Analysis; Wicked Problems.
    DOI: 10.1504/WREMSD.2019.10018944
  • The relationship between sustainable manufacturing practices, lean improvement and performance   Order a copy of this article
    by Nurul Fadly Habidin, Anis Fadzlin Mohd Zubir, Nursyazwani Mohd Fuzi, Mad Ithnin Salleh 
    Abstract: The purpose of this study is to examine the relationship between sustainable manufacturing practices, lean improvement, and performance in Malaysian automotive industry by using structural equation modeling technique. Survey questionnaires were used among 227 managers in Malaysian automotive industry. SEM technique was used to test the statistical analysis of the data required in the study. Based on the results, sustaining lean improvement is part of a mediating relationship between sustainable manufacturing practices and performance which is positive results. For this purpose, it assists academicians and researchers for sustainable manufacturing practices implementation in order to assist the automotive industry to increase lean improvement and performance.
    Keywords: Sustainable manufacturing practices; lean improvement; performance; manufacturing process; environmental management; social responsibility; continuous improvement; reliability; structural equation modelling; automotive industry.

    by Gaurav Talan, Gagan Deep Sharma 
    Abstract: In its current form, sustainable investing has been viewed from different approaches such as Environment, Society and Governance (ESG), Corporate Social Performance (CSP) and other value driven approaches. This paper questions the current perception of business goals and argues that the business goal needs to be derived out of the human goal and human program. The paper further evaluates developments in the field of sustainable investing and explores the need to broaden the base of sustainable investing by covering individuals, families, society and nature. This is a conceptual paper, which builds its arguments on the basis of literature from inter-disciplinary fields. The paper identifies and broadens the definition of stakeholders so as to include the individuals, families, society and nature. The paper lays future research agenda for identification of businesses generating holistic value in terms of physical facilities while also maintaining harmony in relations with humans and rest of the nature. Synchronisation of business goals with human goals shall lead to real value for society as also for individuals, families and the nature. The paper brings together inter-disciplinary ideas about human goals, business goals, and investments. The paper forms the basis for development of a new framework for sustainable investing, which may help bridge the human goals and business goals. Finally, the paper sets-up a concrete research agenda for future works in the area of sustainable investment.
    Keywords: sustainable investing; ESG; corporate social performance; business goal; human goal; human program; stakeholders; holistic value; harmony.

  • Poverty and Entrepreneurship: A Systematic Review of Poverty-Related Issues discussed in Entrepreneurship Literature   Order a copy of this article
    by Masoud Moradi, Narges Imanipour, Zahra Arasti, Reza Mohammadkazemi 
    Abstract: Poverty is an ever-increasing economic problem and a number of theorists have introduced entrepreneurship as a solution to poverty. However, a small number of studies have theorized, modelled, or analysed entrepreneurships contribution to poverty alleviation. In view of that, this study aimed to systematically review previous research on poverty-related issues discussed in entrepreneurship literature to identify common poverty-related issues addressed by entrepreneurship literature. This study as a systematic literature review (SLR) was conducted on a total of 175 papers that were classified into 11 main categories, each representing a major poverty-related issue discussed in entrepreneurship literature. The findings of this study indicate that although many efforts have been made to cover the poverty-related issues in entrepreneurship studies, there are still many dimensions of poverty untouched.
    Keywords: Entrepreneurship; entrepreneur; poverty; poor; necessity.

  • Sustainable Entrepreneurship Practices in Malaysian Manufacturing SMEs: The Role of Individual, Organisational and Institutional Factors   Order a copy of this article
    by Noor Hazlina Ahmad, Syed Abidur Rahman, Noor Liyana Khairul Afendi Rajendran, Hasliza Abdul Halim 
    Abstract: Sustainability is an issue that has a profound effect on large companies and also among SMEs. The research framework for this study is built upon this triple bottom line agenda. The study integrates individual factors that consist of sustainable orientation, organisational factors that consist of intellectual capital (human, structural and relational capital) and institutional factors (government support and social norms) as the antecedents of sustainable entrepreneurship practices. Sustainable performance of SMEs is treated as the dependent variable in this research. A total of 203 responses was obtained and analyses were carried out using Smart-PLS software. The results show that five out of eight hypotheses were accepted. The result indicates that Malaysian SMEs entrepreneurs are clearly aware and understand the importance of sustainability concepts in their business performance. In addition, this study aims to provide insight and knowledge for designing policies and promote sustainable practices in Malaysian manufacturing SMEs.
    Keywords: Sustainable Orientation; Intellectual Capital; Human Capital; Relational Capital; Structural Capital; Government Support; Sustainable Performance.

