Funding for biodiversity conservation is insufficient, necessitating innovative strategies to secure additional financial resources. This paper has three main objectives, namely, to assess the impact of funding on financial stability, to analyse the effect of sales revenue on financial stability and to examine the influence of financial management on financial stability of the biodiversity conservation in Namibia’s national parks. The study based on the philosophy of pragmatism, used a quantitative research approach, and employed a concurrent research design. The study employed various analytical tools to analyse the data, precisely the PLS-SEM in SmartPLS 4 software. The study ensured reliability in terms of internal consistency using the Cronbach’s alpha and composite reliability using omega-a (rho_a), used convergent validity based on the factor loading of the indicators and the average variance extracted (AVE), as well as discriminant validity using the Fornell-Lacker and Heterotrait-monotrait (HTMT) ratios. The findings advocate for adaptable and scalable solutions that can be tailored to different national parks, considering their unique ecological, social, and economic contexts. Specific contributions made by the study to the literature are examining the potential for innovative financing mechanisms, such as green bonds or conservation finance funds, to mobilise additional resources for biodiversity conservation in Namibia’s national parks. Furthermore, the study contributed by evaluating the impact of economic incentives, such as tax incentives or subsidies, on promoting conservation practices within Namibia’s national parks and promoting sustainable financing models.
References
[1]
Störmer, N., Weaver, L.C., Stuart-Hill, G., Diggle, R.W. and Naidoo, R. (2019) Investigating the Effects of Community-Based Conservation on Attitudes towards Wildlife in Namibia. Biological Conservation, 233, 193-200. https://doi.org/10.1016/j.biocon.2019.02.033
[2]
Denker, H. (2021) Namibia Nature Parks. Gondwana Collection.
[3]
Humavindu, M., Nghishidi J., Braby, J., Kakuva McLaren S.C., Todt K., Muituti, I., and Kanyetu, J. (2018) Biodiversity Resource Mobilization Strategy. Ministry of Environment and Tourism.
[4]
Ministry of Environment, Forestry and Tourism (MEFT) (2022) Strategic Plan 2017/2018-2021/2022. Ministry of Environment, Forestry and Tourism.
[5]
Ministry of Environment and Tourism (MET) (2017) Baseline Assessment of Economic Instruments for Biodiversity Conservation in Namibia. Department of Environmental Affairs Research Discussion Paper, Number 86, Ministry of Environment and Tourism.
[6]
Gajardo, G. and Redón, S. (2019) Andean Hypersaline Lakes in the Atacama Desert, Northern Chile: Between Lithium Exploitation and Unique Biodiversity Conservation. Conservation Science and Practice, 1, e94. https://doi.org/10.1111/csp2.94
[7]
Fraser, J.A., Diabaté, M., Narmah, W., Beavogui, P., Guilavogui, K., de Foresta, H., et al. (2016) Cultural Valuation and Biodiversity Conservation in the Upper Guinea Forest, West Africa. Ecology and Society, 21, Article 36. https://doi.org/10.5751/es-08738-210336
[8]
Mustika, P.L.K., Ichsan, M. and Booth, H. (2020) The Economic Value of Shark and Ray Tourism in Indonesia and Its Role in Delivering Conservation Outcomes. Frontiers in Marine Science, 7, Article 261. https://doi.org/10.3389/fmars.2020.00261
[9]
Hausmann, A., Slotow, R., Burns, J.K. and Di Minin, E. (2015) The Ecosystem Service of Sense of Place: Benefits for Human Well-Being and Biodiversity Conservation. Environmental Conservation, 43, 117-127. https://doi.org/10.1017/s0376892915000314
[10]
Ha, T.T.T. (2018) Viet Nam Biodiversity Finance Initiative (BIOFIN): Mobilizing Resources for Biodiversity and Sustainable Development. Biodiversity Expenditure Review.
[11]
Miles, D.A. (2017) A Taxonomy of Research Gaps: Identifying and Defining the Seven Research Gaps Methodological Gap. Journal of Research Methods and Strategies. https://www.researchgate.net/publication/319244623
[12]
Emvula, I.T. (2019) An Analysis of the Effectiveness of the Automated Revenue System in Etosha National Park Namibia. Ph.D. Thesis, University of Namibia.
[13]
Gariseb, G. and Mosimane, A. (2016) Socio-Economic Impacts of Tourism Businesses in Okahandja: A Case Study of Nauaib. Journal for Studies in Humanities and Social Sciences, 5, 15-36.
