Green business value chain: a systematic review

Journal Pre-proof Green business value chain: A systematic review Md. Morshadul Hasan, Md. Nekmahmud, Lu Yajuan, Masum A. Patwary

PII: DOI: Reference:

S2352-5509(19)30061-2 https://doi.org/10.1016/j.spc.2019.08.003 SPC 260

To appear in:

Sustainable Production and Consumption

Received date : 18 February 2019 Revised date : 2 August 2019 Accepted date : 7 August 2019 Please cite this article as: M.M. Hasan, Md. Nekmahmud, L. Yajuan et al., Green business value chain: A systematic review. Sustainable Production and Consumption (2019), doi: https://doi.org/10.1016/j.spc.2019.08.003. This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

© 2019 Institution of Chemical Engineers. Published by Elsevier B.V. All rights reserved.

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Green Business Value Chain: A Systematic Review Md. Morshadul Hasana,*, Md. Nekmahmudb, Lu Yajuana, Masum A. Patwaryc a

School of Finance, Nanjing Audit University, Nanjing 211815, China

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Doctoral School of Management and Business Administration, Szent Istvan University, Godollo 2100, Budapest, Hungary c

School of Science and Engineering, Teesside University, Middlesbrough, TS1 3BA, UK

Abstract:

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Compared to the past few decades, traditional companies are implementing more and more green strategies, because companies must respond to environmental impacts in a short term. This study has economic, social and commercial implications to implement environmental protection measures, establish social security and improve business stability. With these considerations in mind, the purpose of this study is to explore the implications of green strategies in each business process by considering green business practices in various functions of the business value chain. In methodology, a systematic literature review analysis through qualitative sampling study was conducted to address the findings. This review includes the impacts, relationships, characteristics, practices, and benefits of executing green strategies in business value chain. A number of examples of how green business can improve the environment and increase the cost-effectiveness have been discussed in the literature. Also, the study shows that the practices of green business are essential for the today’s world in the context of green capital. Different frameworks for green strategy implementation or business process have been developed and presented in findings to achieve the purposes of this study. In addition, the relationship between green strategies and business functions are revealed through the systematic review study. In conclusion, the practical significance and future research directions are put forward.

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Keywords: Green Business Process; Green Business Value Chain; Sustainable Business; Sustainable Development; Green Supply Chain Management

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1. Introduction Green business can provide a mechanism to influence the environmental, commercial, and social development in different ways (Elkington, 1994; Grindle, 2007). Not only less developed or developing countries, but also developed countries have adopted different receptive approaches of green business to protect their environment, business, and society (Hasper.M, 2009; van der Gaast and

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Begg, 2012). The industrial development of environmental management is reflected in the growth and development of commodities, the management of service sector, the use of renewable resources, waste management as a by-product, etc. (O’Sullivan, 2000; Pane Haden et al., 2009). Chin, Tat, & Sulaiman (2015, pp. 685) describe the major threats to industrial pollution from the environment if green strategies are not used to manage business activities. The green business adopts the principles, procedures, practices, and policies of all elements of the business to improve business continuity, environmental protection, social welfare and responsibilities (Loknath and Abdul Azeem, 2017; Seidel

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et al., 2010). Traditional business practices in energy, climate change, and ecosystems (Barton, 2004; Crane and Kitchens, 2013). Day by day, the importance of green businesses is increasing rapidly (Rajala et al., 2016).

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Considering the environmental impact, many entrepreneurs around the world have incorporated greening strategy into their businesses (Taib et al., 2015). There are mainly two reasons for manufacturers

to

involve

in

green

businesses,

including

internal

(social

responsibility,

competitiveness) and external motivation (customers and government pressures or stakeholder

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pressure). However, most companies have the incentives to implement green practices that are mainly driven by competitiveness and cost concerns, not just social responsibility (Ashton et al., 2017; Karagülle, 2012). Besides the environmental impacts, green business practices are very significant in economic and social development. It influences business with all sustainable advantages (Guimaraes and Sato, 1996; van der Gaast and Begg, 2012; Weinberg, 1998) and all business factors such as organizations decision-making, risk management, stakeholder influences, employee engagement and

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innovations, social marginality, technical complexity, marketing and communication (Nkonoki and Ericsson, 2010). Nowadays, many commercial organizations are ensuring greening strategies, standing in green business practices, and establishing different green business frameworks to achieve different advantages through sustainability (Paul et al., 2014). It makes the interaction between industry and the environment, business models & industry, business models and environment (Nair and Paulose, 2014). Green businesses are associated with green economy, green society, environmental planning, marketing, and will from an eco-friendly chain system. In addition to social business and profit maximizations, green business practices have a significant impact on the use of natural resource at

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different stages of activities and productions. However, it is one of the most important topics in business research that emphasizes the environment. Business researchers who are directly involved in business operations and production always seek a business value chain in an integrated manner to achieve the factual development of the company. Many researchers have addressed greening practices in specific contexts, but a few have already

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initiated green business practices in a comprehensive format. After examining the impact of green businesses and practices, researchers feel that this gap, the integration of green business value chains, is an emerging issue that needs to be highlighted. In this review paper, the behavior of green business practice seems to be more casual and systematic. Environmental philosophy can add analysis of green business processes at diverse stages of the greening strategy, which is a novelty of this research. Through this review analysis, researchers, business professionals, academicians, and readers will get

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ideas about the integration of the green business value chains.

In this study, researchers collect and analyze the views of different authors, researchers, fellows, and others related to green practices. This research not only attempts to test the existing theoretical framework but also attempt to gain an in-depth understanding of the research study from the

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qualitative data. Moreover, the inclusion of what is known as green business and behavior can help to delineate a clear role for leaders’ in producing a socially suitable environment. Thus, this article aims to provide a discussion of the most important findings in understanding green business. All of these levels of analysis are potentially informative, and the study of green business strategies has developed

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using these different approaches.