  • Can Social Entrepreneurship help attain Sustainable Development Goals: A study of India   Order a copy of this article
    by Sanchita Bansal, Isha Garg, Anshita Yadav 
    Abstract: This paper attempts to understand, analyze and interpret the role of social entrepreneurs towards sustainable development. The paper significantly contributes to the existing literature by evaluating the government's policy framework with respect to social entrepreneurship from the perspective of Sustainable Development Goals (SDGs). The paper also discusses the origin and evolution of social entrepreneurship in India. The paper uses data from various government, non-government and international agency sources for attaining its research objectives. Finally, the paper concludes by recommending the policy inputs in respect of social entrepreneurship for ensuring sustainable development in synchronization with the Sustainable Development Goals.
    Keywords: Social entrepreneurship; sustainable development; Sustainable development goals; Government’s policy framework.

  • Sustainability Reporting and Banks Performance: Comparison between Developed and Developing Countries   Order a copy of this article
    by Amina Buallay 
    Abstract: Purpose: Focusing on the differences between sustainability in developed and developing countries, this study examines the relationship between sustainability reporting and banks performance in developed and developing countries Design/Methodology/Approach: This study examines equal selected sample from developed and developing countries for eight years (2009-2016). ‎ The sample contained 232 banks to yield 1856 bank-year observations. The independent variable is ESG scores, the dependent variables are return on assets (ROA); return on equity (ROE) and Tobins q (TQ). This study uses bank- and country-specific control variables to measure the relationship between sustainability reporting and bank performance. Findings: The findings deduced from the empirical results on one hand demonstrated that ESG positively affect the banks market performance in developed countries which supporting the value creation theory. However, the ESG negatively affect the banks financial performance which explains the cost capital reduction theory. On the other hand, the findings of developing countries showed that ESG positively affect the banks financial performance in developing countries. However, it has insignificant effect on the market performance. Originality/Value: As it is the first study to investigate and compare the impact of the sustainability reporting on banks performance in both developed and developing countries, the study identifies differences in the relationship between sustainability reporting and the improvement of current and future performance of banks in both countries.
    Keywords: Sustainability Reporting; ESG disclosure; Financial Performance; Market Performance; developed countries; developing countries.

  • A longitudinal study of green industrial performance for the period 2000-2015   Order a copy of this article
    by Jaime Moll De Alba, Valentin Todorov 
    Abstract: This article undertakes a longitudinal study of the green industrial performance of a set of 104 economies for the years 2000 to 2015. Our analysis concludes that industrialized countries continue to lead green industrial performance in 2015, with Denmark, Singapore, the Republic of Korea, Germany and the Czech Republic being the top performers. Selected emerging industrial economies display significant progress. Leading performers have equipped themselves with comprehensive green strategies and policies. Green industrial development seems to offer an untapped potential for developing countries. In this article, we refine an earlier version of our green industrial performance (GIP) index by using a revised definition of green products. We also use new imputation methods of missing values. Finally, our study puts forward a set of recommendations for future research.
    Keywords: Green industry; inclusive and sustainable development; composite index; longitudinal study.

