Hindawi

Complexity
Volume 2019, Article ID 4164853, 17 pages
https://doi.org/10.1155/2019/4164853

Research Article
Green Start-Ups’ Attitudes towards Nature When
Complying with the Corporate Law

Rafael Robina-Ram-rez ,1 Antonio Fernández-Portillo ,2 and Juan Carlos D-az-Casero1

1
Business and Sociology Department, University of Extremadura, Avda de la Universidad s/n, 10071 Cáceres (Extremadura), Spain
2
Finance and Accounting Department, University of Extremadura, Avda de la Universidad s/n, 10071 Cáceres (Extremadura), Spain

Correspondence should be addressed to Rafael Robina-Ramı́rez; rrobina@unex.es

Received 1 December 2018; Revised 25 January 2019; Accepted 10 February 2019; Published 21 February 2019

Academic Editor: Rongqing Zhang

Copyright © 2019 Rafael Robina-Ramı́rez et al. This is an open access article distributed under the Creative Commons Attribution
License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly
cited.

This paper examines how Spanish green start-ups develop improved attitudes towards nature. Despite the prevalence of theories
based on green entrepreneurs, very little research has been conducted on how green attributes influence nature in the framework
of the new Spanish Criminal Code in what concerns corporate compliance. One hundred and fifty-two start-ups were interviewed
in 2018. Smart PLS Path Modelling has been used to build an interaction model among variables. The results obtained have a
significant theoretical and practical implication since they add new findings to the current literature on how start-ups incorporate
the recent Criminal Code in their environmental decisions. The model reveals a strong predictive power (R-squared = 77.9%). There
are grounds to say that start-ups should implement effective monitoring systems and new organisational standards, in addition to
developing surveillance measures to avoid unexpected sanctions.

1. Introduction generations in order to meet their own demands in their

development efforts. The sustainable argument in reduced
The paper delves into green entrepreneurs' attitudes in start- companies has gradually expanded [3] and is supported by
ups when complying with the environmental law in the con- empirical studies [4].
text of the recent Spanish Criminal Code in what concerns For decades, the emerging literature on green entrepre-
corporate compliance. Regulative compliance explains the neurship in small companies has focused on environmentally
aim that organisations want to reach in their efforts to comply oriented entrepreneurship achieving sustainable develop-
with environmental regulations.
ment [5]. The evolution of green entrepreneurs has recently
It is estimated that 99.9% of Spanish organisations are
translated into the appearance of many green start-ups in a
SMEs, which means that there are 2,498,870 SMEs in Spain
wide variety of sectors, business strategies, and marketing tar-
capable of delivering more sustainable goods and services
through organic food production, fair trade, natural and gets. These entrepreneurs have created products and services
handmade craft, sustainable tourism services, environmental to meet Green Opportunities and benefit nature at the same
consulting, green energy firms, etc. [1]. time [6]. Ivanko [7] added the social dimension linked to
Spain has implemented several policies to enhance the environment to ascertain the problems suffered by the
entrepreneurship in the past decades. Businesses are required community. Social entrepreneurship brings a range of new
to develop rapidly, reduce unemployment rates, and improve social values to profits, environment, and fair trade [8].
the deteriorated economy without harming the environment Even though there is no agreement on the definition
[1]. of green entrepreneurs [9], they are viewed by scholars
Since Brundtland wrote Our Common Future (1987) as companies with the predisposition to pursue potential
[2], companies have been aided to delve into the needs of opportunities that produce both economic and ecological
the current time. It is proposed to look after the future benefits through green activities.
2 Complexity

Their green market orientation has defined their dual are drawn from the data collected. Finally, the discussion,
identity [10]. Thus, profit and environment may compete conclusions, and limitations are presented.
on equal terms. As for the way green companies oper-
ate in the market, their environmental orientation reflects 2. Literature Review
green innovativeness, market proactiveness, and risk-taking
[11, 12]. 2.1. Green Entrepreneurship in the Context of Spanish
Considering these features, Walley and Taylor [13] high- Regulatory Compliance
lighted three pillars of green entrepreneurs as three key
features of sustainable development: economic prosperity H 1 : Environmental Corporate Compliance (ECC) Positively
based on the balance between economy and environment, the Influences Green Attitudes towards Nature (GAN) among
pursuit of environmental quality to protect nature through Entrepreneurs. Since the industrial degradation occurred,
innovative and competitive processes, and the social and environmental entrepreneurs emerged quite rapidly as new
ethical consideration of the business culture focused on companies in the environmental sector and, more recently,
promoting Green Opportunities among companies. as green start-ups [26]. Sustainable research in the field
Based on the literature review, four attributes were of entrepreneurship becomes crucial to avoid threats to
extracted from these pillars to define a model for creat- nature [27]. In this framework, entrepreneurs have constantly
ing environmental value for green start-ups [14, 15]. These desired to minimise their impact on the environment [28]
attributes are Balanced Green Investment [16], environmental seeking solutions to align economy with ecology [16]. The
impact of green entrepreneurs [4, 17, 18], innovation and proposal is structured in ongoing process of improved actions
competitiveness [19–21], and Green Opportunities [22]. and attitudes connected to the emerging environmental
The attributes had to be assessed since a new regula- opportunities through organisational discoveries [9].
tory compliance emerged in 2015 in Spain [23]. The new However, since the Spanish regulatory compliance
legal perspective relies on regulation and public concern to emerged in 2015, a new perspective to deter environmental
overcome substantial damage to the quality of air, soil or damage has been developed. The first environmental concern
water, animals, or plants. In the context of the regulatory for nature came with the Spanish Constitution [29] and,
framework, effective monitoring systems not only improve later, the Spanish Criminal Code of 1983.
the organisational management but also avoid unexpected Administrative sanctions were established for individuals
sanctions [24]. who committed unlawful environmental activities, such as
The contribution of this paper is threefold: (1) it tries causing emissions, discharges, extractions or excavations,
to ascertain whether the Environmental Value Model is vibration, injections, or deposits, in the atmosphere, soil, or
empirically reflected in these attributes and validate the terrestrial and marine waters (Article 173.1) [29].
different opportunities for green start-ups; (2) it analyses Fortunately, the rules and regulations have gradually
whether the recent Spanish regulatory compliance influences increased their protection over environment. The purpose
green start-ups not only by imposing coercive rules but also has been to make an inhabitable environment place to live
by allowing them to design organisational norms of surveil- as well as to raise green awareness of sustainable principles
lance [25]; and (3) it explores whether the new regulatory among decision-makers [30].
compliance scenario affects green entrepreneurs' attitudes To date, most ethical endeavour to defend the environ-
towards nature. ment has not been consistent enough to adequately address
The relation between green entrepreneurs' attitudes and environmental threats [31].
the recent pressure exerted by the Spanish regulatory com- With the reform of the Spanish Corporate Governance
pliance appears not to have been considered by green Code [23] judges were allowed to hear cases not only about
entrepreneurs. As a result, the paper examines what role individuals having committed unlawful acts, but also about
green start-ups play in the new legal framework when companies. The legal reform was based on transferring to
complying with the Corporate Law to protect nature. companies the same rights and obligations as individuals.
One hundred and fifty-two environmental green start- Although individuals are typically liable for committing
ups were involved in the study. The data collected was pro- environmental crimes towards nature, liability can now be
cessed using SEM-PLS Path Modelling. Theoretical and prac- transmitted to the enterprise (vicarious liability) [32].
tical implications were provided not only for environmental On the one hand, the new legal framework is more
authorities but also for green entrepreneurs when avoiding severe than the previous one due to the new obligation
unlawful environmental activity that damages nature. The for companies to comply with the Criminal Code and on
research conducted further adds content to the current the other hand, the legal reform allows companies to avoid
literature, particularly, about the findings of green start-ups sanctions by developing surveillance and control measures
when incorporating related measures into their organisa- [23]. Such organisational standards must prevent information
tional decisions. bias and foster green attitudes towards nature [33].
The paper is structured as follows. First, green The strategy used to comply with this law should be
entrepreneurship is studied in the context of Spanish designed through innovation and the creation of a specific
regulatory compliance, and then an Environmental Value department to deliver organisational measures [34, 35].
Model for green entrepreneurs is proposed. In third place, the The process, however, requires developing surveillance
methodology used for this paper is explained. Fourth, results protocols through innovation and creation procedures [36]
Complexity 3

1. Balanced Green
Investment
(BGI)

2. Environmental Environmental 4. Green

Impact Value Model Opportunities
(EI) (EVM) (GO)

3. Innovation and
Competitiveness
(IC)

Figure 1: Environmental Value Model (EVM).