[14]
Nguyen, X.T. (2020) Factors That Influence the Intentions to Revisit Korea of Vietnamese Tourists. The Journal of Asian Finance, Economics and Business, 7, 247-258. https://doi.org/10.13106/jafeb.2020.vol7.no4.247
[15]
Al-Msallam, S. (2020) The Impact of Tourists’ Emotions on Satisfaction and Destination Loyalty—An Integrative Moderated Mediation Model: Tourists’ Experience in Switzerland. Journal of Hospitality and Tourism Insights, 3, 509-528. https://doi.org/10.1108/jhti-11-2019-0126
[16]
Liestiandre, H.K. (2019) Tourists’ Willingness to Pay for Destination Quality Improvement in Komodo National Park. Journal of Advanced Research in Dynamical & Control Systems, 11, 376-381.
[17]
An, L.T., Markowski, J., Bartos, M., Rzenca, A. and Namiecinski, P. (2019) An Evaluation of Destination Attractiveness for Nature-Based Tourism: Recommendations for the Management of National Parks in Vietnam. Nature Conservation, 32, 51-80. https://doi.org/10.3897/natureconservation.32.30753
[18]
Hermann, U.P., Van Der Merwe, P., Coetzee, W.J.L. and Saayman, M. (2016) A Visitor Motivational Typology at Mapungubwe National Park and World Heritage Site. Acta Commercii, 16, a315. https://doi.org/10.4102/ac.v16i1.315
[19]
Ngondo, E., Hermann, U. and Boshoff, L. (2020) An Exploration of Tourism Experiences at a World Heritage Site in Namibia. CAUTHE.
[20]
Meyer, M., Klingelhoeffer, E., Naidoo, R., Wingate, V. and Börner, J. (2021) Tourism Opportunities Drive Woodland and Wildlife Conservation Outcomes of Community-Based Conservation in Namibia’s Zambezi Region. Ecological Economics, 180, Article ID: 106863. https://doi.org/10.1016/j.ecolecon.2020.106863
[21]
Barnes, J., Harper-Simmonds, L. and Middleton, A. (2014) Development of a Baseline of Biodiversity Expenditure in Namibia. Ministry of Environment and Tourism.
[22]
Ephraim, P. (2019) Investigating Factors Affecting the Financial Sustainability of Civil Society Organisations in Namibia. Ph.D. Thesis, University of Namibia.
[23]
Kinyondo, S. (2018) An Investigation of the Relationship between Financial Development and Economic Growth in Namibia. Ph.D. Thesis, University of Namibia.
[24]
Harper-Simmonds, L., Mendelsohn, J., Roux, J.P., Pallet, J., Brown, C., Middleton A. and Kruse, J. (2016) Development of an Inventory of Ecosystem Services in Namibia. Ministry of Environment and Tourism.
[25]
Murangi, A.K. (2021) Assessing the Effects of Financial Literacy on the Performance of Small and Medium Enterprises in Windhoek. Ph.D. Thesis, University of Namibia.
[26]
Clémençon, R. (2021) Is Sustainable Development Bad for Global Biodiversity Conservation? Global Sustainability, 4, e16. https://doi.org/10.1017/sus.2021.14
[27]
McNellie, M.J., Oliver, I., Dorrough, J., Ferrier, S., Newell, G. and Gibbons, P. (2020) Reference State and Benchmark Concepts for Better Biodiversity Conservation in Contemporary Ecosystems. Global Change Biology, 26, 6702-6714. https://doi.org/10.1111/gcb.15383
[28]
Miller-Rushing, A.J., Athearn, N., Blackford, T., Brigham, C., Cohen, L., Cole-Will, R., et al. (2021) COVID-19 Pandemic Impacts on Conservation Research, Management, and Public Engagement in US National Parks. Biological Conservation, 257, Article ID: 109038. https://doi.org/10.1016/j.biocon.2021.109038
[29]
Rushworth, I. (2018) Standardized Reporting on the Costs of Management Interventions for Biodiversity Conservation. Conservation Biology, 32, 979-988.
