Sustainability Development through Green Economics: Volume 114

Purpose: The chapter analyses the diversity of the European Union (EU) member states in terms of the transition to a sustainable, green, and just economy.

Need for the study: Sustainable development is an important concern that the EU approaches by aiming to transition to a greener economy, fairly and inclusively. Moreover, the actual context, post-pandemic period and ongoing war at the EU border, makes the social and economic development of the EU countries matter even more in the light of this just transition.

Methodology: The authors relied on a multidimensional approach, using principal component analysis (PCA) to reduce the dimensionality of the dataset. The cluster analysis allowed us to group the countries in such a way that made it possible to identify the best and worst performers, as well as certain patterns that can be the basis for the formulation of good practices and transferable to the states that need more support in the transition to a green economy.

Findings: The results indicated that EU member states can be grouped into five clusters, each needing specific policies to ensure sustainable and inclusive development. Denmark, Finland, and Sweden turned out the best performers, while Estonia, Lithuania, Bulgaria, and Romania proved to have the most unfavourable situation.

Practical implications: The findings provide relevant policy implication insights for policy decision-makers in the field of green economy, economic development, and social policies, with directions for future research.

Purpose: Human capital development strategies and components in hospitality are covered in this chapter. This study examines hospitality human capital development, including training, leadership, technology integration, staff well-being, diversity, equality, and inclusion (DEI).

Design/methodology/approach: This chapter uses secondary data from the relevant research article literature. The design shows how human capital development techniques affect hospitality. This study addresses human capital development needs in the hospitality business as technology becomes increasingly essential.

Findings: Hospitality worker adaptation and flexibility for human capital development, including wellness efforts for work–life balance, are discussed in the chapter. The results also address recognition and incentive systems to foster a healthy hospitality workplace culture that supports employee human capital development.

Research limitations: Human capital research in hospitality is minimal. Future research should examine additional human capital determinants affecting hospitality sector success and their relevance in varied settings for global hospitality and tourism growth.

Practical implications: This study can help hospitality and tourism stakeholders, policymakers, and local communities improve the symbiotic relationship for human capital development. Practical implications emphasise the necessity of inclusive development initiatives that empower hospitality communities and maintain global hospitality and tourism.

Originality/value: This study examines how human capital development affects hospitality, particularly tourism. The novelty is studying development strategies as drivers for good change, teaching sustainable global human capital development in international tourism.

Purpose: This chapter explores the linkage between sustainability and subjective well-being (SWB) in the workplace. This scoping review aims to present rational approaches to the linkage between sustainability and SWB at the workplace.

Need of the study: Sustainability aims to achieve social equity and justice through various initiatives so that present and future generations can enjoy resources without exploiting them. By adopting sustainable initiatives in our day-to-day lives, we can create a healthier equation between humans, work and nature.

Methodology: This scoping review explores the relationship between sustainability and SWB in the workplace. Employing the PRISMA method for synthesis, which is qualitative in nature, the review includes research papers published from 2014 to 2023.

Findings: Sustainable HRM encourages employees to engage in socially responsible initiatives and activities. Research demonstrated a positive correlation between well-being and desirable outcomes, including improved job performance, increased productivity and reduced employee turnover intention.

Practical implications: This review underscores the significance of implementing sustainable practices to enhance well-being across various levels within organisations, encompassing individual employees, teams, organisations as a whole and inter-organisational processes. Organisations can pave the way for a resilient future by prioritising sustainable actions today.

Introduction: The idea of sustainability has become increasingly popular across many industries. To meet the demands of the present without compromising the capacity of future generations to meet their requirements, sustainable organisations prioritise integrating environmental, social, and economic aspects into their operations.

Purpose: To analyse the inter-relationship between sustainable organisations, high-potential employees (HPEs), and blended learning (BL) effectiveness. Organisations can gain a competitive edge, spur innovation, and contribute to a more sustainable and inclusive future by incorporating sustainability into their operations and offering sustainable workspaces.