to balance companies' economic and ecologic activities [16]. (ii) Training programmes on the protocols or procedures
Protocols alert green entrepreneurs about the risks that must be taught to appropriately implement surveil-
companies could be facing when their workers behave irre- lance measures in companies [36]. Protocols must
sponsibly towards nature [37], which entails the company be designed to report any prior unlawful behaviour
being seen as carrying out nonenvironmental and illegal within the company [38] and reveal any necessary
activities [38]. changes to maintain legality in every business activity
[40].
H 2 : Environmental Corporate Compliance (ECC) Positively
Influences the Environmental Value Model (EVM). This new (iii) A disciplinary system must be implemented to
culture promoted by law has led to a new behavioural model address unlawful environmental actions and also the
that adds value to companies. The EVM prevents companies financial, managerial, and social obligations with the
not only from committing unlawful environmental activity company and society [41].
[39] but also from performing incorrect environmental pro-
cedures and the underlying uncertainty of reducing the risk For the three steps to be put into effect, recent
of negative implications for nature [4]. corporate laws have enhanced several transparency
Likewise, the preventive activities of the EVM for regula- and cooperation models within companies that have
tory compliance require frequent assessment by establishing added value to environmental companies.
standards of procedures to ensure being up to date in the
event of irresponsible behaviours leading to environmental 2.2. Environmental Value Model for Green
crimes [40]. Moreover, it is also essential to settle disciplinary Entrepreneurs (EVM)
procedures through sanctions and prevent illegal conduct
along the creation and innovation process [41]. H 3 : The Environmental Value Model (EVM) Positively Influ-
Organisational standards of procedures are key factors ences Green Attitudes towards Nature (GAN). Innovations and
of the environmental model. They have to be established business models have added increasing value to companies
by the compliance officer [42]. Such rules not only have to in the past decades. Emerging sustainable approaches such as
be supervised periodically [43] but also have to be com- fair trade, circular economy, or lowsumerism, have set up new
municated to the employees, e.g., by training programmes trends [45] in response to demanding green consumers [46].
or spreading publications to explain these items and detect These models require defining key attributes to ascer-
possible unlawful conduct empirically. tain practical consequences in green entrepreneurs. Four
The following organisational decisions must be made in attributes have been extracted from the literature review in
companies in their endeavour to comply with legal require-
this respect: (1) Balanced Green Investment, (2) environ-
ments, according to the Spanish Corporate Governance Code
mental impact of green entrepreneurs, (3) innovation and
[23].
competitiveness, and (4) Green Opportunities.
(i) A department must be created to supervise the com- The contribution of this model is twofold: first, to find
pliance of green innovations, procedures, and services a predictive green model to delve into the empirical impli-
[34]. This department should establish a management cations for Spanish green start-ups and, second, to analyse
model to avert unlawful environmental actions and whether the balance between economy and sustainability is
allocate a corporate budget for surveillance practices empirically relevant for Spanish green start-ups. Figure 1
within the company [44]. shows the attributes of the model.
4 Complexity

H 4 : The Environmental Value Model (EVM) Positively Influ- H 6 : The Environmental Value Model (EVM) Positively Influ-
ences Balanced Green Investment (BGI). According to the ences Environmental Impact (EI). Green entrepreneurial
OECD [47] sustainability creates conditions in which indi- activity can simultaneously foster economic and ecological
viduals and environment interact harmoniously. Sustain- benefits for society, by creating market opportunities and
ability allows reaching environmental, economic, and social preventing environmental degradation [58] in two different
standards to respect future generations. ways. First, the entrepreneurial action may reduce environ-
In the context of environmental deterioration, sustain- mental degradation and capture economic value by allevi-
able management has become a pivotal issue [48]. Even ating market failure [4] and using green technologies to
though literature about damaging environmental outcomes decrease the consumption of water, electricity, coal, or oil [17].
is vast, there is a widespread ignorance towards the positive Second, green entrepreneurs can reduce unhealthy damage
initiatives taken by green entrepreneurs to address such to employees at work by decreasing the consumption of toxic
damage. Such ignorance is due to failures in coordinat- substances [18] and protecting nature by applying corporate
ing expectations and preferences throughout the business tax incentives to green companies [59].
models to reduce the actual high cost for companies [49].
Green models have introduced potential opportunities to H 7 : The Environmental Value Model (EVM) Positively Influ-
produce both economic and ecological benefits through ences Green Opportunities (GO). One way of building oppor-
eco-friendly products and services [50]. How these green tunities to expand environmental values within the company
models influence environmental and financial performance is by developing employee's green skills [22].
remains unclear. While some studies have found a nega- According to TECCe's argument, Green Opportunities
tive relationship between tangible-external green strategies facilitate the generation of new product processes [21].
and entrepreneurial performance [51], the impact of green Assessing potential opportunities and adopting eco-friendly
entrepreneurship performance has also been positive in some technologies could very much help to overcome environmen-
cases [16]. tal market failures [60]. The electrical utility industry, for
The balance between investment for profit and to protect instance, has the possibility of taking more advantage out
nature largely depends on the responsible performance of of wind power [10] and to make more green use of natural
green entrepreneurs [52] and the voluntary disclosure of envi- resources [61].
ronmental standards [53]. Developing managerial standards After describing the four green attributes that form the
to have a positive impact on the environment is precisely one Environmental Value Model, the paper turns to the analysis
of the core concepts of the Spanish regulatory compliance. of the methodology, results, discussion, and conclusions.

H 5 : The Environmental Value Model (EVM) Positively Influ- 3. Research Methodology

ences Innovation and Competitiveness (IC). The Environmen-
tal Value Model (EVM) is also associated with three features 3.1. Data Collection and Sample. The lack of an official
of entrepreneurs: innovativeness, proactiveness, and risk- list of Spanish environmental start-ups has hampered our
taking [19]. endeavour to list and collect the data of SMEs. The research
First, innovativeness describes a tendency to deliver team chose green start-ups for two reasons: (1) The number of
new ideas, engage in experimentation, and support creative green start-ups has recently increased in Spain, and they are
processes. Innovation enables entrepreneurs to combine becoming a new phenomenon of environmental awareness
resources to launch new products or processes [20], to and (2) given the lack of studies in the context of the recent
gain advantages over competitors [54], and to differentiate Spanish regulatory compliance, this paper helps to shed light
themselves from others [21]. Competitive advantages can also on the role green start-ups play and how the new regulation
enhance companies' absorptive capacity by developing their affects them.
ability to imitate advanced green technologies [55]. 242 online environmental green start-ups were initially
Second, proactiveness refers to the capacity to respond to identified in Spain. Following the literature review, the focus
customer needs by introducing green products, services, or has been on those who met the four attributes. Thus, the first
technology [21]. Companies are facing growing pressure from step was to ensure that green start-ups indeed complied with
customers with raising awareness of environmental issues. those attributes and for this; the answers to four questions
Proactive companies are likely to respond more quickly to the were required:
needs of customers than their competitors. Under the trend
of customers' attitude towards green marketing, companies (i) Balanced Green Investment (BGI): does your com-
can reap the financial benefits of becoming a pioneer in green pany seek a balance between economic and environ-
innovation practices. mental aims?
Third, risk-taking is one of the primary personal
(ii) Innovation and Competitiveness (IC): has your com-
attributes of entrepreneurs and it reflects the tendency to
pany implemented innovative green ideas and prac-
adopt an active stance when investing in projects [56].
tices in the market?
Although the propensity of risk may bring fresh revenue, it
is often associated with complex situations and uncertainties (iii) Environmental Impact (EI): has your company imple-
that can entail companies becoming trapped in changing mented green technologies to prevent contributing to
circumstances [57]. the environmental degradation of nature?
Complexity 5

Table 1: Online environmental startups in Spain.

Sector Population Sample Sector Population Sample

Agriculture 2 1 Fashion 3 3
Art 4 4 Finance 4 3
Automotive 4 4 Food 9 7
Clean Technology 15 11 Funeral Industry 1 1
Construction 3 3 Health and Wellness 10 9
Consulting 11 12 Health Care 2 2
Cosmetic 4 4 Human Resources 1 1
Design 10 9 Information Technology 15 10
Digital Marketing 2 2 Internet of things 5 4
E-commerce 8 8 Life Sciences 1 1
Education 6 5 Logistic 4 3
Electric bicycle 4 3 Nature 7 6
Energy 14 10 Restaurants 11 7
Entertainment 4 2 Travel 16 9
Events 3 2 Urban development 3 2
Farming 3 2 Water 3 2
Total 97 82 Total 95 70
Total Population 192 Total Sample 152

(iv) Green Opportunities (GO): does your company iden- 3.3. Model and Data Analysis Process. SEM-PLS Path Mod-
tify the Green Opportunities that the market offers? elling was used to ascertain the model and obtain results
[62]. SEM not only enables examining the relationships
A brief presentation of the aims of the research was also sent
between observable indicators and constructs statistically
to them in the context of the Spanish Corporate Governance
[63], but also works with composite model latent variables
Code [23] in what concerns corporate compliance. Two hun-
[62]. The methods can be used for explanatory and predictive
dred and twelve start-ups answered and asserted complying
research as well as complex models.The green start-up model
with the four attributes. The survey was sent to them, and
is composed of three endogenous constructs, the Environ-
one hundred fifty-two companies returned the survey with
mental Value Model (EVM), Green Attitude towards Nature
their answers. The team then emailed the compliance officers
(GAN), and Environmental Corporate Compliance (ECC),
and several heads of departments between June and August
and four exogenous ones, Balanced Green Investment (BGI),
2018 requesting they answer the survey. The structure and
Innovation and Competitiveness (IC), Environmental Impact
distribution of the population under study and the sample are
(EI), and Green Opportunities (GO), (see Figure 2).
explained in Table 1.
Seven hypotheses were analysed in the study:
3.2. Surveys. According to the literature review, a survey was H1 : Environmental Corporate Compliance (ECC)
drafted to measure green entrepreneurs’ attitudes towards positively influences Green Attitudes towards Nature
nature empirically. Twenty statements were completed. (GAN) among entrepreneurs.
Two focus groups held online meetings via Skype to
validate the survey. Skype was used to overcome the distance H2 : Environmental Corporate Compliance (ECC)
between participants. Nine green entrepreneurs from differ- positively influences the Environmental Value Model
ent areas of Spain were involved. Twenty original questions (EVM).
were discussed during a period of two hours in each meeting. H3 : the Environmental Value Model (EVM) positively
The survey was amended as a result. Five of the original influences Green Attitudes towards Nature (GAN).
items were deleted and two added. With this information, an H4 : the Environmental Value Model (EVM) positively
experiential survey was conducted to validate the proposed influences Balanced Green Investment (BGI).
survey. Six interviews were made to contrast the clarity of
H5 : the Environmental Value Model (EVM) positively
the questions. Three questions were further modified after the influences Innovation and Competitiveness (IC).
pretest. The final survey is shown in Table 2.
The items were analysed through the ten-point Likert H6 : the Environmental Value Model (EVM) positively
scale to indicate the degree of importance of the factors (1 influences Environmental Impact (EI).
= “fully disagree” to 10 = “fully agree”) (Allen and Seaman, H7 : the Environmental Value Model (EVM) positively
2007). influences Green Opportunities (GO)
6 Complexity

Table 2: Latent variables and the elaborated questionnaire.

