Designing Model and Levelization of the Factors Affecting Companies’ Green Financing through Banking System

Iranian Journal of Accounting, Auditing and Finance

مقاله 2، دوره 7، شماره 1 - شماره پیاپی 22، فروردین 2023، صفحه 23-38   

نوع مقاله: Original Article

شناسه دیجیتال (DOI): 10.22067/ijaaf.2023.42194.1114

نویسندگان

Abbasali Sheikh¹؛ Parviz Saeidi^{* 2}؛ Ebrahim Abbasi³؛ Arash Naderian⁴

¹Department of Financial Engineering, Islamic Azad University, Aliabad Katoul Branch, Aliabad Katoul, Iran

²Department of Accounting and Finance, Islamic Azad University, Aliabad Katoul Branch, Aliabad Katoul, Iran.

³Department of Management, Faculty of Social Sciences and Economics, Alzahra University, Tehran, Iran

⁴Assistant Professor of Accounting, Islamic Azad University Ali Abad katoul Branch, Ali Abadktol, Iran

چکیده

Creating businesses compatible with the environment and providing competitive advantages for companies. Banks are vital in creating ecological balance through economic growth and development of this type of entrepreneurship by considering the environmental risks through the companies’ green financing. Taking into account the importance of the proper financing method in accomplishing the ideas of environmental entrepreneurs, the present research aimed to model the components affecting companies' green financing through the state banking system. This is mixed-method research. The first part included Grounded Theory (GT) and interviews with 36 experts selected through purposive and snowball sampling. After extracting 362 open codes, 77 subsidiary components and 21 principal components were identified. In the second part, 20 components with the highest code frequency were included, and by employing the interpretive structural modeling (ISM), the components’ relationship and sequences were classified into 6 levels. The results of MICMAC analysis revealed that components of understanding the conditions and requirements of green projects plus setting green goals for the banks concerning their mission are pretty effective in implementing green financing as a crucial factor in accomplishing sustainable entrepreneurship and the emergence of clean industries.

کلیدواژه‌ها

Environmental Entrepreneurship؛ Grounded Theory؛ Green Financing؛ Interpretive Structural Modeling؛ Sustainable Development

