Journal
JOURNAL OF CLEANER PRODUCTION
Volume 394, Issue -, Pages -Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.jclepro.2023.136404
Keywords
Eco-innovation; Sustainable business performance; Ecological regulation stringency; Market turbulence; Artificial neural networks
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This study examines how ecological regulatory stringency and market turbulence stimulate eco-innovation in Ghanaian firms. The research findings suggest that ecological regulation primarily improves sustainable business performance through process eco-innovation, while market turbulence has a greater impact on sustainable business performance through product eco-innovation. The study adds to the existing literature on eco-innovation and green economy by providing a comprehensive framework for measuring firms' pursuit of eco-innovation and sustainability.
The study examines approaches wherein two external factors spur Ghanaian firms to eco-innovate: ecological regulatory stringency and market turbulence. The study's conceptual framework is evaluated using survey data from 513 Ghanaian manufacturing firms using a hybrid Partial Least Square-Structural Equation Model and Arttificial Neural Network technique, which provides support to the proposed hypothesis. Thus, by dividing eco-innovation into product eco-innovation and process eco-innovation, we infer that ecological regulation stringency improves sustainable business performance primarily through process eco-innovation instead of product eco-innovation and market turbulence has a greater impact on sustainable business performance through product eco-innovation as opposed to process ecoinnovation. Our research adds to the literature on eco-innovation and green economy by providing a comprehensive framework for measuring a firm's pursuit of eco-innovation and sustainability in response to government and market pressures. We conclude by providing theoretical, methodological and practical implications.
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