Publisher's Synopsis
As the world leaders vowed to curb greenhouse gases and reduce carbon emissions during the 2015 Paris climate change conference (COP21), there was a visible and uncomforting economic divide between developed and developing economies whereby developing countries blamed richest nations for high carbon dioxide emissions and urged them to help prepare poorer countries for greener energy transition and stave off the early effects of climate change. Firm innovation and internationalization in emerging markets are intertwined with sustainability and the need for sustainable world development. Sustainable development can be defined as "development that meets the needs of the present without compromising the ability of future generations to meet their own needs" (World Commission on Environment and Development, 1987, p. 8). Sustainability is critical for the developing world to ensure long-term business success while significantly contributing towards sustainable world development through a healthy environment and a stable society. Both developed and developing economies are utilizing renewable and non-renewable resources; yet Godfray et al. (2010) state that dependency on nonrenewable resources is unsustainable even though it may be needed as a path forward to achieving short-term sustainability. Firms, today, are trying to slow unsustainability, which is different from creating sustainability. Institutions, both formal and informal, facilitate or hinder sustainable business practices. Hence, there is a critical need to incorporate the institutional lens, consisting of regulatory, cognitive and normal dimensions, in exploring sustainable business practices in emerging markets.
