Green microfinance strategy for entrepreneurial transformation: validating a pattern towards sustainability
This paper illustrates a shifted microfinance modality that adopted greening principles towards sustainability. The empirical context of the research was a green microfinance programme implemented by an NGO microfinance institution at two study sites in Bangladesh. The research conceived and tested a microfinance model underpinned by ‘ecological modernization’ and ‘innovation and entrepreneurship’ theories. Field studies were carried out between January 2012 and June 2013 in order to match the ‘theoretical realm’ with the ‘observational realm’. A case study and participatory methods were the primary means of studying the modality and operations of the green microfinance strategy. The study compared the ecological outcomes of green microfinance-assisted enterprises and traditional microcredit-assisted enterprises and measured their greenhouse gas (GHG) emissions. Cool Farm Tool software was used to quantify GHGs. Comparison with a designed experiment shows that micro-enterprises employing green strategies emit less GHGs than the ones with traditional strategies. The research revealed that the microfinance-based greening interventions help to ensure ecological outcomes for micro-enterprises; thus, the combination of the embedded economic and social elements of the classic microfinance model with the new ecological elements supports sustainability.Allet, M. and Hudon, M. (2013) ‘Green microfinance: characteristics of microfinance institutions involved in environmental management’, Journal of Business Ethics, 11: 1–20 <http://dx.doi.org/10.1007/s10551-013-1942-5>.
Araya, M.C. and Christen, R.P. (2004) ‘Microfinance as a tool to protect biodiversity hot-spots’, Washington, DC: Consultative Group to Assist the Poor.
Archer, G.R. and Jones-Christensen, L. (2011) ‘Entrepreneurial value creation through green microfinance: Evidence from Asian microfinance lending criteria’, Asian Business & Management, 10 (3): 331–356 <http://dx.doi.org/10.1057/abm.2011.9>.
Berkes, F., Colding, J. and Folke, C. (eds) (2003) Navigating Social-ecological Systems: Building Resilience for Complexity and Change, Cambridge: Cambridge University Press.
Bornstein, D. (1997) The Price of a Dream: The Story of the Grameen Bank and the Idea that is Helping the Poor to Change their Lives, Chicago, IL: University of Chicago Press.
Bridger, J.C. and Luloff, A.E. (1999) ‘Toward an interactional approach to sustainable community development’, Journal of Rural Studies, 15 (4): 377–87 <http://dx.doi.org/10.1016/S0743-0167(98)00076-X>.
Brigg, M. (2001) ‘Empowering NGOS: the microcredit movement through Foucault’s notion of dispositif’, Alternatives, 26 (3): 233–58.
Chambers, R. (1997) Whose Reality Counts? Putting the First Last, Rugby, UK: Practical Action Publishing.
Cool Farm Tool (2015) [website] http://www.coolfarmtool.org/CoolFarmTool (accessed 27 August 2015).
Daly, H.E. and Cobb, J. (1989) For the Common Good: Redirecting the Economy Toward Community, Boston, MA: Beacon Press.
Elahi, K. and Danopoulos, C.P. (2004) ‘Microfinance and third world development: a critical analysis’, Journal of Political and Military Sociology, 32(1): 61–77.
Emami, A. and Branch, M. (2012) ‘Empowerment of rural women’, Journal of American Science, 8 (8): 671–6.
Engardio, P. (2007) ‘Beyond the green corporation’, Business Week, 29 January, p. 50.
Escobar, A. (1995), Encountering Development: The Making and Unmaking of the Third World, Princeton, NJ: Princeton University Press.
Flottemesch, T.J., Gordon, B.D. and Jones, S.S. (2007) ‘Advanced statistics: developing a formal model of emergency department census and defining operational efficiency’, Academic Emergency Medicine, 14 (9): 799–809 <http://dx.doi.org/10.1111/j.1553-2712.2007.tb02356.x>.
