ISSN: 2276-7827

Impact Factor 2012 (UJRI): 0.6670

Green Banking
Strategies:
Sustainability through
Corporate
Entrepreneurship
By

Dr. Broto Rauth Bhardwaj

Aarushi Malhotra

ICV 2012: 6.03

Greener Journal of Business and Management Studies

ISSN: 2276-7827

Vol. 3 (4), pp. 180-193, May 2013.

Research Article

Green Banking Strategies: Sustainability through

Corporate Entrepreneurship
*Dr. Broto Rauth Bhardwaj and Aarushi Malhotra
Bharati Vidyapeeth University, Institute of Management and Research, New Delhi, India
*Corresponding Authors Email: brotorauth@yahoo.com
ABSTRACT
"Green Banking", an effort by the banks to make the industries grow green and in the process restores the natural
environment. This concept of "Green Banking" will be mutually beneficial to the banks, industries and the economy. Not
only will "Green Banking" ensure the greening of the industries but it will also facilitate in improving the asset quality of
the banks in future. The paper aims to study the various models of green banking practices adopted by Indian
companies to grow. The research methodology is based on case study method. The findings of the research study show
that the banks which are adopting the green banking practices influence the performance of the organization. The
managerial implications and discussions are also given.
Key words: corporate entrepreneurship, green banking strategies, sustainability.