Latent variables Questions

Do you think it is important for your company to be aware of being an appropriate steward of
GAN:
natural resources (GAN1 )?
Green Attitudes towards
Do you think it is important for your company to reduce hazardous emissions or toxic materials
Nature
to improve health and safety at work (GAN2 )?
Do you think it is important to implement the prevention model to supervise the compliance of
green innovations and procedures and services with the law (ECC1 )?
ECC: Environmental Do you think it is important to undertake protocols and training procedures for staff members to
Corporate Compliance apply these surveillance and organisational measures (ECC2 )?
Do you think it is important to establish a disciplinary system to prevent non-compliance with
the law (ECC3 )?
Do you think it is important to build entrepreneurial models to create environmental values
The Environmental Value based on sustainable principles (EVM1 )?
Model (EVM). Do you think it is important to describe, analyse and communicate such values in your company
(EVM2 )?
Do you think it is important to seek a balance between profit, nature and people through
Balanced Green sustainable management to protect nature (BGI1 )?
Investment(BGI) Do you think it is important to reach environmental, economic and social standards to respect
future generations in an innovation context (BGI2 )?
Do you think it is important to produce green technologies to prevent environmental degradation
on the planet (EI1 )?
Environmental Impact (EI)
Do you think it is important to reduce the consumption of toxic substances and harmful
emissions to prevent damages to the health and safety of employees at work (EI2 )?
Do you think it is important to develop green skills among employees to build opportunities to
expand environmental values in the company (GO1 )?
Do you think it is important to implement a new generation of manufacturing processes to reduce
Green Opportunities (GO)
pollution in production (GO2 )?
Do you think it is important to implement eco-friendly technologies to overcome the market
failures (GO3 )?
Do you think it is important to propose new ideas and support creative processes (IC1 )?
Innovation and Do you think it is important to become a pioneer in green innovation ideas and practices (IC2 )?
Competitiveness (IC) Do you think it is important to respond faster than your competitors to the needs of customers
(IC3 )?

4. Results meet the criteria. Rho A was also measured. Results exceed
the value of 0.7 [68].
4.1. Measurement Model. Reliability and validity are the first Table 4 explains the correlations between the constructs
two conditions used to assess the model. The process can
on the left. A construct should share more variance with its
be structured in four steps: (1) individual item reliability,
indicators than with other latent variables in the model [69].
(2) construct reliability, (3) convergent validity, and (4)
However, Henseler et al. [70] did detect a lack of discriminant
discriminant validity. First, individual reliability is measured
validity in this respect. Ratio Heterotrait-monotrait (HTMT)
through the load (𝜆) of each item. The minimum level
established for acceptance as part of the construct is typically provides a better approach to this indicator. The results
𝜆 > = 0.707 [64]. This condition was validated in the model obtained in this sense are on the right. The HTMT ratio for
(see Figure 3). each pair of factors is <0.90.
Composite reliability (CR) was applied to test the consis-
tency of the constructs. This evaluation measures the rigour 4.2. Structural Model Analyses. The structural model of
with which these elements measure the same latent variable assessment proposed is explained in Table 5. The general
[65]. criterion used to evaluate the structural model is the coeffi-
Cronbach's alpha index also determines the consistency cient of determination (R-squared). R-squared analyses the
of the model for every latent variable. Values higher than 0.7 proportion of variance (in percentage) in the exogenous
are typically accepted [66]. Table 3 shows that the reliability variable that can be conveyed by the endogenous variable.
of each construct was accepted. The R-squared value can be expressed from 0 to 1. Values
AVE measures the convergent validity, the acceptable close to 1 define the predictive accuracy. Chin [71] proposed
limit of which is 0.5 or higher. This indicator provides a rule of thumb for acceptable R-squared with 0.67, 0.33, and
information about the level of convergence of the constructs 0.19. They are defined as substantial, moderate, and weak
with their indicators [67]. Table 3 also shows that the values predictive power, respectively.
Complexity 7

Table 3: Cronbach Alpha, rho A, Composite Reliability, and AVE.

Cronbach's Alpha rho A Composite Reliability Average Variance

Extracted (AVE)
ECC 0,874 0,895 0,876 0,706
EI 0,810 0,812 0,810 0,681
EVM 0,853 0,854 0,854 0,745
GAN 0,820 0,826 0,822 0,698
BGI 0,817 0,827 0,820 0,696
GO 0,849 0,853 0,848 0,651
IC 0,864 0,869 0,865 0,683

Table 4: Measurement model. Discriminant validity.

Fornell-Larcker Criterion Heterotrait-monotrait ratio (HTMT)

ECC EI EVM GAN BGI GO IC ECC EI EVM GAN BGI GO IC
ECC 0,840
EI 0,644 0,825 0,655
EVM 0,697 0,730 0,863 0,694 0,729
GAN 0,793 0,557 0,830 0,836 0,793 0,561 0,832
BGI 0,703 0,406 0,780 0,745 0,834 0,712 0,408 0,783 0,760
GO 0,456 0,491 0,773 0,557 0,571 0,807 0,452 0,494 0,770 0,562 0,576
IC 0,499 0,268 0,597 0,652 0,550 0,552 0,826 0,496 0,269 0,599 0,652 0,557 0,556

GAN1 GAN2

BGI1 Balanced Green

Investment Green Attitudes
BGI 2 towards Nature
(BGI)
(GAN)
IC 1
Innovation and
IC 2 Competitiveness
(IC)
IC 3 ECC 1
Environmental Environmental
Corporate ECC 2
EI1 Value Model
Environmental Compliance
(EVM)
Impact (ECC)
ECC 3
EI 2
(EI)

GO1 EVM 1 EVM 2

Green

GO 2 Opportunities
(GO)
GO 3

Figure 2: Conceptual scheme of the structural equation model utilized. BAN: Green Attitudes towards Nature. ECC: Environmental
Corporate Compliance. EVM: Environmental Value Model. BGI: Balanced Green Investment. EI: environmental impact. IC: innovation
and competitiveness. GO: Green Opportunities. EP: Educational Process.
8 Complexity

Table 5: Comparison of hypothesis.

Confident
Path coefficient Confident t-statistic p-
Hypotheses Effect Interval Supported
(𝛽) Interval (95%) (𝛽/STDEV) Value
(2.5%)
ECC󳨀→
H1 0.417 0,096 0,665 5.116 0,009 Yes ∗∗
GAN
ECC 󳨀→
H2 0.697 0,551 0,825 2.905 0,000 Yes ∗ ∗ ∗
EVM
EVM 󳨀→
H3 0.539 0,288 0,864 4.760 0,001 Yes ∗∗
GAN
EVM 󳨀→
H4 0.780 0,673 0,878 6.375 0,000 Yes ∗ ∗ ∗
BGI
H5 EVM 󳨀→ IC 0.597 0,462 0,727 2.737 0,000 Yes ∗∗
H6 EVM 󳨀→ EI 0.730 0,548 0,873 8.395 0,000 Yes ∗ ∗ ∗
H7 EVM 󳨀→ GO 0.773 0,692 0,850 4.476 0,000 Yes ∗∗
Note. For n = 5000 subsamples, for t-distribution (499) Students in single queue: ∗ p < 0.05 (t (0.05;499) = 1.64791345); ∗∗ p < 0.01 (t(0.01;499) = 2.333843952);
∗ ∗ ∗ p < 0.001 (t(0.001;499) = 3.106644601).

GAN1 GAN2

BGI 1 0.888 0.793 0.876

0.609
0.779
BGI 2 0.777 (BGI) (GAN)
0.780
IC 1 0.772
0.539 0.417
0.815 0.356
IC 2
(IC)

IC 3 0.887 0.597 ECC 1

0.979
0.487 0.697
0.740
(ECC) ECC 2
EI 1 0.852 0.730 (EVM)
0.532
0.782
(EI) ECC 3
EI 2 0.798 0.844 0.882

0.773
GO 1 0.818 EVM 1 EVM 2
0.598
0.729
GO 2 (GO)

GO 3 0.867

Figure 3: Individual item reliability.

Our model presents constructs with high predictive As part of the assessment of the structured model, SRMS
value (R-squared󳨀→GAN=0.776) and moderate predictive also needs to be measured to analyse the good fit of the model.
value (R-squared󳨀→BGI=0.606; R-squared󳨀→GO=0.595; R- In the research, SRMR is 0.075, which is less than 0.08, as Hu
squared󳨀→EI=0.529; R-squared󳨀→IC=0.352) and weak R- and Bentler [72] had expressly indicated.
squared󳨀→EVM=0.268). Therefore, the evidence shows that Blindfolding is also assessed within the model. It mea-
this model is applicable for green start-ups when developing sures the predictive capacity of the model through the Stone-
Green Attitudes towards Nature due to its strong predictive Geisser test (Q2 ) [73, 74]. The result revealed that the model
power and explanatory capacity. is predictive (Q2 = 0.474) since Q2 > 0.
Table 5 also shows the hypothesis testing using 5000
bootstrapped resamples. After analysing the path coefficients, 4.3. Results for Unobserved Heterogeneity. The unobserved
there are grounds to assert that all hypothesised relationships heterogeneity can to be analysed with different PLS seg-
are significant at 99.9% confidence levels, except two of them; mentation methods [75, 76]. We select FIMIX-PLS and PLS
the first one is ECC󳨀→GAN, 𝛽=0.417, Statistical T=5.116, and prediction-oriented segmentation (PLS-POS) methodology
the second one is EVM󳨀→GAN, 𝛽=0.539, Statistical T=4.760. for two reasons [76]. First, according to the evaluation of
These are supported with a 99% confidence level. these methods, Sarstedt [75] concludes that FIMIX-PLS is
Complexity 9

Table 6: Indices FIT. Criteria for model choice.