Gallo, P. (2011) ‘Firm size does matter: an empirical investigation of organizational size and ownership on sustainability-related behaviors’, Business and Society, 50: 315–49 <http://dx.doi.org/10.1177/0007650311398784>.
Ghosh, B. (2009), ‘NGOs, civil society and social reconstruction in contemporary India’, Journal of Developing Societies, 25 (2): 229–52 <http://dx.doi.org/10.1177/0169796X0902500205>.
Gouldson, A. and Murphy, J. (1997) ‘Ecological modernisation: restructuring industrial economies’, in M. Jacobs (ed.), Greening the Millennium? The New Politics of the Environment, pp. 74–86, Oxford: Blackwell.
GreenMicrofinance (2007) ‘Microfinance and the environment: setting the research and policy agenda’, Roundtable May 5–6, 2006, Philadelphia, PA: GreenMicrofinance.
Hall, J., Collins, L., Israel, E. and Wenner, M. (2008) ‘The missing bottom line: microfinance and the environment’, prepared for The SEEP Network Social Performance Working Group Social Performance MAP, Philadelphia, PA: GreenMicrofinance.
Hillier, J., Walter, C., Malin, D., Garcia-Suarez, T., Mila-i-Canals, L. and Smith, P. (2011) ‘A farm-focused calculator for emissions from crop and livestock production’, Environmental Modelling & Software, 26 (9): 1070–78 <http://dx.doi.org/10.1016/j.envsoft.2011.03.014>.
Huber, J. (1985) The Rainbow Society: Ecology and Social Politics, Frankfurt: Fischer Verlag.
Hyde, K. (2000) ‘Recognising deductive processes in qualitative research’, Qualitative Market Research: An International Journal, 3 (2): 82–9 <http://dx.doi.org/10.1108/13522750010322089>.
Institute of Microfinance (InM) (2011) ‘Interest rate in Bangladesh microcredit market’, Policy Brief, Dhaka: InM <http://www.inm.org.bd/publication/briefs/Interest%20Rate.pdf> [accessed 7 May 2015].
Janicke, M. (1985) Preventive Environmental Policy as Ecological Modernisation and Structural Policy, Berlin: WZB.
Lal, A. and Israel, E. (2006) ‘An overview of microfinance and the environmental sustainability of smallholder agriculture’, International Journal of Agricultural Resources, Governance and Ecology, 4 (5): 356–76 <http://dx.doi.org/10.1504/IJARGE.2006.009926>.
Millennium Ecosystem Assessment (MA) (2005) Ecosystems and Human Well-being: Synthesis, Washington, DC: Island Press <http://www.maweb.org/documents/document.356.aspx.pdf> (viewed 21 July 2014).
Montiel, I. (2008) ‘Corporate social responsibility and corporate sustainability: Separate pasts, common futures’, Organization & Environment, 21 (3): 245–69 <http://dx.doi.org/10.1177/1086026608321329>.
Practical Action Publishing (2014), ‘EDM themes’, <http://practicalaction.org/edm-call-for-papers> [accessed 1 February 2015].
Rouf, A.K. (2012) ‘Green microfinance promoting green enterprise development’, Humanomics, 28 (2): 148–61 <http://dx.doi.org/10.5861/ijrsm.2012.v1i1.32>.
Schaper, M. (ed.) (2010) Making Ecopreneurs: Developing Sustainable Entrepreneurship, London: Gower Publishing.
Schumpeter, J.A. (1950) Capitalism, Socialism and Democracy, New York, NY: Harper and Sons.
Shahidullah, A.K.M. and Haque, C.E. (2014) ‘Environmental orientation of small enterprises: can microcredit-assisted microenterprises be “green”?’, Sustainability, 6 (6): 3232–51 <http://dx.doi.org/10.3390/su6063232>.