INTRODUCTION
Moving to a prosperous low carbon economy can drive innovation, increase productivity and generate new well paid
jobs. Climate change is a significant issue for India. But while the effects of climate change are increasingly a risk to
the health, economy and the environment of the country, economists are also recognizing that there are financial
rewards from controlling climate change and developing a low carbon economy. Banks can provide important
leadership for the required economic transformation that will provide new opportunities for financing and investment
policies as well as portfolio management for the creation of a strong and successful low carbon economy.
Economists are clear that substantial funding from the private sector is needed to achieve the level of investment
required to control the effects of climate change. The World Bank estimates that the cost of mitigation in developing
countries alone ranges from US$140 billion to US$175 billion annually until 2030.
Until a few years ago, most traditional banks did not practice green banking or actively seek investment
opportunities in environmentally-friendly sectors or businesses. Only recently have these strategies become more
prevalent, not only among smaller alternative and cooperative banks but also among diversified financial service
providers, asset management firms and insurance companies. Although these companies may differ with regard to
their stated motivations for increasing green products and services (e.g. to enhance long-term growth prospects, or
sustainability principles on which a firm is based), the growth, variation and innovation behind such developments
indicate that we are in the midst of a promising drive towards integrating green financial products into mainstream
banking. Further, those industries which have already become green and those, which are making serious attempts
to grow green, should be accorded priority to lending by the banks. This method of finance can be called
Corporate Entrepreneurship as a Sustainable Strategy
Corporate entrepreneurship entails both risk and high levels of uncertainty. However, established organizations may
work as efficient engines that function best through cautious and routine progress. On the contrary, this routine
progress can hinder attempts to infuse innovation within the mature businesses. Therefore, conscious effort is
necessary to build a corporation's capability for sustainable entrepreneurship. While very few companies have been
able to build and maintain a sustainable capability for entrepreneurship, the majority of firms possess a resistance to
such initiatives. Moreover, shift in the internal and external environment may influence the commitment to sustainable
entrepreneurship and thus lead to cyclical support between high or moderate degree for the activity (Kelley, 2011).
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The research further shows that the cycling pattern prevents the firm from developing enduring capabilities. However,
the author suggests an Evolve and Connect model that companies can develop strategic objectives to guide
entrepreneurs by providing a management structure for supporting their work, and processes that facilitate
assessment and decision making during changing paradigm. Similarly, Ford et al. (2010) studied one mode of
corporate entrepreneurship, namely corporate incubation (study conducted in the Technology Incubator at Philips)
and found that firms have turned towards corporate entrepreneurship as a tool of exploiting knowledge accumulated
within the organization and exploring external markets. The study narrates the learnings from the Philips incubator
and suggests various ways in which the organization can identify alternative selection environment that can simulate
the venture capitalist model for entrepreneurial innovation. Adopting the approach of corporate entrepreneurship as
methodology for generating growth through new product, process, market, or strategy innovation, Miles et al. (2008)
suggested ways in which sustainability can be embedded into a corporate entrepreneurship framework which may
result in the discovery or creation, assessment, and exploitation of entrepreneurial opportunities. This may lead to an
enhanced reputation, and a competitive advantage.
Corporate entrepreneurship refers to the process of creating new business within established firms to
improve organizational profitability and enhance a firms competitive position or the strategic renewal of existing
business (Zahra, 1991). Corporate entrepreneurship is a process of organizational renewal (Sathe, 1989) that has
two distinct but related dimensions: innovation and venturing, and strategic stress creating new business through
market developments by undertaking product, process, technological and administrative innovations. The second
dimension of corporate entrepreneurship embodies renewal activities that enhance a firms ability to compete and
take risks (Miller, 1983). According to Kuratko et al. (1990), the need to pursue corporate entrepreneurship has
arisen from a variety of pressing problems including:
(1) required changes, innovations, and improvements in the marketplace to avoid stagnation and decline (Miller and
Friesen, 1982);
(2) perceived weakness in the traditional methods of corporate management; and
(3) the turnover of innovative-minded employees who are disenchanted with bureaucratic organizations.
Corporate entrepreneurship helps to respond to these new competitive forces, either through innovations or
imitating competitors practices (Dess and Beard, 1984; Miller, 1987; Russel, 1995; Zahra, 1991). According to
Damanpour (1991), Innovation would include . . . the generation, development, and implementation of new ideas
or behaviors. An innovation can be a new product or service, an administrative system, or a new plan or
program pertaining to organizational members.
Green Banking: An Innovative Strategy for Sustainable Development
Climate change is the most complicated issue the world is facing. Across the globe there have been continuous
endeavors to measure and mitigate the risk of climate change caused by human activity. Many countries the world
over have made commitments necessary to mitigate climate change. India has committed to cut its domestic carbon
intensity by 20-25 percent from 2005 levels, by the year 2010. As socially responsible corporate citizens (SRCC),
Indian banks have a major role and responsibility in supplementing government efforts towards substantial reduction
in carbon emission. Although banks are considered environment friendly and do not impact the environment greatly
through their own internal operations, the external impact on the environment through their customers activities is
substantial. The banking sector is one of the major sources of financing industrial projects such as steel, paper,
cement, chemicals, fertilizers, power, textiles, etc., which cause maximum carbon emission. Therefore, the banking
sector can play an intermediary role between economic development and environmental protection, for promoting
environmentally sustainable and socially responsible investment. Green banking refers to the banking business
conducted in such areas and in such a manner that helps the overall reduction of external carbon emission and
internal carbon footprint. To aid the reduction of external carbon emission, banks should finance green technology
and pollution reducing projects. Although, banking is never considered a polluting industry, the present scale of
banking operations have considerably increased the carbon footprint of banks due to their massive use of energy (
e.g., lightning, air conditioning, electronic/electrical equipments, IT, etc), high paper wastage, lack of green buildings,
etc. Therefore, banks should adopt technology, process and products which result in substantial reduction of their
carbon footprint as well as develop a sustainable business.
Innovation and Sustainable Development
Companies have become increasingly aware of the social and environmental pressures facing business. Many
management scholars and consultants have argued that these new demands offer terrific opportunities for
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progressive organizations, and innovation is one of the primary means by which companies can achieve sustainable
growth. Managers have had considerable difficulty dealing with sustainable development pressures. In particular,
their innovation strategies are often inadequate to accommodate the highly complex and uncertain nature of these
new demands. A strategy that integrates the goals of innovation and sustainable development is needed. In contrast
to conventional, market-driven innovation, sustainable development innovation (SDI) must incorporate the added
constraints of social and environmental pressures as well as consider future generations. Achieving Organizational
goals requires investments in innovation, and that has been an alluring argument for improving both environmental
and economic performance the so-called win-win situation. Some have advocated radical new technologies,
products, processes, business models and environmental innovations to change the present unsustainable industrial
patterns. According to that argument, competency-enhancing incremental innovation is insufficient to meet
sustainable development pressures. Instead, competency-destroying radical innovation is needed, and it will likely
create new capabilities that will ultimately challenge current business practices.
The need of the paper is to introduce new innovative financial strategy green banking in banking sector.
Banking is often associated with formal and rigid approaches and the sector generally perceives itself as
environmentally neutral. There has not been much initiative in this regard by the banks and other financial
institutions in India though they play an active role in Indias emerging economy. Therefore, this paper suggests
possible policy measures and initiative to promote green banking in India. Banks may not be the polluters
themselves but they will probably have a banking relationship with some companies/investment projects that are
polluters or could be in future. The contribution of the paper is to develop the competency-destroying environmental
innovations to change the present unsustainable patterns and leads to sustainable development as previous
research innovations is insufficient to meet sustainable development pressures. This paper explains the effect of
three organizational factors of corporate entrepreneurship i.e. rewards, top management support and risk-taking and
tolerance for failure on the adoption of green banking practices. Adoption of green banking practices is itself a bigger
challenge for the organizations as it is a new concept on which the paper throws the light. The paper explains about
different types of risks faced by banks due to environmental problems and also suggests practice measures to
mitigate such risks.
Caselets on Green banking strategies
Various banks in India are undertaking the corporate entrepreneurship approach to innovate and adopt green
banking strategies for sustainable development of the banks. For example, ICICI Bank India recognizes that care of
the environment and the larger society in which it operates is essential both from business continuity as well as a
corporate citizenship perspective. IndusInd Bank, India inaugurated Mumbais first solar-powered ATM as part of its
Green Office Project campaign Hum aur Hariyali. It also unveiled a Green Office Manual _ A Guide to Sustainable
Practices, prepared in association with the Centre for Environmental Research and Education (CERE). IndusInds
new Solar ATM has replaced the use of conventional energy for eight hours per day with eco-friendly and renewable
solar energy. The energy saved will be 1980 kW hrs every year and will be accompanied by a simultaneous
reduction in CO2 emissions by 1942 kgs. The uniqueness of this solar ATM is the ability to store and transmit power
on demand (in case of power failure) or need (time basis). In terms of costs, the savings will be substantial,
approximately Rs. 20,000 per year in case of a commercial user with grid power supply. And in areas with erratic
power supply the solar will replace diesel generators and translate into savings as high as Rs. 40,200 every year.
Moreover, several banks are putting in place policies to reduce the footprint of their electrical energy consumption by
implementing energy efficiency measures such as smart lighting and replacement of inefficient appliances.
Additionally, they have expressed interest in procuring energy from cleaner sources if available. The majority of
banks have specific policies in place to consider the environmental issues associated with energy use, purchasing,
transport, recycling and waste minimization.
State Bank of India's Green Banking Policy
The State Bank of India (SBI), as part of its Green Banking Policy, will set up windmills to generate 15 MW of power
in Tamil Nadu, Maharashtra and Gujarat for its own consumption. The SBI chairman inaugurated the windmills set up
at Panapatti village in Tamil Nadus Coimbatore district on April 23, 2010. The mill in Tamil Nadu will generate 4.5
MW of power, while the Maharashtra mill will have a capacity of 9 MW and Gujarat 1.5 MW. SBI was the first Bank in
the country to think of generating green power as a direct substitute to polluting thermal power and implement the
renewable energy project for captive use.

