Sustainable Business Models Research Articles

Dynamic transnational inter-ecosystem framework for smart and inclusive age-friendly environments: The Transnational Local-Sphere Model

The demographic change calls for the creation of age-friendly environments that result from the collaboration between several fields. Previous initiatives fostering age-friendly environments often had less-than-desired impact or reach due to financial and bureaucratic constraints. Additionally, territory-specific standards and needs hinder the replication of good practices. Based on a mixed-methods approach combining a narrative review of knowledge models followed by expert consultation, we propose a framework to maximise the sustainability of Smart Healthy Age-friendly Environment (SHAFE) initiatives by connecting local ecosystems and stakeholders, including underrepresented entities, and thus promote sustainable business models, to ensure the replicability, scalability, and sustainability – the Transnational Local-sphere Model. This social innovation framework goes beyond previously established helix frameworks, by incorporating fresh ideas on democratic policy making, transnational spanning, and inter-ecosystem collaboration, as well as emphasising the role of institutions, stakeholders, networks, and principles. The collaboration and competition between the different stakeholders ensure a value-driven, cost-effective, and inclusive intervention, maximising impact. The Transnational Local-Sphere Model can also be applied in the development of other social innovation initiatives that benefit a usercentred multi-stakeholder inter-ecosystem approach.

Charting the temporal evolution of stakeholder involvement in business model for sustainability: A comprehensive bibliometric review

Charting the temporal evolution of stakeholder involvement in business model for sustainability: A comprehensive bibliometric review

Corporate social responsibility and energy efficiency: Empirical evidence from the manufacturing sector of India

AbstractThe strategic business firm manages today's profitability and tomorrow's sustainability to achieve a comparative advantage in the emerging market economy. Considering India's ambitious emission reduction target and rapid economic development, this study explores the potential relationship between corporate social responsibility (CSR) and the energy efficiency of manufacturing firms in India. Using firm‐level data, the panel fixed effects model shows that CSR negatively explains energy intensity (EI). We observed a consistent negative relationship between CSR and EI for all models, with and without controlled firm‐specific variables. Firms that manufacture chemical and chemical products, pharmaceuticals, medical chemicals and botanical products are energy intensive without CSR; however, CSR activities helped these firms become energy efficient. Our result confirms that voluntary CSR is less efficient than mandatory CSR in contributing to environmental and energy‐related indicators at the firm level. Our empirical results indicate several policy implications: (1) CSR should also focus on sustainable business models related to energy efficiency and reduction in carbon emissions; (2) firms should be encouraged to use CSR related to environmentally friendly innovations. We conclude that CSR spending and environmental expenses will increase energy efficiency at the firm level, which will help achieve net‐zero targets and sustainable industrial development.

Developing a circular economy framework for e‐commerce packaging materials: A study on behavioural intentions of online consumers

AbstractThe exponential growth of e‐commerce brings the need for sustainable business models to address the negative environmental impacts of packaging. This study used a bibliometric analysis, the theory of planned behaviour and stakeholder theory to explore the behavioural intentions of consumers in adopting a circular economy model for e‐commerce packaging materials. Surveying 362 respondents in the Indian market, our findings revealed e‐commerce users were likely to participate in a closed‐loop system, with environmental concern and attitude emerging as pivotal factors. The study's novelty lies in examining consumers' willingness to engage in circular economy practices, using an extended model of the theory of planned behaviour. We propose leveraging existing reverse logistics networks for e‐commerce packaging that incorporate circular economy principles for packaging sustainability. The study contributes to the theory by emphasising the primacy of environmental concerns over financial incentives in motivating consumer participation in the emerging economies context. We advance the prioritisation of environmental considerations by e‐commerce consumers, which necessitates a focus on education and knowledge development on the circular economy. Building upon our findings from the Indian market context, we propose key recommendations for practice and policy, which could be applicable to other emerging markets and contribute to their CE adoption.

