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As an emerging field of financing, impact investing is under-institutionalised and is in a legitimacy building phase. In an attempt to unpack how impact investing is deployed in global markets, the key elements of its definition (intentionality, returns and measurement) are examined through a review of academic and practitioner literature. A refined definition is developed which emphasises the key elements of intentionality and measurement as separating impact investment from the established field of socially responsible investment (SRI).

Funds and products from a publicly available database are systematically analysed against the refined definition to determine the rigour with which intentionality and measurement are applied by self-identified market participants. These elements are used as a proxy to determine “purpose-washing” – a process where funds are presented as impact investments but do not satisfy a tightly applied definition. Purpose-washing enables the possibility of “retrofitting”, where funds originally defined as other products (e.g. SRI) retrospectively claim to be impact investments.

Having found evidence of purpose-washing but not retrofitting, actions are identified to enhance impact investment’s integrity, focussing on intentionality, measurement and transparency. Clarity of definition and purpose are important for a field in the market-building phase, as a lack of clarity could have negative implications for integrity and growth. The authors postulate that purpose-washing may be attributed to twin but distinctive motivations by market participants: interest in fee-generation among fund managers and attempts to bolster field legitimacy by demonstrating sector growth among impact investing proponents.

This paper represents a unique analysis of impact investments against a robust and refined definition. By doing so, it offers a systematic appraisal of impact investments and an overall assessment of market integrity in its field-building phase.

The purpose of this paper is to offer some reflection on the abuse of consumer trust and the importance of control of information in the digital market and the green market. The role of the consumer as the arbiter of the market is fundamental. The abuse of consumer confidence depends, in fact, on the spread of stereotyped messages and vague and generic formulas aimed at hiding a dangerous vacuum of protection. In both markets, it is a question of giving the consumer the necessary tools to monitor the transparency of the criteria used by the trader to classify a product according to its characteristics.

Based on the analysis of an Italian case law and the European programme, the author shows how in Italy there is a dangerous lack of consumer protection. The problem is that the green consumer, as well as the online consumer, is not able to immediately verify the accuracy of the product requirements and must be able to count on the seriousness of the professional. For this reason, the European and national authorities have provided specific rules for both markets. The new proposal of directive introduces specific rules to target unfair commercial practices that mislead consumers away from sustainable consumption choices and introduced many innovations, such as the ban on greenwashing.

This work aims to identify the tools necessary to make the information on the products offered in the digital market and those related to green products more reliable but above all to create a common methodology on which to base them. High is the risk that sustainability will become a simple marketing strategy for companies. The difficulty consists in the absence of certain and verifiable parameters by the consumer to really measure the characteristics and the quality of a product characteristic of a product compared to competing ones.

This work examines the problem of consumer protection in the digital and green market from a new perspective, comparing the information asymmetries with respect to the professionals in the two markets. Starting from the cases of greenwashing and analysing new European remedies, the author suggests for both markets, specific answers different from those required for advertising in general. The problem here is not only the truth of the message but also the vagueness and genericity. The consumer must be in a position to control the criteria used by the professional to classify products, both in the green and the digital market. To the best of the author’s knowledge, this paper is the original work of the author and has not been submitted elsewhere for publication.

The purpose of this paper is to analyze the perception of the influence of greenwashing and of attitudes and beliefs in the decisions of purchase of green products in the retail.

A quantitative research was carried out by means of a survey with a sample of 880 consumers living in São Paulo city, Brazil, who buy in supermarkets weekly or biweekly.

It was possible to evaluate a model that analyzed the aspects that greenwashing carries and the aspects that the attitudes and beliefs of the consumer present. As a result, it is inferred that when greenwashing is identified in the product, it loses the aspects of loyalty, satisfaction and benefits, as well as becoming a product that causes confusion of consumption. Further, consumer attitudes and beliefs show that they are guided by the aspects of perceived loyalty, satisfaction and benefits and that the perceived risk aspect is practically ignored.

The originality of this study is in evaluating consumer perception focusing on several aspects of purchase intention simultaneously, considering perception and behavior of consumer before greenwashing and green consumption and using all aspects together (satisfaction, loyalty, subjective and control forces, risk and benefits perception). Besides complementing with other determinants like consumer attitudes and beliefs, confusion of green consumption, behavior controlled in relation to green consumption and greenwashing. Thus, it contributes with an interdisciplinary study whose scale and methodology can be used by analogous studies.

