Sustainable Business Development Research Articles

STUDY OF THE RELEVANCE OF THE SOCIO-ECONOMIC COMPONENT OF THE GOALS OF ACHIEVING SUSTAINABLE DEVELOPMENT OF AGRARIAN BUSINESS AND FOOD SECURITY OF THE REGION

STUDY OF THE RELEVANCE OF THE SOCIO-ECONOMIC COMPONENT OF THE GOALS OF ACHIEVING SUSTAINABLE DEVELOPMENT OF AGRARIAN BUSINESS AND FOOD SECURITY OF THE REGION

An Impact of Digital Technology in Sustainable Business Development

Objectives: In this paper, our primary objectives are to examine and understand the multifaceted impact of digital technology on sustainable business development. We aim to identify key areas where digital technology plays a crucial role, including resource efficiency, innovation, supply chain management, and stakeholder engagement. By delineating these objectives, we seek to provide a comprehensive analysis of how businesses can leverage digital technology for sustainable growth in the rapidly evolving business landscape.
 
 Methods: To achieve our objectives, we employ a methodological approach that involves an extensive review of existing literature, case studies, and real-world examples. We delve into various aspects of digital technology adoption in businesses, examining the strategies employed and the outcomes achieved. Additionally, we analyze the implications of digital technology on resource efficiency, innovation processes, supply chain dynamics, and the engagement of diverse stakeholders. Our methods aim to synthesize a holistic understanding of the ways in which businesses integrate digital technology to foster sustainability.
 
 Results: The results section presents our findings on the impact of digital technology in the realm of sustainable business development. We showcase specific examples and case studies that illustrate successful applications of digital tools in enhancing resource efficiency, driving innovation, optimizing supply chain processes, and fostering meaningful stakeholder engagement. Through a systematic presentation of results, we aim to provide a clear picture of the tangible benefits and transformative effects that businesses can realize by embracing digital technology in the pursuit of sustainability.
 
 Conclusion: In conclusion, our study underscores the pivotal role of digital technology as a driving force behind sustainable business development. The integration of digital tools not only streamlines operations but also contributes significantly to resource efficiency, innovation, supply chain optimization, and stakeholder engagement. As businesses navigate the rapidly evolving business landscape, understanding and harnessing the power of digital technology is essential for achieving long-term sustainability goals. This paper concludes by summarizing key insights and emphasizing the importance of continued exploration and adoption of digital technology for sustainable business practices.

УПРАВЛЕНИЕ УСТОЙЧИВЫМ РАЗВИТИЕМ БИЗНЕСА

Against the background of geopolitical instability and the consequences of the pandemic, there has been a reassessment of values, and the management of sustainable business development has become especially popular. The article examines the evolution of approaches in the management of sustainable development, the authors of this article propose a four-pronged approach that includes the IT component of business, inseparable in the age of information technology, combining and improving the implementation of goals in relation to three traditional components (economic growth, environmental safety, social balance). The analysis of approaches in the management of sustainable development in Russia and abroad is carried out.

E-Marketing and its Impact on the Modern Economy

The main focus of the study is to investigate the impact of e-marketing on the modern economy. The objective of this scientific research is to study the current state of development of e-marketing in Ukraine and Estonia, and its impact on the economies of these countries. To achieve this goal, it is necessary to solve the following tasks: to consider the essence of the concepts of "e-commerce" and “e-marketing”; to analyse the impact of e-marketing on the modern economy of Ukraine; to analyse the impact of e-marketing on the modern economy of Estonia. It is noted that at the end of 2020, 10.6 million people in Ukraine regularly made purchases online, which is one third of the population. This includes a stable audience of regular customers of online stores and trading platforms. Approximately 33% of adults regularly shop online, and this audience is gradually growing. It is important to note that we are talking about regular online shopping, and almost all Internet users have some experience of online shopping. It is also noted that in the same year 2020, every fifth company in Estonia offered the opportunity to buy their goods through a website or other electronic channels. The share of online sales was 5% of the total revenue of enterprises, of which 2% was generated by sales to individuals, and the remaining 3% was generated by sales to other firms and public sector institutions. However, the share of sales through websites was only 0.3% of the total revenue of enterprises. The conclusions emphasise the role of e-marketing as a strategic tool in stimulating economic growth in both countries. By encouraging innovation, e-marketing acts as a catalyst for digital transformation in retail, ensuring sustainable business development and competitiveness. Ukraine and Estonia have proved to be ready to adapt to the challenges of the digital future, and e-commerce, supported by effective e-marketing, plays an important role in building a sustainable infrastructure for online trade development.