K=2 K=3 K=4 K=5
AIC (criterio de información de Akaike) 1.948,641 1.907,489 1.884,002 1.864,526
AIC3 (modificado de AIC con Factor 3) 1.975,641 1.948,489 1.939,002 1.933,526
AIC4 (modificado de AIC con Factor 4) 2.002,641 1.989,489 1.994,002 2.002,526
BIC (criterio de información Bayesiano) 2.030,285 2.031,468 2.050,315 2.073,173
CAIC (AIC consistente) 2.057,285 2.072,468 2.105,315 2.142,173
MDL5 (longitud de descripción mı́nima con Factor 5) 2.572,865 2.855,384 3.155,569 3.459,765
LnL (LogLikelihood) -947,320 -912,744 -887,001 -863,263
EN (estadı́stico de entropı́a (normalizado)) 0,672 0,724 0,722 0,767

viewed as the proper commonly used approach to capture the segments and the model are estimated. Table 6 shows the
heterogeneity in PLS Path Modelling. Second, PLS-POS results provided for the FIT indices.
informs about nonobserved heterogeneity in the structural Firstly, in order to find the number of samplings, it can
model as well as the constructs measures, with both formative be organised into the FIMIX test applied. The algorithm for
and reflective models [76]. the size of the sample so as to be able to use PLS-SEM with 10
In order to achieve a major capacity of prediction PLS- repetitions was constructed. As a result, the new composition
POS provides ongoing improvements of the objective tar- was carried out using the expected maximization algorithm
geted. Due to the hill-climbing approach, iterations of the (EM). The EM algorithm switches between maximization
algorithm might generate an intermediate solution, not good step (M) and performing an expectation step (E) [78]. Step
enough to be validated. For this reason, it is important E assesses the accepted estimation of the variables. Step M
to run the application of PLS-POS with different starting measures the parameters by making as big as possible the
segmentations [76]. In our case, we have applied the PLS-POS logarithmic registration likelihood obtained in step E. Steps
algorithm with 5, 4, 3, and 2 partitions. E and M are used continuously until the results are balanced.
Regarding Becker et al. [76], the bias from using either The equilibrium is attained when no essential progress in the
of the two methods (FIMIX-PLS or PLS-POS) is much lower values is attained.
than that obtained from analysing the overall sample without The results after running FIMIX with different numbers
uncovering heterogeneity [76]. of partitions are shown in Table 6. As the number of segments
In addition, FIMIX-PLS is understood as better methods was unknown beforehand, the different segment numbers
for reducing biases in parameters estimates and avoiding were contrasted in terms of appropriateness and statistical
inferential. Becker et al. [76] find an exception in low analysis [79, 80].
structural model heterogeneity and high formative measure- Trial and error information can be conveyed within the
ment model heterogeneity. Regarding this condition, FIMIX- EN and information criteria due to their sensitiveness to the
PLS generate more biased results than those resulting from features of the model and their data. The data-based approach
ignoring heterogeneity [76]. gave a rough guide of the number of segments [78].
In our case, we do not find unobserved heterogeneity with As a result, the criteria applied were assessed. The ability
PLS-POS algorithm because the results indicate one group to accomplish aim of the information criteria in FIMIX-
too small for the study in all iterations. PLS was studied for a broad range of data groups [81].
As a result, we have used de FIMIX-PLS. This methodol- Their outputs indicated that researchers should take into
ogy, considers the possibility of acceptance in any segment account AIC 3 and CAIC. While these two criteria express
observed. The observations are adapted depending on the the equivalent number of segments, the results possibly
number of segments. Through the linear regression func- show the convenient number of segments. Table 6 shows
tions a group of potential segments is given. Every case is that in our study these outputs do not indicate the same
attached to the segment with the highest probability. FIMIX number of segments, so AIC was utilized with factor 4
methodology was applied to structure the sample into several (AIC 4, [82]). This index usually behaves appropriately. The
segments. Selecting the convenient number of segments was same number of segments was shown in the case study
the first problem found. It is usual to repeat the FIMIX-PLS (see Table 6), which was k=3. Then, it is understood to be
method with successive numbers of latent classes [77]. In a strong miscalculation, even though MDL5 expressed the
this case, taking into account the sample size n = 152, the minimum number of segments k+1. In this case it would
calculation was made for k=2, k=3, k=4, and k=5. Different imply 3 [78]. The regulated entropy statistic (EN) was one of
information criteria offered by the FIT indices were used to the measurements of entropy which was also esteemed [83].
compare the results obtained. The controlled AIC (CAIC), EN applied the likelihood that an observation is addressed
Akaike (AIC), the standardized entropy statistic (EN), and to a segment to express if the separation is trustworthy or
the Bayesian information criterion (BIC) were compared. not. The greater the chance of being included to a segment is
The study is implemented in four stages: in the first place, for an assessment, the higher segment relationship is. The EN
FIMIX provides the number of best segments. Hence, the index varies between 0 and 1. The greatest values express the
construct that confirms these segments is found. As a result, better quality segmentation. Other researches in which EN
10 Complexity

Table 7: Relative segment sizes.

K Segment 1 Segment 2 Segment 3 Segment 4 Segment 5

2 0,537 0,463
3 0,384 0,310 0,307
4 0,342 0,325 0,258 0,074
5 0,462 0,222 0,138 0,131 0,047

Table 8: Path coefficients for the general model and for the three segments.

Path k=1 (38.4%) k=2 (31%) k=3 (30.7%) MGA MGA MGA
Global model
Coefficients n=54 n=51 n=47 k1 vs k2 k1 vs k3 k2 vs k3
ECC󳨀→EVM 0.620∗ ∗ ∗ 0.274∗ 0.742∗ ∗ ∗ 0.932∗ ∗ ∗ 0.468 n.s. 0.659 n.s. 0.190 n.s.
ECC󳨀→GAN 0.340∗ ∗ ∗ 0.363∗∗ -0.033 n.s. 0.015 n.s. 0.397∗∗ 0.348∗ 0.049 n.s.
EVM󳨀→EI 0.606∗ ∗ ∗ 0.456∗ ∗ ∗ 0.548∗ ∗ ∗ 0.794∗ ∗ ∗ 0.091 n.s. 0.338 n.s. 0.246 n.s.
EVM󳨀→GAN 0.549∗ ∗ ∗ 0.311∗ 0.986∗ ∗ ∗ 0.978∗ ∗ ∗ 0.675 n.s. 0.667 n.s. 0.008 n.s.
EVM󳨀→GBI 0.692∗ ∗ ∗ 0.567∗ ∗ ∗ 0.956∗ ∗ ∗ 0.541∗ ∗ ∗ 0.389 n.s. 0.026 n.s. 0.415∗ ∗ ∗
EVM󳨀→GO 0.649∗ ∗ ∗ 0.550∗ ∗ ∗ 0.728∗ ∗ ∗ 0.570∗ ∗ ∗ 0.178 n.s. 0.021 n.s. 0.157∗
EVM󳨀→IC 0.537∗ ∗ ∗ 0.095 n.s. 0.943∗ ∗ ∗ 0.550∗ ∗ ∗ 0.848 n.s. 0.455 n.s. 0.393∗ ∗ ∗
Note: n.s., not supported; ∗ p<0.05; ∗∗ p<0.01; ∗ ∗ ∗ p<0.001.

values are above 0.50 which offer easy understanding of the As proven by the results obtained from nonparamet-
data into the chosen number of segments are also appointed ric testing, the multigroup PLS-MGA analysis confirmed
[84, 85]. Table 6 shows that all the segmentations conveyed the parametric tests and also found significant discrepancy
EN values>0.50, even though the greatest value is achieved between segments 2 and 3.
for k = 5 with EN=0.767 for k=5 and EN=0.724 for k=3. There is divergence between the first and second seg-
Accordingly, the number of best segments was k=3. ments, but only k=2 and K=3 in EVMGBI, EVMGO, and
FIMIX-PLS indicates, then, the number of segments, due to EVMIC show a significant difference.
the lowest size of the segmentation, which in this case is Table 9 shows the validity of the segment measurement
30.7%. Table 7 shows that, for the k=3 solution and a sample model and its explanatory capacity using R-squared and
n=152, segment partitioning is 38.4% (54), 31% (51), and classified by segment. The values of k=2 for CR and AVE are
30.7% (47) [72, 86]. In spite of the percentages, the segment shown to be below the limits.
sizes are significant, so they are enough to use PLS. Due to
the covariance, the sample size can be substantially lowest 4.3.1. Assessment of the Predictive Validity. PLS can be
in PLS than in SEM [77]. It means that it might be more used for both explanatory and predictive research. In other
variables than observations, which imply data missing can words, the model has the ability to predict the current
be obtained [87, 88]. Similarly, in similar cases other authors and future observations. Predictive validity shows that the
have indicated the reduced size of the sample [89] whose measurements for several constructs can predict a dependent
minimum might attain the number of 20 in PLS [90]. latent variable, as, in our case, Green Attitudes towards
The process of the FIMIX-PLS strategy is completed with Nature (GAN). The prediction outside the sample, known
these analyses. On the other hand, other researches suggest as predictive validity, was assessed using cross-validation
testing to see if the numerical variation between the path with maintained samples. This research used the approach
coefficients of the segment is also significantly distinctive by recommended by Shmueli et al. [91].
using multigroup analysis (see Table 8). Several approaches By using other authors’ research [92–94], the PLS predict
for multigroup analysis were found in document research, algorithm in the updated SmartPLS software version 3.2.7
which are discussed in more detail by Sarstedt et al. [81] and was used. The results for k-fold cross prediction errors and
Hair et al. [66]. The use of the permutation approach was the essence of prediction errors. It was expresses through
suggested by Hair et al. [78], which was also used in the the mean absolute error (MAE) and root mean square error
SmartPLS 3 software. (RMSE). Then, the expected achievement of the PLS model
However, before making the interpretation of the multi- for latent variables and indicators is assessed. The following
group analysis outcomes researchers must ensure that the criterion expressed by the SmartPLS team was applied to
measurement models are invariable in the groups. Once appraise the expected achievement of the model [91–94].
the measurement invariance (MICOM) was checked [79], a (1)The Q2 value in PLS predict: the miscalculations of the
multigroup analysis (MGA) was carried out to find if there PLS model with the mean future projection are compared.
were any significant discrepancies between the segments. The The PLS-SEM’s miscalculation data can be lower than the
results are shown in the three right hand side columns of prediction error of simply using mean values; then the Q2
Table 9. value is positive. Therefore, the PLS-SEM model provided
Complexity 11

Table 9: Reliability measurements for the general model and for the three segments.

