Economic Business Research Articles

Digitalization of the Economy of Small Businesses — From Business Process Assessment to Goal Setting

The purpose of this article is to study and structure the identified problems in business processes in small business entities (hereinafter referred to as small business entities) that limit the implementation of measures during the transition period to the digital economy. The transition from traditional business to the digital economy format is currently associated with a number of systemic problems in the business processes of enterprises of the subjects of small and medium-sized businesses. The objects of the study were enterprises of small businesses of the Russian Federation in various industries: medical centers, private training centers and manufacturing enterprises. The subject of this research is the business processes within the enterprises under study. Its methodological basis is provided by the following methods: empirical, theoretical, sociological, psychological. As part of the research in the field of the problems in the economy and finance of enterprises of the subjects of small businesses and the transition to the digital economy in conditions of economic uncertainty, the authors of the article carried out research, analysis and evaluation of business processes. At this stage of the study, key business processes at enterprises have been identified within the framework of joint consulting projects at small businesses to assess the possibilities of transition to digitalization of the economy. The main problems in business processes hindering such a transition to the digital format of doing business are identified and classified, the points of business growth in the activities of enterprises are determined by the authors. We have studied and structured the identified problems of digitalization of business processes and proposed ways in order to solve them.

Circular economy e-business model portfolio development for e-business applications: Impacts on ESG and sustainability performance

The circular economy has emerged as a key driver in the development of sustainability in the current digital world. Circular economy businesses have generated significant contributions in terms of gross domestic product and employment. In the future, new approaches are needed that meet global trends in digitalisation, resources, and ecological challenges. Instead of solely addressing environmental issues, e-businesses in the digital age need to ensure the sustainable development of the circular economy. This paper proposes a feature-based circular economy e-business model for uplifting environment, social, and governance (ESG) and sustainability performance. We have employed indicators that support the implementation of the circular economy process related to technical aspects, reduce the cost of operation and resource pressure, minimise the environmental impact, and maximise social and economic impacts. We present here a comprehensive discussion that provides an in-depth literature review, an emerging e-business model for the circular economy, business, e-business application portfolio, and software application development for sustainable circular economy Business.

THE ROLE OF BUSINESS HUB IN THE ENTREPRENEURIAL INTENT OF TOURISM AND HOSPITALITY STUDENTS OF THE DEPARTMENT OF ECONOMICS AND BUSINESS ECONOMICS OF THE UNIVERSITY OF DUBROVNIK

Entrepreneurship HUB is a physical space that combines all the activities necessary for the development of entrepreneurship and encourages entrepreneurs to develop their own ideas and create innovations. Collaboration, networking, co-creation of knowledge and innovation are important elements of an entrepreneurial HUB. They are just the right tool to develop ideas for budding entrepreneurs. Through entrepreneurial HUBs, students are empowered for the process of entrepreneurship. This paper analyses the entrepreneurial intentions of tourism and hotel management students at the Department of Economics and Business Economics, University of Dubrovnik. The purpose of this research for the purposes of the paper is to find out how interested the students are in entering the entrepreneurial world and what role entrepreneurial HUBs play in generating their ideas, which are primarily due to a lack of finances and ultimately general knowledge about how to start an entrepreneurial business. Entrepreneurial HUBs play an important role, especially for aspiring entrepreneurs, as they provide various types of mentoring in the form of workshops, seminars, coworking spaces, etc. The research was conducted on a sample of 51 students of Tourism and Hospitality Management in November 2022 before the lectures, so the response rate was 100%. For the research, the survey method was used by means of a questionnaire and secondary source analysis, while descriptive statistics were used for data analysis. The aim of this paper is to investigate the role of entrepreneurial HUB in students' intentions to start an entrepreneurial business. The results show that there are some changes in risk taking among females, as 77% of them between the ages of 21 and 23 are thinking about starting their own business. Of the 38 students who were thinking about starting their own business, 32 stated that they would use the services of entrepreneur HUB. The majority of female students stated that they would use the services of entrepreneurship HUB, 65.62%. For both genders, risk is still the biggest obstacle in starting a business, as uncertainty of income and loss of invested capital are the most frequently mentioned obstacles. The services offered by HUB are very important, especially for young entrepreneurs, because according to the results for both genders, all the services listed are considered necessary or extremely necessary. The analysis of the data obtained in the research of students of tourism and hotel management shows the importance of setting up an entrepreneurial HUB, as it would help their ideas to find their way to the final consumer. It is also helpful for them given the lack of financial and technological resources to facilitate the entrepreneurial process. The results obtained show the importance and role of entrepreneurial HUB in the development of future employees and as a tool for the development of entrepreneurship in the local community.