A Multi-Objective Optimization Business Model for Non-Commercial Port Sustainability

A Multi-Objective Optimization Business Model for Non-Commercial Port Sustainability

The Effects of Green Intellectual Capital on Business Performance: Evidence from Serbia

Investing in green intellectual capital can create competitive advantage of companies in the long term. In short term, however, more orchestration is required for investment into green resources to boost financial and non-financial performance of business. The aim of this paper is to present the effects of Green Intellectual Capital (Green Human Capital, Green Structural Capital, and Green Relational Capital) on companies' business performance (including their financial and non-financial indicators). For this purpose, primary data were collected from targeted companies operating in the Serbian market (N=344) using a structured questionnaire. The results confirm the positive effects of Green Human Capital and Green Relational Capital on both financial and non-financial indicators of researched companies. Green Structural Capital was not found to have an impact on the companies' financial performance. These findings can contribute to 1) owners and managers in creating sustainable business models, 2) regulators in creating policy frameworks and incentives for sustainable development and 3) other business analysts focused on the green intellectual capital development in companies.

The Art of Balancing Price and Plug: Developing a Theoretical Model for Dynamic Pricing in the Electric Vehicle Market

This study presents a novel approach to understanding the complex dynamics of the electric vehicle (EV) market through the lens of differential game theory. We developed a comprehensive model that captures the strategic interactions between EV manufacturers and charging network operators, while incorporating the effects of consumer behavior, market uncertainties, and reference price effects. Using differential game theory, we examined the impact of reference price effects and the charging network’s influence on pricing strategies, focusing on three distinct approaches: basic pricing, static pricing considering reference price effects, and dynamic pricing strategies. Our model offers new insights into consumer behavior and price expectations in the rapidly evolving EV market. The key findings reveal that under static or dynamic pricing strategies, the optimal pricing for EV manufacturers is positively correlated with the initial reference price. When the initial reference price is high (low), the optimal pricing strategy resembles skimming pricing (penetration pricing). As the effort level of charging network operators increases and their influence on consumers’ purchase decisions grows stronger, EV manufacturers tend to set higher prices. Notably, while dynamic pricing strategies can optimize EV manufacturers’ profits, the profits of charging network operators may decrease compared with static pricing strategies. This integrated approach significantly contributes to the field by bridging gaps among market dynamics, pricing strategies, and the infrastructure’s development in the context of electric mobility, providing a comprehensive framework for understanding and optimizing the EV ecosystem. Ultimately, this study advances sustainable business models that balance profitability, consumer behavior, and the infrastructure’s growth in the rapidly evolving EV market.

Importance of Eco-Entrepreneurship as a Tool for Climate Action and LowCarbon Transition in Developing Countries: A Case Study of Nigeria

Climate change poses socio-economic, legal and environmental vulnerabilities such as land degradation, biodiversity loss, loss of property and livelihood, increase poverty rate and a threat to public health. These impacts are said to only intensify with projected increase in population and global economic growth. Hence, global consensus advocate for decarbonisation and low carbon transition in all economic sectors as an effective mitigation strategy for climate change. In an attempt to lower carbon emissions, leading cooperation’s and organizations have focused on mitigation projects that regulate activities of cooperate actors and big CO2 emitters such as the oil and gas conglomerates. However, the United Nation Sustainability Development Goals (SDGs) promotes a transformative bottom-up approach to address climate change via localism and citizen participation to educate and train eco-entrepreneurs or ecopreneurs who participate and engage in strategic entrepreneurship projects designed to actively decarbonize economies. These ecopreneurs generate home-grown sustainabilityfocused small and medium scale eco-enterprises (SMEEs), also called energy citizens, ecological citizens, energy communities and co-operatives that can develop sustainable business model innovations, nature-based services and solutions, sustainable business management strategies, technologies and green jobs needed to drive the low carbon transition in key CO2 -emitting economic sectors such as the energy, agriculture, transportation, waste management, food, tourism, building and architecture and fashion industries. This article examines the characteristics, nature and benefits of eco-entrepreneurship as a tool for advancing climate action and low carbon energy transition. Using Nigeria as a case study, a profile of the barriers slowing the growth of eco-entrepreneurship is identified within the PESTEL framework. Furthermore, drawing examples from the U.K. governance landscape and portfolio, recommendations on a transformative yet contextual strategy captured in the five transformative features (diversity, connectivity, polycentricity, redundancy and directionality) are made to interrogate and overcome entrepreneurial ecosystem barriers towards successfully supporting the rapid growth of eco-entrepreneurship.

