Religious beliefs and the promotion of socially responsible entrepreneurship in the Indian agribusiness industry

Purpose The purpose of this paper is to investigate the relationship between religious beliefs and socially responsible investment in the Indian agricultural industry. Design/methodology/approach Owners of small agribusiness firms from India were interviewed regarding their perceptions of religious beliefs and socially responsible investment in the agricultural industry. Findings The survey indicates that while religious beliefs and internal financing sources increase perceived socially responsible investment, the higher cost of debt capital decreases perceived socially responsible investment in the Indian agricultural industry. The higher level of internal financing sources, however, decreases the perceived cost of debt capital which may increase socially responsible investment in the Indian agricultural industry. Research limitations/implications This is a co-relational study that investigated the association between religious beliefs and socially responsible investment. There is not necessarily a causal relationship between the two. The findings of this study may only be generalized to firms similar to those that were included in this research. Originality/value This study contributes to the literature on the factors that increase socially responsible investment in the agricultural industry. The study also provides critical policy recommendations to minimize managerial implications. The findings may be useful for financial managers, agribusiness owners (farmers), investors, agribusiness management consultants, and other stakeholders.