Manifesting a sustainable circular economy in waste management by linking to Paddy Farming in Gianyar Regency, Bali

Bali is a province that has a source-based waste management program that is in line with the concept of a circular economy, in the form of a waste management facility at the village level (called Tempat Pembuangan Sampah Reduce, Reuse, and Recycle or TPS3R). TPS3R is still in the stage of looking for a sustainable form of business. One of the main products of the waste management facility is compost, which although it is good for improving soil quality and rice field ecosystem, but is still difficult to find consumers, making the continuity of its business in question. By having sustainable business, we can generate more sustainable environmental benefits. The action research was conducted in three villages, i.e., Sayan, Taro, and Pejeng, in Gianyar Regency. It aims to bridge the use of compost for the initiation of healthier paddy farming, while identifying ongoing business processes, potential environmental benefits, opportunities for mainstreaming healthier paddy farming, as well as the role of relevant stakeholders in realizing a circular economy business model that is sustainable and more independent. We interviewed 22 key informants. The results show that all villages have the same business model, viz. utilizing organic waste for composting, plastic waste for sorting and resale, and residual waste that will be sent to landfill because it has no economic value. Although the sale of compost is still an obstacle, there are opportunities if it can be synergized in the practice of paddy farming. This mainstreaming can be further synergized into food security projects that must be allocated from village funds. So, the role of the village government in this case is huge, followed by TPS3R management capabilities, while other parties such as NGOs, academics, and agricultural activists are only limited to functioning as encouragement and companions. If the TPS3R is successful, the village community will receive environmental, social, and economic benefits.

Методи тактичного планування: cутність та типологія у системі циркулярних бізнес-моделей підприємств

The concept of circular economy (closed-loop economy) emerged as an alternative economic model designed to reduce the negative impact on the environment, solve the problem of resource scarcity, extend the life cycle of products and solve global problems of the world economy and international economic relations on this basis. Obtaining the benefits of implementing circular business models, which consist in increasing the income of the world economy, saving resources, and increasing the number of jobs, requires reasonable and rational planning at enterprises. Design/methodology/approach. Methods of theoretical generalization, analysis and synthesis, expert evaluations, etc. Findings. Considering the types (strategic and tactical) and planning stages of circular business processes, the place of tactical planning methods in the system of circular business models of enterprises is determined. The typology of tactical planning methods was developed by distinguishing two groups of methods (general and special) in the system of circular business models of enterprises. General methods include calculation and analytical methods, comparison methods, concrete historical method, balance and regulatory methods, network graphs, budgeting, Smart-planning and prioritization methods, a complex and systematic approach. The methods of economic-mathematical modelling, the method of scenarios, extrapolation, interpolation, combination of various methods and models are defined as special methods. Originality/value. The development of the classification of methods of tactical planning of circular business models ensures the organization of their types and optimization in the conditions of the use of appropriate closed-loop technologies; development of the theoretical foundations of the implementation of circular economy business models at enterprises Practical implications. The recommended groups of methods should be applied to ensure the effectiveness of the implementation of circular business models of enterprises.

Pemberdayaan Usaha Mikro Melalui Identitas Marek Dan Strategi Digital Marketing Pada UMKM Nasi Bakar Di Kelurahan Kepanjen Kidul Kota Blitar

MSMEs are one of the pillars of the national economy which must get the main opportunity, support, protection and development as wide as possible as a form of firm alignment with the people's economic business group without ignoring the role of big business. The purpose of this KKN activity is to provide assistance regarding digital marketing, especially through social media, for roasted rice micro businesses in Kepanjen Kidul Village, Blitar City to increase sales of these products.The method used is descriptive method with a qualitative approach. The descriptive method is used to describe the efforts of UMKM Nasi Bakar "Pak Githu" in developing its marketing with digital marketing. While a qualitative approach is used to explain the process of implementing digital marketing in line with the development of its business.The mentoring work program carried out for Nasi Bakar SMEs is to rebrand products, make labels and business cards, utilize digital marketing, carry out digital content creation. Through a strong brand identity and an effective digital marketing strategy, Nasi Bakar MSMEs in the Kepanjen Kidul Village can experience significant empowerment.