The rationale of viewpoint is to comprehend green consumption (GC) and sustainable consumption (SC). The purpose of this study is to understand how the phenomenon of sustainable and green consumers perceives in an everyday perceives in an everyday/routine life in modern today’s dynamic world society, where consumers clients are highly encouraged towards use and practicing sustainability, also to understand people’s personal lived experiences in this affair of green and SC processes. The adoption of sustainable business strategies has been a well-thought-out plan which act as a foremost driver for the socioeconomic development.

Present study is based on phenomenological interviews, using interpretative phenomenological approach (IPA) which has offered a platform to investigate, explore and discover to talk about latent prime aspects (causes to procure or adopt green products, its category, expression of feeling about perceived product self-assurance, readiness to pacification and consolation, familiarity of environmental-friendly products, reflection of alternatives, make use of and abandonment). Semi-structured exhaustive dialogues with Indian green consumers are set up to stimulate dialogue on their viewpoint.

The findings classify bewilderment of how sustainability applies in routine style for sustainable and GC followed by the consumers with respect to his/her behaviour and challenges of SC over GC, predominantly for ecological and environmental issues, and there was cynicism concerning higher pricing order of green and sustainable products available in market. Interestingly in findings framework, the analysis designates that green consumers represent a non-natural segment and offer auxiliary experiential description of sustainable development or sustainability as a measure of sustainable market and its orientation concept.

The idiographic nature of IPA, particularly phenomenological approach, may be considered as a research limitation. Well-presented research work is exploratory in nature; and a research team is followed by well-known guidelines in order to make certain impartialities. Though, the research conclusions are limited to Indian GC and a replication or limitation into different nations would aid in the direction to get rid of several probable nation partiality.

In a nutshell, here findings exemplify that green or sustainable consumers are shifting sustainable ideology from one situation to another, and that by speaking about sustainability, these consumers possibly will obtain a competitive lead.

The results or findings reveal green or sustainable consumers’ augmented association with sustainability and the role expected from them to create better society and world.

The research work exclusively places green or sustainable consumers’ dependence on heuristics to show sustainable preferences or choices, due to the lack of information and awareness, and it entails that sustainable concepts and sustainability are becoming popular nowadays; ever more included into their everyday behaviours and practicing. Very limited research studies have been done to investigate the GC and SC; measuring consumers’ actions using qualitative research approaches through IPA approach. This paper explores their consumption pattern and processes in detail.

Diverse understanding of corporate social responsibility (CSR) abounds among scholars and practitioners in Nigeria. The purpose of this chapter is to reinvent CSR in Nigeria through a deeper understanding of the meaning and theories of this nebulous concept for better application in the industry. The qualitative research approach is adopted, relying on critical review of scholarly articles on CSR, website information of selected companies and institutional documents. It was found that there are diverse meanings of CSR in the reviewed literature, but the philanthropic initiatives and corporate donations for social issues are the common CSR practices in Nigeria. Besides, the eight dominant theories of CSR that find relevance for applications in the industry are shareholder/agency, stakeholder, legitimacy, instrumental, social contract, conflict, green and communication theories. The implication of the discourse is that better understanding and application of CSR theories would strengthen conceptual, theoretical and empirical research in the field of CSR. Besides, CSR theories are useful sources of information for practitioners for designing social responsibility policies and practices as well as for providing scholars with sound theoretical framework for academic research.

The present study examines the rationale behind the increased global presence of corporate green bonds as a green financing tool to facilitate sustainable practices and eco-friendly investing. The authors investigate the intriguing question of whether the companies that issue green bonds are valued more by investors or not, and further extend our analysis by exploring whether the green image of companies helps to minimize the value erosion during a crisis and enhance the resilience of the stocks?

To examine the association between environmental commitments and firm value, the authors use the COVID-19 crisis as an exogenous shock and create a perfect natural setting to eliminate the endogeneity bias from our estimations. Moreover, the authors use propensity score matching to choose a one-to-one match of green bond firms with a larger pool of brown bond firms and eliminate the “size effect” arising out of the disproportionate sample size of green and brown bond firms.

The results of the study indicate that green bond firms are valued more by investors compared to brown bonds firms. Hence, green bond issuance acts as a strong signal of a firm's environmental commitment and it is well recognized by the investors. One of the possible reasons for a higher value of green bond firms may be due to their ability to arrest value erosion during environmental shocks. The authors could not find any difference in the resilience of green and brown bond firms.