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2. Foundations of the Research Field 2.1 The Meaning of Green Business Before explaining the term ‘green business', it is obvious to define the term ‘green’ and ‘business’ first. The term green has almost the same meaning as sustainability and is often used interchangeably (Yanarella et al., 2009). It is currently in use in both relative and absolute terms (Walley and Taylor,

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2002). Nevertheless, the term ‘green’ covers a wide range in scope, such as sustainability, scarcity of energy sources, eco-friendly, pollution-free, social or political stability. It focuses on environmentally friendly activities, such as green practices everywhere in society (Čekanavičius, Bazytė, & Dičmonaitė, 2014; Bergquist, 2017; Srivastava, 2007). In addition, the term green has been found in the literature to be more relevant to every aspects of sustainable development (Staniškis, 2011; Bergquist, 2017; Ahlstrom, 2010; Nair & Paulose, 2014; Molenaar & Kessler, 2017; Sarkis, Koo, & Watson, 2013; Sarkis, Zhu, & Lai, 2011). In this perspective, the term ‘green' and ‘business' can be

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merged into ‘Green Business.'

According to the key-characteristics of definitions of green business of different scholars, the green

resulted in the below definitions.

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business process is analyzed. They focus on green business from different perspectives, some of which

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“the definition of green business is becoming undermined by a proliferation of green labeling and standards. These standards are leading some consumers to consider "green labels" to simplify a marketing tool with little significance behind it. The basic concept of a green business lies in business sustainability." Kabiraj, Topkar, & Walke, 2010, pp. 24 "Business practices which are evaluated to be environmentally friendly. These practices might include the use of organic and natural products to build its facilities, tighter protections against emissions, environmentally responsible sourcing of supplies and designing organizations and processes to the efficient and economical use of resources." __ (Karagülle, 2012, pp. 457)

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“green business is an organization that is committed to the principles of environmental sustainability in its operations, strives to use renewable resources, and tries to minimize the negative environmental impact of its activities." __ (Čekanavičius et al., 2014, pp. 76) After exploring the different characteristics of the above definitions, we propose a definition of green business as "Green business is the sustainable business process of executing business with improving the economic conditions of a country, protecting the environment from the adverse effects, and finally ensuring the positive response to the society as a green capital." Here researchers try to highlight a complete business process that takes into account the environmental effects, which may influence a

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company’s long-term shareholder wealth and business profit maximization. As a result, society will ultimately benefit as well.

2.2 Why Green Business? Reducing the quantity of wastes, reusing wasted materials and recycling them as by-product or as raw

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materials for other products can decrease costs through environment-friendly processes (Gadde et al., 1997). Makower (2014) argues that revenue-raising and cost-saving are benefits of greening. Molenaar & Kessler (2017, p.16) have recognized that businesses derive new benefits from the five different levels of the process through using sustainability standards; operations, procurement, sales & marketing, stakeholder engagement, and sector-wide change. These benefits include cost reduction, increased profitability, productivity growth, improved reputation, supply security, legal compliance, enabling policy environment, and level playing field. In addition, Molenaar & Kessler (2017) have

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identified three factors that influence most of the green business benefits. These include company characteristics, sector characteristics, and standard systems characteristics. Moreover, industries can change their ability to engage in improving their business performance and green innovation by

transformation (Gluch et al., 2009).

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focusing on three predictors of green business advantages; assimilation, acquisition, and

Earlier studies by renowned researchers (e.g., Čekanavičius et al., 2014; Richard Florida, Davison, & Cline, 1999; Franco, Kothari, & Verdi, 2009; Molenaar & Kessler, 2017; Pattinson, 2015) identified

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different advantages of green business. Greening the essential elements of business gives some ecoadvantages by improving profitability. Example include reducing the use and cost of resources, saving money through digitalization, improving budgets for higher incomes, obtaining investment capital, establishing business status and high business growth, and obtaining incentives from the government through tax incentives. In addition, it capitalizes some competitive advantages by attracting innovations and perceptions of green consumer, improving brand reputation with operational

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efficiency and cost savings, increased productivity, and business capability to meet the terms of regulation. Moreover, it mitigates risks by meeting legal requirements and regulatory compliance, predicting new regulations, engaging stakeholders proactively, and improving risk management processes. Moreover, it retains and attracts top talent by recruiting top talent, improving employee morality, ensuring employees health and satisfaction, promoting a safer and healthier working environment, and making a more reliable and healthier world.

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2.3 Green Business Practices With globalization, business experience can be attributed to general business skills with more complicated conditions (Aguilera-Caracuel & Ortiz-de-Mandojana, 2013). In some cases, researchers ponder on a single dimension of international business capabilities (Johnson, 1998; Bull & Crompton, 2006; Kox & Rubalcaba, 2007). But research on multidimensional concepts such as green business, a

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collection of international business competencies with every aspect of business, society, and economy, is still limited (de Vasconcellos et al., 2018; Rana and Morgan, 2018). Therefore, there is a need to gain an insight view from the green strategy on the meaning of competence, business competence, international business competence, international business competence indicators, and the most significant international business competence for internationalized green business.

In the international arena, the society faces different financial, industrial, economic, and environmental

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crises due to mismanagement as well as misuse of social and natural resources (Arenas et al., 2010). In this prospect, green practices, capabilities, strategies, and greening impact around the world are considered highly crucial issues of every business practices through the positive effect on the economy, society, environment, and business (Nogareda and Ziegler, 2006). Such as climate change is

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one of the complex and hazardous threats to business and sustainable development (Hammond, Adriaanse, Rodenburg, Bryant, & Woodward, 1995; Linnenluecke, Smith, & McKnight, 2016). The growing effect of climate change demands a more holistic approach to reduce and prevent the adverse effects of climate change (Mioara and Mihai, 2014). Chun, Hwang, & Byun (2015) expose that

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climate change, environment protection, environmental stability, and environment-friendly products are directly related to green practices and greening strategies. Ahlstrom (2010) suppose that businesses contributions to society should also be emphasized besides profit-maximizing as it may influence longer business prospects. From this perspective, the greening strategies of every business behavior are to explore the organizational ‘eco-culture,' environmental excellence, and corporate environmental strategy (Newton and Harte, 1997). Additionally, it faces some challenges in business competition,