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Citi's Equator Principles

The Equator Principles serve as a backbone for Citis broader Environmental and Social Risk Management (ESRM)
Policy, which extends beyond project finance. Citi was a leader in the development of the Equator Principles in 2003.
Citis ESRM policy was developed in 2003 and has been regularly updated to reflect implementation experience.
Literature Review
The concept of corporate entrepreneurship has evolved over the last four decades and the definitions have varied
considerably over time. The early research in the 1970s focused on venture teams and how entrepreneurship inside
existing organizations could be developed (Hill and Hlavacek, 1972; Peterson and berger, 1972; Hanan, 1976). In the
1980s, researchers conceptualized Corporate entrepreneurship as embodying entrepreneurial behavior requiring
organizational sanctions and resource commitments for the purpose of developing different types of value-creating
innovations (Alterwitz, 1988; Burgelman, 1984; Pinchott, 1985; Kanter, 1985; Schollhammer,1982) Corporate
entrepreneurship was defined simply as a process of organizational renewal (Sathe, 1989). In the 1990s,
researchers focused on corporate entrepreneurship as re-energizing and enhancing the firms ability to develop the
skills through which innovations can be created (Jennings and Young, 1990; Merrifield, 1993; Zahra, 1991;
Borchetal, 1999). Guth and Ginsbey (1990) stressed that corporate entrepreneurship encompassed two major types
of phenomena: New venture creation with existing organizations and the transformation of on-going organizations
through strategic renewal. Sharma and Chrisman (1999) suggested that corporate entrepreneurship is the process
whereby an individuals or a group of individuals, in association with an existing organization, create a new
organization or instigate renewal or innovation with that organization. With all of these definitions taking shape, the
21st century linked corporate entrepreneurship to firms efforts to establish sustainable competitive advantages as the
foundation for profitable growth (Kuratko et al., 2001; 2005). In this regard, Morris et al. (2008) described corporate
entrepreneurship as being manifested in companies either through corporate venturing or strategic
entrepreneurship.
Model of corporate entrepreneurship (source: Morris et al., 2008), corporate entrepreneurship and innovation
( Thomson/south-western publishers), p.81.)