Global model k=1 (38.4%) k=2 (31%) K=3 (30.7%)

CR AVE R-squared CR AVE R-squared CR AVE R-squared CR AVE R-squared
ECC 0.922 0.797 - 0.947 0.857 - 0.791 0.561 - 0.912 0.775 -
EI 0.913 0.840 0.368 0.935 0.877 0.208 0.857 0.750 0.300 0.886 0.795 0.631
EVM 0.920 0.794 0.384 0.861 0.675 0.075 0.918 0.789 0.551 0.959 0.885 0.869
GAN 0.917 0.847 0.648 0.908 0.831 0.290 0.861 0.756 0.924 0.940 0.886 0.985
GBI 0.916 0.845 0.479 0.851 0.741 0.322 0.893 0.807 0.914 0.945 0.895 0.293
GO 0.909 0.768 0.421 0.878 0.707 0.302 0.861 0.676 0.529 0.929 0.814 0.325
IC 0.917 0.786 0.288 0.904 0.759 0.009 0.872 0.694 0.899 0.938 0.835 0.303

Table 10: Summary of dependent variable prediction. GAN

25
Construct GAN RMSE MAE Q2
Complete sample 0.591 0.425 0.429 20
Segment 1 0.486 0.376 0.120
15
Segment 2 0.619 0.468 0.515
Segment 3 0.723 0.490 0.761 10

convenient predictive performance, which is the case in the 0

−2.50
−2.25
−2.00
−1.75
−1.50
−1.25
−1.00
−0.75
−0.50
−0.25
0.00
0.25
0.50
0.75
1.00
1.25
1.50
1.75
2.00
2.25
2.50
2.75
3.00
two subsamples of segments 2 and 3 (see Table 10) in the
dependent construct Green Attitude towards Nature (GAN)
(Table 10). Then, the prediction results were achieved. Figure 4: Residue density within the sample and outside the sample.
(2) The linear regression model (LM) approach: a regres-
sion of the exogenous indicators in every endogenous indi-
cator was performed. Then, better prediction errors can be
achieved when this comparison is considered. This can be model expressed. As a result, the model conveys appropriately
seen when the MAE and RMSE values are smaller than those the intention to apply in further samples. They are quite
of the LM model. If this occurs, predictions can be made. distinctive from the data used to check the theoretical model
This methodology is only used for indicators. As shown in [96].
Table 10, the MAE and RMSE values were mainly negative. It
expressed excellent predictive power. 4.4. Considerations for the Management of Internet Search
It is also contrasted the predictions the real composite Engines (IPMA). According to research that studied data
scores within the sample and outside the sample with [91]. heterogeneity [77, 96], the IPMA-PLS technique was used
With this intention, the research by Danks, Ray, and Shmueli to find more precise recommendations for marketing of
[95] was applied. Internet search engines. IPMA is a framework study that
By using this methodology, the measure was applied uses matrices that enable combining the average value score
for the Green Attitudes towards Nature (GAN) construct: for “performance” with the estimation “importance” in PLS-
RMSE for the complete sample (see Table 10) was 0.591 and SEM’s total effects [77, 97, 98]. The outcomes are shown in an
had a higher value in segment 3 (0.723, difference=0.132) importance-performance chart of four fields [77, 99].
and lower values in segment 1 (0.486, difference=0.105) and According to Groß [97] the analysis of the four quadrants
segment 2 (0.619, difference=0.028). The complex values are is shown in the chart (Figure 5). They are expressed conse-
normalized in which the value of mean is 0 and variance 1. quently in the following points:
RMSE expressed the standard deviation measure. Since the
difference in RMSE is not considerable, excess capacity is not (i) Quadrant I conveys acceptance attributes that are
a problem for this study. much more valued for performance and importance.
In relation to Q2 , the following metrics were found for (ii) Quadrant II explains acceptance attributes of high
the GAN construct: RMSE for the complete sample (see importance but small performance. It must be devel-
Table 10) was 0.429 and had a higher value in segment 3 oped.
(0.761, difference=0.332) and lower values in segment 1 (0.120,
(iii) Quadrant III considers acceptance attributes that
difference=0.309) and segment 2 (0.515, difference=0.086).
have reduced importance and performance.
The density diagrams of the residues within the sample
and outside the sample are provided in Figure 4. (iv) Quadrant IV expresses acceptance attributes with
Due to the result of the different analyses, this research great performance index, but small equitable impor-
found enough evidence to accept the predictive validity of the tance.
12 Complexity

Importance-Performance Map framework for companies. On the other hand, it proposed

100 the implementation of an organisational model to prevent
80 companies committing unexpected unlawful behaviour.
60 The FIMIX-PLS analysis has been split into two groups.
GAN

Coincidentally, the size of the segments and the coefficient of

40
determination R-squared as the FIT indices are divided into
20 two samples groups as well.
0 Nonparametric unobserved segmentation in complex
0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 systems has provided us enough information to compare the
Total-Effects statistical results. To present the complete analyses within
EVM FIMIX-PLS method multigroup and permutation approach
ECC have been taken into account. Results show that segments
have presented differences using the multigroup analysis
Importance-Performance Map (MGA), namely, between the first and second segments:
100 EVM󳨀→GBI, EVM󳨀→GO, and EVM󳨀→IC.
80 To revise the validity of the segments measured SmartPLS
60 software version 3.2.7 was used. This statistical package was
GAN

40
used to set up the predictive performance of the model. The
prediction errors of the PLS model were compared with the
20
simple mean predictions. In the two subsamples of segments
0 2 and 3 in the dependent construct GAN the prediction error
0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00
of the PLS-SEM results was less than the prediction error
Total-Effects
of simply using the mean values. It means that the model
EVM provides acceptable prediction results. Similarly, the linear
ECC regression model (LM) approach was studied in order to
get better prediction errors. It is achieved when the value of
Importance-Performance Map RMSE and MAE are lower than those of the LM model. As the
100
results have shown, the indicators show the valued of RMSE
80 and MAE were mostly negative. It can be deduced that those
60 values provide a strong predictive power.
GAN

40 Such findings are manifested through the significance

of the path coefficients, particularly, among the influence of
20
Environmental Corporate Compliance in the Environmental
0 Value Model (H2 : ECC󳨀→EVM; 𝛽 = 0.697, T-statistic =
0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00
2.905) and in the Green Attitudes towards Nature (H1 :
Total-Effects ECC󳨀→GAN; 𝛽 = 0.417, T-statistic = 5.116). As a result,
EVM regulatory compliance not only prevents companies from
ECC committing unlawful environmental actions [39] but also
Figure 5: Importance-performance maps for k=1, k=2, and k=3. from running the risk of any negative implications for nature
[4].
The T-statistic in both path coefficients shows little differ-
The results are unequal for each segment (Figure 5). For ence. Nevertheless, it is safe to say that the new regulation has
users belonging to k=1, all constructs are low and provide a higher effect on improving attitudes towards nature than the
performance <50, showing that ECC and EVM obtained a Environmental Value Model.
score of 0.45 and 0.31. At the empirical level, the new regulation has a significant
Finally, the results for k=3 show a different situation. effect on Spanish green start-ups as a way of improving
These entrepreneurs valued importance >90, showing that attitudes towards nature and its Environmental Value Model.
ECC and EVM is the most valued and obtained a score of In other words, the new Criminal Code raises awareness on
0.93 and 0.98. monitoring a voluntary environmental surveillance process
based on the rules of the organisation [36]. Simultaneously,
start-ups are willing to update the environmental standards
5. Discussion that allow them to comply with the law by developing a
5.1. Theoretical Implications. Spanish green start-ups have preventive system to deter unlawful decisions taken by its
increasingly developed better green attitudes in recent managers [34].
decades. The new environmental regulatory system has been Start-ups should, therefore, implement effective monitor-
the driving force behind several changes in the way green ing systems, including organisational monitoring, to avoid
start-ups must comply with the law. On the one hand, the unexpected criminal sanctions [38] and keep the compliance
Spanish regulatory compliance has established a new legal model up to date when relevant infractions are revealed [40].
Complexity 13