مراجع

1. Abolmasoom, M., Moshabaki Esfhani, A. and Naami, A. (2021). Providing an intelligent marketing model of the investment company Gostaresh Paya Sanat Sina, Agricultural Economics Research, 13(1), pp. 261-278 (in Persian).
https://dorl.net/dor/20.1001.1.20086407.1400.13.1.12.1
2. AbuJamie, N. (2018). Financing Green Economy Impact on Sustainable Development, International Journal of Business Administration, 9(2), pp. 123-128. https://doi.org/10.5430/ijba.v9n2p123
3. Ao, H., Dupont-Nivet, G., Rohling, E. J., Zhang, P., Ladant, J. B., Roberts, A. P., ... and An, Z. (2020). Orbital climate variability on the northeastern Tibetan Plateau across the Eocene–Oligocene transition. Nature communications, 11(1), pp. 1-11. https://doi.org/10.1038/s41467-020-18824-8
4. Azad, A. and Pourzamani, Z. (2020) .Model of Company Efficiency with the role of Monitoring Criteria of CA Approach and LASOO, Financial Economics Quarterly, 14(53), pp. 65-96. https://doi.org/10.22069/JEAD.2020.15931.1354
5. Baseri, B., Abbasi, E. and Kiani, G. (2019). Financial effects of renewable energy development on economic growth in Iran, Financial Economics, 13(46), pp. 161-182. https://doi.org/10.22069/JEAD.2020.15931.1354
6. Calof, J. (2017). Canadian competitive intelligence practices–a study of practicing strategic and competitive intelligence professional’s Canadian members, Foresight, 19(6), pp. 577-589. https://doi.org/10.1108/FS-07-2017-0024
7. Cuevas, C. E. and Graham, D. H. (1988). Development finance in rural Niger: Structural deficiencies and institutional performance, Economics and Sociology, 1(3), pp. 58-68. https://doi.org/hdl.handle.net/1811/66297
8. Cui, Y. (2017). Analyzing Green Finance Incentives: An Empirical Study of the Chinese Banking Sector, Ontario: the University of Waterloo, 1(8), pp. 78-88. https://doi.org/10.3390/su10062008
9. Evans, M., Sha, Y., Roshchanka, V., Halverson, M., and Dai, F. (2019). Unleashing Energy Efficiency Retrofits through California: University of California. Working paper, Los Angeles, California. https://doi://hdl.handle.net/10012/12656
10. Fadaeinezhad, M., Osoolian, M., Shams, P. (2021). A Study of the Relationship between Cash Flow and Capital Structure, Financial Management Strategy, 9(3), pp. 61-78 (In Persian). https://doi.org/10.22051/jfm.2021.33007.2415
11. Gevrenova, T. (2015). Nature and characteristics of GreenEntrepreneurship, Trakia Journal of Sciences, 13(2), pp. 321-323. https://doi.org/10.15547/tjs.2015.s.02.068
12. Hoque, N., Mowla, M., Uddin, M., Mamun, A., and Uddin, M. (2019). Green Banking Practices in Bangladesh: A Critical Investigation, International Journal of Economics and Finance, 1(3), pp. 58-68. https://doi.org/10.5539/ijef.v11n3p58
13. Hozhabr Kiani, K., and Sarlak, A. (2017). Investigating the Impact of Information and Communication Technology on Capital Productivity and Total Factors of Production in Iran (Case Study: Large Industrial Workshops in Yazd Province), Financial Economics, 1(39), pp. 83-100. https://doi.org/10.22069/JEAD.2020.15931.1354
14. Isaak, R. (2002). The Making of the ecopreneur, Greener Management International, (38), pp. 81-91. https://doi.org/10.5539/ijef.v11n3p58
15. Jafari, K., Niyaki, A., Kazemi, M., Salimi, F., and Maleki, A. (2017). Environmental factors affecting the distribution of Ferula gummosa (Boiss) in northwest rangeland of Iran. Africa Journal of Ecology and Ecosystem, 4(3), pp. 258-265.
16. Khandker, S. R., and Faruqee, R. R. (2003). The impact of farm credit in Pakistan. Agricultural Economics, 28(3), pp. 197-213. https://doi.org/10.1016/S0169-5150(03)00017-3
17. Koe, W. L., Omar, R., and Sa’ari, J. R. (2015). Factors InfluencingPropensity to SustainableEntrepreneurship of SMEs in Malaysia.Global Conference on Business & SocialScience-2014, GCBSS-2014, 15th &16th December, Kuala Lumpur, Procedia of Social and behavioral sciences, 172, pp. 570–577. https://doi.org/10.1016/j.sbspro.2015.01.404
18. Ng, A.(2018). From Sustainability accounting to a green financing system: Institutional legitimacy and market heterogeneity in a global financial centre, Journal of cleaner production, (195), pp. 585-592. https://doi.org/10.1016/j.jclepro.2018.05.250