Design/methodology/approach: This research approach offers a thorough understanding of the connections between sustainable organisations, HPEs, and workspaces by combining a literature review of 77 research papers, case studies, and surveys.

Findings: The dedication to sustainability draws high-potential workers and environmentally aware customers who favour supporting socially conscientious businesses.

Practical implications: The study provides valuable implications and suggestions for businesses looking to improve their sustainability and recruit top talent. These proposals should include the techniques for integrating sustainability into organisational culture, employee engagement programmes, talent recruiting and retention tactics, and designing environmentally friendly workspaces.

Originality/value: This research approach offers a thorough understanding of the connections between sustainable organisations, HPEs, and workspaces by combining literature reviews, case studies, surveys, interviews, and data analysis.

Purpose: The study focusses on the systematic review of the greenwashing literature to present the research gaps to researchers for future studies.

Design/methodology/approach: The systematic review has been used to analyse past studies on ‘greenwashing’. The 325 research articles of the previous 10 years (2014–2023) were downloaded from the Scopus-indexed database using the keyword ‘greenwashing’.

The findings: There is a need for a study on greenwashing in developing countries like India. An attempt should be made to analyse the research with a large sample size.

Research limitations: The scope of the data used in this study is limited by the source of retrieval, that is, the Scopus. The current source adequately serves the study’s purpose, as the Scopus database is one of the most significant citation databases. This study analyses data from the years 2014 to 2023 to improve credibility and reduce biases.

Practical implications: The research findings will significantly help researchers, green marketers, and practitioners be aware of the emerging markets of greenwashing and consumers’ rising greenwashing perception of green products.

Originality/value: This study is a novel attempt to explore a better understanding of greenwashing for researchers. The study is original; work has yet to be performed on this topic.

Introduction: Investments in environmentally friendly initiatives can bolster infrastructure projects, agricultural methods, and water management systems that improve the ability to withstand climate-related difficulties. Green investments encompass endorsing carbon markets and financial instruments that incentivise reducing emissions. This research helps attain the climate objectives described in sustainable development goal 13 (SDG 13).

Purpose: This chapter aims to investigate the relationship between greenhouse gases (GHG) and gross domestic product (GDP), with the underlying objective of understanding the relevance of green investment for sustainable development.

Methodology: For the analysis, the top five countries: the USA, China, Germany, Japan, and India, were chosen based on the world’s largest economies in 2023, as per their GDP data. For testing the hypothesis, data from the World Bank database during the period 2002-2022 was retrieved and GDP is used as a dependent variable and GHG as an independent variable. For the study, panel data are used, and the Johansen cointegration test and ordinary least squares (OLS) regression are applied.

Findings: In the case of China and India, the null hypothesis has been rejected, which is depicted by the significant and high degree of relation between GHGs and the GDP of these two countries. The null hypothesis is also rejected for the USA and Germany, but it shows a significant and moderate degree of relationship between GHG and GDP. For Japan, the null hypothesis is accepted and reflects a negative relationship between GHG and GDP.

Purpose: This chapter examines the effect of green banking practices (GBPs) on environmental performance (EP), specifically focussing on the Sri Lankan banking industry. Additionally, the study explores the mediating impact of green finance in the association between GBPs and the EP of banks listed in the Colombo Stock Exchange in Sri Lanka.

Methodology: The survey included 233 banking employees from Sri Lanka, and data for this study were collected via questionnaires. The formulated hypotheses were tested employing a regression analysis.

Findings: GBPs such as employee, customer, operation, and policy-related practices significantly predicted the banks’ EP. Furthermore, the study highlights that green finance partially mediates the relationship between GBPs and banks’ EP in Sri Lanka.

Implications of the study: The study’s results indicate that banks should prioritise integrating GBPs in their organisations to enhance environmental and overall performance. Moreover, strategically utilising green financing techniques might be a substantial channel for banks to further strengthen their ecological dedication and influence.

Originality: This is the first study to investigate the impact of GBPs on banks’ EP with the mediating effect of green finance in the Sri Lankan context.