The findings also show that the hypothesised rela- applied. This is so not only because it has been used non-
tionships between Environmental Value Model and the parametric unobserved segmentation in complex systems,
four attributes (Balanced Green Investment, Environmental but also because it gives you another approach about data can
Impact of green entrepreneurs, Innovation and Competi- be organised to provide statistical results.
tiveness and Green Opportunities) are indeed significant. The second contribution is that the outcome of this study
Based on the results obtained, each attribute creates a provides relevant theoretical and practical implications to be
real environmental value for start-ups. The environmental incorporated into the literature review. Findings shed light
value makes them more innovative and competitive (H5 : on not only the way green start-ups comply with the recent
EVM󳨀→IC; 𝛽 = 0.597, ≤ 0.001) and green-oriented towards Spanish Criminal Code, but also how they develop green
market opportunities (H7 : EVM 󳨀→ GO; 𝛽 = 0.773, p value attitudes towards nature to avoid threats to nature.
≤ 0.001) by balancing economy and ecology (H4 : EVM 󳨀→ This research highlights three aspects regarding the
BGI; 𝛽 = 0.780, p value ≤ 0.001). All these factors contribute effects of the new regulatory compliance system in Spain: (1)
towards generating a positive impact in nature (H6 : EVM 󳨀→ the implications of the new regulation on green start-ups by
EI; 𝛽 = 0.730, p value ≤ 0.001). imposing coercive rules and designing voluntary surveillance
measures; (2) the significance of the Environmental Value
5.2. Practical Implications. Practical implications can be Model reflected in four green attributes; and (3) the influence
drawn from the findings not only for green start-ups but also of the Environmental Value Model and the new regulation in
for public and legal authorities. The first implication is related green start-ups' attitudes towards nature.
to the need for empirical studies to test the recent approval The findings provided a robust explanatory capacity of
of the Spanish regulatory compliance as well as nurture their the complete model (R-squared GAN=0.779). In other words,
legal and public decisions. The second implication is directly all the constructs explain 77.9% of the variance of start-ups'
related to the findings. Results have offered an unexpected Green Attitudes towards Nature.
picture of what is commonly understood about coercive regu- Theoretical and practical implications can also be learnt
lations. Results show that the new regulatory compliance sys- from this robust result. Even though the literature about green
tem has emerged as the critical factor to foster green start-ups' companies is vast, very little has been published about the
respect for nature. The new regulation positively influences empirical impact of environmental regulation on green start-
start-ups' improvement towards nature (H1: ECC󳨀→GAN; ups.
=0.417, T-statistic=5.116) and has a positive effect on the This study helps to shed light on this aspect. Due to
Environmental Value Model (H2: ECC󳨀→EVM; = 0.697, T- the gradual increase in the number of start-ups in the last
statistic=2.905). The new environmental law, therefore, plays decades, these findings can be used by public authorities
a key role to explain how these entrepreneurs respect nature, to impose legal requirements and encourage companies to
whether by setting up a department to supervise the com- develop surveillance measures through their compliance
pliance of green innovations [34] or by undertaking training officers.
protocols to implement surveillance norms in the companies To be more precise, we recommend the authorities focus
[36]. The research also contributes, as the third implica- on promoting organisational measures, by rewarding com-
tion, towards protecting companies from unlawful actions panies that establish protocols or training procedures, and
and corruption by developing organisational indicators. In set up surveillance standards within the company. This mea-
other words, corruption, which is supposed to be negatively sure can also be undertaken by developing interconnected
associated with private investment and growth, has become mechanisms between public authorities and start-ups based
an outstanding setback and international phenomenon [98]. on cooperative rules as a priority to improve the employees'
This explains the current trend to avert bribery, extortion, attitudes towards nature. Three limitations of the study must
or fraud by developing international efforts to address this also be appropriately conveyed.
dilemma from the legal and organisational perspective. First. A new list of Spanish green start-ups has been proposed
The fourth implication alludes to the model designed. As in the study by selecting four attributes from the literature
the results have shown, H4, H5, H6, and H7 are significant. review.
In other words, the four attributes appropriately reflect the
Environmental Value Model. On top of that, a balanced Second. Not all start-ups were aware of the recent publication
economy and ecology are considered the main attributes (H4: of the Spanish Corporate Compliance Criminal Code let
EVM󳨀→BGI =0.780, p value 0.001). Finally, green start-ups alone implemented it.
are willing to concentrate efforts on environmental and man-
agerial solutions by discovering new Green Opportunities to Third. The research was based on collecting data on how green
defend nature. This trend, devised in green entrepreneurs, start-ups perceived the new regulation and their influence
might positively influence the future of start-ups, as con- on the model presented. Unfortunately, the research did
firmed by the predictive value of the model (Q2 = 0.474). not offer further information about the design process of
organisational standards to prevent unlawful decisions. In
other words, a practical and theoretical approach to that
6. Conclusion phenomenon might yield different results.
Two relevant contributions have been made to the literature Concerning future research lines, it would be advisable
review. The first one has been the methodology it has been to work on these limitations to achieve a more accurate
14 Complexity

approach to the current research. Moreover, the research Office of the Third Sector, Cabinet Office Office of the Third
outcomes obtained can be compared with nonenvironmental Sector, London, UK, 2007.
start-ups, to see how they see nature, as a critical element to [9] S. Schaltegger, “A framework for ecopreneurship: Leading
be respected by every company to preserve the environment bioneers and environmental managers to ecopreneurship,”
for our future generations. Greener Management International, no. 38, pp. 45–58, 2002.
The research concludes by stating that the three rela- [10] T. J. Dean and J. S. McMullen, “Toward a theory of sustain-
tionships were successfully tested and contrasted by the able entrepreneurship: Reducing environmental degradation
model. The new Spanish regulatory compliance has provided through entrepreneurial action,” Journal of Business Venturing,
unexpected results that could contribute to improve the legal vol. 22, no. 1, pp. 50–76, 2007.
decisions taken by public authorities. [11] S. Schaltegger, “A framework and typology of ecopreneurship:
leading bioneers and environmental managers to ecopreneur-
ship,” in Making Ecopreneurs, M. Schaper, Ed., pp. 95–114,
Data Availability Routledge, London, UK, 2016.
[12] Y. Li, Z. Wei, and Y. Liu, “Strategic orientations, knowledge
The data used to support the findings of this study are acquisition, and firm performance: the perspective of the
available from the corresponding author upon request. vendor in cross-border outsourcing,” Journal of Management
Studies, vol. 47, no. 8, pp. 1457–1482, 2010.
Conflicts of Interest [13] E. E. Walley and D. W. Taylor, “Opportunists, champions,
Mavericks...? a typology of green entrepreneurs,” Greener Man-
There are no conflicts of interest. agement International, no. 38, pp. 31–43, 2002.
[14] A. R. Anderson, “Cultivating the garden of eden: environmental
entrepreneuring,” Journal of Organizational Change Manage-
Authors’ Contributions ment, vol. 11, no. 2, pp. 135–144, 1998.
[15] R. Isaak, “Globalisation and green entrepreneurship,” Greener
Rafael Robina-Ramı́rez wrote the theoretical and empiri- Management International, vol. 18, pp. 80–90, 1997.
cal part. Antonio Fernández-Portillo addressed the FIMIX
[16] K. Hockerts and R. Wüstenhagen, “Greening Goliaths versus
results. Juan Carlos Dı́az-Casero has revised the paper. emerging Davids - Theorizing about the role of incumbents
and new entrants in sustainable entrepreneurship,” Journal of
Acknowledgments Business Venturing, vol. 25, no. 5, pp. 481–492, 2010.
[17] A. Triguero, L. Moreno-Mondéjar, and M. A. Davia, “Drivers of
INTERRA (Research Institute for Sustainable Territorial different types of eco-innovation in European SMEs,” Ecological
Development) has collaborated in the research. We have not Economics, vol. 92, pp. 25–33, 2013.
received any funds. [18] S.-P. Chuang and C.-L. Yang, “Key success factors when imple-
menting a green-manufacturing system,” Production Planning
and Control, vol. 25, no. 11, pp. 923–937, 2014.
References [19] J. G. Covin and G. T. Lumpkin, “Entrepreneurial orienta-
[1] European Commission, EU, SBA Fact Sheet - European tion theory and research: reflections on a needed construct,”
Commission - Europa EU. Ref. Ares (2018) 2717562 - 25/05/2018. Entrepreneurship Theory and Practice, vol. 35, no. 5, pp. 855–872,
2018. Retrieve: https://ec.europa.eu/docsroom/documents/29489/ 2011.
attachments/27/translations/en/renditions/pdf. [20] D. J. Teece, “Dynamic capabilities and entrepreneurial man-
agement in large organizations: toward a theory of the
[2] G. H. Brundtland, “Brundtland report,” Our Common Future.
(entrepreneurial) firm,” European Economic Review, vol. 86, pp.
Comissão Mundial, 1987.
202–216, 2016.
[3] R. Barkemeyer, “Beyond compliance - below expectations? CSR
[21] K. Woldesenbet, M. Ram, and T. Jones, “Supplying large firms:
in the context of international development,” Business Ethics: A
The role of entrepreneurial and dynamic capabilities in small
European Review, vol. 18, no. 3, pp. 273–289, 2009.
businesses,” International Small Business Journal, vol. 30, no. 5,
[4] B. Cohen and M. I. Winn, “Market imperfections, opportunity pp. 493–512, 2012.
and sustainable entrepreneurship,” Journal of Business Ventur- [22] D. J. Teece, “A dynamic capabilities-based entrepreneurial
ing, vol. 22, no. 1, pp. 29–49, 2007. theory of the multinational enterprise,” Journal of International
[5] J. Randjelovic, A. R. O’Rourke, and R. J. Orsato, “The emergence Business Studies, vol. 45, no. 1, pp. 8–37, 2014.
of green venture capital,” Business Strategy and the Environment, [23] Spanish Corporate Governance Code 1/2015 of 31 March.
vol. 12, no. 4, pp. 240–253, 2003. Retrieved: https://www.boe.es/boe/dias/2015/03/31/pdfs/BOE-
[6] L. U. Hendrickson and D. B. Tuttle, “Dynamic management of A-2015-3439.pdf.
the environmental enterprise: a qualitative analysis,” Journal of [24] F. Partnoy, Infectious Greed: How Deceit and Risk Corrupted the
Organizational Change Management, vol. 10, no. 4, pp. 363–382, Financial Markets, Profile Books, London, UK, 2003.
1997. [25] I. Melay and S. Kraus, “Green entrepreneurship: definitions
[7] J. D. Ivanko, ECOpreneuring Putting Purpose and the Planet of related concepts,” International Journal Strategegic Manage-
Before Profits, New Society Publishers, Gabriola Island, Canada, ment, vol. 12, pp. 1–12, 2012.
2008. [26] A. V. Banerjee, E. Duflo, and K. Munshi, “The (MIS) allocation
[8] C. Leadbeater, Social Enterprise and Social Innovation: Strategies of capital,” Journal of the European Economic Association, vol. 1,
for the Next Ten Years. A Social Enterprise Think Piece for the no. 2-3, pp. 484–494, 2003.
Complexity 15