[30]
Oleśniewicz, P., Pytel, S., Markiewicz-Patkowska, J., Szromek, A.R. and Jandová, S. (2020) A Model of the Sustainable Management of the Natural Environment in National Parks—A Case Study of National Parks in Poland. Sustainability, 12, Article 2704. https://doi.org/10.3390/su12072704
[31]
Dlamini, C.S. and Masuku, M. (2013) Towards Sustainable Financing of Protected Areas: A Brief Overview of Pertinent Issues. International Journal of Biodiversity and Conservation, Academic Journal, 5, 436-445.
[32]
Crompton, J.L. (2015) Identifying Dimension of Service Quality in Public Recreation. Journal of Park and Recreation Administration, 9, 16-24.
[33]
Bor, A.M.B., Müller, L. and Duke, G. (2018) Positive Impact Finance for Business & Biodiversity. https://cib.societegenerale.com/en/our-offering/sustainable-and-positive-impact-finance/sustainableinvestment/positive-impact-finance/
[34]
Creswell, J.W. and Creswell, J.D. (2018) Research Design: Qualitative, Quantitative, and Mixed Methods Approach. Sage.
[35]
Saunders, M.N.K., Lewis, P. and Thornhill, A. (2019) Research Methods for Business Students. 8th Edition, Pearson.
[36]
Ministry of Environment, Forestry and Tourism (MEFT) (2023) MEFT Directory. Ministry of Environment, Forestry and Tourism.
[37]
Mujere, N. (2016) Sampling in Research. https://doi.org/10.4018/978-1-5225-0007-0.ch006
[38]
Dash, G. and Paul, J. (2021) CB-SEM vs PLS-SEM Methods for Research in Social Sciences and Technology Forecasting. Technological Forecasting and Social Change, 173, 121092. https://doi.org/10.1016/j.techfore.2021.121092
[39]
Hair, J.F., Ringle, C.M. and Sarstedt, M. (2011) PLS-SEM: Indeed a Silver Bullet. Journal of Marketing Theory and Practice, 19, 139-152. https://doi.org/10.2753/mtp1069-6679190202
[40]
Hair, J.F., Babin, B.J. and Krey, N. (2017) Covariance-Based Structural Equation Modeling in TheJournal of Advertising: Review and Recommendations. Journal of Advertising, 46, 163-177. https://doi.org/10.1080/00913367.2017.1281777
[41]
Dijkstra, T.K. and Henseler, J. (2015) Consistent Partial Least Squares Path Modeling. MIS Quarterly, 39, 297-316. https://doi.org/10.25300/misq/2015/39.2.02
[42]
Ab Hamid, M.R., Sami, W. and Mohmad Sidek, M.H. (2017) Discriminant Validity Assessment: Use of Fornell & Larcker Criterion versus HTMT Criterion. Journal of Physics: Conference Series, 890, Article ID: 012163. https://doi.org/10.1088/1742-6596/890/1/012163
[43]
Baker, C. (2022) Derivatives and ESG. American Business Law Journal, 59, 725-772. https://doi.org/10.1111/ablj.12215
[44]
Kline, R.B. (2018) Response to Leslie Hayduk’s Review of Principles and Practice of Structural Equation Modeling, 4th Edition. Canadian Studies in Population, 45, 188-195. https://doi.org/10.25336/csp29418
[45]
Field, A. (2018) Discovering Statistics using IBM SPSS Statistics. 5th Edition, Sage Publications Ltd.