Ecotourism Development Strategy of Mangrove Forest in Kurau Timur Village, Koba District, Bangka Tengah Regency

East Timur Village has pristine mangrove areas. It has much potential that can be developed, one of which is mangrove ecotourism which is directly managed by the people of East Kurau Village. Mangrove ecotourism still need to optimize its potential tourism destination object. The research aims to formulate a development strategy for Mangrove Ecotourism in East Kurau Village, Koba District, Central Bangka Regency. The research uses a qualitative approach with IFAS (Internal Factors Analysis Strategy) and EFAS (External Factors Analysis Strategy). The data is collected through in-depth interviews with related stakeholders, questionnaires distributed to tourists, and field observations. Moreover, the indicators used to measure the data include accessibility, infrastructure, and other supporting aspects. The ecotourism strategy is answered using the SWOT analysis method. The results from matrix calculations of IFAS and EFAS show that the value of the X-axis was 0.93 and of the Y-axis was 0.88. This indicates that the strategic position was at the quadrant I, with the strategic formulation of S-O (aggressive strategy). Some strategies have been formulated, including: Supporting mangrove conservation and creative economic business management; Establishing cooperation in providing supporting infrastructure; Optimizing cooperation in providing education on the benefits of mangroves; and Increasing the government’s commitment to mangrove development.

Shedding light on the efficiency of the product-service system in waste from electrical and electronic equipment: A social media analysis of consumer tweets

Due to growing concerns about electronic waste (e-waste), manufacturers are constantly pressured to adopt sustainable product development. In this regard, a product-service system (PSS) is a circular economy business model that offers a potential solution. Consumers are considered to play a vital role as key stakeholders in waste management and PSS. Although a substantial amount of research has been conducted on the consumer-facing sustainability aspects of PSS, most studies have neglected waste management in product-oriented PSS. On the other hand, research has either discussed sustainability theoretically or used traditional methods such as surveys to obtain consumers' opinions regarding the functionality of PSSs and the sustainability of their programs. Consequently, in the present study, the success of product-oriented PSSs in various aspects of waste management is evaluated utilizing a method centered around social media as the primary source of consumer feedback through machine learning (ML) algorithms and artificial intelligence (AI) methods. The novelty of this study stems from its determination of the significance and level of consumer satisfaction over an extended period to identify major topics among consumer opinions on social media. The proposed method was used in Waste Electrical and Electronic Equipment (WEEE) to evaluate leading corporations, such as Apple, Samsung, and Google. In addition, the Delphi method was implemented, and the reasons behind extracted trends are discussed based on experts' opinions. The results indicate that ‘cost,’ ‘trust,’ ‘convenience,’ ‘awareness and advertisement,’ ‘benefits,’ and ‘data privacy and security’ were the major topics identified. Moreover, ‘cost’ was the most important factor in determining whether consumers participate in waste management programs. Finally, this study can provide businesses with a six-year guide on how consumers have responded to their programs and concepts regarding WEEE.

The knowledge map of gender equality in cross-cultural communication: A bibliometric approach

It is urgent to solve the gender issues in global cross-cultural communication. Countries worldwide should responsible for achieving gender equality (SDG5). Hence, the study aims to portray the knowledge map of the gender issue in intercultural communication to explore the research status and future potential. The study used CiteSpace to conduct a bibliometric method within 2728 English articles on cross-cultural communication and gender equality topics from the Web of Science (WoS). After cluster analysis and time series analysis, this study emphasis the continued attention and increasing trend of publications and elaborates on the critical authors, institutions, and countries of research on this issue. The results introduced Putnick as the dominant author contributed to the topic. The University of Oxford ranked the top1 in the institution cooperation relationship. Europe countries and the United States have made major contributions and influenced Asian and African countries, such as Burkina Faso, North Macedonia, and Kosovo. Gender issues in Asia and Africa are getting much attention. The keyword clusters formed by the authors' cooperation include gender equality, life satisfaction, network analysis, and alcohol use. In addition, childbirth technology, patient safety competition, life satisfaction, capital safety, and sex difference are the key word clustering results of institutional cooperation. At the level of national cooperation, internet addition, risk sexual behavior, covid-19 pandemic and suicidal idea have become the main keywords The results of keyword cluster analysis show that gender role attribute, psychological properties, dating policy, professional fulfillment, and entrepreneurial intention have become the main topics in the current research. The research frontier analysis reflects the importance of gender, women and health. The research on self-efficacy, diversity, image, life satisfaction and choice has become the trend of cross-cultural communication and gender issues. Furthermore, abundant achievement emerged in the subjects of Psychology, Education, Sociology, and Business economics. Geography, Language and Literature, Medicine, and Health industries also have been highly influential in recent years. Therefore, the conclusion suggests the studies of gender issues can be further deepened into more authors, areas, subject and other multiple cooperation sectors.