[27] W. L. Koe and I. A. Majid, “Socio-cultural factors and inten- [46] K. Fletcher, “Slow fashion: an invitation for systems change,” The
tion towards sustainable entrepreneurship,” Eurasian Journal of Journal of Design, Creative Process and the Fashion Industry, vol.
Business and Economics, vol. 7, no. 13, pp. 145–156, 2014. 2, no. 2, pp. 259–265, 2010.
[28] D. Y. Choi and E. R. Gray, “The venture development processes [47] OCDE, “Sustainable development programmes and initiatives
of “sustainable” entrepreneurs,” Management Research News, (2009-2010),” 2009. Retrieve. https://www.oecd.org/greengrowth/
vol. 31, no. 8, pp. 558–569, 2008. 47445613.pdf.
[29] Spanish Constitution, Congress of Deputies held on October [48] A. T. Bon and E. M. Mustafa, “Impact of total quality manage-
31. 1978. Retrieved. http://www.congreso.es/portal/page/portal/ ment on innovation in service organizations: literature review
Congreso/Congreso/Hist Normas/Norm/const espa texto ingles and new conceptual framework,” Procedia Engineering, vol. 53,
0.pdf. pp. 516–529, 2013.
[30] T. Gliedt and P. Parker, “Green community entrepreneurship: [49] M. Mazzucato and C. C. R. Penna, Beyond Market Failures:
creative destruction in the social economy,” International Jour- The Market Creating and Shaping Roles of State Investment
nal of Social Economics, vol. 34, no. 8, pp. 538–553, 2007. Banks, Levy Economics Institute, New York, NY, USA, 2015,
[31] I.-M. Garcı́a-Sanchez, B. Cuadrado-Ballesteros, and J.-V. Frias- (Working Paper October, 2015) Available at: http://www
Aceituno, “Impact of the institutional macro context on the .levyinstitute.org/pubs/wp 831.pdf.
voluntary disclosure of CSR information,” Long Range Planning, [50] J. Kirkwood and S. Walton, “How green is green? Ecopreneurs
vol. 49, no. 1, pp. 15–35, 2016. balancing environmental concerns and business goals,” Aus-
[32] J. M. Tamarit Sumalla, “La responsabilidad penal de las tralasian Journal of Environmental Management, vol. 21, no. 1,
personas jurı́dicas,” in La reforma penal de 2010: análisis y pp. 37–51, 2014.
comentarios, Quintero Olivares Dir., Cizur Menor, p. 58, 2010.
[51] M. Shrivastava and J. P. Tamvada, “Which green matters for
[33] P. W. Moroz and K. Hindle, “Entrepreneurship as a process: whom? Greening and firm performance across age and size
toward harmonizing multiple perspectives,” Entrepreneurship distribution of firms,” Small Business Economics, pp. 1–18, 2017.
Theory and Practice, vol. 36, no. 4, pp. 781–818, 2012.
[52] D. S. Dhaliwal, S. Radhakrishnan, A. Tsang, and Y. G. Yang,
[34] J. A. Ingrisano and S. A. Mathews, “Practical guide to avoiding “Nonfinancial disclosure and analyst forecast accuracy: inter-
failure to supervise liability,” Preventive Law Reporter, vol. 14, national evidence on corporate social responsibility disclosure,”
no. 12, 1995. The Accounting Review, vol. 87, no. 3, pp. 723–759, 2012.
[35] K. B. Huff, “The role of corporate compliance programs in
[53] P. M. Clarkson, Y. Li, G. D. Richardson, and F. P. Vasvari,
determining corporate criminal liability: a suggested approach,”
“Revisiting the relation between environmental performance
Columbia Law Review, vol. 96, no. 5, pp. 1252–1298, 1996.
and environmental disclosure: an empirical analysis,” Account-
[36] S. Sadiq, G. Governatori, and K. Namiri, “Modeling control ing, Organizations and Society, vol. 33, no. 4-5, pp. 303–327,
objectives for business process compliance,” in Proceedings of 2008.
the International Conference on Business Process Management,
pp. 149–164, Berlin, Germany, 2007. [54] D. F. Pacheco, T. J. Dean, and D. S. Payne, “Escaping the green
prison: Entrepreneurship and the creation of opportunities for
[37] J. G. York and S. Venkataraman, “The entrepreneur-
sustainable development,” Journal of Business Venturing, vol. 25,
environment nexus: Uncertainty, innovation, and allocation,”
no. 5, pp. 464–480, 2010.
Journal of Business Venturing, vol. 25, no. 5, pp. 449–463, 2010.
[38] A. Amicelle, “Towards a new political anatomy of financial [55] A. Pérez-Luño, J. Wiklund, and R. V. Cabrera, “The dual
surveillance,” Security Dialogue, vol. 42, no. 2, pp. 161–178, 2011. nature of innovative activity: How entrepreneurial orientation
influences innovation generation and adoption,” Journal of
[39] E. De Porres Ortiz de Urbina, Responsabilidad Penal de las
Business Venturing, vol. 26, no. 5, pp. 555–571, 2011.
personas jurı́dicas, El Derecho, Madrid, Spain, 2015.
[56] J. W. Carland, J. A. Carland, and J. W. Pearce, “Risk taking
[40] D. R. Campbell, M. Campbell, and G. W. Adams, “Adding
propensity among entrepreneurs, small business owners, and
significant value with internal controls,” The CPA Journal, vol.
managers,” Journal of Business and Entrepreneurship, vol. 7, no.
76, no. 6, p. 20, 2006.
1, pp. 15–23, 1995.
[41] I. MacNeil and X. Li, “Comply or explain: market discipline
and non-compliance with the combined code,” Corporate Gov- [57] G. Shirokova, K. Bogatyreva, T. Beliaeva, and S. Puffer,
ernance: An International Review, vol. 14, no. 5, pp. 486–496, “Entrepreneurial orientation and firm performance in differ-
2006. ent environmental settings: contingency and configurational
approaches,” Journal of Small Business and Enterprise Develop-
[42] R. Bampton and C. J. Cowton, “Taking stock of accounting
ment, vol. 23, no. 3, pp. 703–727, 2016.
ethics scholarship: a review of the journal literature,” Journal of
Business Ethics, vol. 114, no. 3, pp. 549–563, 2013. [58] M. Lenox and J. G. York, “Environmental entrepreneurship,”
[43] R. Calderón, I. Ferrero, and D. M. Redin, “Ethical codes and in Oxford Handbook of Business and the Environment, A. J.
corporate responsibility of the most admired companies of the Hoffman and T. Bansal, Eds., Oxford University Press, Oxford,
world: toward a third generation ethics?” Business and Politics, UK, 2011.
vol. 14, no. 4, pp. 1–24, 2012. [59] Pricewater House Coopers (PwC) Kuala Lumpur. Green tax
[44] M. P. Vandenbergh, “Beyond elegance: a testable typology of incentives for Malaysia Oct; 86; 2010.
social norms in corporate environmental compliance,” Stanford [60] D. J. Teece, “Dynamic capabilities: routines versus entrepreneu-
Environmental Law Journal, vol. 22, no. 55, 2003. rial action,” Journal of Management Studies, vol. 49, no. 8, pp.
[45] B. V. Todeschini, M. N. Cortimiglia, D. Callegaro-de-Menezes, 1395–1401, 2012.
and A. Ghezzi, “Innovative and sustainable business models [61] J. G. York, I. O’Neil, and S. D. Sarasvathy, “Exploring environ-
in the fashion industry: entrepreneurial drivers, opportunities, mental entrepreneurship: identity coupling, venture goals, and
and challenges,” Business Horizons, vol. 60, no. 6, pp. 759–770, stakeholder incentives,” Journal of Management Studies, vol. 53,
2017. no. 5, pp. 695–737, 2016.
16 Complexity