[46]
Watkins, M.W. (2018) Exploratory Factor Analysis: A Guide to Best Practice. Journal of Black Psychology, 44, 219-246. https://doi.org/10.1177/0095798418771807
[47]
Maydeu-Olivares, A., Shi, D. and Rosseel, Y. (2017) Assessing Fit in Structural Equation Models: A Monte-Carlo Evaluation of RMSEA versus SRMR Confidence Intervals and Tests of Close Fit. Structural Equation Modeling: A Multidisciplinary Journal, 25, 389-402. https://doi.org/10.1080/10705511.2017.1389611
[48]
Shi, D. and Maydeu-Olivares, A. (2019) The Effect of Estimation Methods on SEM Fit Indices. Educational and Psychological Measurement, 80, 421-445. https://doi.org/10.1177/0013164419885164
[49]
Chin, W.W. (2009) How to Write up and Report PLS Analyses. In: Esposito Vinzi, V., Chin, W., Henseler, J., Wang, H., Eds., Handbook of Partial Least Squares, Springer, 655-690. https://doi.org/10.1007/978-3-540-32827-8_29
[50]
Garson, G., (2016) Partial Least Squares: Regression and Structural Equation Models. Statistical Publishing Associates. https://doi.org/10.1201/b16017-6
[51]
Becker, J., Cheah, J., Gholamzade, R., Ringle, C.M. and Sarstedt, M. (2022) PLS-SEM’s Most Wanted Guidance. International Journal of Contemporary Hospitality Management, 35, 321-346. https://doi.org/10.1108/ijchm-04-2022-0474
[52]
Aguirre-Urreta, M.I. and Rönkkö, M. (2018) Statistical Inference with PLSC Using Bootstrap Confidence Intervals. MIS Quarterly, 42, 1001-1020. https://doi.org/10.25300/misq/2018/13587
[53]
Chausson, A., Welden, E.A., Melanidis, M.S., Gray, E., Hirons, M. and Seddon, N. (2023) Going Beyond Market-Based Mechanisms to Finance Nature-Based Solutions and Foster Sustainable Futures. PLOS Climate, 2, e0000169. https://doi.org/10.1371/journal.pclm.0000169
[54]
Hughes, A., Shen, X., Corlett, R., Li, L., Luo, M., Woodley, S., et al. (2022) Challenges and Possible Solutions to Creating an Achievable and Effective Post-2020 Global Biodiversity Framework. Ecosystem Health and Sustainability, 8, Article ID: 2124196. https://doi.org/10.1080/20964129.2022.2124196
[55]
Humavindu, M., Aribeb, K. and Nghishidi, J. (2017) Financing Strategies for Sustainable Protected Areas in Namibia. MET.
[56]
Niesenbaum, R.A. (2019) The Integration of Conservation, Biodiversity, and Sustainability. Sustainability, 11, Article 4676. https://doi.org/10.3390/su11174676
[57]
Sravan, C. and Paramita Mishra, P. (2024) Bridging the Gap between Finance and Conservation Biology: How Derivatives Can Help in Conservation. Journal for Nature Conservation, 78, Article ID: 126550. https://doi.org/10.1016/j.jnc.2023.126550
[58]
Arhinful, R. and Radmehr, M. (2023) The Impact of Financial Leverage on the Financial Performance of the Firms Listed on the Tokyo Stock Exchange. Sage Open, 13, 2158-2440. https://doi.org/10.1177/21582440231204099
[59]
Buchdadi, A.D., Sholeha, A., Ahmad, G.N. and Mukson, (2020) The Influence of Financial Literacy on SMEs Performance through Access to Finance and Financial Risk Attitude as Mediation Variables. Academy of Accounting and Financial Studies Journal, 24, 1-16.
[60]
Otoo, F.N.K. (2024) Assessing the Influence of Financial Management Practices on Organizational Performance of Small-and Medium-Scale Enterprises. Vilakshan—XIMB Journal of Management, 21, 162-188. https://doi.org/10.1108/xjm-09-2023-0192
[61]
Mohd Arifin, S.R. (2018) Ethical Considerations in Qualitative Study. International Journal of Care Scholars, 1, 30-33. https://doi.org/10.31436/ijcs.v1i2.82
[62]
Cintra, Y.C., Haslam, J. and Sauerbronn, F.F. (2022) Developing Appreciation of Emancipatory Accounting through Empirical Research: Issues of Method. Revista de Administração Contemporânea, 26, e210009. https://doi.org/10.1590/1982-7849rac2022210009.en
[63]
Letley, G. and Turpie, J. (2018) Improving State Protected Area Financing through Pricing and Institutional Changes. Anchor Environmental Consultants and Namibia Nature Foundation for GIZ on Behalf of the DEA.
[64]
Naidoo, R., Weaver, L.C., Diggle, R.W., Matongo, G., Stuart-Hill, G. and Thouless, C. (2016) Complementary Benefits of Tourism and Hunting to Communal Conservancies in Namibia. Conservation Biology, 30, 628-638. https://doi.org/10.1111/cobi.12643
[65]
Turpie, J. (2018) Namibia TEEB Study Volume III: Towards a System of Payments-for-Ecosystem Services in Namibia’s Communal Conservancies. Resmob Project Study, Ministry of Environment and Tourism.
[66]
Wassenaar, T. (2018) Policy Brief 5: Towards Biodiversity Offsets in Namibia. Resmob Project, Ministry of Environment and Tourism.