Navigating organizational change through a processual perspective on the transition toward the circular economy: Save The Duck case study

PurposeBy rooting our study in Lewin’s change management theory, we conduct an in-depth case study of a medium-sized fashion firm transitioning toward a CE. Through adopting a multi-level and processual perspective, we offer empirical evidence of the change process and elucidate the drivers and resistance to change factors.Design/methodology/approachWe opt for a single in-depth longitudinal case study of a fashion firm that was born with a sustainable business model and that is in transition toward the CE. We involve multiple informants, and we adopt a processual approach to uncover the drivers and resistance to change factors at different organizational levels (i.e. top and middle management and operational levels).FindingsOur findings enable us to highlight novel key drivers and resistance factors at the organizational level. Regarding the former, we reveal the involvement of top and middle management in the decision-making process and the recruitment of young people. For the resistance factors, we identify adaptation to structural change, reluctant mindset, internal divergence of ideas, and commitment of all organizational levels to the CE.Research limitations/implicationsThe paper presents some limitations. First, our research is based on a single in-depth case study, which, while allowing for rich, detailed exploration, inherently limits the statistical generalizability of our findings. Focusing just on one organization located in a specific industry and geographical context means that our results may not be directly applicable to all organizational settings. Firms belonging to other industries would probably show different patterns of change due to industry-specific drivers and barriers. Also, the institutional and geographical contexts of our case study inevitably influence the cognitive and cultural aspects of the drivers and barriers we identified. Then, our research provides a processual yet not longitudinal view of OCCE, thus not fully capturing the long-term dynamics of the phenomenon.Practical implicationsOur findings underscore the critical role of visionary leadership, particularly stemming from the CEO, in driving CE transition. Leaders should articulate a clear vision for sustainability, foster a culture of experimentation and actively identify opportunities for CE implementation. Moreover, our results suggest that organizational culture plays a fundamental role in supporting CE transition. Creating a dedicated sustainability team to coordinate CE initiatives and counter the internal resistance, fostering the engagement of all organizational levels in CE initiatives, developing training programs to enhance CE knowledge and skills throughout the organization and recruiting young talents are some of the key recommendations we posit to firms aiming to start the process of CE transition.Originality/valueThis paper contributes to the emerging literature on “Organizational Change toward a Circular Economy” (OCCE) by providing a processual analysis of organizational change toward the CE. Through an in-depth exploratory study of a fashion firm in transition toward the CE, we were able to identify drivers and resistance factors and to offer a visual map of our findings to graphically show the change toward the CE and the drivers and resistance to change factors that have thus far been under-investigated from an organizational level (Graessler et al., 2024).

Systemic Approach Applied to the “R” Paradigm of the Circular Economy: A Critical Reading of the Winemaking Process Through Case Studies from Northwest Italy

How does the circular economy contribute to the sustainable development of the wine sector? What benefits and limitations can come from the application of the “10Rs”, the circular strategies theorized in 2017 and today a valid tool for the orientation and evaluation of sustainable business models? Through the analysis of 10 case studies (relevant to Northwest Italy), the research confronts a sector of great importance for Italy, the world’s leading wine exporter and second-largest producer. Through the systemic approach, which reads the systems of relationships between matter, energy, information, living beings, inorganic units, and other systems, the 10Rs become filters for a critical reading of winemaking and the post-use phases of wine when the producer’s responsibility meets that of the consumer. A number of relevant issues emerge, in terms of the negative socio-environmental impact of the supply chain; the case studies try to describe them and present a possible ethical and critical response. Although it emerges that the actions of circular economy practitioners focus on the valuing of by-products and waste from the supply chain, rather than on measures to minimize the amount of resources used, extend the life of goods, and reduce waste, the case studies help to broaden this “narrow” view of the circular economy.