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green collaboration, chemical transparency, sustainability, company's performance, disclosure & transparency, employee engagement, and energy storage (Makower, 2014). Nulkar (2014) pointed out that green business can ensure four competitive advantages, such as emerging market opportunities, early mover advantages, managing costs & risks, and environmental stewardship. It also creates advantages ranging from environmental stewardship classifications to management, personnel, operational efficiency, and apparent advantages (Lun, 2011). The companies practicing higher degrees of environmental stewardship get higher business benefits than those to derive a lower degrees of environmental stewardship (Guimaraes and Sato, 1996). Another important

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fact is that the business size does not affect the relationship between business practices and environmental impact. Even for SMEs, there is no way to ignore the environmental impact. This is why SMEs fully emphasize the importance of environmental effects entirely (Chun et al., 2015). There are various organizational factors, such as strategy definition, top-management support, bottomup support, organizational structure, human resources, business inclusion, innovation capability, and

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personal motivator factors also playing effective roles in enabling green business practices through organizational changing (Lee, 2009; Seidel et al., 2010). Also, businesses have extended remarkable advantages from the advanced environmental management systems (AEMS) through practicing greening strategies (Florida et al., 1999). In addition, internal environmental management and green information systems influence directly and positively influence on purchasing, cooperation with customers, designing, and investment recovery (Green et al., 2012). Even with green management process, green supply chain management, and green technologies coexist to ensure business

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sustainability (Taib et al., 2015).

In addition, information systems are also an important force for providing necessary information to consumers, management team, decision-making team, and different groups of stakeholder at the

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managerial decision level, strategic level, and operational level (Pane Haden et al., 2009; Sarkis et al., 2013). It creates opportunities to enhance profitability and productivity (Cardoso and Carvalho, 2010; Standing et al., 2008). Also, the increasing uses of advanced information systems increase paperless information communication accurately and efficiently. Moreover, in a clean energy economy; the

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green business strategies play a central role by utilizing renewable energy, technologies and employing green laborforces to provide clean energy services and goods (Hongtao Yi, 2014). Furthermore, various organizational factors such as strategic definition, top-management support, bottom-up support, organizational structure, human resources, corporate inclusion, innovation capabilities, and personal motivator factors also play an active role in achieving green business

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practices through organizational change (Seidel et al., 2010; Lee, 2009).

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3. Methodology This study presents a literature review of different articles focusing on green business published in reputed journals (Ogunyemi and Aktas, 2013; Srivastava, 2007). There is no detailed schedule for the article publication date. We focus not only on green business practices but also on all green business

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elements separately such as green supply chain management, green accounting, green marketing, green information systems, green technology, and green 3R (reuse, reduce, recycle). Published relevant articles have selected from different research area by using a combination of adaptive sampling for literature review, purposive sampling, and an authoritative sampling approach. A series of research review approach is incorporated on green business strategies include keywords ‘green business’ ‘sustainable business’, ‘eco-friendly business’, ‘green supply chain management’, ‘green accounting’, ‘carbon accounting’, ‘green marketing’, ‘green information systems’, ‘green technology’, ‘green innovation’, ‘green management’, ‘environmental management systems’, ‘green reuse, reduce,

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recycle’, ‘green logistics’, ‘green design’, ‘green production/manufacturing’, and so on. Most of the research articles were collected from Elsevier, Springer, Wiley, Emerald, and Taylor & Francis. The review study investigated the elements of green business, the processes of different components, the

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benefits of greening, the impacts on the environment, and the economy. In addition to resources from Elsevier, Springer, Wiley, Emerald, and Taylor & Francis, we have collected articles from other publications to collect the necessary information (Ahi and Searcy, 2015). Despite the help from these researches on relevant research on green business practice and process, we also analyzed some of the

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frameworks that have been established in previous studies. However, this research was followed by a systematic review method that helped us to easily finish this research project in a systematic way. A

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systematic research framework is given below in Figure 1 to explain the research process.

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Figure 1: A framework for the systematic research process

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A systematic research process is followed here. We adopted a research framework concept of Milian et al. (2019) to complete this article. The figure below shows the systematic representation of the entire research process of the study.

Source: Illustrated by Authors

The reviewed data has been encoded and categorized multiple times by the first author to create a thematic classification system for the collected data. Data has been analyzed and verified to ensure that the units of classification (themes, issues, concepts) are sensitive to population descriptions. After

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collecting the data through review of the literature, the assessed data has been provided to the associate co-authors to allow them to reflect on their thoughts for the second time and to modify or add or rearrange these data in a second brief review with the first author. We conducted a thematic analysis in three steps. The theme has been extracted from the transcript; the extracted topics have categorized and organized; finally, an interpretive analysis has produced a theoretical environmental interpretation of the green context of business strategy. This categorizing and organizing review process takes a structured approach that is shown in Table 1 in the below section.

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Table 1: Integrated Overview of Green Business Value Chain with Literature This table presents a comprehensive overview of the green business value chain and literature. Most importantly, the early research and future research directions of these researches are presented in this table. The searching keywords are mentioned here to give the reader a clear understanding of the related keyword of this study.

