Renewable Energy Adoption as a Catalyst for Business Value Creation: Evidence from Manufacturing Firms in Bangladesh

The study added a theoretical contribution by showing that REA, EMC, TR, and GIC can serve as strategically relevant resources and capabilities to create BVC, and that the unimportant EO–BVC link indicates that environmental orientation alone can not be enough to be a resource or capability for BVC. In practical terms, the results advocate for manufacturing managers to pay attention to energy-management capabilities, technological readiness and green innovation, instead of viewing renewable-energy adoption as a standalone investment. Empirically, the study presents evidence from the manufacturing sector, which is relatively underrepresented in the renewable-energy and business-value research fields in the context of Bangladesh. The most powerful impact of GIC is to recognize the need for converting environmental efforts into innovation oriented products, processes and practices. The novelty of the study is that the REA, EMC, TR, EO and GIC are combined in a single RBV-based framework to explain the BVC, thus linking renewable-energy adoption with organizational capabilities and value creation.