Stakeholders’ perspectives and performance outcomes of sustainable market-focused manufacturing system in Indian manufacturing organizations

Sustainability and the ever-changing customer demands are the key drivers for innovation across product, process, system, and supply chain management. Sustainability innovations aim to improve organizational environmental, social, and economic performance. Given the complexity of sustainability and ever-changing business and stakeholders’ requirements, organizations must focus their innovation in the direction of meeting the requirements of their stakeholders and business. Integrated sustainable green lean six sigma agile manufacturing system (ISGLSAMS) is a sustainable market-focused manufacturing system. It provides a sustainability and market-oriented business model and meets the perspectives of the various stakeholders. This study aims to identify and rank the various performance outcomes of ISGLSAMS. The study also explores the correlations among the various performance outcomes of ISGLSAMS. The study helps the practitioners to better understand the ISGLSAMS and stakeholders’ perspectives of ISGLSAMS. This research provides a foundation for practitioners, policymakers, organizations, and value chain partners (i) to formulate policies and roadmaps for the successful adoption of ISGLSAMS and (ii) for fostering a more sustainable development of manufacturing organizations in India.

Knowledge-based dynamic capabilities for managing paradoxical tensions in circular business model innovation: an empirical exploration of an incumbent firm

PurposeThis paper aims to gain insights into the paradoxical tensions emerging from circular business model innovation (CBMI) and how to overcome them by developing a theoretical framework drawing on two theoretical streams: firstly, the paradox theory for shedding light on the often “invisible” contradictions generated by the implementation of circular economy (CE) principles in business model transformation; and secondly, the dynamic capability theory that can contribute to the investigation of how to manage these contradictions.Design/methodology/approachThe study uses a longitudinal case study approach to gain an in-depth understanding of the transformation and challenges faced by an incumbent firm in adopting a circular business model. Qualitative research methods are used to explore the paradoxical tensions and dynamic capabilities involved in the process.FindingsThe study finds that incumbent firms face numerous challenges and paradoxical tensions in the CBMI process. These tensions arise from difficulties in implementing organizational changes, balancing competing priorities and managing conflicting goals. Dynamic capabilities are crucial in managing these tensions and facilitating the transition to a circular business model.Research limitations/implicationsThis paper contributes to the theoretical development of paradox theory by applying it to the new field of CBMI which is currently slightly investigated and responds to the call for studies looking at more fine-grained types of sustainable business models. The study adds to previous literature that how the firm handles paradoxes and tensions influences the pace and results of the process. If the firm becomes discouraged during the early stages of identifying new opportunities, the pace slows down, and the firm becomes hesitant to collaborate more with partners. Furthermore, the ability to capitalize on these opportunities is affected by these tensions and contradictions.Originality/valueThis paper contributes to the literature by empirically investigating the process of CBMI in incumbent firms. It fills the gap in existing research by examining the existence of paradoxical tensions in a real-life setting and exploring the role of dynamic capabilities in managing these tensions. The findings provide practical insights for firms seeking a transition towards a CE and highlight that the ability to sense the external context should be developed as the new business model entails a central role of external actors.