The study contributes to the growing literature in the area of impact investing, specifically on exponentially growing innovative instrument green bond. Our study integrates two areas of research, i.e. corporate finance and impact investing by examining the impact of green bond issuance on firm value and stock market returns. The results would help environmentally sensitive investors to devise their investment portfolios more efficiently.

This study aims to explore the relationships among green practices, environmental corporate social responsibility (CSR) image, customers’ trust and their behavioral intentions in a certified hotel context and examine the moderating effect of customers’ involvement in the buying process.

A survey was used to collect data from Spanish hotel customers. A structural equation model was developed to assess the research hypotheses.

Consumers’ trust on environmentally certified hotels has a direct effect on their behavioral intentions. Environmental CSR image has a direct effect on consumers’ trust on environmentally certified hotels, but it does not exert significant influence on consumers’ behavioral intentions. Additionally, the results support a positive and significant influence of consumers’ perceptions of green practices on the environmental CSR image of hotels. Finally, there is not a moderating effect of consumers’ involvement on the effects of green practices on CSR environmental image and of this variable on behavioral intentions.

To cross validate the results of this study, it is recommended that the formation of behavioral intentions in various types of environmentally certified hotel settings be investigated in future research.

Hospitality managers should design strategies to raise the perception of the green-related features of environmentally certified companies.

No prior study investigates the relationship between green practices, customers’ trust, their degree of involvement in the buying process and their behavioral intentions in relation to companies’ environmental CSR image in the hotel sector.

Este estudio explora las relaciones entre las prácticas medioambientales, la imagen de RSC medioambiental, la confianza de los consumidores y sus intenciones comportamentales en un contexto hotelero certificado examinando el efecto moderador de la involucración de los consumidores en el proceso de compra.

En la recopilación de los datos se empleó una encuesta dirigida a clientes de establecimientos hoteles en España. Así mismo, se desarrolló un modelo de ecuaciones estructurales para evaluar las hipótesis de investigación.

La confianza de los consumidores en hoteles certificados medioambientalmente tiene un efecto directo en sus intenciones comportamentales. La imagen de RSC medioambiental tiene un efecto directo en la confianza de los consumidores en dichos hoteles, a pesar de que no ejerce una influencia significativa en sus intenciones comportamentales. Además, los resultados respaldan una influencia positiva y significativa de las percepciones de los consumidores sobre las prácticas medioambientales en la imagen de RSC medioambiental de los hoteles certificados. Finalmente, no existe un efecto moderador de la involucración de los consumidores en los efectos de las prácticas medioambientales en la imagen de RSC y de esta variable en las intenciones comportamentales.

Para validar los resultados de este estudio, se recomienda investigar la formación de intenciones comportamentales en diversos tipos de entornos hoteleros certificados medioambientalmente.

Los gerentes de establecimientos hoteleros deben diseñar estrategias para aumentar la percepción por parte de los consumidores de las características medioambientales de las empresas certificadas medioambientalmente.

Ningún estudio previo analiza la relación entre las prácticas medioambientales, la confianza de los consumidores, su grado de involucración en el proceso de compra y sus intenciones comportamentales en relación con la imagen de RSC medioambiental en el sector hotelero.

This study aims to propose a hierarchy of effects model to study three antecedents of green loyalty: green trust, green satisfaction and green overall image, and to examine the relationships between these variables. At present, environmental issues attract the attention of academics and professionals around the world. In the hospitality industry, this interest is even greater because of the considerable quantities of water and energy consumed by hotel companies and because of the environmental degradation that this industry can cause with unmanaged growth and development. For this reason, several authors have proposed incorporating the green loyalty construct as a key variable in tourism theory and practice.

To test the proposed model empirically, personal surveys of hotel customers were conducted in Spain using a structured questionnaire. A structural equations model was developed to test the research hypothesis.

The findings show that green overall image has positive direct effects on green trust, green satisfaction and green loyalty. At the same time, they reveal that both green trust and green satisfaction have positive effects on green loyalty. In addition, green trust has a positive influence on green satisfaction.

