Environmental Capital and Digital Financial Inclusion: Energy Empowerment of Cameroonian SMEs Through Solar Energy, a Lever for Sustainable Performance

Abstract

This study examines the impact of environmental capital (EC) on the sustainable performance (SP) of start-ups in Cameroon, a country currently facing a severe energy crisis. Start-ups represent nearly 90% of the national entrepreneurial landscape, yet limited access to electricity (71% as of 2022) continues to impede their adoption of technological capital (TC), particularly in the area of digital financial inclusion (DFI). Grounded in resource-based theory and Bourdieu's theory of social capital, this research explores the potential of solar energy as a form of shared EC to foster inter-firm collaboration, reduce operational costs, and enhance sustainability outcomes. Relying on empirical analysis using ordinary least squares (OLS) and AutoRegressive Integrated Moving Average (ARIMA) models, the findings suggest that shared access to ecological resources and improved digital inclusion serve as strategic levers for strengthening start-up resilience, competitiveness, and long-term sustainability. The study concludes with practical managerial implications, advocating for collective investment in renewable energy infrastructure as a pathway to mitigate structural energy constraints and support sustainable entrepreneurial development in emerging economies.