Research trends in innovation ecosystem and circular economy

Understanding innovation ecosystems and the circular economy is crucial for systemic change in business and industry, fostering eco-innovation and advancing sustainable development. This study uses bibliometric analysis to uncover the research trends, patterns, and collaborations, revealing a significant gap in understanding the interactions between innovation ecosystems and the circular economy and offering potential avenues for future research that align with sustainable development. The analysis was carried out with the help of Biblioshiny and VOSviewer on the final selected documents of 2981 from the Scopus database through a search query and the SPAR-4-SLR stages of filtration. The key findings of the study are as follows: collaboration among countries involves accessing countries’ resources, knowledge, markets, and location. The study explores research trends in the innovation ecosystem and circular economy, focusing on five key clusters: the circular economy for eco-innovation and resource recovery, circular business models for fostering sustainable innovation in the bioeconomy, sustainability through renewable energy and sdgs, the sustainable business model for enhancing green innovation through entrepreneurship, and Artificial Intelligence (AI) and the circular business model in Industry 4.0. The bibliometric analysis identifies trends, research gaps, and collaboration patterns, revealing potential avenues for future exploration in industrial symbiosis, energy transition, and the system of innovation. The study analyzed only the documents available in Scopus. The exclusion of papers based on the search period, language, document type, and incomplete details are the limitations of this research and open the scope of potential future research. The findings will help existing researchers in this field as well as new researchers interested in this field by clearly understanding trends and further research scopes. The study also offers actional recommendations and practices to policymakers. Practices, and entrepreneurs for the attainment of global sustainability goals. The novelty and originality of this study rely on a thorough literature review that describes the state of the art in the innovation ecosystem and circular economy.

Google news initiative innovation challenge in Latin America: business models between path dependence and power relations

ABSTRACT In response to growing regulatory pressures, tech companies have partnered with media organizations to support news production through programs, grants, and financial aid for journalism. Notably, the Google News Initiative (GNI) Innovation Challenge has invested millions in Latin American news projects. This study explores the characteristics of these projects and their impact on the business models of Latin American media organizations. By examining project descriptions, a typology clarifies the connection between these initiatives and their effects on publishers’ business models. This analysis is complemented by 20 semi-structured interviews conducted from January 2020 to March 2023 with key regional informants. Results show three types of projects emerging through the GNI Innovation Challenge: audience-building, revenue generation, and technological innovation. It becomes evident that these media organizations are trapped in a dependent cycle, significantly contributing to their challenges in establishing sustainable business models. Furthermore, the study suggests that media organizations perceive these grants as a temporary financial resource, enabling them to hire additional staff and implement technological advancements within their newsrooms for a short time. Meanwhile, Google exerts its influence across the media industry by promoting cutting-edge technologies, which increases media dependence on its infrastructure. Ultimately, this research highlights the complex dynamics between big tech firms and the news industry, raising questions about the journalism sustainability and the potential consequences of its path dependence and capture by platforms.

An Assessment of an Airline Company within the Scope of Circular Economy Based Waste Management

The rapid growth in the aviation sector has prompted the industry to act and develop new and sustainable business models due to the greenhouse gases and waste generated inherently by the sector. In this context, this study provides an assessment of identifiable areas and determinants of circular economy in an airline company, considering its environmental impacts. As a result of the assessment, it has been observed that the airline company conducts initiatives in reduction, reuse, and recycling, along with the management of cabin materials and waste segregation. Action plans are in place regarding the reduction, substitution, or elimination of single-use plastics in material selection. In order to mitigate both the environmental and economic impacts of paper consumption, the company is undertaking digitalization efforts within its business processes. The weight of aircraft is a crucial factor in the amount of fuel consumed and the quantity of CO2 emissions released. Therefore, airlines prefer to use lightweight materials inside the aircraft to reduce weight. Plastic catering materials are among these lightweight options. Unfortunately, due to the adverse environmental impacts of plastics, reducing their usage and, if possible, phasing them out are essential measures that airlines need to take. Consequently, the airline company under this study has removed the plastic outer packaging of the packaged materials used in the cabin. Furthermore, it continues its efforts to remove plastic materials used during catering services or replace them with biodegradable alternatives.

