A Review of Green Business Practices: Its Significances and Challenges to Multinational Companies

Abstract

The implementation of green business practices (GBP) has been prompted by the growing demand for sustainable economic development and the growing environmental awareness. The purpose of GBP is to reduce the negative effects of business on the local and global environment, society, community, and economy. However, the concept of GBP is inherently ambiguous and understudied, particularly in the context of multinational companies (MNCs). The study's objective is to evaluate articles on GBP, with a particular emphasis on the challenges and concerns that MNCs encounter due to the contradictory definitions, significances, and issues. A systematic literature review methodology was implemented to evaluate recent articles. This paper contributes to a comprehensive understanding of the concept and the challenges and implications it presents to companies. For MNCs to bring GBP effectively on board, certain managerial implications have been highlighted for their strategic planning process.