Application of Business Model Canvas as a Business Strategy in Creative Economy Businesses in The Field of Photography in Makassar City

This research aims to find out how the application of the canvas business model has been carried out by creative economy business actors in the field of photography and provide alternative strategy options to develop their business. This research is descriptive research with a qualitative approach, data collection techniques are carried out using observation, interview, and documentation methods. The results of this study indicate that the business run by creative economic businesses in the field of photography is part of a business model canvas consisting of 9 blocks where the results of the SWOT analysis that has been carried out, there are four strategic options for creative economic businesses in the field of photography consisting of strengths opportunities (SO), weakness opportunities (WO), strength threats (ST), and weakness threats (WT). Of the four strategy options, the right strategy to be developed in the creative economy business in photography is weakness opportunities (WO). From the results of the mapping that has been carried out by researchers using the business model canvas and alternative strategies, researchers assess that businesses that have been running can apply the business model canvas as an alternative business model and the strategies that have been given by researchers can be implemented by creative economic businesses in the field of photography to increase business income.

Social Risk Management and its Implications on the ESG Agenda: An Analysis of the Banking Sector in Brazil

Purpose: Inquiring how the practices of the social dimension of the ISE-B3 relate to the ESG agenda and what they represent for the social issue, the study assessed the social sustainability practices regarding social and labor relations of four banks listed in the ISE-B3 portfolio. Method/design/approach: As an exploratory study, the research applied a documentary analysis to the social dimension of the ISE-B3, delimiting itself to four companies from the banking sector in Brazil, in the last four portfolios published. Considering 165 selected questions, we opted for a statistical percentage treatment that expresses the company commitment index on social sustainability inquired in the questionnaires. Results and conclusion: The data indicate that the four companies express a commitment index ranging between 74% and 89%, which is considered a significant level. However, the data also indicate that social sustainability is more focused on social risks, which represent a threat to business value, than on the social impacts on the publics affected by the company operations. Research implications: The study can contribute to a better understanding of the challenges of addressing the social dimension of sustainability in the face of the interest in making the business an economically attractive investment in an essentially economic business model. Originality/value: The study can contribute to new perspectives for developing Corporate Social Responsibility models, so that social indicators can be directed to the impacts on the target publics.

Circular economy and sustainable development goals: Exploring the potentials of reusable modular components in circular economy business model

Circular economy (CE) is widely recognized in the built environment as a crucial strategy for improving construction industry sustainability. This strategy can meet multiple Sustainable Development Goals (SDGs) and offer effective solutions to environmental issues. Prefabricated modular building systems have proven to be a circularly viable method. This opens up endless possibilities for circular building systems. However, the selection of materials and preparation of sustainability strategies are still incomplete, hindering CE concepts' translation into practice. Moreover, few studies on the sustainability of modular building components and materials have been conducted, with most focusing only on individual aspects without addressing a comprehensive approach. This study proposes a topological interlocking system for designing reusable modular components that maximize sustainability. A two-stage evaluation method (AHP-TOPSIS) is used to construct an evaluation index based on the design and material of a building component. By incorporating CE strategies for reuse with a topological interlocking system, this study explores the potential of reusable modular components in sustainable construction and lays the groundwork for a circular economy business model (CEBM).