Green Business & SUSTAINABILITY

Keywords

Future Research Direction

(Ahlstrom, 2010; Arenas et al., 2010; Ashton et al., 2017; Bainbridge, 2006; Bergquist, 2017; Bull and Crompton, 2006; Čekanavičius et al., 2014; D’Souza et al., 2007; Ebrashi, 2013; Elkington, 1994; Florida et al., 1999; Hirsch, 2010; Hongtao Yi, 2014; Johnson, 1998; Kabiraj et al., 2010; Karagülle, 2012; Kren, 2008; LiHua and Lu, 2013; Makower, 2014; Mioara and Mihai, 2014; Moser, 2001; Nair and Paulose, 2014; Newton and Harte, 1997; Prothero et al., 1997; Seidel et al., 2010; Smith and Perks, 2010; Staniškis, 2011; van der Gaast and Begg, 2012; Weinberg, 1998)

‘Green business’ ‘sustainable business’ ‘green business benefits’ ‘green business process’ ‘green business value chain’ ‘business value chain’ ‘business functions’ ‘business contribution to society’ ‘business effects on environment’ ‘sustainability’ ‘green attitudes and practices’ ‘environmental awareness’ ‘Sustainability’ ‘sustainable development’ ‘sustainable economy’

After studying literature, some important future research directions are identified;

(Ahi and Searcy, 2015; Chin et al., 2015; Chun et al., 2015; Deif, 2011; Dowie, 1994; Green et al., 2012; Greene and Wegener, 1997; Kumar and Ghodeswar, 2015; Liobikienė et al., 2017; Mckinnon et al., 2014; Mckinnon, 2010; Nikbakhsh, 2009; Paul et al., 2014; Rajala et al., 2016; Sarkis et al., 2011; Shrivastava, 2011; WBCSD, 2010)

‘Sustainable supply chain management (SSCM)’ ‘Green supply chain management (GSCM)’ ‘Green SCM’ ‘SCM Process’ ‘Green logistics’ ‘green manufacturing’ ‘green production’ ‘green transportation’ ‘green manufacturing’ ‘sustainable transport’ ‘green manufacturing process’ ‘manufacturing process’ ‘green design’ ‘green product design’ ‘green’ ‘green warehouse’

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GSCM

Authors

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Topic

Green Marketing

‘Sustainable Management’ ‘Green Management’ ‘Management Sustainability’ ‘Environmental Management’ ‘Environmental performance’ ‘Complementary capabilities’ ‘Sustainable green management systems (SGMS)’ ‘Green indicators’

(Ascui, 2014; Bastianoni et al., 2005; Bowen and Wittneben, 2011; El Serafy, 1997; Franco et al., 2009; Hashim et al., 2015, 2017; Karvonen, 2000; Linnenluecke et al., 2016; Medley, 1997; Moorthy and Yacob, 2013; Nash et al., 1992; Owen et al., 1997; Peter Bartelmus, 1999; Rahman and Hussain, 2012; Rogers and Kristof, 2003; Ruiz et al., 2016; Sonja Gallhofer and Jim Haslam, 1997; Thornton, 2013; Wang and Zhi, 2016) (Chan, 2013; Dangelico and Vocalelli, 2017; Davari and Strutton, 2014; Esmaili and Fazeli, 2015; Goh and Balaji, 2016; Grant, 2008; Joshi and Rahman, 2015; Lampe and Gazda, 1995; Peattie and Crane, 2005; Polonsky and Rosenberger III, 2001; Prothero et al., 1997; Sharma and Singh, 2015; Simão and Lisboa, 2017; Testa et al., 2011; Yan and Yanzdanifard, 2014)

‘Carbon accounting’ ‘Environmental Accounting’ ‘Green Accounting’ ‘Green Finance’ ‘Sustainable accounting’ ‘Accuracy’ ‘Consistency’ ‘Green Disclosure’ ‘Environmental management accounting.’

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Green Accounting & Finance

(Babiak and Trendafilova, 2011; Darnal et al., 2008; Florida and Davison, 2001; Hosseini, 2007; Loknath and Abdul Azeem, 2017; Lun, 2011; Mustapha et al., 2017; Nogareda and Ziegler, 2006; Pane Haden et al., 2009)

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Green Management

‘Green marketing’ ‘marketing mix’ ‘green price’ ‘green product’ ‘green place’ ‘green promotion’ ‘sustainable marketing process.’

• Future research will address the ways to promote the GSCM structure in both an individual level and firm level • Reduce the uncertainty of implementing a supply chain management process • How companies view customer pressure in different environments of the supply chain process • Relationship between different variables of green management and financial performance • Research to explore the best portfolio to get the most out of your business • Industry-based research

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• Research to examine the pattern for sustainable management • Report on the adoption of sustainable practices or greening strategies • Impact of transparency on the legitimacy of the company • Research to explore the alternative measures to reduce carbon emissions • Research on how to implement the zero carbon policy • The impact of specific emotions (guilt, generativity) will be addressed in future research • Research to explore the suitability of different factors of green purchase behavior • The actual consumer behavior will be explored to show how they

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Green Technology

3R

(Dedrick, 2010; Diwekar, 2005; Domdouzis, 2015; Engel, 2015; Gluch et al., 2009; Malhotra et al., 2013; Melville, 2010; Murugesan San, 2008; Ogunyemi and Aktas, 2013; Raisinghani and Idemudia, 2019; Sarkis et al., 2013)

‘Green information systems’ ‘Information technology’ ‘Integrated sustainable-value framework.’

(Aguilera-Caracuel and Ortiz-de-Mandojana, 2013; Cardoso and Carvalho, 2010; Chen et al., 2006; Crane and Kitchens, 2013; Dastbaz, 2015; Domdouzis, 2015; Hasper.M, 2009; Ito and Mousavi Jahan Abadi, 2002; Leenders and Chandra, 2013; Li-Hua and Lu, 2013; Mueller, 2017; Murugesan San, 2008; Pattinson, 2015; Taib et al., 2015; van der Gaast and Begg, 2012)

‘Green technology’ ‘green innovation’ ‘green technology practice’ ‘green IT’ ‘green technology benefits’ ‘eco-friendly technology.’

(Brady, 2010; Bushnell et al., 2010; Essoussi and Linton, 2010; Gadde et al., 1997)

‘3R practice’ ‘waste management in business’ ‘recycling process’ ‘reduce, reuse, recycling.’

behave in reality • Research on the sustainability value of information systems practice in business • Research to explore more integrated IT practices and sustainability approaches • Research to consider the impact of technological factors on environmental issues

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Green Information Systems

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• Research to consider the efficiency of different technologies in greening practices • The impact of technological on sustainability • Methods to change a person’s behavior through technological greening strategy

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• Sustainable business competitiveness • External practice

pressure

for

and

greening

• Green practices, competitiveness, & profit maximization

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Source: Author’s Explanation Figure 2: Theoretical Framework of Green Business Value Chain

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This figure presents the theoretical framework of the green business value chain. This theoretical framework will help readers get a complete concept at a glance. All functions of the green business value chain are included in this figure.