19. Nor, A. S. M., and Kasim, N. A. A. (2015). Blended learning web tool usage among accounting students: A Malaysian perspective. Procedia Economics and Finance, 31, pp. 170-185. https://doi.org/10.1016/S2212-5671(15)01144-2
20. OECD (Organization for economic cooperation and development). (2001). Entrepreneurship, Growth
and Policy. Paris: OECD. Paris
21. Ojha, P. (2016). A study on Role of Entrepreneur in Socio Economic Development in India, InternationalJournal of Multidisciplinary Research and Development, 3(5), pp. 158-161. https://doi.org/10.5539/IJEF.V11N3P58
22. Otani, I., Fukumoto, T., and Tsuyuguchi, Y. (2011). China’s Capital Controls and Interest Rate Parity: Experience during 1999-2010 and Future Agenda for Reforms, Bank of Japan Working Paper. 10(2), pp. 75-94.https://doi.org/10.1108/09534819810212142
23. Pachaly, V. W.(2012). Barriers and Triggers to Green Entrepreneurship: An Exploratory Study, Thesis to obtain the degree of Master of Science in Economics and Business Economics, specialisation Entrepreneurship and Strategy Economics, Erasmus University Rotterdam Erasmus School of Economics. 6(5), pp. 57-73. https://doi.org/10.1108/09534819810212142
24. Pastakia, A. (1998). Grass-rootsEcopreneurs: Change Agents for a Sustainable Society, Journal of Organizational Change Management, 1(2), pp. 157-173. https://doi.org/10.1108/09534819810212142
25. Peng, H., Luo, X., and Zhou, C. (2018). Introduction to China’s Green Finance System, Journal of Service Science and Management, 1(1), pp. 94- https://doi.org/10.4236/jssm.2018.111009
26. Qian, Y. (2016). Green Financing Challenges and Opportunities in PRC, United Nations, Framework Convention Climate Change. 40, pp. 47-68. https://doi.org/10.9774/GLEAF.3062.2002.su.00006
27. Roy, S., Pal, K., Anis, A., Pramanik, K., and Prabhakar, B. (2009). Polymers in mucoadhesive drug-delivery systems: A brief note. Designed monomers and polymers, 12(6), pp. 483-495. https://doi.org/10.1163/138577209X12478283327236
28. Sarmad, Z., Bazargan, A., and Hejazi, G. (2021). Research Methods in Behavioral Sciences, Sixteenth edition, Tehran: Agha Publications. Tehran, Iran (In Persian).
29. Shahbandarzadeh, H., Kabgani, M. H., and Shojaedin, S. N. (2016). Developing a Model and Quantitative Analysis of Monetary and Fiscal Services of Banks Based on Functional Aspects in Green Banking, Financial Management Strategy, 4(14), pp. 49-67. https://doi.org/10.22069/JEAD.2020.15931.1354
30. Shaltegger, S. (2002). A Framework forEcopreneurship: Leading Bioneers and environmental Managers to Ecopreneurship, Greener Management International: The Journal of CorporateEnvironmental Strategy and Practice, 38, pp. 45-58. https://doi.org/10.9774/GLEAF.3062.2002.su.00006
31. Tandoh-Offin, P. (2009). A Review of environmental Entrepreneurship as for Rural Development: the case for Ghana. Clemson University. Clemson, United States. http://dx.doi.org/10.2139/ssrn.1520669
32. Toyne, P. (2003). Corporate social responsibility – good business practice and a source of competitive advantage for SMEs? 48th World Conference International Council for Small Business: Advancing entrepreneurship and small business, Belfast, Northern Ireland. pp. 15-18. https://doi.org/10.1504/IJTM.2012.045792
33. Volery, T. (2002). Ecopreneurship: Rationale, current issues and future challenges. Radical change in the world: Will SMEs soar or crash, pp. 541-553.
34. Volz, U. (2015). Towards a Sustainable Financial System in Indonesia. Geneva and Washington, DC: UNEP Inquiry into the Design of a Sustainable Financial System and International Finance Corporation. 114, pp. 11-31. https://wedocs.unep.org/20.500.11822/9716
35. Wang, Y., and Zhi, Q. (2016). The role of green finance in environmental protection: Two aspects of market mechanism and policies, Energy Procedia, 104, pp. 31 – 316. https://doi.org/10.1016/j.egypro.2016.12.053
36. Zhang, M., Lian, Y., Zhao, H. and Xia-Bauer, C. (2020). Unlocking green financing for building energy retrofit: A survey in western China, Energy Strategy Reviews, 30, pp. 41-63. https://doi.org/10.1016/j.esr.2020.100520
37. Zimmerman, R., Brenner, R., and Llopis Abella, J. (2019). Green infrastructure financing as an imperative to achieve green goals, Climate, 7(3), pp. 39. https://doi.org/10.3390/cli7030039