The circular economy of electric vehicle batteries: a Finnish case study

AbstractThe automotive industry faces challenges because of the electrification of vehicles and the rapidly increasing need for electric vehicle batteries (EVBs). Raw materials availability is limited; however, there will also be a significant number of end-of-life (EOL) batteries. This creates various circular economy (CE) business opportunities for EVB manufacturers, third-party providers, and other stakeholders. However, not all CE solutions are sustainable or economically feasible. In this study, through the use of case studies, expert interviews, and a survey, we determined the current state of the EVB CE in Finland, the possible options for utilizing EOL vehicle batteries, and the greatest barriers for the EVB CE. We found that some EVB-related CE applications are not supported by the government and legislation, for example environmental regulations and building standards. CE opportunities include a shorter lead time for some components, which makes them attractive for EOL applications.

Motivators and barriers of circular economy business model adoption and its impact on sustainable production in Malaysia.

The circular economy concept is popular among developed countries contributing to sustainable production, efficient resource utilization, a new economic model, and higher skill job creation. In production and consumption, it is inevitable in our modern life that we are used to the traditional linear economy cradle-to-cradle model. With the gap in developing countries within the Southeast Asia region, this research aims to understand the motivators and barriers to circular economy business model adoption among the manufacturing firms in Malaysia. Subsequently, the impact of sustainable production will be studied based on the circular economy business model adoption. Using the Theory of Planned Behavior and Partial Least Squares Structural Equation Modeling, this study assesses the responses of 102 respondents from various industries with environmental management systems within Malaysia. Survey-based primary data was gathered to understand motivators and barriers that negatively influence the circular economy business adoption, affecting sustainable production. The findings show that motivators have a positive impact while barriers have a negative impact on circular economy business model adoption. Apart from the barriers and motivators, the research also assesses the level of circular economy adoption among manufacturing firms with certified environmental management systems. This implies a general overview for manufacturing firms in Malaysia regarding circular economy adoption and contributes to the studies done in developing nations. In conclusion, motivators positively impact the adoption of the circular economy business model, while barriers have a negative effect. In addition, adopting the circular economy model has a positive relationship with sustainable production.

A U-shaped relationship between real financialization and financial risk: Evidence from a single threshold model

Financialization plays an important role in promoting economic development. This paper discusses the motivations and impacts of enterprises' financialization, and introduces the current state of China's economic development and the current state of China's business economy to deepen the understanding of economic trends. It also examines the impact of enterprises' financialization on financial risk using a threshold model. The results show a U-shaped relationship between entity enterprises' financialization and financial risk: financialization helps reduce financial risk when the level of financialization reaches 0.45%.

The effect of consumption and production policies on circular economy business models: A machine learning approach

AbstractThe circular economy (CE) is attracting increasing interest, as it can bring environmental, social, and economic benefits. However, policymakers and scholars appear to concentrate more on the production side of CE, while consumption, and particularly policies that affect consumption have received less attention and their effect is ambiguous. This paper investigates the effect of CE consumption policies on circular economy business models (CEBMs) in firms, but also examines the interplay this type of policies have with CE production policies to have a broader picture of the circular economy policy framework and the relevance of each type of policy on firms. While previous studies assume rational and passive consumer behavior, this paper borrows from a natural resource‐based view and stakeholder theory, arguing that consumers have a proactive attitude toward the consumption of environmentally friendly products. Moreover, we use institutional theory as an analytical framework for modeling the effects of a particular policy framework on the CEBM. Our analysis combines classical econometric methods with machine learning approaches, employing data from the EU. The results show that CE policies aimed at promoting consumption have a direct and positive effect on CEBMs. This paper also confirms that a wide portfolio of CE policies on production and consumption has a greater effect on the development of CEBMs, due to the complementarity of CE consumption and production policies. Moreover, we show that in interaction with CE production policies, CE policies on consumption have an even greater effect on CEBMs in firms than would have been anticipated.

The intellectual structure of gender equality research in the business economics literature

In both the public and private sectors, gender equality is a major issue faced by modern management. It is also a primary concern for the global sustainable development defined by the UN 2030 Agenda. Gender equality, as a research topic, has been explored from many different social, economic and political sides; nevertheless, gender equality in business economics is still a very promising research field since the everchanging global organisational environment requires frequent updates and polysemic approaches. The aim of this study is to identify and visualise the intellectual structure and dynamics of gender equality research on business economics literature through a bibliometric quantitative literature analysis. Our results found 12 main lines of research. They also identify the trending topics, sources of knowledge, and literature dissemination paths along these lines between 2001 and 2020. This work contributes to the field of gender issues by showing its intellectual structure and providing a research agenda and identifying future research lines and gaps in the area.