  • Technical Efficiency of Rice Farmers under the Large Agricultural Plot Scheme in Khlong Khuean District, Chachoengsao Province, Thailand   Order a copy of this article
    by Suneeporn Suwanmaneepong 
    Abstract: This research aimed to discover the technical efficiency (TE) and factors influencing the TE of the Large Agricultural Plot Scheme Project (LAPS) in the Khlong Khuean district, in Chachoengsao province, Thailand. The samples were 150 registered rice farmers separated into three groups by land size: 1) six farmers from small-sized farms (01 ha), 2) 33 farmers from medium-sized farms (12 ha), and 3) 111 farmers from large-sized farms (more than 2 ha). Estimated TE was obtained by using a stochastic production frontier model, and the factors influencing the TE were obtained from multiple regression. The result revealed that small-sized farms gained highest TE score at 0.829. The education level of farmers was significant at 0.01% and showed a negative coefficient with the TE, because farmers continue to use traditional production methods. Knowledge sharing is a crucial tool to improve efficiency. To improve TE of rice farms, reducing farm inputs, such as seeds, fertilizer, and labour-intensive was recommended. In addition, this research revealed that farm size affects outputs, indicating that large farms were more technically efficient than smaller farms. Additionally, education level influenced TE. The LAPS was one of the policies supported by the government that aimed to increase farmers outputs
    Keywords: technical efficiency; large agricultural plot scheme; small-sized rice farming; rice farming.

  • Influential factors for the decision to participate in a rice-pledging scheme: Evidence from jasmine rice farmers in northeast Thailand   Order a copy of this article
    by ORAWAN SRISOMPUN, Sakunkan Simla, Surasak Boontang 
    Abstract: This study analyses influential factors affecting the decision to participate in a rice-pledging scheme among jasmine rice farmers in northeast Thailand, binomial logistic regression was applied. The results revealed that most of the famers who participated in this scheme were large-scale farmers who grew jasmine rice in rain-fed areas. The cost of rice drying, ownership of a rice barn, location, number of household labourers, farm size, and production patterns had a positive effect on decision-making to participate in the scheme, with statistical significance. Participation of farmers was not based on economic factors or income, but on other factors, particularly labour force and ownership of a rice barn. As a result, measures for farmer rice barn development and promotion were necessary. Household labourers were necessary for the storing process, so c development of technologies and innovations for rice drying to reduce humidity would help achieve the goal of this scheme.
    Keywords: logistic regression; organic rice; rice storage decision; rice supply; bank for agriculture and agricultural cooperatives; paddy rice; jasmine rice; economic factors; production cost; farm size; rain-fed area.

  • Rural community enterprises in Thailand: a case study of participation   Order a copy of this article
    by Worasit Wongadisai, Sumalee Chanchalor, Elizabeth Murphy 
    Abstract: Community enterprises (CE) are a tool to support sustainable community development. They rely on community members participation using a bottom-up, polycentric approach to management. However, they typically operate in rural areas where the required knowledge, management and marketing skills are often lacking. This study investigated members' participation in CEs and the failures and successes they encountered in participation in organizational, production, marketing and financial management. Data collection involved structured interviews with 400 members of 200 CEs in north-eastern Thailand. The researchers also conducted focus groups with a successful CE (n=5) and an unsuccessful CE (n=7). Results revealed that participation was lowest for organizational, marketing and financial management. Lower levels of participation were associated with lack of time and of skill/education. Implications point to the value of outsourcing marketing and financial management for CEs in rural areas.
    Keywords: community enterprises; participation; management; Thailand; social enterprise; sustainable development; finance; production; organization; marketing.

  • Intellectual capital as a mediator between corporate governance and sustainability initiative: A conceptual review   Order a copy of this article
    by Adedeji Babatunji Samuel, Tze San Ong, Mohammad Mizanur Rahman 
    Abstract: This review has conceptualised the integration of corporate governance (CG) and intellectual capital (IC) as strategic tools for enhancing sustainability initiative (SI) locally and internationally by scholars and practitioners. Since, CG tools are institutional factors required to prolong the life span of corporate organisations, then IC can further play a boundless role in ensuring the resourceful and effective transformation of the firms at large. There is the attendant need to enhance the SI requirements of the various stakeholders in order to boost the confidence level and acceptability of inputs at the different levels of operations nationally, and corporately. It is suggested that the resource based view, institutional, agency and stakeholder theories be adopted for empirical study purposes. However, a mix of the theories, will help to have numerous studies carried out with the backing of strong theoretical underpininings that are required to further substantiate the outcome of research efforts. This study opines that there might be a direct relationship between CG and SI and IC and SI on one hand, and the mediating role of IC in the relationship between CG and SI on the other hand to examine the indirect and total effects. Therefore, in order to test for the direct and indirect effects, the CB-SEM is suggested as a statistical tool to be used due to the quantitative nature of the empirical research to be undertaken in the future.
    Keywords: Conceptual review; corporate governance; intellectual capital; mediating role; and sustainability initiative.