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Source: Author’s Illustration The following sections deal with each of the thematic steps one by one. In order to help the readers better understand, significant direct references accumulated from the collected data are used to illustrate qualitative results.

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4. Findings The green business process requires the coordination and integration of all green surroundings. It is found that all elements of green business value chain are deeply interrelated with each other. First, Green Information Systems (GIS) connects all business function through a broader and more powerful information system. In this case, technology helps connect each department to work together. This is why using the best technology to connect the entire business systems is the first thing. In addition,

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Green Supply Chain Management (GSCM), Green Marketing, and Green 3R are related sequentially. Mainly four functions; green information system, green management, green technology, and Green 3R are related to each function in a business. Additionally, after studying the existing literature related to green business and its practices, we classified the green business value chain into several parts, as

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shown in Figure 2. The diversified areas of the green business value chain are also based on the determination that the previous research done by Chun et al. (2015), Green et al. (2012), Mueller (2017), Staniškis (2011), Nogareda and Ziegler (2006). These are green supply chain management,

and 3R.

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green management, green marketing, green information systems, green accounting, green technology,

4.1 Green Information Systems

Green Information Systems (GIS) is an integrated form of information and communication system that directly supports environmental sustainability initiatives across the economy (Ogunyemi & Aktas,

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2013; Standing et al., 2008; Dedrick, 2010). It connects all the functions of business through technology. Additionally, it established the colloquial term information technology and corporate information systems to overcome the challenge of green and sustainable practices (Ogunyemi & Aktas, 2013). It focuses on information systems that design and implement sustainable business processes through reducing transportation costs, enabling sustainable processes and practices, implementing a fleet management system, tracking environmental information, monitoring firm's waste products management and operational emissions effectively, and improving economic and environmental performance (Raisinghani & Idemudia, 2019: Melville, 2010). Ogunyemi & Aktas (2013) illustrated a conceptual framework for a green information system, which considers both the

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traditional supply chain performance and sustainable supply chain performance. Sustainable supply chain performance is categorized into internal performance (economic performance) and external performance (environment & social performance). Compared to traditional supply chain performance, sustainable supply chain performance influences economy, environment, and society, while traditional supply chain performance influences cost, quality, flexibility, dependability, and speed. The

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conceptual framework for a green information system is given in Figure 3 below. Figure 3: Conceptual framework of Green Information Systems

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This diagram presents a comparative framework for green information system, showing the green influence of GIS on the economy, environment, and society.

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Source: (Ogunyemi and Aktas, 2013).

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4.2 Green Technology The industrial revolution has changed the relationship between mankind and the earth’s ecology with the help of technology (Dastbaz, 2015). Therefore, the concept of ‘green technology’ considers the use of renewable natural resources that will never exhaust and minimize the negative impact of technological innovation and green engineering (Hongtao Yi, 2014). It incorporates sustainability

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through the "Cradle to cradle" design for recycling and reusing, source reduction by reducing waste and pollution, innovation by developing alternative advance technologies, demonstrated economic benefits through environmental protection, and reduction of the human impact on the environment through creating ways of sustainable development (Soni, 2014). In addition, environmentally-friendly innovation in the information and communication sector has changed almost every aspect of our lives and is influenced by the environmental. Another technological concept ecological efficiency or ecoefficiency that creates additional value in using technology by reducing environmental effect and

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resource use throughout the product lifecycle. In addition to reducing environmental impacts, the use of green technologies can help reduce industrial hazards (Hasan et al., 2018; Hasan and Mahmud, 2017a, 2017b). Additionally, cloud computing is an emerging concept of green technology, which is

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used to achieve sustainability without affecting the environment (Domdouzis, 2015). Moreover, software design is also considered a significant factor in green technology (Engel, 2015). Murugesan San (2008) has developed a holistic approach to reduce the environmental impact of technology including green use, green disposal, green design, and green manufacturing. By focusing on these

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complementary pathways, companies can achieve complete environmental sustainability through technological innovation. These factors are briefly discussed below; •

Green use: Minimize the energy consumption of technological innovations by using these systems in an environmentally sound manner.

•

Green disposal: Reuse and refurbish old technology innovations and properly recycle unwanted hardware and equipment.

Green design: Design energy-efficient and eco-friendly technological practices system.

•

Green manufacturing: Manufacturing hardware and equipment that have minimal or no

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•

environmental impact.

Different applications of green technology existing in commercial life; solar panels, solar water heaters, reusable water bottles, wind turbines, green technology building, rainwater harvesting systems, green nanotechnology, and green chemistry (Soni, 2014). The implementation of best technology application and technological development plans must gain green technology benefits from

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green business practices (Li-Hua and Lu, 2013). In addition, different technological benefits of ensuring a sustainable environment through practicing green strategies are briefly described below; •

Technological recycling (Use of technological innovations in recycling process)

•

Reducing general expenses (Reduce waste in production process)

•

Purifying of water & air (Use of water purification technologies and low-carbon emission

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machinery) •

Improving budget for higher profits (Cost saving from use nanotechnology)

•

Conserving energy (energy-efficient information technology innovations and nanotechnology)

• Regenerating ecosystems (Development of forest ecology, regenerative agriculture systems, and sustainable energy)

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4.3 Green Management

The implementation of green strategies in the management process is an emerging issue in business (Čekanavičius et al., 2014; Molenaar & Kessler, 2017). In particular, practicing the greening strategies to improve business and environmental performance in management activities is considered as green

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management (Loknath & Abdul Azeem, 2017; Darnal et al., 2008). Currently, the term ‘Green management’ has been replaced by the term ‘Environmental management systems (EMS).' Here, the environmental issues are addressed through the implementation of environmental plan or policy, planning to reduce negative impacts on environmental, providing necessary training to workers, and