[62] M. Sarstedt, C. M. Ringle, and J. F. Hair, “Partial least squares [80] M. Sarstedt, C. M. Ringle, D. Smith, R. Reams, and J. F. Hair,
structural equation modeling,” in Handbook of Market Research, “Partial least squares structural equation modeling (PLS-SEM):
pp. 1–40, Springer International Publishing, 2017. a useful tool for family business researchers,” Journal of Family
[63] C. B. Astrachan, V. K. Patel, and G. Wanzenried, “A comparative Business Strategy, vol. 5, no. 1, pp. 105–115, 2014.
study of CB-SEM and PLS-SEM for theory development in [81] M. Sarstedt, J. Becker, C. M. Ringle, and M. Schwaiger, “Uncov-
family firm research,” Journal of Family Business Strategy, vol. ering and treating unobserved heterogeneity with FIMIX-
5, no. 1, pp. 116–128, 2014. PLS: which model selection criterion provides an appropriate
[64] E. Carmines and R. Zeller, Reliability and Validity Assessment, number of segments?” Schmalenbach Business Review, vol. 63,
vol. 17, SAGE Publications, Inc., Thousand Oaks, Calif, USA, no. 1, pp. 34–62, 2011.
1979. [82] H. Bozdogan, “Mixture-model cluster analysis using model
[65] O. Götz, K. Liehr-Gobbers, and M. Krafft, “Evaluation of selection criteria and a new informational measure of com-
structural equation models using the partial least squares (PLS) plexity,” in Proceedings of the First US/Japan Conference on the
approach,” in Handbook of Partial Least Squares, pp. 691–711, Frontiers of Statistical Modeling: An Informational Approach,
Springer, Berlin, Germany, 2010. H. Bozdogan, Ed., pp. 69–113, Kluwer Academic Publishers,
[66] J. Hair, W. Black, B. Babin, R. Anderson, and R. Tatham, Boston, London, 1994.
Multivariate data analysis, Prentice Hall, Upper Saddle River, [83] V. Ramaswamy, W. S. Desarbo, D. J. Reibstein, and W. T. Robin-
NJ, USA, 5th edition, 2005. son, “An empirical pooling approach for estimating marketing
[67] C. Fornell and D. F. Larcker, “Structural equation models with mix elasticities with PIMS data,” Marketing Science, vol. 12, no.
unobservable variables and measurement error: algebra and 1, pp. 103–124, 1993.
statistics,” Journal of Marketing Research, vol. 18, no. 3, pp. 382– [84] C. M. Ringle, S. Wende, and A. Will, “Customer segmentation
388, 2018. with FIMIX-PLS,” in Proceedings of the PLS-05 International
[68] T. K. Dijkstra and J. Henseler, “Consistent partial least squares Symposium, T. Aluja, J. Casanovas, and V. Esposito, Eds., pp.
path modeling,” MIS Quarterly: Management Information Sys- 507–514, PAD Test&Go, Paris, France, 2005.
tems, vol. 39, no. 2, pp. 297–316, 2015. [85] C. M. Ringle, S. Wende, and A. Will, “Finite mixture partial
[69] J. Henseler, C. M. Ringle, and R. R. Sinkovics, “The use of partial least squares analysis: methodology and numerical examples,”
least squares path modeling in international marketing,” in New in Handbook of Partial Least Squares, V. Esposito Vinzi, W. W.
Challenges to International Marketing, pp. 277–319, Emerald Chin, J. Henseler, and H. Wang, Eds., vol. 2 of Springer hand-
Group Publishing Limited, 2009. books of computational statistics series, pp. 195–218, Springer,
[70] J. Henseler, C. M. Ringle, and M. Sarstedt, “A new criterion London, UK, 2010.
for assessing discriminant validity in variance-based structural [86] L. Hu and P. M. Bentler, “Cutoff criteria for fit indexes in
equation modeling,” Journal of the Academy of Marketing covariance structure analysis: conventional criteria versus new
Science, vol. 43, no. 1, pp. 115–135, 2015. alternatives,” Structural Equation Modeling: A Multidisciplinary
[71] W. W. Chin, “The partial least squares approach to structural Journal, vol. 6, no. 1, pp. 1–55, 1999.
equation modeling,” Modern Methods for Business Research, vol.
[87] J. Mondéjar-Jiménez, M. Segarra-Oña, Á. Peiró-Signes, A. M.
295, no. 2, pp. 295–336, 1998.
Payá-Martı́nez, and F. J. Sáez-Martı́nez, “Segmentation of the
[72] L. T. Hu and P. M. Bentler, “Fit indices in covariance structure Spanish automotive industry with respect to the environmental
modeling: sensitivity to under-parameterized model misspeci- orientation of firms: towards an ad-hoc vertical policy to
fication,” Psychological Methods, vol. 3, no. 4, pp. 424–453, 1998. promote eco-innovation,” Journal of Cleaner Production, vol. 86,
[73] M. Stone, “Cross-validatory choice and assessment of statistical pp. 238–244, 2015.
predictions,” Journal of the Royal Statistical Society. Series B [88] M. Tenenhaus, V. E. Vinzi, Y. Chatelin, and C. Lauro, “PLS path
(Methodological), vol. 36, pp. 111–147, 1974. modeling,” Computational Statistics & Data Analysis, vol. 48, no.
[74] S. Geisser, “A predictive approach to the random effect model,” 1, pp. 159–205, 2005.
Biometrika, vol. 61, pp. 101–107, 1974.
[89] H. O. Wold, “Introduction to the second generation of multi-
[75] J.-M. Becker, A. Rai, C. M. Ringle, and F. Völckner, “Discovering variate analysis,” in Theoretical Empiricism: A General Rationale
unobserved heterogeneity in structural equation models to for Scientific Model-Building, H. O. Wold, Ed., Paragon House,
avert validity threats,” MIS Quarterly: Management Information New York, NY, USA, 1989.
Systems, vol. 37, no. 3, pp. 665–694, 2013.
[90] W. Ching and P. Newsted, “Chapter 12. structural equation mod-
[76] M. Sarstedt, “A review of recent approaches for capturing
eling. analysis with small samples using partial least squares,” in
heterogeneity in partial least squares path modelling,” Journal
Statisticas Strategies for Smart Sample Researchs, E. R. H. Hoyle,
of Modelling in Management, vol. 3, no. 2, pp. 140–161, 2008.
Ed., Sage Publications, Thousand Oaks, CA, USA, 1999.
[77] P. Palos-Sanchez, F. Martin-Velicia, and J. R. Saura, “Complexity
in the acceptance of sustainable search engines on the internet: [91] G. Shmueli and O. R. Koppius, “Predictive analytics in informa-
an analysis of unobserved heterogeneity with FIMIX-PLS,” tion systems research,” MIS Quarterly: Management Informa-
Complexity, vol. 2018, Article ID 6561417, 19 pages, 2018. tion Systems, vol. 35, no. 3, pp. 553–572, 2011.
[78] J. F. Hair, Jr., M. Sarstedt, L. M. Matthews, and C. M. [92] C. M. Felipe, J. L. Roldán, and A. L. Leal-Rodrı́guez, “Impact of
Ringle, “Identifying and treating unobserved heterogeneity organizational culture values on organizational agility,” Sustain-
with FIMIX-PLS: part I – method,” European Business Review, ability, vol. 9, no. 12, p. 2354, 2017.
vol. 28, no. 1, pp. 63–76, 2016. [93] M. Sarstedt, C. M. Ringle, G. Schmueli, J. H. Cheah, and H.
[79] J. Henseler, C. M. Ringle, and M. Sarstedt, “A new criterion Ting, “Predictive model assessment in PLS-SEM: guidelines for
for assessing discriminant validity in variance-based structural using PLSpredict,” Working Paper, 2018.
equation modeling,” Journal of the Academy of Marketing [94] C. M. Ringle, S. Wende, and J. M. Becker, “SmartPLS 3,” Boen-
Science, vol. 43, no. 1, pp. 115–135, 2014. ningstedt: SmartPLS GmbH, 2015. http://www.smartpls.com.
Complexity 17

[95] N. Danks, S. Ray, and G. Shmueli, “Evaluating the predictive

performance of constructs in PLS path modeling,” Working
Paper, 2018.
[96] A. G. Woodside, “Moving beyond multiple regression analysis
to algorithms: Calling for adoption of a paradigm shift from
symmetric to asymmetric thinking in data analysis and crafting
theory,” Journal of Business Research, vol. 66, no. 4, pp. 463–472,
2013.
[97] M. Groß, “Heterogeneity in consumers’ mobile shopping accep-
tance: A finite mixture partial least squares modelling approach
for exploring and characterising different shopper segments,”
Journal of Retailing and Consumer Services, vol. 40, pp. 8–18,
2018.
[98] A. Argandoña, “The united nations convention against cor-
ruption and its impact on international companies,” Journal of
Business Ethics, vol. 74, no. 4, pp. 481–496, 2007.
[99] J. Henseler, G. Hubona, and P. A. Ray, “Using PLS path modeling
in new technology research: updated guidelines,” Industrial
Management & Data Systems, vol. 116, no. 1, pp. 2–20, 2016.
Advances in Advances in Journal of The Scientific Journal of
Operations Research
Hindawi
Decision Sciences
Hindawi
Applied Mathematics
Hindawi
World Journal
Hindawi Publishing Corporation
Probability and Statistics
Hindawi
www.hindawi.com Volume 2018 www.hindawi.com Volume 2018 www.hindawi.com Volume 2018 http://www.hindawi.com
www.hindawi.com Volume 2018
2013 www.hindawi.com Volume 2018

International
Journal of
Mathematics and
Mathematical
Sciences

Journal of

Hindawi
Optimization
Hindawi
www.hindawi.com Volume 2018 www.hindawi.com Volume 2018

Submit your manuscripts at

www.hindawi.com

International Journal of
Engineering International Journal of
Mathematics
Hindawi
Analysis
Hindawi
www.hindawi.com Volume 2018 www.hindawi.com Volume 2018

Journal of Advances in Mathematical Problems International Journal of Discrete Dynamics in

Complex Analysis
Hindawi
Numerical Analysis
Hindawi
in Engineering
Hindawi
Differential Equations
Hindawi
Nature and Society
Hindawi
www.hindawi.com Volume 2018 www.hindawi.com Volume 2018 www.hindawi.com Volume 2018 www.hindawi.com Volume 2018 www.hindawi.com Volume 2018

International Journal of Journal of Journal of Abstract and Advances in

Stochastic Analysis
Hindawi
Mathematics
Hindawi
Function Spaces
Hindawi
Applied Analysis
Hindawi
Mathematical Physics
Hindawi
www.hindawi.com Volume 2018 www.hindawi.com Volume 2018 www.hindawi.com Volume 2018 www.hindawi.com Volume 2018 www.hindawi.com Volume 2018