    by Geeti Sharma, Sahil Gupta 
    Abstract: Corporate Sustainability is a buzzword these days and is instrumental in achieving a comparative advantage by the corporates. The study intends to study the influence of Corporate Sustainability on Economic Performance concerning the Indian Banking Industry. Structural equation modeling, a multivariate technique, is employed in this study to measure the relationship between Corporate Sustainability and Economic Performance. Results show the significant but moderate positive relationship between Economic Performance and Corporate Sustainability. The findings would be beneficial to the experts in the allocation of limited resources to improve the corporate sustainability performance of firms, particularly in the Indian banking sector.
    Keywords: economic performance;Indian Financial industry; sustainability practices; structural equation modeling.

  • Empowering Rural Women through Shared Value Approach Study of GNFC Neem Project in India   Order a copy of this article
    by Sandeep Goyal, Amit Kapoor, Bruno Sergi 
    Abstract: The purpose of this article is to understand the impact of shared value approach in generating sustainable socio-economic value for the marginalized sections of the society, especially the women from low-income households living in rural and semi-urban areas. This article analyses the conception, design and implementation of GNFC Neem Project initiative and how it transformed the socio-economic status and lives of more than 225,000 rural women in India within two years of inception. A single case study analysis was used to assess the key success factors and strategic choices, which can enable the enterprises to create a significant social impact while ensuring economic viability, sustainability and scalability. The qualitative case based research involved primary data inputs from the field-based interviews of diverse stakeholders and secondary data inputs from the published sources. The research findings highlight the key success factors (KSFs), which led to the socio-economic success of GNFC Neem Project. The KSFs include clear focus and drive towards maintaining strategic fit between social impact and economic viability; building market awareness, trust, and acceptance; developing win-win partnerships with diverse stakeholders; and leveraging distribution channels and network for last-mile collection, storage and transportation of neem seeds (Scientific Name: Azadirachta Indica).
    Keywords: Base of the Pyramid; GNFC Neem Project; Creating Shared Value; Inclusive Business Model; Women Empowerment; India.

  • Social Characters as Predictors of Sociopreneurs' Motivation   Order a copy of this article
    by Grisna Anggadwita, Dini Turipanam Alamanda, Luan Eshtrefi, Anggraeni Permatasari, Veland Ramadani 
    Abstract: Social entrepreneurship is considered as a solution in reducing unemployment and poverty given that offering benefits to a community not only creates jobs but achieves better economic and social life independently. The social entrepreneur in this study is referred to as a sociopreneur. This study aims to identify the social characters toward the motivation of sociopreneurs in Bandung, Indonesia. In addition, this research also deeper explores how sociopreneurs prioritise those values, and the impact of becoming sociopreneurs. This study tries to overcome the gap in understanding social entrepreneurship widely by taking the perspective of social-oriented entrepreneurship, by suing a qualititative method and case study approach. Empirical data is collected by conducting in depth semi-structured interviews with sociopreneurs in Bandung as respondents in this study. Based on the study, several identified social entrepreneurship values include social value, civil society, innovation, economy activity and social impact (outcome). In addition, personal values influence the creation of social enterprises through the values of personal experience, the desire to make changes and the willingness to do something meaningful in one's life.
    Keywords: social entrepreneurship; social enterprises; social-oriented; social values; sociopreneurs.