Corporate
entrepreneurship
Corporate venturing

Internal corporate
Venturing
Cooperative corporate
Venturing
External corporate
Venturing

Strategic entrepreneurship

Strategic renewal
Sustained regeneration
Domain redefinition

Corporate venturing includes various methods for creating, adding to or investing in new businesses (Covin et al.,
2003). Corporate venturing has as their commonality the adding of new businesses (or portions of new businesses
via equity investments) to the corporation. This can be accomplished through three implementation modes_ internal
corporate venturing, co-operative corporate venturing and external venturing. By contrast, strategic entrepreneurship
approach has as their commonality the exhibition of large-scale or otherwise highly consequential innovations that
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are adopted in the firms pursuit of competitive advantage. These innovations may or may not result in new
businesses for the corporation. With strategic entrepreneurship approaches, innovation can be in any of the 5 areas_
the firms strategy, product offerings, served markets, internal organization (i.e. structure, processes and capabilities)
or business model (Morris et al., 2008).
The first dimension is the appropriate use of rewards (Scanlan, 1981; Souder, 1981; Kanter, 1985;
Sathe, 1985; Fry, 1987; Block and Ornati, 1987; Sykes, 1992; Barringer
and Milkovich, 1998). Theorists,
therefore, stress that an effective reward system that spurs entrepreneurial activity must consider goals, feedback,
emphasis on individual responsibility, and results-based incentives. The use of appropriate rewards can also
enhance middle managers willingness to assume the risks associated with entrepreneurial activity.
Proposition 1: Appropriate use of rewards influences the green banking strategies positively.
A second dimension is management support, which indicates the willingness of manager t o facilitate and promote
entrepreneurial activity in the firm (Quinn, 1985; Hisrich and Peters, 1986; MacMillian et al., 1986; Sykes and
Block, 1989; Sathe, 1989; Stevenson and Jarillo, 1990; Damanpour, 1991; Kuratko et al., 1993; Pearce et al., 1997).
This support can take many forms, including championing innovative ideas, providing necessary resources or
expertise, or institutionalizing the entrepreneurial activity within the firms system and processes.
Proposition 2: Management support for green banking strategies influences sustainability outcomes positively.
Community banks around the U.S. are realizing the benefits of embracing ecologically friendly practices which come
in many forms, including energy savings, long-term investment returns, increased business efficiencies and new
customers (Ginovsky and John, 2009). Managers to improve the management of their environment and has
launched a major report which gives basic tips on greening the workplace (British Institute of Management (BIM),
1992). There has been very few initiatives in this regard by the banks in India namely, State Bank of India (SBI),
ICICI, IDBI and others. Therefore, there is a need to study and suggest possible policy measures and initiative to
promote green banking in India (Pravakar et al., 2008). Moreover, banking sector can play a crucial role in
promoting environmentally sustainable and socially responsible investment (SRI). Banks may not be the polluters
themselves but they will probably have a banking relationship with some companies/investment projects that are
polluters or could be in future. SRI funds are highly demanded for example SRI assets in the U.S. have reached
$2.29 trillion in 2005 (Starogiannis, 2006). Internationally, there is a growing concern about the role of banking
and institutional investors for environmentally responsible/socially responsible investment projects. (Earth Summit in
1992, the United Nation Environment Programme Initiative on the Environment and Sustainable Development
was established in order to initiate a constructive dialogue between UNEP and Financial Institutions.). It is of
importance to the banking sector to follow certain environmental evaluation of the projects before financing.
There a r e studies showing positive correlation between environmental performance and financial
performance (Hamilton, 1995; Hart, 1995; Blacconiere and Pattern, 1993). Credit risk can arise indirectly where
banks are lending to customers whose businesses are adversely affected by the cost of cleaning up pollution
or due to changes in environmental regulations. The cost of meeting new requirements on emission levels may
be sufficient to put some companies out of business (In United Kingdom, the breach of terms of the license given by
integrated pollution prevention control would lead to prohibition, financial penalties and enforcement notice). All such
notices can have significant financial implications for the business and as well as the financial institutions that have
put money into it. Thus banks/financial institutions need to take actions before financing the project. The enactment
of CERCLA in USA in 1980s has resulted in huge loss to the banks in USA as banks held directly responsible
for the environmental pollution of their clients and made to pay the remediation cost. Risk of loan default by debtors
due to environmental liabilities because of fines and legal liabilities and due to reduced priority of repayment
under bankruptcy. In few cases, banks have been held responsible for actions occurring in which they held a
secured interest (Schmidheiny and Zorraquin, 1996; Ellis et al., 1992). Green banking strategies involves two
components (1) managing environment risk and (2) identifying opportunities for innovative environmentally
oriented financial products (IFC, 2007). The banking and financial institutions should prepare an environmental
risk and liability guidelines on development of protective policies and reporting for each project they finance or
invest (Jeucken, 2001). A study confirms that only air pollution causes the loss of 200 million working days and
the resulting losses in productivity and medical expenses costs around 14 billion pound to the European Union
(Stavros Dimas, 2005). The investors in the stock market are equally aware
of environmental pollution
and
would take a stand against
those industries/institutions that do not comply with pollution norms (Gupta, 2003;
Goldar, 2007). Banks also need to monitor post transaction for the ideal environmental risk management program
(Rutherford, 1994) during the project implementation and operation. There should be physical inspections of
production, resources, training and support, environmental liability, audit programs etc. Commercial banking
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has been more attentive to the investment banking than the environmental problems; the environmental liabilities
would play a larger role in their investment decision in the near future (Schmidheiny and Zorraquin, 1996).
Schmidheiny and Zorraquin (1996) conclude from their primary study that banks are not hindering the
achievement of sustainability, banks can also play a hindering role for sustainable development because (1)
they prefer short-terms payback periods where as sustainable development needs long-term investment, (2)
investment which take into account of environmental side-effects usually have lower rate of return in short-term
(Jeucken and Bouma, 1999).

