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Barriers to Green Investments and Circular Economy Businesses Models in Small and Medium-Sized Enterprises

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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (15 November 2023) | Viewed by 4322

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Special Issue Editors

Prof. Dr. Alberto Zazzaro

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Guest Editor

Department of Economics and Statistics, University of Naples Federico II, Complesso Universitario di Monte Sant’Angelo, Via Cintia, 21, 80126 Naples, Italy
Interests: financial intermediaries; family firms; SMEs

Dr. Andrea Bellucci

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Guest Editor

Department of Economics, University of Insubria, Via Monte Generoso, 71, 21100 Varese, VA, Italy
Interests: SMEs; access to finance; alternative source of financing; green finance; green patents

Special Issue Information

Dear Colleagues,

The Special Issue welcomes studies that contribute to the development of a thorough and interdisciplinary understanding of the financial, human, cultural and institutional barriers to green investments and circular economy businesses models in SMEs and family firms.

Research areas may include (but are not limited to) the following:

Equity and debt financing for green and sustainable investments in SMEs and startups;
Instruments for the financing of green and circular economy;
The role of public policies for green investments and circular economy;
Performance of green and circular business models;
Entrepreneurship, green investments and circular business models;
Competencies and skills for green and circular business models in SMEs and Family Firms;
Social capital, green investments and circular business models;
Conventional and non-conventional investors for green investments and circular economy;
Green finance, circular economy and family firms;
Environmental strategies in SMEs and family firms;
Environmental investment’s decisions in SMEs and family firms;
CSR and ESG in SMEs and family firms;
ESG investment and firms’ access to finance.

We look forward to receiving your contributions.

Prof. Dr. Alberto Zazzaro
Dr. Andrea Bellucci
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

small and medium-sized enterprises (SMEs)
family firms
green economy
circular economy
entrepreneurship
businesses models
conventional and non-conventional investors
green finance
environmental practices
green instruments
ESG
public policies

Published Papers (4 papers)

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Research

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21 pages, 2956 KiB

Open AccessArticle

Green Firms, Environmental Hazards, and Investment

by Tommaso Oliviero, Sandro Rondinella and Alberto Zazzaro

Sustainability 2024, 16(2), 542; https://doi.org/10.3390/su16020542 - 08 Jan 2024

Viewed by 650

Abstract

In this work, we analyze the relation between environmental risks and firms’ investments, and whether this relationship is different for green firms. We merge balance sheet and patenting activity data on Italian firms in manufacturing sectors during the period 2010–2019 with information on environmental risk at the municipality level. We show that investments in capital assets are smaller on average for firms operating in municipalities with higher levels of environmental risk, particularly when the risk is hydrogeological or seismic in nature. This negative impact is significantly lower if firms operate in green sectors. This finding was reinforced after the ratification of the Paris Agreement and the consequent increased awareness of firms, investors, and policymakers about the importance of environmental risks and the ongoing ecological transition process. Full article

(This article belongs to the Special Issue Barriers to Green Investments and Circular Economy Businesses Models in Small and Medium-Sized Enterprises)

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20 pages, 453 KiB

Open AccessArticle

Green Investment Challenges in European Firms: Internal vs. External Resources

by Andrea Bacchiocchi, Alessandro Bellocchi and Germana Giombini

Sustainability 2024, 16(2), 496; https://doi.org/10.3390/su16020496 - 05 Jan 2024

Viewed by 902

Abstract

This paper examines the impact of internal and external resources on the adoption of eco-efficiency actions by European firms. The empirical analysis is based on an ordered logit model on data from the fifth wave of the Flash Eurobarometer survey (2021) for a sample of 9158 firms. We obtain three main results. First, we show that internal and external financial resources are positively correlated with firm eco-innovations, but the association with the former is stronger. Second, we observe a high degree of complementarity between public and private funds. Finally, besides financial resources, both in-house technical expertise and external non-financial assistance seem to play an important role for the implementation of eco-efficiency actions at the firm level. These findings have some relevant policy implications. European policy-makers should increase opportunities for public co-financing, while providing support to firms for developing the necessary competencies to enable green investments. Full article

(This article belongs to the Special Issue Barriers to Green Investments and Circular Economy Businesses Models in Small and Medium-Sized Enterprises)

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17 pages, 496 KiB

Open AccessArticle

Equity Investments and Environmental Pressure: The Role of Venture Capital

by Tommaso Cappellari and Gianluca Gucciardi

Sustainability 2024, 16(1), 241; https://doi.org/10.3390/su16010241 - 27 Dec 2023

Viewed by 867

Abstract

This study investigates the global relationship between venture capital (VC) investments and environmental pressure in order to contribute to the literature on the influence of venture capital on sustainable development. Using a unique dataset covering VC activity and CO2 intensity in 131 countries from 2011 to 2021, the study employs a revised STIRPAT model—a stochastic model for assessing the environmental impact of human activities. The aim is to examine the potential negative correlation between VC investments and CO2 intensity. This motivation stems from previous findings, indicating that increased VC investments spur the diffusion of eco-efficient technologies. The main results affirm a significant negative correlation between VC investments and CO2 intensity, even after controlling for relevant variables and potential confounding factors (e.g., foreign direct investments), country, and year fixed effects, and addressing potential endogeneity through lagging independent variables. Exploring heterogeneity in the baseline results reveals that these findings are consistent only for VC investments in the Asia-Pacific region, in emerging and developing economies, and in areas where they can contribute more to the development of green technologies and innovations. This suggests that VC activity may impact environmental intensity primarily in countries where emission regulations are less stringent or where existing technologies exhibit lower efficiency in terms of energy consumption. Full article

(This article belongs to the Special Issue Barriers to Green Investments and Circular Economy Businesses Models in Small and Medium-Sized Enterprises)

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Review

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21 pages, 3623 KiB

Open AccessReview

Mapping Corporate Social Responsibility in Family Firms: A Bibliometric Review across Countries

by Alberto Citterio, Rossella Locatelli and Andrea Uselli

Sustainability 2024, 16(2), 500; https://doi.org/10.3390/su16020500 - 05 Jan 2024

Viewed by 823

Abstract

The field of CSR has witnessed considerable growth and established itself as a significant subject in family business studies. However, despite previous reviews exploring this topic from various angles, there remains a crucial gap in understanding the influence of diverse regulatory frameworks and social, environmental, and managerial values on the development of literature production and research streams across different regions. This gap holds particular significance for comprehending the latest advancements in this dynamic research field, particularly in emerging economies, where cultural and regulatory environments play a substantial role in shaping the attitude of family firms toward CSR. To bridge this gap, this paper conducts a comprehensive review of empirical studies focusing on sustainability in family firms. These studies are organized based on the country of study, and our review, based on a conjunct database derived from the Scopus and World of Science, encompasses 308 articles published between 1996 and 2023. Utilizing bibliometric software and adhering strictly to our inclusion criteria, we systematically grouped these articles into three distinct clusters: North American studies, European studies, and Asian studies. We found significant differences among areas regarding the main objectives, methodologies, and results of the research. This study comprehensively maps key themes and findings in family business sustainability, aiding researchers in organizing knowledge and guiding future investigations. Recognizing regional influences is crucial to ensuring representative and applicable research outcomes. Full article

(This article belongs to the Special Issue Barriers to Green Investments and Circular Economy Businesses Models in Small and Medium-Sized Enterprises)

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Barriers to Green Investments and Circular Economy Businesses Models in Small and Medium-Sized Enterprises

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