Analyzing the Causal Relationships Among Socioeconomic Factors Influencing Sustainable Energy Enterprises in India

Abstract

Sustainable energy entrepreneurs promote sustainable development by focusing more on energy efficiency. This study examines the interdependence and driving–dependent relationships among the socioeconomic factors (SEFs) influencing sustainable energy enterprises (SEEs). A mixed-methods approach is used, beginning with a literature review and expert consensus, followed by total interpretive structural modeling (TISM) and cross-impact matrix multiplication applied to classification (MICMAC) analysis. Seven key SEFs are finalized through interviews with 12 experts. Data are then collected from 11 SEEs. The study reveals that the regulatory and institutional framework emerges as the primary driving factor influencing other SEFs, including financial accessibility, market demand, technological innovation, and infrastructure readiness. Social and cultural acceptance is identified as the most dependent factor. The study proposes future research directions by identifying the United Nations sustainable development goals (SDGs) related to the antecedents, decisions, and outcomes with theoretical linkages through the Antecedents–Decisions–Outcomes (ADO) framework. The major SDGs identified are SDG 4 (education), SDG 7 (energy), SDG 9 (industry), SDG 11 (communities), and SDG 13 (climate). The study highlights that regulatory support, funding access, skill development, and technology transfer are required areas for strategic focus. Understanding the hierarchy of SEs supports business model innovation, investment planning, and risk management.