| Title | Renewable energy initiatives by corporates and sustainable development - a mediation analysis |
|---|---|
| ID_Doc | 70943 |
| Authors | Abhishek, N; Rahiman, HU; Suraj, N; Kulal, A; Ashoka, ML; Divyashree, MS; Raghupathi, S |
| Title | Renewable energy initiatives by corporates and sustainable development - a mediation analysis |
| Year | 2024 |
| Published | Cogent Economics & Finance, 12.0, 1 |
| Abstract | Corporate efforts in eradicating environmental negativities are a significant aspect that is playing a vital role to contribute sustainable development. Renewable energy initiatives by corporations are also a trending effort through which they can promote the generation and consumption process of clean energy that helps to conserve non-renewable natural resources and contributes to the same for future generations. Therefore, the study followed both quantitative and qualitative approaches to achieve the objectives. The qualitative approach consists of content analysis of earlier literature and theories and focus group discussions for finalizing the research instrument. The research instrument was distributed to managers and academicians through e-forms, 271 responses were received and 253 completed responses were considered for further analysis. The study employed descriptive statistics, structural equation modelling, and mediation analysis techniques to draw conclusions based on the objectives. The results of the one-sample t-test revealed that the respondents positively opined that renewable energy initiatives by corporations influence sustainable development. Further, the results of structural equation modelling and mediation analysis confirmed the influence of such initiatives have an indirect influence on sustainable development, mediated by the environmental, social, and economic aspects. The outcomes of this study help industries to know the importance of such initiatives and provide inputs to design their business models based on such initiatives and also guides to frame the policies to align their operations with sustainability. Further, the outcome also helps to correlate complex relationships between corporations' actions and sustainable development goals. Lastly, the study contributes to the existing body of knowledge on the intersection of corporations' initiatives, renewable energy, and sustainable development. Advancing the research in this field paves the way for future research and to frame policies for fostering sustainable business practices and addressing environmental issues. The study focuses on stakeholders' perceptions on Renewable Energy Initiatives (REIs) by corporate entities and their impact on sustainable development. Many statistical experiments have been done and evidentially found that there is a positive perception among respondents on the influence of REIs by corporates on sustainable development. This influence is statistically mediated by environmental, social, and economic aspects. However, the study acknowledges limitations such as subjective perceptions, lack of assessment of long-term effects, and did not focus the actual practices of business entities. The outcome of the study offers insights for policymakers to frame guidelines and frameworks for REIs, including company disclosure requirements, aligning national strategies with sustainability goals, and providing subsidies and incentives for such initiatives. This can lead to better monitoring, transparency, and coordinated efforts towards sustainability.The corporates can use this outcome as evidence while making decision on engaging in REIs, contributing to environmental, social and economic sustainability. The study also highlights the significance of disclosing such information in their reports to enhance accountability and transparency. And also helps in building corporate image and leadership in the market.From the outcome of the current study, future studies can build upon existing theories like stakeholder theory and institutional theory. This can lead to a better understanding of how stakeholder interests and institutional pressures influence corporate decision-making regarding REIs.The study also has significance in offering suggestions in developing sustainability frameworks to incorporate various factors beyond REIs alone, such as water usage, waste management, and supply chain sustainability. This would provide more comprehensive insights into corporate sustainability practices and their impacts. |
| https://www.tandfonline.com/doi/pdf/10.1080/23322039.2024.2344122?needAccess=true |
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