Purpose: The study is focussed on redesigning work and green job structures for organisational sustainability. The contribution of this chapter is two-fold: HR practices can be redesigned to incorporate eco-friendly principles into job roles and explore green human resource management (HRM) as innovative approaches that organisations can adopt to promote environmental responsibility and sustainable practices within their workforce.

Need of study: The study on green HRM and job redesign is crucial for organisations to align operations with environmental sustainability. It addresses the need for practical guidelines and strategies for implementing sustainable practices. With increasing emphasis on corporate social responsibility and stakeholder demand, this study is essential for organisations to enhance their reputation, attract environmentally conscious talent, and positively impact society and the environment.

Methodology: The chapter is conceptually oriented; the data utilised in this study will primarily rely on secondary sources.

Findings: The findings demonstrated that adopting green HRM practices can help businesses improve their environmental performance and employee satisfaction. These procedures also allow the organisation to remain sustainable, guaranteeing its long-term success.

Practical implications: Humans know that redesigned work and job structures in green HRM can allow staff members to learn new sustainability-related skills and knowledge, boosting their professional growth and future employability. Redesigning work structures and implementing green HRM practices can also increase employee pride and loyalty to the company by integrating them into a mission-driven, sustainability-focussed workforce.

Introduction: ‘Ecotourism’ refers to tourism that promotes and preserves a site’s eco-heritage to make tourists aware of the cultural past and protect the environment at the same time. The elementary impression behind ecotourism is that it signifies an appealing alternative to the mass tourism paradigm, significantly altering the natural and social circumstances of tourist destinations worldwide.

Purpose: To study the various factors responsible for the prospects and development of ecotourism, including marketing strategies, which necessitates and deliberates for society’s well-being and the safeguarding of the landscape.

Need for the study: This research provides perceptions into the economic, environmental, and social factors and the marketing tools that influence the sustainable development of ecotourism and to address the historical neglect or minimal consideration of environmental impacts associated with tourism practices.

Methodology: The study involved quantitative analysis gathering primary data from 100 respondents and inclusion of secondary data sourced from journals and articles. The collected data underwent testing and analysis, employing descriptive statistical analysis, analysis of variance (ANOVA), correlation analysis, and structural equation modelling (SEM). These analyses successfully established relationships among the variables under investigation.

Findings: The study recommends a futuristic plan to boost the sustainable growth of ecotourism on the basis of the findings of the study.

Practical implication: The research underscores the pivotal role of local community engagement, education, enhanced visitor experiences, and strategic promotion facilitated by eco-smart technologies in fostering the sustainable growth of ecotourism destinations.

Introduction: The global financial crisis has affected the financial markets and has had social consequences in addition to economic ones. The concept of ‘sustainability’ concerns firms reaching their main corporate goals. So, to maximise corporate financial performance (FINP), firms pay attention to non-financial data, such as elements of governance, social, and environmental concerns (henceforth referred to as ESG). Therefore, non-financial information provided by EGS factors measured by the ESG score has a crucial role in incorporating strategy and firm performance.

Purpose: This chapter looks at how ESG scores affect the performance of firms. The term ‘ESG’ describes how corporate operations include ESG principles. The ESG score is a novel way to gauge a company’s sustainability.

Methodology: ESG practices are a current phenomenon that has taken the attention of researchers in the last decades. Besides the amount of research conducted, researchers still need consensus regarding its impact. This chapter implements a systematic literature review to compile the research on ESG performance (ESGP) and how it affects business performance.

Findings: Businesses can incorporate sustainability practices into their operations with the help of ESG reports. ESG reports and scores provide non-financial information, which is crucial for businesses to achieve sustainability in their activities and attract more investors. The chapter contributes to the literature by creating value through a comprehensive and theoretical literature review.

Introduction: The circular economy is observed as a good sustainability practice that has gained importance recently. The effects of this practice specific to the financial industry are examined in the context of green accounting, finance, and sustainability reporting standards and needs.