Manufacturing Operations Scheduling Based in a Multidimensional Sustainable Manufacturing Index (SMIik)

Many essential human needs can only be satisfied through goods and services provided by industry. The products of industry form the material basis of contemporary living standards. All nations rightly require and aspire to efficient industrial bases to satisfy changing needs (Brundtland in U N Comm 4:300 [1]). This aspiration has led nations into a race for industrialization, and this race, as well recognized by the Bruntland Report (Our Common Future, 1987), requires the permanent use of raw materials, constant increases in productivity, and generation of material goods in large quantities which have imposed a very high economic cost, as well as a heavy burden of environmental impacts (Brundtland in U N Comm 4:300 [1]). This document presents a production scheduling proposal for a manufacturing system, based on the maximization of the sustainable manufacturing index (SMIik) of each of the products to be manufactured. This model manages to develop a utility function that integrates the main dimensions that make up sustainable business development, offering a broader criterion than just economic utility as an element for making the production decision of a manufacturing system. Furthermore, it restricts this function to product demand and the capacity of the production system. In addition, it determines the existing correlation between the sustainable development (SD) dimensions, leading to the decision taken to seek a favorable correlation between them. This model makes it possible to obtain a production sequence oriented to the prioritization of those products that offer a greater contribution to business sustainability, offering, to decision-maker, a novel and synergic option to production scheduling.

Change Management Based on Smart Technologies for Sustainable Business Development

Change Management Based on Smart Technologies for Sustainable Business Development

ОСНОВНЫЕ ПОКАЗАТЕЛИ И ПРИНЦИПЫ УСТОЙЧИВОГО РАЗВИТИЯ МАЛОГО БИЗНЕСА АГРАРНОГО СЕКТОРА ЭКОНОМИКИ

Small agricultural enterprises, providing high growth rates of agricultural production, are a significant resource of the state, whose role in the implementation of the food program is growing every year. Recent years have shown an increase in the number of small enterprises engaged in the cultivation of grain crops in the Russian Federation and in the Voronezh region.
 At the same time, many small agricultural enterprises have an insufficient level of production, labor and financial resources, which disrupts the sustainable development of economic entities and the occurrence of bankruptcy of small businesses, the termination of activities. All this requires the search for new approaches and principles for the formation of sustainable development of agricultural enterprises and the definition of their priority areas.
 The article summarizes and analyzes the existing concepts of "sustainability". The economic realities in the field of grain production are considered on the example of small enterprises in the Voronezh region. The risks and threats that contribute to the decline in the development of the grain sector of the economy, represented by small agricultural enterprises in the Voronezh region, are identified.
 The author proposes a system of qualitative and quantitative indicators to assess the level of sustainable development of small agricultural enterprises.
 To obtain conclusions on the stated topic of the publication, the method of comparing and comparing the indicators of small enterprises in the Voronezh region was used. The main principles of sustainable development of small businesses in the agricultural sector are disclosed, the implementation of which in the practice of small agricultural enterprises will contribute to the sustainable development of small businesses, the growth of food security in the Voronezh region and the Russian Federation as a whole.

Exploring the impact of partner match on business model innovation: the mediating role of interfirm dynamic capabilities-based on ecosystem orchestration perspective

PurposeWithin the context of an open innovation business environment, the frequent interaction and coordination activities among heterogeneous partners have a significant impact on enterprises' business model. Nevertheless, fewer empirical research has been made to explore how to match external partners and update organizational dynamic capabilities at an ecosystem level. Therefore, this paper attempts not only to investigate the direct impact of partner match on different business model innovation (BMI) themes (efficiency-centered BMI and novelty-centered BMI) but only to shed light on the pivotal mediating role of interfirm dynamic capabilities.Design/methodology/approachThis paper utilized the methodology of Partial Least Squares Structural Equation Modeling (PLS-SEM) to investigate the impact of diverse partner selection criteria and interfirm dynamic capabilities on two distinctive themes of BMI. More than 20 industry clusters with multiple industries were selected as representatives of the creative ecosystem, predominantly from the Yangtze River Delta region. Valid data were collected from 254 managers by both online questionnaires and offline interviews.FindingsThe findings of the study show that different partner match criteria have distinct direct impacts on BMI themes. Partner complementary and partner synergy, deriving from the “task-related criteria”, are significantly correlated with both EBMI and NBMI. Conversely, partner compatibility, deriving from “Partnering-related Criteria”, shows a positive correlation with EBMI but not NBMI. Furthermore, compare the indirect effect on EBMI, the paper’ results demonstrate interfirm dynamic capabilities as mediator can more maximize external benefits to promote NBMI.Practical implicationsThe study findings effectively help enterprises implement different BMI themes. From a management perspective, whether pursuing EBMI or NBMI, enterprises should consciously seek partners who can provide complementary support or share mutual goals across diverse industries. This strategic approach can significantly enhance the opportunities for sustainable and innovative business development. Furthermore, to successfully accomplish NBMI, enterprises must cultivate interfirm dynamic capabilities encompassing a comprehensive range of cross-organizational innovation capacities, such as bolstering organizational learning capability, establishing interactive network platforms to enhance coordination capabilities and engaging in integrative activities to foster a collective mindset.Originality/valueThis paper contributes to the match theory by introducing three critical matching criteria, enabling enterprises to discern partners based on diverse organizational characteristics. Additionally, this paper broadens the scope of the dynamic capability literature by adopting a network perspective to strengthen interaction and relationship mechanisms. The authors primarily elucidate the concept of interfirm dynamic capabilities as a formative higher-order model formed by three sub-capabilities (absorptive capacity, coordination capability and collective mind). Finally, this paper combines matching theory with dynamic capacity theory to the field of BMI, which adds depth and complexity to the existing ecosystem innovation research.