Corporate
entrepreneurship
-innovation

Green banking
practices

Sustainable
development

Organization performance
and growth in terms of
financial performance

Fig. 2: Conceptual model for Green Banking Strategies

CONCLUSIONS
Pollution prevention is a new concept of the idea of environmental entrepreneurship as it is process based and
focused on reducing costs rather than increasing revenues (Douglas, 1998). Entrepreneurship has been recognized
as a major conduit for sustainable products and processes, and new ventures are being held up as a panacea for
many social and environmental concerns (Hall et al., .). While entrepreneurial activity has been an important force
for social and ecological sustainability; its efficacy is dependent upon the nature of market incentives. This limitation
is sometimes explained by the metaphor of the prisoners dilemma, which we term the green prison. In this prison,
entrepreneurs are compelled to environmentally degrading behavior due to the divergence between individual
rewards and collective goals for sustainable development (Pacheco et al., ). With two main predictors: Top
management commitment and employee support. The effect of green development and environmental aspects as
well as CSR and local community engagement on financial performance is also considered as positive, but mainly
indirect through non-financial performance from the employee perspective. Not only does environmental
responsiveness help organizations to remain competitive and increase market share (Chan, 2001; Fitzgerald, 1993;
Porter and Van der Linde, 1995a) but also there is some evidence showing increase in customer loyalty (D'Souza et
al., 2006). Chang et al. (2010) argue that green product quality had positive effects on green customer satisfaction
and green customer loyalty. Green management in organizations has to go beyond regulatory compliance and
needs to include conceptual tools such as pollution prevention, product stewardship and corporate social
responsibility ( Hart, 2005). The needs for efficient use of resources and environment friendly corporate policies and
behaviors have now been recognized all over t h e w o r l d (Das et al., 2006). The performance of an
enterprise can no longer be evaluated on the basis of economic parameters alone and it needs to be integrated
with environmental performance as well (Saxena et al., 2003). Moving towards sustainable development,
therefore, is now a major concern in most of the developed countries, resulting in stricter regulations concerning the
impact of the products during their manufacturing, use and end of life including the obligation to define reverse
logistics strategies and systems (Gou et al., 2008; Hong et al., 2008; Kumar and Putnam, 2008). Organizations
involved in eco-design activities are generally subject to the same influencing factors. One frequently mentioned
factor is management commitment and support (Ehrenfeld and Lenox, 1997; Ritzn, 2000; Pujari et al., 2004;
Boks, 2006). In order to survive and compete successfully, the organization needs innovation-friendly business
strategy, organizational structure, top management style, middle management practices and effective modes of
managing innovation for innovational success and competitive excellence (Khandwalla and Mehta, 2004).

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Publication
RELATED
PRACTICES
Authors TABLE1. REVIEW OF TOPICS
Document
title TO GREEN
Scope ofBANKING
paper
Title
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F
Kuratko (2007)

Hornsby,
Kuratko and
Zahra (2000).

Business and
Economics

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entrepreneurship
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internal
environment
for
corporate
entrepreneurship:
assessing a
measurement
scale
. A theoretical
exploration of the
adoption
and
design of flexible
benefit plans: a
case of human
resource
innovation.
Implementing
entrepreneurial
ideas: the case for
intention
Compensating
corporate venture
managers
A process model
of
internal
corporate
venturing in the
diversified major
firm
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entrepreneurship
and
strategic
management:
insights from a
process study.
Designs
for
corporate
entrepreneurship
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innovation:
a
meta-analysis of
effects
of
determinant and
moderators.
www.gjournals.org

Corporate Entrepreneurship provides a

thorough review of the literature on this
topic and presents a model based on this
literature.
The role of the middle manager in
corporate entrepreneurial activity has been
recognized in the literature. The empirical
research on the internal organizational
factors that may foster middle manager
activity has been limited, both in volume
and scope. However, the literature does
converge on at least five possible factors.