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monitoring and evaluating the environmental regulations (Darnal et al., 2008). Besides, It involves cost savings, human resources management, customer inspections, innovation ability, environmental considerations, and profitability (Lee, 2009). Here, Chun et al. (2015) note that green management practices contain almost three elements: environmentally friendly operations, assistance to supplychain partners, and support for internal controls. It has a substantial impact on profitability, terminal throughput, and efficient and cost-effective operation (Lun, 2011). Mustapha, Manan, & Wan Alwi

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(2017) explained that a unified green management framework directly related to sustainable development, namely Sustainable Green management System (SGMS). It provides an effective, integrated, systematic approach to monitoring, collecting, managing, and analyzing information on organizational sustainability, profitability, cost redundancy, and efficiency in the management framework. Similarly, the importance of implementing green strategies in management and environmental awareness is changing over time. After studying earlier studies by Mustapha et al. (2017) and Pane Haden et al. (2009), A number of ways in which business can benefit from green management have been identified will be specified in points in the next section;

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Reduction of administrative costs, bureaucratic conflicts, confusion in decision making, internal disputes, and duplication of documents Execution of internal audits and simplification of management process

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Redefined managerial authority and responsibilities

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Promotion of employee training

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Enhancing organizational efficiency and performance

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Improving the internal and external image, and good-will of the corporation

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Building effective internal communication mechanism;

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After studying management functions identified by Henri Fayol (1841–1925) and Luther H. Gulick (1892–1993), this study emphasizes on the execution of green management in planning, organizing, controlling, and leading.

Green Planning: Green planning includes an effective plan, planning efficiency, and green

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management strategy •

Green Organizing: Green organizing involves the organization and design of green strategy implementation tasks, as well as the processing and completion of planned tasks Green Leading: Green leadership encompasses inspiring, communicating, and motivating the

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internal components related to green management strategic plan implementation •

Green Controlling: The internal elements of green controlling measures the accomplishment

policy.

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tasks and management of strategically planned activities according to the green management

4.4 Green Supply Chain Management

Green supply chain management (GSCM) refers as an integrating environmental concern about business activities such as procurement, production or material management, distribution or marketing, reverse logistics practices to improve the productivity and profitability of the businesses

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(Srivastava, 2007; Green et al., 2012). Darnal, Jolley, & Handfield (2008) defines GSCM considering the environmental performance of the entire value chain, undertaking the necessary measure to ensure eco-friendly products or services, reducing the transport, warehouses, and waste related to cost and, decreasing the impact of all SCM’s elements to the environment. GSCM practice includes green procurement, green manufacturing, green distribution, and green logistics (Chin et al., 2015). In addition, this study is addressing green purchasing, green manufacturing, green logistics, and green designing as the elements of GSCM, which will be discussed in the next section.

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4.4.1 Green Design

This research regards to design as one of the most critical factors of the green business process. It is important for every industry to prepare a good and useful design for every future operation. It includes the design of the complete supply chain process, the design of environmental support material procurement, the planning of the manufacturing process, and the design of the entire logistics process. These designs should examine the environmental impact significantly. Diwekar (2005) explains that

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the prior green design process helps to enterprise sustainability. It begins at the planning stage and ends at the decision-making stage. It will assist in establishing business with multiple goals. In addition, Srivastava (2007) identified four parts that are directly related to the green generation process; the first one is reduction, the second one is control, the third one is elimination, and the final one is re-control. 4.4.2 Green Purchasing

Green Purchasing, also known as environmentally preferred purchasing (EPP), refers to the purchase

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of environmentally friendly products that are decidedly less deleterious impact to the environment and are also socially beneficial (Chan, 2013; Joshi & Rahman, 2015). The intention of purchasing green products comes from the concern of environmental & knowledge of environment, consumer attitudes,

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environmentally friendly behavior, and social norms. The green purchasing decision of consumers depends on five factors such as environmental protection, environmental responsibility, product experience, environment friendliness, and universal appeal (Kumar and Ghodeswar, 2015). These environmental effects control the entire process of the product purchase process. It begins at raw

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material purchase to disposal of the product’s wastage with the most positive social significance and the lowest environmental impact.

4.4.3 Green Production/Manufacturing

Greening strategies in the manufacturing process increase profits by producing products or providing services in an environmentally friendly manner (Deif, 2011; Paul et al., 2014). It encompasses source reduction (minimizing waste or pollution), and recycling and green product design exhibited the green

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manufacturing process. It includes three aspects of the transformation of industrial operations; developing & selling green products in markets, using green energy, and employing green procedures in business operations. In such cases, technology plays significant role as production depends entirely on technological innovations. Even following a green strategy in the production process can help manage different types of risks (Hasan et al., 2018; Hasan and Mahmud, 2017b, 2017a). Dowie (1994) proposed 3Rs Distinguishing Products from Parts concept, considering the concept of reuse, remanufacturing, and recycling (3R). In this research, the concept of that manufacturing model is adopted, and a new manufacturing model is proposed in this research as shown in Figure 4

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considering the reuse, remanufacturing, and recycling (3R) idea as Two-step green manufacturing

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process.

Figure 4: Two-step green manufacturing process (Source: Illustrated by Authors) The first step of the Two-step green manufacturing process is green manufacturing design. The green

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manufacturing process design is categorized into two categories; manufacturing design for a complete product, and manufacturing design for wastage. This grouping is the speciality of this Two-step green manufacturing process model. In the first category, each design will be planned as a complete product.

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The manufacturing design of a complete product has a sequential operation process. The steps of this process are specified sequentially; material processing of the finished products, manufacturing process (parts manufacturing and product assembling), output of complete or usable product, use of the completed product, disposal of the scrap or wastage from product usage, and dumping with green recycling the wastage or scrap product that is not usable for further production. The manufacturing design for wastage has also a sequential operation process. This process falls into

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three categories. The first one starts at the wastage from manufacturing process and goes to manufacturing design for wastage products. The second one starts at disassembling the products for reusing in another purposes and proceed to manufacturing design for wastage products, and the third one starts with the products reduced parts after disassembling the products and goes on manufacturing design for wastage product.