Shahidullah, A.K.M., Venema, H.D. and Haque, C.E. (2013), ‘Shifting developmentalism vis a vis community sustainability: Can integration of ecosystem goods and services with microcredit create a local sustainability dispositif?’, International Journal of Development and Sustainability, 2 (3): 1703–22 <http://dx.doi.org/IJDS13011701>.
Trochim, W. (1985) ‘Pattern matching, validity, and conceptualization in program evaluation’, Evaluation Review, 9: 575–604 <http://dx.doi.org/10.1177/0193841X8500900503>.
Trochim, W. (2006) Research Methods Knowledge Base, Web Center for Social Research Methods <http://www.socialresearchmethods.net/kb/pmconval.php> [accessed 9 July 2014].
Vargas, C. (2000) ‘Community development and micro-enterprises: fostering sustainable development’, Sustainable Development, 8: 11–26 <http://dx.doi.org/10.1002/(SICI)1099-1719(200002)8:1<11::AID-SD119>3.0.CO;2-7>.
Wenner, M., Wright, N. and Lal, A. (2004), ‘Environmental protection and microenterprise development in the developing world’, Journal of Microfinance, 6 (1): 95–122.
World Resource Institute (WRI) (2010) Ecosystems Climate Change and the Millennium Development Goals (MDGs), Washington, DC: WRI <http://www.wri.org/publication/ecosystems-climate-change-millennium-development-goals> [accessed 12 September 2013].
Yunus, M. (2007) Creating a World Without Poverty: Social Business and the Future of Capitalism, New York, NY: Public Affairs.
Zachary, J. (1995) Sustainable Communities Indicators: Guideposts for Local Planning, Santa Barbara, CA: Community Environmental Council.
Allet, M. and Hudon, M. (2013) ‘Green microfinance: characteristics of microfinance institutions involved in environmental management’, Journal of Business Ethics, 11: 1–20 <http://dx.doi.org/10.1007/s10551-013-1942-5>.
Araya, M.C. and Christen, R.P. (2004) ‘Microfinance as a tool to protect biodiversity hot-spots’, Washington, DC: Consultative Group to Assist the Poor.
Archer, G.R. and Jones-Christensen, L. (2011) ‘Entrepreneurial value creation through green microfinance: Evidence from Asian microfinance lending criteria’, Asian Business & Management, 10 (3): 331–356 <http://dx.doi.org/10.1057/abm.2011.9>.
Berkes, F., Colding, J. and Folke, C. (eds) (2003) Navigating Social-ecological Systems: Building Resilience for Complexity and Change, Cambridge: Cambridge University Press.
Bornstein, D. (1997) The Price of a Dream: The Story of the Grameen Bank and the Idea that is Helping the Poor to Change their Lives, Chicago, IL: University of Chicago Press.
Bridger, J.C. and Luloff, A.E. (1999) ‘Toward an interactional approach to sustainable community development’, Journal of Rural Studies, 15 (4): 377–87 <http://dx.doi.org/10.1016/S0743-0167(98)00076-X>.
Brigg, M. (2001) ‘Empowering NGOS: the microcredit movement through Foucault’s notion of dispositif’, Alternatives, 26 (3): 233–58.
Chambers, R. (1997) Whose Reality Counts? Putting the First Last, Rugby, UK: Practical Action Publishing.
Cool Farm Tool (2015) [website] http://www.coolfarmtool.org/CoolFarmTool (accessed 27 August 2015).
Daly, H.E. and Cobb, J. (1989) For the Common Good: Redirecting the Economy Toward Community, Boston, MA: Beacon Press.
Elahi, K. and Danopoulos, C.P. (2004) ‘Microfinance and third world development: a critical analysis’, Journal of Political and Military Sociology, 32(1): 61–77.
Emami, A. and Branch, M. (2012) ‘Empowerment of rural women’, Journal of American Science, 8 (8): 671–6.
Engardio, P. (2007) ‘Beyond the green corporation’, Business Week, 29 January, p. 50.