The convergence of IoT and sustainability in global supply chains: Patterns, trends, and future directions

This study investigates the pivotal role of Internet of Things (IoT) applications in advancing sustainable supply chains through a comprehensive analysis of research trends, international collaborations, and thematic evolution. Utilizing data from the Web of Science database, the research employs an innovative methodological framework combining keyword network analysis, country collaboration networks, and thematic mapping. The study reveals seven distinct keyword communities, highlighting the dominance of enabling technologies and the emergence of sector-specific applications. Analysis of international collaborations identifies five country clusters, each with unique research foci and collaborative patterns. The thematic map and evolution analysis uncover critical research gaps, including underexplored areas such as security in IoT-enabled supply chains and the integration of smart city concepts. The study projects future research directions, emphasizing the convergence of artificial intelligence and IoT, and the need for more holistic approaches to sustainability in supply chain management. The findings underscore the potential of IoT to foster sustainable business models that balance economic, social, and environmental benefits. This research contributes to the growing body of knowledge on IoT applications in sustainable supply chains by providing a multifaceted analysis of the field’s structure, evolution, and future trajectory. The insights offered are valuable for researchers, policymakers, and practitioners seeking to leverage IoT for creating more efficient, resilient, and sustainable supply chains in an increasingly globalized and environmentally conscious market.

The dharma of work: Cracking the code to social sustainability puzzle for the future of human resources

AbstractThe growing awareness of social sustainability and employee experiences has gained significant global organizational attention toward socially sustainable issues, mainly due to the sudden surge in resignations, strikes, elevated job stress, and depression in the Indian manufacturing sector. Despite organizational efforts to address these challenges, a notable gap persists in understanding the influence of socially sustainable strategies on employee well‐being and organizational sustainability. Hence, this research aims to fill that void by identifying and ranking strategies for achieving sustainable development from a holistic angle. The triangulation method is employed in this study as a validation strategy, reinforcing the credibility of the findings. This study utilizes a hybrid approach that integrates the Fuzzy Delphi Method (FDM) and the Fuzzy Analytic Hierarchy Process (FAHP) to enhance accuracy and dependability in identifying and prioritizing critical social strategies. A literature review and FDM are used to create initial strategies, which are subsequently prioritized through the FAHP method to determine their relative significance. Eight strategies aligned with sustainable development goals are identified, with “improving employee well‐being” deemed most crucial, followed by “improving diversity, equity, and inclusion” and “equipping leaders with empathy.” The study illustrates how these social practices advance the development of sustainable business models by improving organizational culture, fostering future competencies, and promoting human‐centered leadership. This study offers managerial insights for managers striving to align organizational objectives with global sustainability aims. Organizations may leverage the identified factors for strategic planning to establish a resilient foundation capable of enduring the challenges of a dynamic market environment.

Drive sustainable business performance with humane entrepreneurship, knowledge management: the mediation of sustainable business advantage and sustainable business model innovation