The first dimension is the appropriate

use of rewards of middle managers
internal organizational factor.

The fifth, Dimension is risk taking of

middle managers internal organizational
factor.
The first dimension is the appropriate
use of rewards- middle manager internal
organizational factor
The fifth, Dimension is risk taking of
middle managers internal organizational
factor.

The fifth, Dimension is risk taking of

middle managers internal organizational
factor.

The fifth, Dimension is risk taking of

middle managers internal organizational
factor.
The second dimension is management
support, which indicates the willingness of
managers to facilitate and promote
entrepreneurial activity in the firm.

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Ellis
Taylor
(1988).

Frontiers of
RJ,
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NT
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Fry A (1987).
Hisrich
Peters
(1986).

Kanter
(1985).
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DK

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JB

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9 (March/April).

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Stevenson

.Strategic

ISSN: 2276-7827

Success
and
failure in internal
venture strategy:
an
exploratory
study.
The Post-It-Note:
an entrepreneurial
success
Establishing
a
new
business
venture unit within
a firm.
.
Supporting
innovation
and
venture
development
in
established
companies.
Implementing
entrepreneurial
thinking
in
established
organizations.
Corporate
venturing:
alternatives,
obstacles
encountered, and
experience
effects.
Effects
of
managers
entrepreneurial
behavior
on
subordinates.
Managing
innovation:
controlled chaos.
Managing
an
entrepreneurial
dilemma: nurturing
entrepreneurship
and control in
large
corporations
Fostering
entrepreneurship
in
a
large
diversified firm.
Creating a climate
for achievement.
Encouraging
entrepreneurship
in
large
corporations.
A paradigm of
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Vol. 3 (4), pp. 180-193, May 2013.

The fifth, Dimension is risk taking of

middle managers internal organizational
factor.
The first dimension is the appropriate
use of rewards of middle managers
internal organizational factor.
The second dimension is management
support, which indicates the willingness of
managers to facilitate and promote
entrepreneurial activity in the firm.
The fifth, Dimension is risk taking of
middle managers internal organizational
factor.

The second dimension is management

support, which indicates the willingness of
managers to facilitate and promote
entrepreneurial activity in the firm.
The fifth, Dimension is risk taking of
middle managers internal organizational
factor.

The second dimension is management

support, which indicates the willingness of
managers to facilitate and promote
entrepreneurial activity in the firm.
The fifth, Dimension is risk taking of
middle managers internal organizational
factor.

The fifth, Dimension is risk taking of

middle managers internal organizational
factor.

The fifth, Dimension is risk taking of

middle managers internal organizational
factor.
The first dimension is the appropriate
use of rewards of middle managers
internal organizational factor.
The first dimension is the appropriate
use of rewards of middle managers
internal organizational factor.
The second dimension is management

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HH, Jarillo JC
( 1990).

Manage. J. 11: 17
27 (special issue).

Stopford JM,
Baden-Fuller
CWF (1994).

Strategic Manage.
J. 15: 521 536.

Sykes
(1992).

HB

J. Bus. Venturing. 7:
253 265. Sykes,
H.B.,

Block
(1989).

Community Banker;
Apr2009, Vol. 18
Issue 4, p30-32, 3p

Ginovsky,
John (2009).
British Institute
of
Management
(BIM) (1992).

Pravakar
Sahoo, Bibhu
Prasad Nayak
(2008).
Jeucken
M
and Bouma JJ
(1999).

Management
Services, Apr92, Vol.
36 Issue 4, p6-8, 2p

Indian
Economic
Journal (IEJ, paper
series no.125/2008
GMI Theme Issue,
GMI-27,
Autumn,
1999.
The
January.

Rutherford,
Michael
(1994).
Schmidheiny
S,
Federico
J,
L
Zorraquin
(1996).

Gupta
(2003).

J. Bus. Venturing. 4:
159 167

Ellis, BillieJ, Jr
Sharon
S
Willians and
Sandra
Y

Cambridge,
Press.

Banker,

MIT

Delhi
School
of
Economics working
Paper Series, No116.

The Practical Real

Estate Layer, July.

ISSN: 2276-7827

Vol. 3 (4), pp. 180-193, May 2013.

entrepreneurship:
entrepreneurial
management.

support, which indicates the willingness of

managers to facilitate and promote
entrepreneurial activity in the firm.

Creating
corporate
entrepreneurship.

The fifth, Dimension is risk taking of

middle managers internal organizational
factor.

Incentive
compensation for
corporate venture
personnel
Corporate
venturing
obstacles: sources
and solutions.

The second dimension is management

support, which indicates the willingness of
managers to facilitate and promote
entrepreneurial activity in the firm.
The second dimension is management
support, which indicates the willingness of
managers to facilitate and promote
entrepreneurial activity in the firm.