Purpose: This chapter aims to analyse the impact of the circular economy on the finance industry based on three research questions: (1) What benefits and challenges does the circular economy bring to the financial industry? (2) What should be the financial industry’s strategic roadmap and business model for transitioning from a linear economy to a circular economy? (3) What are the differentiating aspects of ecosystem accounting and environmental accounting in its structure and use in the financial industry?

Methodology: The method of our work is based on a ‘strategic road map for circular economy’ implementation and a ‘sustainability business model framework’ relevant to the finance industry. Thus, we systematically present the ‘value generation process’ considering the industry trends and dynamics and regulatory challenges regarding ‘green business model’ management with a strategic approach.

Findings: To coordinate the transition to a circular economy based on systematic knowledge about the state of ecosystems and their interactions with society, it is necessary to design monitoring, accounting and reporting systems that adapt to the new business operating environment. This chapter provides recommendations from the perspective of the financial sector.

Purpose: This study investigates the role of telemedicine in sustaining healthcare systems in Europe, during the COVID-19 pandemic. It focusses on how telemedicine serves as a strategic response to modern healthcare challenges, emphasising its efficiency, accessibility, and patient-centred nature.

Need for the study: The need for this study arises from the escalating demands on healthcare systems, especially during the COVID-19 pandemic. It aims to understand the adoption of telemedicine practices across European Union (EU) countries and their impact on healthcare sustainability.

Methodology: This study employs hierarchical and K-Means clustering to analyse EU citizens’ attitudes towards teleconsultations during COVID-19. Principal component analysis (PCA) is used for data compression and insight extraction. Data is sourced from Eurofound’s 2020 and 2021 surveys, involving extensive participant responses across the EU.

Findings: The study’s findings reveal significant shifts towards digital healthcare solutions, such as an increase in online consultations and prescriptions. It identifies different patterns of telemedicine use across EU countries, influenced by socioeconomic and geographical factors. These findings offer insights into future healthcare policy and strategy development.

Practical implications: The findings provide valuable insights into the shifts in telemedicine adoption in the EU, highlighting the significance of economic and sociological factors in healthcare trends. This study stresses the importance of customising healthcare strategies to suit the unique needs and digital capabilities of different countries.

Introduction: The notion of job losses during energy transition phases and their influences on fossil fuel economies have been debated in various aspects. Meanwhile, unemployment and poverty have been critical economic challenges for many developing countries, even the resource-rich countries in the Middle East. Concurrently, no country so far is poverty-free and has not entirely fulfilled Sustainable Development Goals (SDG) Nos. 1 and 8, as many resource-rich countries account for the significant global poverty and unemployment, such as Nigeria, Iraq, Yemen, and Venezuela.

Purpose: The issue of green transition has created new fears for the job market in the fossil fuel economies, where the lives of many people could be mainly affected. This study investigates the macroeconomic challenges of green transition and the macroeconomic consequences that fossil fuel economies will deal with.

Methodology: This study follows content analysis and a desk-search review of job loss during the green transition in the context of fossil fuel economies. In addition, the descriptive analysis is just a clear understanding of the fundamental review of the topic that will lead to another cross-country analysis study based on in-depth knowledge and analysing data.

Findings: The European Green Deal (EGD) will have profound economic, social, and political implications for fossil fuel-dependent economies for various reasons. First, fossil fuel economies are less diversified; the economy depends on a single commodity; the systems must be developed and people must prepare for a quick economic transition.

Purpose: The book chapter seeks to investigate the numerous green finance measures already taken by various banks in the direction of Bangladesh’s sustainable development. The chapter also demonstrates the extent to which banks in the nation will use green finance between 2019 and 2022.

Need for the study: This study indicated that practically all banks participated in green finance initiatives to promote sustainable economic growth. Private commercial banks (PCBs) and foreign commercial banks (FCBs) have taken more measures than the other banks, although their efforts still fall short. Therefore, it will be better for the environment and sustainable growth if the financial industry adopts more green finance projects.