  • The Role of Purpose in Consumer Choice: A Comparison between Baby Boomers and Millennials in Germany with a Focus on Sustainability and Consciousness   Order a copy of this article
    by Isabelle Rennollet, Christian Schmidkonz, Patricia Kraft 
    Abstract: This paper explores the role of purpose in consumer choice in Germany. A growing number of consumers around the globe realise that hyperconsumerism prevents them from finding lasting happiness. They want to focus more on sustainable and conscious consumption and place the role of purpose more and more in the centre of their consumer choice. In this study two highly important and influential consumer groups, the baby boomers and millennials, are contrasted against each other to find out whether there are significant differences in this context between them. After having reviewed the relevant literature, empirical analyses were conducted on a sample comprising 289 German consumers. The main findings are that German consumers rated purpose as the fourth most important criterion. Quality, value for money, and personal recommendations are more important to German consumers when choosing a product. It was also found that German consumers are mainly driven by the desire for happiness and fulfilment, and their will to make a positive difference in the world when choosing purpose-infused products. It was also revealed that German Baby Boomers and German Millennials display more similarities than differences.
    Keywords: Purpose-Infused Products; Consumer Choice; Conscious Society; Conscious Marketing; Purpose-Driven Brands; Conscious Consumers; Sustainable Consumption; Baby Boomers; Millennials; Germany.

  • Ethnicity, religiosity, and SME innovation outcomes: some insights from a Muslim ethnic group   Order a copy of this article
    by Donard Games 
    Abstract: The paper aims to examine the effects of socio-cultural factors (i.e. socio-cultural values, ethnicity, and religiosity) on business innovation (i.e SME innovation outcomes) in an entirely Muslim ethnic (i.e., Minangkabau ethnic group in Indonesia). There has been little research done to reveal the relationship between ethnicity, societal values, religiosity, and innovation outcomes in a totally Muslim community. The present study uses a quantitative approach, PLS method, that utilises SmartPLS 4.0. A survey of 150 Muslim respondents from the Minangkabau ethnic small and medium-sized enterprises had been carried out. It was found that ethnicity had no impact on the SME innovation outcomes. Likewise, religiosity did not moderate the relationship between ethnicity and innovation outcomes. Minangkabau societal values which are a unity between Islamic values and tradition have a positive and significant effect on the innovation outcomes. Implicitly, maximising Minangkabau networks that prioritises the values of cooperation, honesty and trustworthiness will enhance Minangkabau SME innovation outcomes.
    Keywords: ethnicity; religiosity; SME innovation; innovation outcomes; business innovation; Minangkabau; Indonesia; socio-cultural factors; Islamic entrepreneurship; Muslim ethnic group.

