Sustainability-Related Strategic Evaluation of Business Models

Environmental Sustainability Commitment and Access to Finance by Small and Medium Enterprises: The Role of Financial Performance and Corporate Governance

Small and Medium Enterprises in South Africa contribute critically to the economy, yet they face many challenges, such as lack of access to external finance. Thus, applying the stakeholder theory, this study tested the relationship between environmental sustainability commitment and access to finance and whether this relationship was mediated by financial performance. The study further examined the moderating role of corporate governance on the relationship between environmental sustainability commitment and access to finance. Owner/managers of 600 SMEs from three provinces in South Africa were randomly selected using a probability sampling method. Primary data were collected using self-administered questionnaires. The moderated mediation model was tested using PLS-SEM. The findings showed that environmental sustainability commitment significantly predicts access to finance both directly and indirectly through financial performance. Moreover, the results showed that corporate governance positively moderates the link between environmental sustainability commitment and access to finance. This study has several implications. Practically, small unlisted firms can adopt and apply the model developed in this study to enhance their environmental, social, and governance practices to unlock external funding. The novelty of this study is that it proposed and tested a moderated mediation model to understand SMEs’ determinants of access to finance. In addition, this study provides a nuanced understanding of responsible business through green behaviour in the context of SMEs, which has been lacking in the existing literature.

Exploring the Role of Sustainability-Oriented Marketing Education in Promoting Consciousness for Sustainable Consumption

Scholars have increasingly examined how education influences consciousness for sustainable behaviour, but studies focusing on developing economies are very few, and the role of sustainability-oriented marketing education is currently underexplored. By applying the theory of planned behaviour, this study explores the influence of sustainability-oriented marketing education on students’ consciousness for sustainable consumption. The study is a quantitative research study based on an online survey of marketing students who participated in a training/seminar programme of the National Institute of Marketing of Nigeria. The participants were drawn from three universities across the South-East and South-South zones of the country. SmartPLS structural equation modelling was applied to test the generated data. We find that sustainability-oriented marketing education influences students’ consciousness for sustainable consumption, attitude, subjective norms, and perceived behavioural control. The findings will strengthen marketing education for sustainable development, and they have implications for students’ environmental consciousness in making purchase decisions. The study also brings more insight into marketing education’s role in actualizing the United Nations’ Sustainable Development Goals in Nigeria.