Escobar, A. (1995), Encountering Development: The Making and Unmaking of the Third World, Princeton, NJ: Princeton University Press.
Flottemesch, T.J., Gordon, B.D. and Jones, S.S. (2007) ‘Advanced statistics: developing a formal model of emergency department census and defining operational efficiency’, Academic Emergency Medicine, 14 (9): 799–809 <http://dx.doi.org/10.1111/j.1553-2712.2007.tb02356.x>.
Gallo, P. (2011) ‘Firm size does matter: an empirical investigation of organizational size and ownership on sustainability-related behaviors’, Business and Society, 50: 315–49 <http://dx.doi.org/10.1177/0007650311398784>.
Ghosh, B. (2009), ‘NGOs, civil society and social reconstruction in contemporary India’, Journal of Developing Societies, 25 (2): 229–52 <http://dx.doi.org/10.1177/0169796X0902500205>.
Gouldson, A. and Murphy, J. (1997) ‘Ecological modernisation: restructuring industrial economies’, in M. Jacobs (ed.), Greening the Millennium? The New Politics of the Environment, pp. 74–86, Oxford: Blackwell.
GreenMicrofinance (2007) ‘Microfinance and the environment: setting the research and policy agenda’, Roundtable May 5–6, 2006, Philadelphia, PA: GreenMicrofinance.
Hall, J., Collins, L., Israel, E. and Wenner, M. (2008) ‘The missing bottom line: microfinance and the environment’, prepared for The SEEP Network Social Performance Working Group Social Performance MAP, Philadelphia, PA: GreenMicrofinance.
Hillier, J., Walter, C., Malin, D., Garcia-Suarez, T., Mila-i-Canals, L. and Smith, P. (2011) ‘A farm-focused calculator for emissions from crop and livestock production’, Environmental Modelling & Software, 26 (9): 1070–78 <http://dx.doi.org/10.1016/j.envsoft.2011.03.014>.
Huber, J. (1985) The Rainbow Society: Ecology and Social Politics, Frankfurt: Fischer Verlag.
Hyde, K. (2000) ‘Recognising deductive processes in qualitative research’, Qualitative Market Research: An International Journal, 3 (2): 82–9 <http://dx.doi.org/10.1108/13522750010322089>.
Institute of Microfinance (InM) (2011) ‘Interest rate in Bangladesh microcredit market’, Policy Brief, Dhaka: InM <http://www.inm.org.bd/publication/briefs/Interest%20Rate.pdf> [accessed 7 May 2015].
Janicke, M. (1985) Preventive Environmental Policy as Ecological Modernisation and Structural Policy, Berlin: WZB.
Lal, A. and Israel, E. (2006) ‘An overview of microfinance and the environmental sustainability of smallholder agriculture’, International Journal of Agricultural Resources, Governance and Ecology, 4 (5): 356–76 <http://dx.doi.org/10.1504/IJARGE.2006.009926>.
Millennium Ecosystem Assessment (MA) (2005) Ecosystems and Human Well-being: Synthesis, Washington, DC: Island Press <http://www.maweb.org/documents/document.356.aspx.pdf> (viewed 21 July 2014).
Montiel, I. (2008) ‘Corporate social responsibility and corporate sustainability: Separate pasts, common futures’, Organization & Environment, 21 (3): 245–69 <http://dx.doi.org/10.1177/1086026608321329>.
Practical Action Publishing (2014), ‘EDM themes’, <http://practicalaction.org/edm-call-for-papers> [accessed 1 February 2015].
Rouf, A.K. (2012) ‘Green microfinance promoting green enterprise development’, Humanomics, 28 (2): 148–61 <http://dx.doi.org/10.5861/ijrsm.2012.v1i1.32>.
Schaper, M. (ed.) (2010) Making Ecopreneurs: Developing Sustainable Entrepreneurship, London: Gower Publishing.