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4.4.4 Green Logistics

The way, goods and services are produced and delivered to the targeted consumers is considered a significant determinant of social responsibility for consumers and the environment (Staniškis, 2011). In this prospect, green logistics is regarded as a substantial part of the company’s operations and modern supply chain systems to gain sustainable development of the company (Nylund, 2012;

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Rakhmangulov et al., 2017). Kotler & Armstong (2018) identified three types of logistics, such as inbound logistics, outbound logistics, and reverse logistics. Among them, inbound logistics support the supplier to the company’s functions, and outbound logistics support the company to retailers services. These are the complete part of reverse logistics. Now, the two terms ‘green logistics’ and ‘reverse logistics’ are used interchangeably. Industries are adopting greening strategies for logistics activities in order to minimize the costs and the waste of logistics operations. Reverse logistics is, therefore, the back products flow from the consumer to an earlier stage of the supply chain

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management process. Seroka-Stolka (2014) Identifies that different stakeholders, including companies, clients, politics, and society, directly influence the green logistics process. Here, we emphasize that a green logistics framework comprises green strategies for transport, warehousing, office management,

build sustainable logistics systems.

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inventory control, and material handling systems. Figure 5 shows how the greening policies help to

Figure 5: Green logistics Framework

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This diagram presents the sequential highlights of green logistics framework. The array symbol signified the sequence in which the elements of green logistics framework are arranged.

Source: Authors Explanation

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4.5 Green Marketing Green marketing is a holistic management process that emerges from societal marketing (Peattie & Crane, 2005). Polonsky & Rosenberger III (2001) defines "green marketing as all activities designed to generate and facilitate any exchanges intended to satisfy human needs or wants, such that the satisfaction of these needs and wants occurs, with a minimal detrimental impact on the natural

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environment." Kotler & Keller (2016) specifies the number of basic terms of marketing areas such as marketing mix (product, price, place, promotion), marketing strategy (segmentation, differentiation, targeting, positioning), marketing communication mix, and branding. Many marketing scholars (e.g., Polonsky & Rosenberger III, 2001; Nekmahmud & Rahman, 2018; Majedul Huq et al., 2016: Davari & Strutton, 2014) focus on the study of the traditional marketing mix in the context of green marketing. Polonsky & Rosenberger III (2001) articulates the Green 4Ps (product, price, place, and

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promotion) for implementing green marketing strategies. 4.5.1 Green Product

Green products are well suitable for both human health and the environment. Peattie & Crane (2005) defines a product as ‘green' "when its environmental and societal performance, in production, use, and

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disposal, is significantly improved and improving in comparison to conventional or competitive products of firings." It includes repair, recycles, reuse, and remanufacture of products or parts thereof (Prakash, 2002). Making products more durable, repairable, compostable, healthy, and safer to transport is the most common production strategy for green products. Green products are treated as

4.5.2 Green Price

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safer, healthier, and more benign than other traditional products (Luchs and Naylor, 2010).

Price is one of the important factors that influence consumers’ purchase decisions at the time of purchasing green products or services. Green pricing can be defined as setting prices for the green products to offset consumers' sensitivity to price against their willingness to pay more for the products'

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environmental performance (Grove et al., 1996). Consumers are willing to pay a premium for green products, but the perceived benefits and product categories will also affect consumers’ willingness to pay.

4.5.3 Green Place

The green place is a vital element in the marketing mix, which refers to the management policies connected to distribution and reverse logistics from production to consumption (Davari & Strutton, 2014). For example, the trends of opening green retail outlets in both Europe and the USA (Lampe and

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Gazda, 1995). In addition, online marketplaces such as Amazon, Alibaba, eBay, Taobao, and OLX are very effective in protecting the environment. Also, they play a crucial role in green distribution (Esmaili and Fazeli, 2015). 4.5.4 Green Promotion

The green marketing mix is one of the practical tools to establish a green business where green

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advertising plays a significant role in highlighting the environmental benefits of products. It has also promoted a sustainable lifestyle, improves the green image of brands, and reduces information asymmetry in green products (D’Souza et al., 2007). Prothero, Peattie, & McDonagh (1997) stated that an effective green strategy depends on excellent communications. While Papadas & Avlonitis (2014) includes communication as a significant component of environmental business excellence can educate and inform consumers. In addition, supportive environmental advertising is changing production and consumption patterns (Testa et al., 2011). The response to green advertising has been quite positive for

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the consumer’s response to green advertising (Yan and Yanzdanifard, 2014).

4.6 Green 3R (reduce, reuse, and recycle)

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The 3R (reduce, reuse, recycle) concept considered to achieve long-term environmental sustainability of industrial manufacturing process (Bushnell, Harpster, Simchuk, Manckia, & Stevens, 2010). This approach carries different opportunities by minimizing the consumption of natural resources and reducing environmental pressure as much as possible. In addition, waste has been recognized as a

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resource for efforts to recycle. In this perspective, this issue affects the use of natural resources in the manufacturing process through waste, pollution, and emissions of carbon. Chun et al. (2015, pp. 509) argue that the content of 3Rs as “The policies for environmentally friendly logistics needs an aggressive drive of the 3Rs (Reduce, Reuse, Recycle) by resource circulation”. From this perspective, waste management is a related concept to the 3R issue in planning and recycling, which influence environmental sustainability. It is directly related to the green strategies followed in the industrial

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manufacturing process, especially in the disposal and recycling of waste materials. All business owners and stakeholders, even environmentally conscious consumers, demand a proper waste management process (Patwary, O’Hare, & Sarker, 2011a; Patwary, O’Hare, & Sarker, 2012). This concept plays a vital role in the waste management cycle, which reduces waste and contributes to the green recycling process. It works to waste minimization through reusing, recycling, and reducing systems. At present, the industry is using the waste management systems, but sometimes they fail to manage waste up to a satisfactory level (Patwary et al., 2011a).