  • Critical success factors of knowledge management: a review   Order a copy of this article
    by Asish Oommen Mathew, Lewlyn L.R. Rodrigues 
    Abstract: The purpose of this paper is to explore, compile and analyse the current literature base of critical success factors (CSFs) of knowledge management (KM) using qualitative research approach. After preliminary survey of articles, 72 research papers were identified for detailed review. CSFs were compiled using content analysis methodology and an inductive coding technique. Two iterations of coding were carried out resulting in the identification of nine generic CSFs of KM. The two of the most highly cited CSFs were KM culture and Human Resource Management (HRM). An analysis of the literature was also carried out to bring forth any existing research gaps. The most significant findings were lack of focussed CSF studies with respect to industries and dearth in research regarding various stake holder perspectives. This comprehensive research provides a base for KM researchers to carry out further research.
    Keywords: knowledge management; critical success factors; CSF; content analysis; knowledge management culture; human resource management; HRM; knowledge management technology; knowledge management strategy; knowledge management leadership; knowledge management process capability; knowledge management resources; knowledge management measurement.
    DOI: 10.1504/WREMSD.2017.10018088
  • Technical efficiency and decision to exit: evidence from the dairy farms in Sukabumi district, West Java, Indonesia   Order a copy of this article
    by Maman Setiawan 
    Abstract: This research investigates technical efficiency and its effect on the decision to exit of the dairy farms in Sukabumi district, West Java, Indonesia. Farm-level data obtained from survey are used to estimate the technical efficiency using a bootstrapped data envelopment analysis. The results show that dairy farms in Sukabumi are technically inefficient. The technical efficiency also has a negative effect on the decision to exit. This implies that the dairy farms with higher technical efficiency scores tend to have lower probabilities to exit from the business.
    Keywords: dairy farms; technical efficiency; bootstrapped data envelopment analysis; decision to exit.
    DOI: 10.1504/WREMSD.2019.10024108
  • The development of high-growth agribusinesses in the aftermath of the 2008 financial crisis   Order a copy of this article
    by Nuria Arimany-Serrat, Elisenda Tarrats-Pons, Petra Nylund 
    Abstract: The impact of the 2008 financial crisis has led the region of Central Catalonia, Spain, to rely even more on agribusiness. This industry represents a large share of employment and sales income in the region. In addition, high-growth firms drive a disproportionate share of regional economic growth. We therefore analyse the economic and financial health of high-growth agribusinesses in Central Catalonia during the period 2008-2013. We find that these firms exercise frugal financial management during the studied years, and that their economic profitability is a function of their solvency and the employee productivity. We conclude by discussing the implications of these findings.
    Keywords: economic and financial analysis; high-growth firms; agribusinesses; profitability; financial return; Catalonia.
    DOI: 10.1504/WREMSD.2019.10024109
  • Investment climate constraints, network isomorphism and survival among small commercial poultry farms in Ghana   Order a copy of this article
    by George Acheampong 
    Abstract: The study seeks to the role SME network isomorphism to survival using data from a two-year network survey of poultry enterprises in Ghana. The data was collected between January 2014 and March 2015. The study seeks to understand the usefulness of network isomorphism as structural conformance in a network in aiding the survival of SMEs. Isomorphism was measured as structural equivalence between actors in the collaborative network we developed from the data. First, it is found that there is a high failure rate among the SMEs of about 40%. Secondly, isomorphic SMEs have a better survival probability and such isomorphism was very useful in overcoming investment climate constraints. However, the isomorphism reaches an optimum and returns negative effects. The findings imply that while technical efficiency is important to the survival of enterprises, business managers must also be attuned to the influencing role of structural conformance in an industry.
    Keywords: structural equivalence; isomorphism; investment climate; SME networks; Ghana; probit regressions.
    DOI: 10.1504/WREMSD.2019.10024110
  • Role of leader-member exchange and organisational justice on firm sustainability in India: an empirical examination   Order a copy of this article
    by Anu Singh Lather, Simran Kaur 
    Abstract: This study proposed that a perception of organisational justice plays an important role in explaining the relationship between subordinates and their supervisors, and in turn, the resulting influence on firm's sustainability. The study reports responses from 218 employees from Delhi NCR. This study disclosed that the distributive, procedural and interactional justice stanching from the leader member exchange quality have a positive and significant link with firm sustainability. The limitations of common method bias and cross sectional data are discussed in light of implications for future research. This study answers the vital question that what should be done to increment the perception about organisational fairness which result in sustainability of the firm.
    Keywords: organisational justice; leader-member exchange; LMX; firm sustainability.
    DOI: 10.1504/WREMSD.2019.10024111
  • The green value chain construct: instrument validation and green practices among Malaysian corporations   Order a copy of this article
    by Jeen Wei Ong, Guan Gan Gerald Goh, Choon Yih Goh, Hui Siang Sally Yong 
    Abstract: This study aims to validate the green value chain construct and developed through semi-structured interviews conducted on 35 public listed companies with green focus in Malaysia. Despite the importance of value chain activities as the cornerstone of value creation for businesses, there are only limited research effort that had been directed at empirically validating the green value chain construct. This study validated the green value chain construct through questionnaire surveys among 198 Malaysian corporations. In addition, the adoption of green practices within the value chain among the corporations are examined. The findings suggest that while the corporations are embedding green practices, mainly in the primary value chain activities, the green practices in the secondary value chain activities are however given lower emphasis. The minimal emphasis on embedding green elements in the technology development and human resource management is of concern which raises the question on the sustainability of green practices among these corporations.
    Keywords: green value chain; construct validation; exploratory factor analysis; green practices; Malaysian corporations.
    DOI: 10.1504/WREMSD.2019.10024112
  • Technical and economic evaluation of renewable energy production in the Italian agricultural firm: financing a biogas plant investment   Order a copy of this article
    by Domenico Raucci, Stefano Agostinone, Martina Carnevale 
    Abstract: This paper provides a technical and economic evaluation for financing a biogas plant investment for energy production. Using a case study, the analysis is focused on a diversification strategy of an Italian agricultural firm that, moving from its 'traditional' business, exploits the potentials offered by the integrations with renewable energy production. The building of a biogas plant represents, for a farm, an opportunity to plan a fruitful sustainable development by searching an effective and efficient balance between the financing sources and the regulatory incentives. The economic-financial results show that the renewable energy investment, especially in the biogas production, integrates effectively the current activities of the farm investigated without changing the 'core' business efficiency. Furthermore, it supports its growth strategies with suitable levels of the profitability and greater attention of environmental impacts.
    Keywords: Italian agriculture sector; renewable energies production; biogas plant investment; project management; cash-flow analysis.
    DOI: 10.1504/WREMSD.2017.10016153