A hybrid fuzzy MCDM approach for prioritizing the solutions of resource recovery business model adoption to overcome its barriers in emerging economies

The resource recovery business model (RRBM) involves producing and utilizing secondary raw materials from waste streams. Overcoming the barriers small and medium-sized firms (SMEs) face in developing countries during the transition to the RRBM is a considerable challenge. RRBM has quite different barriers than other circular economy business models (e.g., product life extension, product-service systems, etc.). The aim of this study is to present a hybrid multi-criteria decision-making (MCDM) methodology to evaluate possible solution strategies by analyzing RRBM barriers. First, a comprehensive literature review was conducted on the barriers to implementing RRBM. Working with the expert decision-making group through semi-structured forms, the micro, macro, and Meso-level barriers were finalized by considering the emerging economies. The importance levels of the twenty-five barriers were determined in the second stage using the Improved Fuzzy Stepwise Weight Assessment Ratio Analysis (IMF-SWARA) method. With the IMF-SWARA method, it was convenient to get straightforward, expert opinions, and inconsistency was no problem. In the third stage, eight main solution strategies were analyzed to see to what extent they could overcome the barriers. At this point, the Fuzzy Measurement Alternatives and Ranking according to Compromise Solution (F-MARCOS) was used to evaluate the decision-maker's opinions more accurately, which may not be confident within the scope of the criteria. While the most critical barriers to be considered are collaboration problems, global secondary material supply chain problems, and quality problems of the recovered resources, the solutions to be considered are financial support, design for circularity, and industrial symbiosis. In addition, a comprehensive sensitivity analysis was performed to test its validity after the proposed model was applied. This study's key contribution is to highlight the barriers that may occur in the context of emerging economies during the adoption of the RRBM as well as the solutions that should be prioritized. Thus, it became evident which actions SMEs, representing the most significant proportion of businesses in emerging economies, should take to execute the resource recovery business model.

Culture and Economic Resilience of “Baduy Tribe” in Indonesia

The Covid-19 virus has a negative impact on the world economy. However, the economic activities of the "Baduy indigenous people" who live in the interior of Lebak Regency, Banten Province, were not hindered during the Covid-19 pandemic. The main purpose of this research is to see the relationship between culture and economic resilience strategies, especially in the "Baduy community” during the Covid-19 pandemic crisis. Another uniqueness of the "Baduy Tribe" culture, namely simple happiness and healthy and frugal living. The method used in this research is quantitative. The data used are primary and secondary. 100 respondents were obtained. Secondary data is obtained from the interview process with the resource person. Based on this explanation, it can be concluded that there is a positive influence between culture (customs), namely culture (simple happiness) and culture (frugal and healthy living) on the economic resilience of the “Baduy community”. This finding certainly raises a new hypothesis that happiness can influence a new development in the field of economic resilience. In the future, it seems that there needs to be more collaborative research between social science and business economics for the development of economic resilience strategies for a region or country.

Recycling high impact polystyrene: Material properties and reprocessing in a circular economy business model

An account is presented of successfully implemented Extended Producer Responsibility (EPR) with recycling to high value products, to help overcome barriers and generate confidence in moving towards Circular Economy (CE) business models. A template for organisations proposing to recycle a thermoplastic is provided by describing appropriate tests and considerations in implementing the recovery and re-use of high impact polystyrene (HIPS) based on a practical, industry case. Simulating the repeated 100% closed loop reprocessing of production scrap, original HIPS has been injection molded to produce tensile and impact test pieces, reground and reprocessed eight times. Assessing the present results together with literature, repeated recycling of production scrap is possible without the need for a remedial compounding step, or changes to processing parameters. Integral to the EPR model is recovery of plastic from returned end-of-life (EoL) products, and in relation to the in-use environment, studies of the effects of UV exposure on virgin material show that significant property degradation can occur. However, with indoor use, as in the present case, this is not seen. Within the CE business model it is desirable to use blends of recovered HIPS originating from different original resin manufacturers. Feeding dry blend regrind directly to the molding machine proved satisfactory, avoiding the need for a compounding/pelletizing step. As an outcome of this study, products are being successfully manufactured from 100% HIPS recovered from EoL products in an environmentally and economically positive CE plan.