The adoption of environmental strategies in large Colombian businesses

86 | Carlos Fúquene Retamoso

Ranking Climate Disclosure of CDP since 2015, after its main competitor in Colombia was listed in 2012. The main competitor of Bank is the market leader and has historically been ahead of Bank in CO2 compensation activities and self-reporting initiatives, such as the Carbon Disclosure Project (CDP). Coercive pressures, such as regulations or community demands, did not constitute a key influencing factor for the adoption of environmental strategies. The regulation of financial activities in Colombia has mainly focused on controlling the economic impact of monetary transactions and has not been not specifically directed towards environmental issues (Villamizar-Torres, 2015). From interviews and data analysis, no evidence was found indicating that regulators have instituted a relevant mechanism for the adoption of environmental strategies for Bank. According to Villamizar-Torres (2015), there is no specific environmental regulation applicable to financial activities in Colombia. Communities did not institute a mechanism for the adoption of environmental strategies either. Specifically, hearing processes with ethnic or local communities have not occurred in the financial sector. Hearings and informed consent processes have occurred mainly in industrial sectors in which there is a plan to develop projects associated with natural resource exploitation (G. Rodriguez, 2014), which is not the case here. Furthermore, no record was found about the development of social plans as a way to manage a social license to operate. Villamizar (2015) states that communities assume the banking sector does not affect the natural environment because its activities do not require raw materials or resources that come directly from nature. Table 10 presents a summary of influencing subfactors and environmental practices. In Table 10 is presented a summary of the evidence found for influencing factors at Business Context. Table 10. Business Context - Bank ESA factor

The adoption of environmental strategies in large Colombian businesses

Articles inside

Table 40. Factors for the adoption of environmental strategies

Table 39. ESA and ESA Factors across cases

Table 38. Main ESA factors observed in the case studies

Figure 15. ESA and the ESA factors at the Dairy Company

Table 37. Main environmental strategies observed in the case studies

Table 35. Business model – Dairy Company

Figure 14. ESA and the ESA factors at the Cosmetic Company

Table 36. Manager´s Perspective – Dairy Company

Table 33. ESA –Dairy Company

Table 34. Business Context – Dairy Company

Table 32. Manager´s perspective – Cosmetic Company

Table 30. Business Context – Cosmetic Company

Table 31. Business model – Cosmetic Company

Table 29. ESA – Cosmetic Company

Table 23. Business Model – Oil & Gas Company

Table 25. ESA – Agri-business

Table 27. Business Model – Agri-business

Table 26. Business Context – Agri-business

Table 22. Business Context – Oil & Gas Company

Figure 11. ESA and the ESA factors at the Utility Company

Table 21. ESA – Oil & Gas Company

Table 20. Manager´s Perspective – Utility Company

Table 19. Business Model – Utility Company

Table 18. Business Context – Utility Company

Figure 10. ESA and ESA factors at the Chemical Company

Table 17. ESA – Utility Company

Table 16. Manager´s Perspective – Chemical Company

Table 14. Business Context - Chemical Company

Table 15. Business Model - Chemical Company

Table 13. ESA - Chemical Company

Figure 9. ESA and ESA factors at the Bank

Table 12. Manager´s perspective -Bank

Table 10. Business Context - Bank

Table 8. Selected cases

Table 11. Business Model - Bank

Table 9. ESA - Bank

Table 7. ESA and influencing factors

Figure 8. Data classification

Figure 6. Theoretical Model of ESA and ESA Factors

Table 5 Business models and environmental strategies

Table 4. Business context and Environmental Strategies

Figure 5. Collaborative networks of ESA research

Table 3 Co-occurrence configuration of ESA Factors

Table 2. Typology of environmental strategies used in this research

Figure 3. Co-word clusters in the literature review

Table 6. Manager´s perspective and Environmental Strategies

Figure 2. Distribution of articles in Journals