Schumpeter, J.A. (1950) Capitalism, Socialism and Democracy, New York, NY: Harper and Sons.
Shahidullah, A.K.M. and Haque, C.E. (2014) ‘Environmental orientation of small enterprises: can microcredit-assisted microenterprises be “green”?’, Sustainability, 6 (6): 3232–51 <http://dx.doi.org/10.3390/su6063232>.
Shahidullah, A.K.M., Venema, H.D. and Haque, C.E. (2013), ‘Shifting developmentalism vis a vis community sustainability: Can integration of ecosystem goods and services with microcredit create a local sustainability dispositif?’, International Journal of Development and Sustainability, 2 (3): 1703–22 <http://dx.doi.org/IJDS13011701>.
Trochim, W. (1985) ‘Pattern matching, validity, and conceptualization in program evaluation’, Evaluation Review, 9: 575–604 <http://dx.doi.org/10.1177/0193841X8500900503>.
Trochim, W. (2006) Research Methods Knowledge Base, Web Center for Social Research Methods <http://www.socialresearchmethods.net/kb/pmconval.php> [accessed 9 July 2014].
Vargas, C. (2000) ‘Community development and micro-enterprises: fostering sustainable development’, Sustainable Development, 8: 11–26 <http://dx.doi.org/10.1002/(SICI)1099-1719(200002)8:1<11::AID-SD119>3.0.CO;2-7>.
Wenner, M., Wright, N. and Lal, A. (2004), ‘Environmental protection and microenterprise development in the developing world’, Journal of Microfinance, 6 (1): 95–122.
World Resource Institute (WRI) (2010) Ecosystems Climate Change and the Millennium Development Goals (MDGs), Washington, DC: WRI <http://www.wri.org/publication/ecosystems-climate-change-millennium-development-goals> [accessed 12 September 2013].
Yunus, M. (2007) Creating a World Without Poverty: Social Business and the Future of Capitalism, New York, NY: Public Affairs.
Zachary, J. (1995) Sustainable Communities Indicators: Guideposts for Local Planning, Santa Barbara, CA: Community Environmental Council.
Allet, M. and Hudon, M. (2013) ‘Green microfinance: characteristics of microfinance institutions involved in environmental management’, Journal of Business Ethics, 11: 1–20 <http://dx.doi.org/10.1007/s10551-013-1942-5>.
Araya, M.C. and Christen, R.P. (2004) ‘Microfinance as a tool to protect biodiversity hot-spots’, Washington, DC: Consultative Group to Assist the Poor.
Archer, G.R. and Jones-Christensen, L. (2011) ‘Entrepreneurial value creation through green microfinance: Evidence from Asian microfinance lending criteria’, Asian Business & Management, 10 (3): 331–356 <http://dx.doi.org/10.1057/abm.2011.9>.
Berkes, F., Colding, J. and Folke, C. (eds) (2003) Navigating Social-ecological Systems: Building Resilience for Complexity and Change, Cambridge: Cambridge University Press.
Bornstein, D. (1997) The Price of a Dream: The Story of the Grameen Bank and the Idea that is Helping the Poor to Change their Lives, Chicago, IL: University of Chicago Press.
Bridger, J.C. and Luloff, A.E. (1999) ‘Toward an interactional approach to sustainable community development’, Journal of Rural Studies, 15 (4): 377–87 <http://dx.doi.org/10.1016/S0743-0167(98)00076-X>.
Brigg, M. (2001) ‘Empowering NGOS: the microcredit movement through Foucault’s notion of dispositif’, Alternatives, 26 (3): 233–58.
Chambers, R. (1997) Whose Reality Counts? Putting the First Last, Rugby, UK: Practical Action Publishing.
Cool Farm Tool (2015) [website] http://www.coolfarmtool.org/CoolFarmTool (accessed 27 August 2015).