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4.7 Green Accounting Environmental accounting, Accounting for environmental support, and Green accounting are the same concept that plays a significant role in sustainable development (Sonja Gallhofer and Jim Haslam, 1997). To be fair to say, this is not a new concept (Owen et al., 1997). It is considered as a common concern and there is growing environmental interest at both nationally and globally (Bailey and Soyka,

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1996; Bainbridge, 2006; Karvonen, 2000; Medley, 1997; Peter Bartelmus, 1999). It is embodied in an integrating form of environment, management, accounting, and finance support strategic decisionmaking systems by considering both environmental and economic measures (Bailey and Soyka, 1996; Bainbridge, 2006; Bastianoni et al., 2005; Karvonen, 2000; Rogers and Kristof, 2003). At early stages, both the industry and SMEs ignored environmental issues in their financial reports (Karvonen, 2000). However, at present, all parties are giving a close attention in implementing the result of green accounting concept to eliminate the lack of awareness and ethical business functions (Moorthy and

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Yacob, 2013; Thornton, 2013). The green accounting system is different from traditional accounting system because it is directly tied to voluntary or regulatory programs, and the unit value is recorded as the price of carbon in the product market (Bowen and Wittneben, 2011). Bowen & Wittneben (2011)

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emphasizes that greening of accounts and finance activities, include consistency, certainty, and accuracy, and is regarded as a challenging goal. A material dissimilarity exists amongst the importance of accuracy, certainty, and consistency in carbon emissions reporting. This study explains the greening of accounting systems by emphasizing consistency, accuracy, and certainty in the organization’s

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accounting systems and how to use the terms as a primary concern of green accounting. The use of accuracy, consistency, and certainty in greening the organizational accounting systems is devised in the below sections; •

Accuracy: Bowen & Wittneben (2011) stated accuracy as “Measurement techniques need to be materially accurate, that is, and they need to reflect actual atmospheric emissions." The overestimation and underestimation of the information in financial statements from optimistic

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and pessimistic interpretations are entirely prohibited to prove the information accuracy and to produce an accurate financial statement (Danimir, 2008). •

Consistency: The term consistency refers to the adoption of the same accounting methods or principle in a continuous business year or accounting periods consistently (Kieso et al., 2016). Besides, Horn, n.d., (pp. 1) stated consistency as "Do it the same way every time." The inconsistency of using accounting methods or principles is acceptable only when new problems or critical issues have arisen. If this inconsistency occurs or effects changes in

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financial statements, disclosure note must require validating the inconsistency (Wüstemann and Wüstemann, 2010). Besides, consistency helps period-to-period results in comparison and reports accurate revenue or profit (Van Beest et al., 2009). Certainty: Bowen & Wittneben (2011) stated certainty, as "Measurement needs to incorporate indicators of uncertainty as a key metric in carbon accounting to allow for valid interpretation

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of data." It is imperative to interpret the data validly, and the uncertainty indicator should be

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measured.

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5. Conclusion and Recommendations The influence of greening practice is significant, in fact, for the sustainability of the green economy as it is not only a matter of one function but all the value chain functions of business must go through the greening practices. Sustainability is not about anything can be created instantly, but a result of long-

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term stability. However, some business value chain functions have been well-established in greening practices. These greening practices have made significant changes in the business world with diversified opportunities. This is why a considerable number of large companies in the world are now practicing green strategies. For example, green practice in supply chain management is the most practiced areas of business. The integration of social, environmental, and economic policies plays vital roles in the development of green business. A link between organizing, managing, and executing every element of business is highly recommended. There are various benefits of practicing greening

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strategies. This is why the impacts of environmental protection should be considered as a more conscious issue. Also, its’ concept should be widened in business practice. In addition, different strategies regarding green business implementation and green awareness of the development of green organizational movement are significant in establishing green business practices. Besides, the green

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business environment requires more attention from the social scientists. Moreover, environmental safety, benefits, social security, and customer satisfaction are crucial for the development of green business practices. By adapting to green business, every component of the green business must gear up

green company.

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toward the sustainability of the business. This will help to accomplish to achieve the ultimate goal of a

Additionally, another important issue is how to amplify this research in real-life business or practical operations. This research will create opportunities to explore the benefits and implications considering environmental influences in business. Also, business people will have the motivation to implement the greening practice in their companies. Moreover, it will help diversify areas such as creating an environment supporting work environment, developing connectivity between the departments,

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minimizing costs through removing carbon-emitting materials and technologies, and utilizing the 3R manufacturing process.

The green practices of companies can increase the productivity of resources through green innovation and research. Every business operates on its characteristics, which represents a business that is somewhat different from other businesses. The greening strategy is such a feature, which adds some new value to traditional business. From this point of view, the importance of following and implementing a greening strategy in traditional business is much more important. In addition, it

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supports the traditional business through the benefits of going green. It can be followed and implemented in all areas of business, such as marketing, accounting, management, technological implications, innovation, and so forth. In this prospect, the most important sectors of the entire business will be more aware of and conscious about the social, economic, and environmental issues than the traditional business. In this way, it can be easily identified by the qualitative characteristics

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and behavioral deviations of green and traditional business. This research mainly explores the elements of the green business value chain. Also, more research is needed on green production or manufacturing, green 3R, and green technology from business perspective. In addition, it is necessary to expand the scope of greening practice in every aspect of the business in future research. The impact of green business on social responsibility is also significant and has yet to be explored in more details. Perhaps, the challenges of greening practice should be covered in future research. Because we only found several types of research relating to this issue,

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especially the research was done by Čekanavičius et al. (2014). This study is noticeable for future challenges of the green business value chain. Even some empirical researches are also needed on this topic because the present study is conducted through a literature review methodology based on secondary data and information. However, this is not the conclusive statement, but it could be assumed

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that green business must be encouraged due to saving the world from the anthropogenic industrial

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pollution.

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Highlights Influences of green strategies in every business function are discussed

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Different advantages of greening practices are specified here

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A framework of the entire green business value chain is drawn

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A two-step production process is proposed considering environmental impact

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Green IS & 3R (reduce, reuse, recycle) is included as a separated value chain

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