Methodology: The study mostly relied on secondary data and information gathered from Bangladesh Bank annual reports, numerous studies on green financing, and the websites of several institutions. Microsoft Excel has been used to examine the data. Data have been presented using tables, graphs, and charts.

Findings: Green financing is now the demand of the time because the whole world, especially Bangladesh, is facing adverse impacts from global warming and climate change. So environmental issues have become the main concern of the government, Bangladesh Bank, stakeholders, and society, and they wish to know about the initiatives towards green financing taken by the various banks to reduce the impact of global warming.

Implications: Policymakers, governments, private and public organisations, banking industries, and their stakeholders will benefit from the book chapter.

Purpose: This study explores the growing significance of environmentalism and sustainability in the contemporary business landscape. Focussing on aligning industries with evolving consumer expectations, the research seeks to understand the awareness surrounding environmental conservation, sustainable development, and the adoption of an environmentally conscious lifestyle.

Need for the study: With environmental consciousness on the rise, understanding the initiatives taken by organisations and the utilisation of digital platforms for environmental advocacy becomes crucial. The study addresses the need to unwind the cultural shift towards sustainability and assess the effectiveness of green marketing practices in the digital age.

Methodology: A triangulation approach is employed, integrating secondary data from literature research with information from company reports and databases. The literature survey provides extensive insights into green marketing practices, forming the basis for an in-depth analysis. The comparative analysis and integration of findings from both sources aim to draw a comprehensive picture, identifying areas of agreement and disagreement.

Findings: The study provides robust evidence supporting the effectiveness of green marketing practices in the digital age. Convergence between academic literature and real-world corporate practices underscores the consistency in approaches adopted by companies in leveraging digital technology to advance environmental sustainability.

Practical implications: The findings suggest that theory and practice converge on various aspects of green marketing, indicating its profound impact on culture, behaviours, and strategies. This research informs businesses and policymakers about the tangible benefits and shared responsibility of incorporating green practices in corporate strategies, fostering a sustainable future.

Introduction: Political stability is an essential source of stock market dynamics. Investors are confident about countries that have higher political stability. Political stability in an economy enables investors to develop their ability to predict the future and thus to tend towards longer-term and permanent economic and financial activities.

Purpose: The study aimed to investigate the impact of political instability in BRICS countries and Türkiye on their stock market volatilities.

Methodology: The study analysed the univariate exponential generalised autoregressive conditional heteroskedasticity (EGARCH) Model. The model employed the credit default swap (CDS) 5-year USD Bond data of the BRICS countries and Türkiye to represent political instability. The daily stock exchange index return data from 1 January 2015 to 15 January 2023 was used for model estimation.

Findings: The results of the EGARCH model indicate that political instability is a crucial factor in stock market volatility. The coefficients suggest that when CDS increases in BRICS countries and Türkiye, the volatility of stock returns also increases. The analysis shows that the impact of political instability on the stock market of BRICS countries and Türkiye is not uniform. However, the significant effect of political instability on volatility is higher for Türkiye than for BRICS countries. This indicates that investors perceive the political risk of Türkiye to be greater than that of BRICS countries when investing in the stock market of Türkiye.

Purpose: Green consumerism is on the rise in the 21st century, impelling businesses to prioritise environmental awareness and expand eco-products to keep up with the growing demand. This research examines how social media (SM) and moral obligations (MO) affect consumer views and their propensity to make eco-friendly choices.

Methodology: Data were gathered from 508 participants using an adaptive questionnaire. The proposed model was tested using ‘structural equation modelling’.

Findings: The results show that electronic word-of-mouth (EWOM) and the intent to acquire green goods favourably impact consumer behaviour. MO positively influences attitudes and intentions to make green purchases (GPI), with attitudes acting as a mediator between MO and GPI.

Implications: This research is of utmost importance for marketers wanting to enhance their SM communication strategies to influence consumers’ opinions of green products and raise the possibility that they would make environmentally conscious purchases.