Daly, H.E. and Cobb, J. (1989) For the Common Good: Redirecting the Economy Toward Community, Boston, MA: Beacon Press.
Elahi, K. and Danopoulos, C.P. (2004) ‘Microfinance and third world development: a critical analysis’, Journal of Political and Military Sociology, 32(1): 61–77.
Emami, A. and Branch, M. (2012) ‘Empowerment of rural women’, Journal of American Science, 8 (8): 671–6.
Engardio, P. (2007) ‘Beyond the green corporation’, Business Week, 29 January, p. 50.
Escobar, A. (1995), Encountering Development: The Making and Unmaking of the Third World, Princeton, NJ: Princeton University Press.
Flottemesch, T.J., Gordon, B.D. and Jones, S.S. (2007) ‘Advanced statistics: developing a formal model of emergency department census and defining operational efficiency’, Academic Emergency Medicine, 14 (9): 799–809 <http://dx.doi.org/10.1111/j.1553-2712.2007.tb02356.x>.
Gallo, P. (2011) ‘Firm size does matter: an empirical investigation of organizational size and ownership on sustainability-related behaviors’, Business and Society, 50: 315–49 <http://dx.doi.org/10.1177/0007650311398784>.
Ghosh, B. (2009), ‘NGOs, civil society and social reconstruction in contemporary India’, Journal of Developing Societies, 25 (2): 229–52 <http://dx.doi.org/10.1177/0169796X0902500205>.
Gouldson, A. and Murphy, J. (1997) ‘Ecological modernisation: restructuring industrial economies’, in M. Jacobs (ed.), Greening the Millennium? The New Politics of the Environment, pp. 74–86, Oxford: Blackwell.
GreenMicrofinance (2007) ‘Microfinance and the environment: setting the research and policy agenda’, Roundtable May 5–6, 2006, Philadelphia, PA: GreenMicrofinance.
Hall, J., Collins, L., Israel, E. and Wenner, M. (2008) ‘The missing bottom line: microfinance and the environment’, prepared for The SEEP Network Social Performance Working Group Social Performance MAP, Philadelphia, PA: GreenMicrofinance.
Hillier, J., Walter, C., Malin, D., Garcia-Suarez, T., Mila-i-Canals, L. and Smith, P. (2011) ‘A farm-focused calculator for emissions from crop and livestock production’, Environmental Modelling & Software, 26 (9): 1070–78 <http://dx.doi.org/10.1016/j.envsoft.2011.03.014>.
Huber, J. (1985) The Rainbow Society: Ecology and Social Politics, Frankfurt: Fischer Verlag.
Hyde, K. (2000) ‘Recognising deductive processes in qualitative research’, Qualitative Market Research: An International Journal, 3 (2): 82–9 <http://dx.doi.org/10.1108/13522750010322089>.
Institute of Microfinance (InM) (2011) ‘Interest rate in Bangladesh microcredit market’, Policy Brief, Dhaka: InM <http://www.inm.org.bd/publication/briefs/Interest%20Rate.pdf> [accessed 7 May 2015].
Janicke, M. (1985) Preventive Environmental Policy as Ecological Modernisation and Structural Policy, Berlin: WZB.
Lal, A. and Israel, E. (2006) ‘An overview of microfinance and the environmental sustainability of smallholder agriculture’, International Journal of Agricultural Resources, Governance and Ecology, 4 (5): 356–76 <http://dx.doi.org/10.1504/IJARGE.2006.009926>.
Millennium Ecosystem Assessment (MA) (2005) Ecosystems and Human Well-being: Synthesis, Washington, DC: Island Press <http://www.maweb.org/documents/document.356.aspx.pdf> (viewed 21 July 2014).
Montiel, I. (2008) ‘Corporate social responsibility and corporate sustainability: Separate pasts, common futures’, Organization & Environment, 21 (3): 245–69 <http://dx.doi.org/10.1177/1086026608321329>.
