An Integrated Approach to Evaluating Eco-Innovation Strategies from the Perspective of Strategic Green Transformation: A Case of the Lithuanian Furniture Industry

Paulius Šūmakaris (), Kristina Kovaitė and Renata Korsakienė
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Paulius Šūmakaris: Faculty of Business Management, Vilnius Gediminas Technical University, Sauletekio al. 11, LT-10223 Vilnius, Lithuania
Kristina Kovaitė: Faculty of Creative Industries, Vilnius Gediminas Technical University, Traku Str. 1, LT-01132 Vilnius, Lithuania
Renata Korsakienė: Faculty of Business Management, Vilnius Gediminas Technical University, Sauletekio al. 11, LT-10223 Vilnius, Lithuania

Sustainability, 2023, vol. 15, issue 11, 1-33

Abstract: Evaluation and selection of eco-innovation strategies is a significant and complex strategic decision, and despite the relevance and interest in the field of eco-innovation, the area of eco-innovation strategies has not been explored in depth in the scientific literature. Therefore, in this study, we propose an integrated approach to evaluating eco-innovation strategies from the perspective of strategic green transformation that helps decision-makers evaluate and select eco-innovation strategy aiming to achieve a competitive advantage. For this study, we adopted a validated multi-criteria decision-making methodology (MCDM) by combining Analytical Hierarchy Process (AHP) and The Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). The reliability of the proposed framework was tested and applied in the context of the Lithuanian furniture industry. This study offers three contributions and provides a comprehensive and profound insights into eco-innovation strategies. First, this study conceptualizes eco-innovation strategy from the perspective of strategic green transformation and proposed a novel definition and classification of eco-innovation strategies leading to competitive advantage. Second, this study proposes a novel approach to the evaluation of eco-innovation strategies taking into account micro-, meso-, and macro-level environmental factors. Third, the findings of this study provide implications for scholars and decision-makers in the field of eco-innovation strategy and set an agenda for future research.

Keywords: eco-innovation; eco-innovation strategy; strategic green transformation; strategy selection; strategic decision-making; competitive advantage; sustainable development; multi-criteria decision-making (MCDM) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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