This research deals with the relationship between the variables of interest, without considering other antecedents and consequences. Thus, there is still a need to explore other mediating variables (e.g. willingness to pay more to stay in a green room, or commitment regarding environmental issues), as the explanatory power of this model could still be improved. In addition, given the role of green trust and green satisfaction as mediating variables of green overall image and green loyalty, this study recognizes the need for in-depth research into the enhancement of green trust and green satisfaction.

From a practical point of view, hoteliers and marketers working for a green hotel should develop a positive green overall image and enhance customers’ perceptions of green trust and green satisfaction. In particular, they should emphasize the importance of environmental issues to customers by promoting green campaigns. At the same time, hoteliers in a green context should create effective strategies to improve their hotel’s image.

Although existing research has investigated relevant aspects of customer trust, satisfaction, overall image and loyalty, these issues have not been discussed from a green marketing perspective. Apart from that, the main contribution of this paper is its exploration of the influence of green trust, green satisfaction and green overall image on green loyalty in a hospitality setting, following the framework of the hierarchy of effects model. By complementing previous studies on customer loyalty in the environmental context and exploring the relationships among these constructs, this study offers an assessment of how green marketing strategies in the hospitality industry increase green loyalty.

In these economically and ecologically challenging times, the purpose of this paper is to investigate how innovation theory can be used to design more effective, proactive B2B green marketing strategies in order to meet the triple bottom line of economic, social, and ecological sustainability.

This conceptual paper provides a literature review of green marketing strategies and competitive advantage, and relates it to diffusion of innovation theory in a new way. First, a brief overview is described of corporate social responsibility (CSR) theories related to green marketing, with this paper providing value by adding innovation theory to address the gap in the literature. Next, a discussion is provided on reactive and proactive B2B green marketing strategies, degrees of innovation, and diffusion theory research, and propositions are developed. Then, a new model is presented on B2B green marketing innovation strategies and competitive advantage. Next, a conceptual analysis is presented using a diffusion of innovation characteristics framework to show relationships of the innovation characteristics with proactive B2B green marketing strategies and competitive advantage.

Five propositions are developed to reflect the relationship of B2B green marketing strategies with types of innovations and competitive advantage. In addition, a conceptual analysis found seven areas of B2B proactive green marketing strategies related to the diffusion of innovation characteristics. Findings also showed diffusion characteristics are associated with 11 key benefits of sustainable B2B green marketing competitive advantage.

Limitations and managerial implications are discussed. Also, this paper suggests recommendations related to diffusion of innovation characteristics in future research.

This paper provides a diffusion of innovation characteristics framework to test the effectiveness of B2B green marketing strategies and to help generate competitive advantages in an ecologically‐sustainable way. Managerial implications are discussed on how organisations can achieve successful competitive advantage while contributing to environmental sustainability for the common good of society.

This study addresses a gap in the literature on environmental/green marketing by being the first study to expand the CSR category of instrumental theories to include diffusion of innovation theory. Diffusion of innovation theory is applicable to green marketing because it includes new innovations (products, services, processes, etc.). An application of diffusion of innovation characteristics and their relationship to proactive B2B green marketing strategies can help shed light on how to increase the rate of adoption for green products, services, and processes to create a competitive advantage, and at the same time, help move the world toward greater ecological sustainability.

This study aims to uncover the black box of the influence mechanism between external stakeholder drivers and green public procurement practice, and meanwhile to explore the moderating role of administrative level in this process. Green public procurement (GPP) has been widely implemented. Existing literature has found that external stakeholder drivers can affect public sectors' GPP practice, however, the definition of its connotation is still unclear, and how external stakeholders affect GPP practice has remained a black box.

After defining the major external stakeholders, this study develops a multiple mediation theoretical model using survey data from 142 Chinese local public sectors. It aims to uncover the black box of the influence mechanism between external stakeholder drivers and GPP practice and meanwhile explore the moderating effect of administrative levels in this process.

The results show that external stakeholder drivers have a positive relationship with GPP practices. The knowledge of GPP implementation policies and the knowledge of GPP benefits can both mediate this relationship. This study also finds that the administrative level of public sectors can positively moderate the mediating effect produced by the knowledge of GPP implementation policies and negatively moderate the mediation effect produced by the knowledge of GPP benefits.

Local governments need to better encourage public sectors to implement GPP. Managers of public sectors need to pay attention to organizational learning to acquire relevant knowledge on GPP.

This study makes a theoretical contribution to a better understanding of the influence mechanism for GPP practice. This study also provides comparisons of GPP implementation policies between China and European Union.