Practical Action Publishing (2014), ‘EDM themes’, <http://practicalaction.org/edm-call-for-papers> [accessed 1 February 2015].
Rouf, A.K. (2012) ‘Green microfinance promoting green enterprise development’, Humanomics, 28 (2): 148–61 <http://dx.doi.org/10.5861/ijrsm.2012.v1i1.32>.
Schaper, M. (ed.) (2010) Making Ecopreneurs: Developing Sustainable Entrepreneurship, London: Gower Publishing.
Schumpeter, J.A. (1950) Capitalism, Socialism and Democracy, New York, NY: Harper and Sons.
Shahidullah, A.K.M. and Haque, C.E. (2014) ‘Environmental orientation of small enterprises: can microcredit-assisted microenterprises be “green”?’, Sustainability, 6 (6): 3232–51 <http://dx.doi.org/10.3390/su6063232>.
Shahidullah, A.K.M., Venema, H.D. and Haque, C.E. (2013), ‘Shifting developmentalism vis a vis community sustainability: Can integration of ecosystem goods and services with microcredit create a local sustainability dispositif?’, International Journal of Development and Sustainability, 2 (3): 1703–22 <http://dx.doi.org/IJDS13011701>.
Trochim, W. (1985) ‘Pattern matching, validity, and conceptualization in program evaluation’, Evaluation Review, 9: 575–604 <http://dx.doi.org/10.1177/0193841X8500900503>.
Trochim, W. (2006) Research Methods Knowledge Base, Web Center for Social Research Methods <http://www.socialresearchmethods.net/kb/pmconval.php> [accessed 9 July 2014].
Vargas, C. (2000) ‘Community development and micro-enterprises: fostering sustainable development’, Sustainable Development, 8: 11–26 <http://dx.doi.org/10.1002/(SICI)1099-1719(200002)8:1<11::AID-SD119>3.0.CO;2-7>.
Wenner, M., Wright, N. and Lal, A. (2004), ‘Environmental protection and microenterprise development in the developing world’, Journal of Microfinance, 6 (1): 95–122.
World Resource Institute (WRI) (2010) Ecosystems Climate Change and the Millennium Development Goals (MDGs), Washington, DC: WRI <http://www.wri.org/publication/ecosystems-climate-change-millennium-development-goals> [accessed 12 September 2013].
Yunus, M. (2007) Creating a World Without Poverty: Social Business and the Future of Capitalism, New York, NY: Public Affairs.
Zachary, J. (1995) Sustainable Communities Indicators: Guideposts for Local Planning, Santa Barbara, CA: Community Environmental Council.
Allet, M. and Hudon, M. (2013) ‘Green microfinance: characteristics of microfinance institutions involved in environmental management’, Journal of Business Ethics, 11: 1–20 <http://dx.doi.org/10.1007/s10551-013-1942-5>.
Araya, M.C. and Christen, R.P. (2004) ‘Microfinance as a tool to protect biodiversity hot-spots’, Washington, DC: Consultative Group to Assist the Poor.
Archer, G.R. and Jones-Christensen, L. (2011) ‘Entrepreneurial value creation through green microfinance: Evidence from Asian microfinance lending criteria’, Asian Business & Management, 10 (3): 331–356 <http://dx.doi.org/10.1057/abm.2011.9>.
Berkes, F., Colding, J. and Folke, C. (eds) (2003) Navigating Social-ecological Systems: Building Resilience for Complexity and Change, Cambridge: Cambridge University Press.
Bornstein, D. (1997) The Price of a Dream: The Story of the Grameen Bank and the Idea that is Helping the Poor to Change their Lives, Chicago, IL: University of Chicago Press.
Bridger, J.C. and Luloff, A.E. (1999) ‘Toward an interactional approach to sustainable community development’, Journal of Rural Studies, 15 (4): 377–87 <http://dx.doi.org/10.1016/S0743-0167(98)00076-X>.