Green banking

The article focuses on the efforts of

community banks in the U.S. to leverage
sustainability, or green banking.

Managers urged
to go green

Managers to improve the management of

their environment and has launched a
major report which gives basic tips on
greening the workplace.

Green banking in
India

This paper explores the importance of

Green
Banking,
sites
international
experiences and highlights important
lessons for sustainable banking and
development in India.

The
Changing
Environment
of
Banks

Investment which take into account of

environmental side-effects usually have
lower rate of return in short-term.

At what Point can

pollution be said
to cause damage
to
the
Environment?
Financing
Change:
The
Financial
Community, EcoEfficiency
and
Sustainable
development
Do Stock market
penalise
EnvironmentUnfriendly
Behaviour?
Evidence
from
India,
Helping a Lender
Develop
Environmental
Risk Program,

Banks also need to monitor post

transaction for the ideal environmental risk
management program During the project
implementation and operation.

www.gjournals.org

Commercial banking has been more

attentive to the investment banking than
the
environmental
problems;
the
environmental liabilities would play a
larger role in their investment decision in
the near future.
The investors in the stock market are
equally aware of
environmental
pollution
and
would take
a
stand against those
industries/institutions that do not comply
with pollution norms.
Risk of loan default by debtors due to
environmental liabilities because of fines
and legal liabilities and due to reduced
priority of repayment under bankruptcy. In

188

Greener Journal of Business and Management Studies

ISSN: 2276-7827

Bodeau
(1992).

Jeucken
(2001).

few cases, banks have been held

responsible for actions occurring in which
they held a secured interest.
M

Blacconiere
Walter
and
Dennis
Pattern
(1993).
Hamilton,
James
(1995).

Hart,
Stuart
(1995).

Hall, Jeremy
K.,
Daneke,
Gregory
A,
Lenox,
Michael
J
(2010).

Douglas
J,
Lober (1998).

Pacheco,
Desire
F,
Dean, Thomas
J and Payne
David
S
(2010).

London, earthscan

Journal
Accounting
Economics
(December).

of
and

Journal
of
Environmental
Economics
and
management 28.

Business S t r a t e g y
and
the
Environment
(September).

Journal of Business
Venturing; Sep2010,
Vol. 25 Issue 5,
p439-448, 10p.
Journal
of
Organizational
Change
Management,
Vol.
11 Iss: 1, pp.26 37

Journal of Business
Venturing; Sep2010,
Vol. 25 Issue 5:
p464-480, 17p.

J. Clean. Prod. 14:

1346-1356.

Boks C
(2006).
Chan
(2001).

Vol. 3 (4), pp. 180-193, May 2013.

RY

Psychol.
Market.
18(4): 389-413.

Sustainable
Finance
and
Banking,
The
finance
Sector
and the Future of
the Planet

The banking and financial institutions

should prepare an environmental risk and
liability guidelines on development of
protective policies and reporting for each
project they finance or invest.

Environment
Disclosure,
regulatory
costs
and changes in
firm values,

Studies showing p o s i t i v e correlation

between
e nv i ro nm e nt al
performance and financial performance.

Pollution
as
News: Media and
Stock
markets
Reactions to the
toxics
release
inventory data
Does it Pay to
be green? An
Empirical
Examination
of
the
relationship
between
Emissions
Reduction
and
Firm
Performance
Sustainable
development and
entrepreneurship:
past contributions
and
future
directions.

Studies showing p o s i t i v e correlation

between
e nv i ro nm e nt al
performance and financial performance.

Studies showing p o s i t i v e correlation

between
e nv i ro nm e nt al
performance and financial performance.

Entrepreneurship has been recognized as

a major conduit for sustainable products
and processes, and new ventures are
being held up as a panacea for many
social and environmental concerns.

"Pollution
prevention
as
corporate
entrepreneurship"

Pollution prevention is a new concept of

the idea of environmental entrepreneurship
as it is process based and focused on
reducing costs rather than increasing
revenues.

Escaping
the
green
prison:
Entrepreneurship
and the creation of
opportunities for
sustainable
development.

In this prison, entrepreneurs are compelled

to environmentally degrading behavior due
to the divergence between individual
rewards
and
collective
goals
for
sustainable development.

The soft side of

ecodesign
Determinants
Chinese

of

www.gjournals.org

Organizations involved in eco-design

activities are generally subject to the same
influencing
factors.
One
frequently
mentioned
factor
is
management
commitment and support.
Not
only
does
environmental
responsiveness help organizations to

189

Greener Journal of Business and Management Studies

Chang
Fong
(2010).

D'Souza
Taghian
Lamb
Peretiatkos
(2006).