Special Issue on: ICTSCI 2019 The Role of Artificial intelligence in Entrepreneurship and Business Management

  • Fine Grain Sentiment Grading Of User-Generated Big Data Using Contextual Cues   Order a copy of this article
    by Akshi Kumar, Geetanjali Garg 
    Abstract: There has been a tremendous growth in the use of online resources. Twitter is one such micro blogging website, which has become quite popular over the past decades. It offers a vast amount of user-generated knowledge about marketing which can be used for sentiment analysis and finds wide application in both public and private sectors. A novel two-tier classification framework using machine learning algorithms and lexicon based algorithm is proposed to extract sentiment of tweets and assign a fine grain grade to the tweets among one of the seven classes namely:- high negative, moderate negative, low negative, neutral, low positive, moderate positive and high positive. Different tree-based machine learning algorithms in the domain of sentiment classification were explored. Results of machine learning and lexicon based approach are combined for better classification. Context is also used by forming SentiCircles for the task of sentiment classification. The evaluation of the study shows that the proposed method provides fine grain grading to tweets with accuracy of 61.84 %. The hybrid machine learning and lexicon-based processing technique with the usage of contextual cues is an effective and practical method for sentiment analysis. Preliminary results are motivating and the work will be extended to design and develop a patent model within the domain of context based sentiment analysis.
    Keywords: Big Data; Twitter; Machine Learning algorithms; SentiCircles.

  • Internet of Things based wearable health solutions: Empirical study for health startups   Order a copy of this article
    by Shweta Nanda, Taruna Gautam 
    Abstract: Indian population has potential threat of non-communicable diseases. The low preventive health measure is a cause of major loss to the economy. Integration of the cloud platform with remote wearable sensors not only help the health stakeholders to capture the patient vitals but also perform predictive analysis. Raising timely alarms through Internet of Medical Things has wide application in preventive care. It is surprising that despite of huge application benefits, the startups in this domain lack the integration support due to challenges in license approvals from the Government levied new Medical Device Rules. This is an original paper and holds significance as all the available literature on Remote Connected Care Medical Wearable Technology is accumulated and studied. This paper has a detailed behavioral empirical study of the customer towards the device acceptance and the role played by demographic variables in same. The potential of the Internet of Things based remote medical wearables to be the future of sustainable healthcare model is captured from ASSOCHAM Report, Industry, IoT India Congress Report, Innovation Industries Conclaves, IEEE and various global researches in this domain.
    Keywords: Internet of Medical Things; Medical Wearable Technology; Acceptance; Behavioral Empirical Study; Sustainable Healthcare Model.

Special Issue on: Role of Artificial intelligence in entrepreneurship and business management

  • Financial credit risk evaluation model using machine learning based approach   Order a copy of this article
    by Pankaj Kumar Jadwal, Sonal Jain, Basant Agarwal 
    Abstract: Credit risk associated with individual at the time of sanctioning credit is one of the most crucial tasks for the banks and financial institutions. Financial organizations use credit score of a customer to decide whether a loan should be granted or it should be declined. Most of the existing models to compute the credit risk associated with a person are based on machine learning. However, the performance of the existing models are limited due to the noisy nature of available training data. Therefore, the pre-processing of the data contributes a crucial role in the performance of the credit risk evaluation model. In this paper, we propose an approach to develop an efficient credit risk evaluation model based on integrating a clustering algorithm with a classification algorithm. More specifically, initially, we transform the data into clusters of similar nature, and further, we develop different classification models for each cluster. Experimental results show that the proposed model improves the performance of the model by reducing the effect of the noise.
    Keywords: Credit risk management; clustering; hybrid model; agglomerative clustering; k-modernclustering.