Brigg, M. (2001) ‘Empowering NGOS: the microcredit movement through Foucault’s notion of dispositif’, Alternatives, 26 (3): 233–58.
Chambers, R. (1997) Whose Reality Counts? Putting the First Last, Rugby, UK: Practical Action Publishing.
Cool Farm Tool (2015) [website] http://www.coolfarmtool.org/CoolFarmTool (accessed 27 August 2015).
Daly, H.E. and Cobb, J. (1989) For the Common Good: Redirecting the Economy Toward Community, Boston, MA: Beacon Press.
Elahi, K. and Danopoulos, C.P. (2004) ‘Microfinance and third world development: a critical analysis’, Journal of Political and Military Sociology, 32(1): 61–77.
Emami, A. and Branch, M. (2012) ‘Empowerment of rural women’, Journal of American Science, 8 (8): 671–6.
Engardio, P. (2007) ‘Beyond the green corporation’, Business Week, 29 January, p. 50.
Escobar, A. (1995), Encountering Development: The Making and Unmaking of the Third World, Princeton, NJ: Princeton University Press.
Flottemesch, T.J., Gordon, B.D. and Jones, S.S. (2007) ‘Advanced statistics: developing a formal model of emergency department census and defining operational efficiency’, Academic Emergency Medicine, 14 (9): 799–809 <http://dx.doi.org/10.1111/j.1553-2712.2007.tb02356.x>.
Gallo, P. (2011) ‘Firm size does matter: an empirical investigation of organizational size and ownership on sustainability-related behaviors’, Business and Society, 50: 315–49 <http://dx.doi.org/10.1177/0007650311398784>.
Ghosh, B. (2009), ‘NGOs, civil society and social reconstruction in contemporary India’, Journal of Developing Societies, 25 (2): 229–52 <http://dx.doi.org/10.1177/0169796X0902500205>.
Gouldson, A. and Murphy, J. (1997) ‘Ecological modernisation: restructuring industrial economies’, in M. Jacobs (ed.), Greening the Millennium? The New Politics of the Environment, pp. 74–86, Oxford: Blackwell.
GreenMicrofinance (2007) ‘Microfinance and the environment: setting the research and policy agenda’, Roundtable May 5–6, 2006, Philadelphia, PA: GreenMicrofinance.
Hall, J., Collins, L., Israel, E. and Wenner, M. (2008) ‘The missing bottom line: microfinance and the environment’, prepared for The SEEP Network Social Performance Working Group Social Performance MAP, Philadelphia, PA: GreenMicrofinance.
Hillier, J., Walter, C., Malin, D., Garcia-Suarez, T., Mila-i-Canals, L. and Smith, P. (2011) ‘A farm-focused calculator for emissions from crop and livestock production’, Environmental Modelling & Software, 26 (9): 1070–78 <http://dx.doi.org/10.1016/j.envsoft.2011.03.014>.
Huber, J. (1985) The Rainbow Society: Ecology and Social Politics, Frankfurt: Fischer Verlag.
Hyde, K. (2000) ‘Recognising deductive processes in qualitative research’, Qualitative Market Research: An International Journal, 3 (2): 82–9 <http://dx.doi.org/10.1108/13522750010322089>.
Institute of Microfinance (InM) (2011) ‘Interest rate in Bangladesh microcredit market’, Policy Brief, Dhaka: InM <http://www.inm.org.bd/publication/briefs/Interest%20Rate.pdf> [accessed 7 May 2015].
Janicke, M. (1985) Preventive Environmental Policy as Ecological Modernisation and Structural Policy, Berlin: WZB.
Lal, A. and Israel, E. (2006) ‘An overview of microfinance and the environmental sustainability of smallholder agriculture’, International Journal of Agricultural Resources, Governance and Ecology, 4 (5): 356–76 <http://dx.doi.org/10.1504/IJARGE.2006.009926>.
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