PurposeThis study evaluates the important role of humane entrepreneurship (HE) on sustainable business advantage (SBA) and sustainable business performance (SBP) by exploring the mediating role of sustainable business model innovation (SBMI) under the influence of knowledge management (KM) in small and medium-sized enterprises (SMEs). Encouraging businesses to implement a combination of KM and HE facilitates the implementation of SBMI that brings value to businesses, communities and the environment in emerging economies.Design/methodology/approachThis study uses an empirical quantitative research method using primary information based on data collected by questionnaires. The study sample resulted in 424 valid responses (66.77% response rate). The target audience of the study is middle and senior managers in SMEs. This study aims to perform structural modeling analysis with the maximum likelihood estimates method to examine structural relationships.FindingsThis study found a positive relationship between KM and HE to SBMI. At the same time, SBMI plays an important role for businesses to achieve SBA and SBP. Similarly, a positive relationship was also found between HE to SBA and SBP. And SBA strongly promotes SMEs to achieve SBP. In addition, the mediating role of SBMI and SBA is clarified to have a positive impact between HE–SBP and SBMI–SBP. HE plays an important role in motivating businesses to innovate sustainable business models, making it easier to gain sustainable competitive advantages, thereby bringing sustainable business results.Practical implicationsThis research helps SMEs realize the importance of KM and HE in SBMI. At that time, SMEs take advantage of internal and external information sources and innovate their business models based on HE mechanisms. Applying HE mechanisms will allow businesses to innovate their business models by combining concerns between stakeholders and the social environment for sustainable development. Therefore, businesses will achieve their SBA toward SBP.Originality/valueThe present literature shows that there are few empirical studies on the mechanism mediating SBMI in the relationship between HE and SBP; and SBA in the link between SBMI and SBP. In addition, the impact of KM and HE on SBMI is also very important in the current context. The study's findings could have huge implications for entrepreneurs and senior managers in SMEs in emerging economies. Help them realize the importance of KM and HE for SBMI, thereby building strategic perspectives that help businesses achieve sustainable competitive advantages and increase SBP for businesses.

The utilization of Industry 4.0 technologies to enhance the circular economy through the engagement of stakeholders in Brazilian food technology companies

AbstractSustainable business models tend to have greater potential for the transition to the circular economy. The present study aims to investigate how Brazilian startups in the food segment foodtech are integrating Industry 4.0 technologies to boost the circular economy, emphasizing the importance of stakeholder engagement in the process. The choice of this unit of analysis is associated with companies that were born recently, with a high chance of having sustainable and circular business models. The research involved eight food technology startups, using questionnaires, interviews, and content analysis to collect data on circular supply chain practices, Industry 4.0 technologies adopted, and the level of stakeholder engagement. The results indicate that foodtech startups are progressively incorporating technologies such as automation, big data, biotechnology, and the Internet of Things, to promote circular economy initiatives. The active participation of stakeholders has been fundamental, contributing to innovation and efficiency in processes. However, the complete transition to the circular economy and the full adoption of Industry 4.0 technologies are challenged by obstacles, including high costs and regulatory barriers. The study found that startups play a crucial role in this transition, due to their agility and capacity for innovation, which can serve as an example for larger companies. Collaboration between businesses, regulators, academic institutions, and society is essential to overcome these challenges and facilitate effective transformation. This work offers valuable practical insights for foodtech startups looking to adopt circular practices, highlighting technologies, and practices that can result in economic and environmental benefits. Startups emerge not only as adopters of new technologies but also as agents of change in industrial practices, shaping a more sustainable future for the food sector. It is recommended that future research explore the impact of regulatory policies and incentives on accelerating the adoption of these technologies by startups, in addition to evaluating the long‐term economic viability of these technological innovations in promoting a more circular economy.

Poslovno pravo i pravo održivog razvoja – između profitabilnosti i etičnosti

As for applying the knowledge from EU law, the author points out two tendencies affecting company law in the context of sustainability. The first one is the legal duty of the companies to incorporate the statement of purpose, which is no longer limited to profit. The second one is the corporate duty of care in line with ESG standards as well as the corporate purpose. It is an integral part of a company’s business and culture. Having in mind French, German or Dutch law, directors are expected to promote long-term business success, to take care of the open list of stakeholders’ interests and to apply corporate due diligence standards. Thought leaders, however, generally describe ESG as a business strategy that creates long-term stakeholder value by addressing social, economic, and environmental opportunities and risks that are material to a company. Preservation as well as environmental protection is one of the biggest challenges that modern generations will have to face. The term green transition has been coined as an expression of the efforts to ensure the transition to a sustainable business model in order to preserve the ecosystem and the planet as such. Non-financial reporting plays a very important role in the green transition process. Integral part of the EU agenda remains the discussion about corporate directors’ duties in the context of human rights as well as environmental risks. There is no doubt that the key word of the new corporate governance paradigm is risk.