NJ,
CM

C,
M,
P,
R

Das
Gandhi
NM,
Selladurai V,
Santhi
P
(2006).

Fitzgerald
(1993).

Hart
(2005).

Pujari
Peattie
Wright
(2004).

SL

D,
K,
G

Saxena
AK,
Bhardwaj KD,
Sinha
KK
(2003).

Ritzn
(2000).

Afr. J. Bus. Manage.

4(13): 2836-2844.

Soc. Bus. Rev. 1(2):

144-157.

Int.
J.
Prod.
Perform.
Manag.
55(7): 594-606.

Advert. Age, 1: 44.

Res.
Technol.
Manage., 48(5): 217.

Ind. Mark. Manag.

33: 381391.

Int. Energy J. 4(1):

81-91.

PhD
Thesis.
Department
of
Machine
Design.
Royal Institute of
Technology.
Stockholm.

ISSN: 2276-7827

consumers

g r e e n purchase
behaviour.
Green
product
quality,
green
corporate image,
green
customer
satisfaction, and
green
customer
loyalty.
Green
products
and
corporate
strategy:
an
empirical
investigation.
Green
productivity
indexing
A
practical
step
towards
integrating
environmental
protection
into
corporate
performance.
Its green, its
friendly, its walmart, eco-store
Innovation,
creative
destruction
and
sustainability
Organizational
antecedents
of
environmental
responsiveness in
industrial
new
product
development.
Sustainable
g r o w t h through
green productivity:
a case of edible
oil
industry
in
India.
Integrating
Environmental
Aspects
into
Product
Development

Proactive
Measures.
www.gjournals.org

Vol. 3 (4), pp. 180-193, May 2013.

remain competitive and increase market

share.

Green product quality had positive effects

on green customer satisfaction and green
customer loyalty.
Not
only
does
environmental
responsiveness help organizations to
remain competitive and increase market
share
but also there is some evidence showing
in- creases in customer loyalty.

The needs for efficient use of resources

and environment friendly corporate policies
and behaviors have now been recognized
all over.

Not
only
does
environmental
responsiveness help organizations to
remain competitive and increase market
share.
Green management in organizations has
to go beyond regulatory compliance and
needs to include conceptual tools such as
pollution prevention, product stewardship
and
corporat e
social
r e s p o n si b i l i t y .

One frequently mentioned factor is

management commitment and support.

The performance of an enterprise can no

longer be evaluated on the basis of
economic parameters alone and it needs
to be integrated with environmental
performance as well.

One frequently mentioned factor is

management commitment and support.

190

Greener Journal of Business and Management Studies

Khandwalla
PN, Mehta K
(2004).

J. Decis. Makers
Vikalpa. 29(1): 1328.

Kumar
Putnam
(2008).

S,
V

Hong
Ammons
Realff
(2008).

IH,
JC,
MJ

Int. J. Prod. Econ.

116: 325337.

J,
M

J. Sustain. Prod.
Des., 1: 17-27.

Gou Q, Liang
L, Huang Z,
Xu C (2008).

Int. J. Prod. Econ.

116: 2842.

Ehrenfeld
Lenox
(1997).

Int. J. Prod. Econ.,

115: 30531

ISSN: 2276-7827

Design
corporate
creativity

of

Cradle t o cradle:
reverse logistics
strategies
and
opportunities
across
three
industry sectors.
Decentralized
decision-making
and
protocol
design
for
recycled material
flows
The Development
and
Implementation of
DfE Programmes.

A joint inventory
model
for
an
open-loop reverse
supply chain.

www.gjournals.org

Vol. 3 (4), pp. 180-193, May 2013.

In order to survive and compete

successfully, the organization needs
innovation-friendly
business
strategy,
organizational structure, top management
style, middle management practices and
effective modes of managing innovation for
innovational success and competitive
excellence.
Moving towards sustainable development,
therefore, is now a major concern in most
of the developed countries, resulting in
stricter regulations concerning the impact
of the products during their manufacturing,
use and end of life including the obligation
to define reverse logistics strategies and
systems.
Moving towards sustainable development,
therefore, is now a major concern in most
of the developed countries, resulting in
stricter regulations concerning the impact
of the products during their manufacturing,
use and end of life including the obligation
to define reverse logistics strategies and
systems.
Organizations involved in eco-design
activities are generally subject to the same
influencing
factors.
One
frequently
mentioned
factor
is
management
commitment and support.
Moving towards sustainable development,
therefore, is now a major concern in most
of the developed countries, resulting in
stricter regulations concerning the impact
of the products during their manufacturing,
use and end of life including the obligation
to define reverse logistics strategies and
systems.

191

Greener Journal of Business and Management Studies

ISSN: 2276-7827

Vol. 3 (4), pp. 180-193, May 2013.

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193