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Benchmarking electric power companies’ sustainability and circular economy behaviors: using a hybrid PLS-SEM and MCDM approach

Author

Listed:
  • Khai Wah Khaw

    (Universiti Sains Malaysia)

  • Mark Camilleri

    (University of Malta)

  • Victor Tiberius

    (University of Potsdam)

  • Alhamzah Alnoor

    (Southern Technical University, Management Technical College)

  • Ali Shakir Zaidan

    (Universiti Sains Malaysia)

Abstract

This research examines the impact of firms’ decision-making, crisis management, and risk-taking behaviors on their sustainability and circular economy behaviors through the mediating role of their eco-innovation behavior in the energy industry in Iraq. Firms are exploring applicable mechanisms to increase green practices. This requires the industry to possess the essential skills to overcome the challenges that reduce sustainable activities. We applied a dual-stage structural equation modeling (PLS-SEM) and a multi-criteria decision-making (MCDM) approach to explore the linear relationships between variables, determine the weight of the criteria, and rank energy companies based on a circular economy. The online questionnaire was sent to 549 managers and heads of departments of Iraqi electric power companies. Out of these, 384 questionnaires were collected. The results indicate that firms’ crisis management, decision-making, and risk-taking behaviors are significantly and positively linked to their eco-innovation behavior. This study confirms the significant and positive impact of firms’ eco-innovation behavior on their sustainability and circular economy behaviors. Likewise, eco-innovation behavior has a fully mediating role. For the MCDM methods, ranking energy companies according to the circular economy can support policymakers’ decisions to renew contracts with leading companies in the ranking. Practitioners can also impose government regulations on low-ranked companies. Thus, governments can reduce the problems of greenhouse gas emissions and other environmental pollution.

Suggested Citation

  • Khai Wah Khaw & Mark Camilleri & Victor Tiberius & Alhamzah Alnoor & Ali Shakir Zaidan, 2024. "Benchmarking electric power companies’ sustainability and circular economy behaviors: using a hybrid PLS-SEM and MCDM approach," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(3), pages 6561-6599, March.
    • Handle: RePEc:spr:endesu:v:26:y:2024:i:3:d:10.1007_s10668-023-02975-x
    DOI: 10.1007/s10668-023-02975-x
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