Analysis of Walmart's Marketing Strategy Based on STP Theory

Walmart is a retail industry leader, and its growth and success have given the company a measure of reference significance. Analyzing the retail industry's current market condition, resolving the challenge, and providing strategic reference for other businesses may all be accomplished by studying Walmart's approach to marketing. This study examines the following aspects of Walmart's marketing strategy through literature review and analysis method: market segmentation, market target, and market positioning, with an eye on the theory underlying each of them. The research concluded that Walmart used population, geography, and the purchasing power of different consumer groups to divide the market into distinct segments, and that the company used both a generic marketing strategy and a more targeted marketing strategy to meet customer demand for its low prices and convenient locations. Walmart has made tactical tweaks to the aforementioned marketing methods to account for the ever-shifting nature of the market. In order to pursue the sustainable development of businesses, the paper adopts a more complex and humanized segmentation principle, modifies the market target strategy and market positioning, and upgrades the positioning to energy conservation and environmental protection.

What Do You Need to Know? A Systematic Review and Research Agenda on Neuromarketing Discipline

The neuromarketing phenomenon has led to a makeover in the marketing area, and its application in the business world has generated a better insight into understanding diverse consumer behavior. This comprehensive study delves into the multifaceted world of neuromarketing. Employing a systematic literature review approach and reviewing 51 articles from the Web of Science database, the study aims to provide a holistic view of the neuromarketing field, offering valuable insights and directions for future research and practical application in the business and academic world. The key results of this study are classified into six distinct research themes: 1. Evolution of Neuromarketing, 2. Neuromarketing Definitions and Neuromarketing Tools, 3. Neuromarketing in Practice, 4. Social Value of Neuromarketing, 5. Neuromarketing and Consumer Behavior, and 6. Neuromarketing for Sustainable Business Development. The results of the study are based on the 4W framework (What, Where, Why, and How) and the TCCM framework (Themes, Contexts, Characteristics, and Methodology). The study underscores the significance of neuromarketing to businesses and serves as a provocative call to action for businesses to study its potential which traditional marketing techniques may overlook. This study is notable for its investigation of theoretical evolution, definitions, tools, practices, social value, and influence on consumer behavior within the discipline. Its contribution unfolds to sustainable business development, where neuromarketing can facilitate sustainable products and practices by understanding consumer behavior. This study presents valuable insights and sets the stage for future research through theoretical advancements in neuromarketing. It further acts as a foundational resource for marketers and researchers in augmenting their theoretical and practical acumen.

Does biogas energy influence the sustainable development of entrepreneurial business? An application of the extended theory of planned behavior.

As a result of air pollution and accelerated climate change, entrepreneurship is gradually becoming a deciding factor in the global conversation about saving the planet with renewable energy sources. To sustain the economy and entrepreneurial culture for future generations, researchers and entrepreneurs seek environmentally friendly methods for supporting entrepreneurial enterprises. Fossil fuel-based energy has significantly impeded the country's sustainable development. Pakistan lacks research examining the connection between biogas energy technology and entrepreneurship. This study aims to cover this void in the literature by employing the theory of planned behavior to investigate bioenergy as a business prospect for supportable monetary growth. The primary data comprises 358 comprehensive questionnaire survey respondents. PLS-SEM verifies the model and examines the suppositions. According to pragmatic findings, all views are positively and substantially associated with the sustainable progress of business enterprises implementing biogas energy. In contrast, social media awareness had no moderating effect on the dependent variable. Consequently, social media awareness substantially modifies the associations between all independent variables adopting biogas energy. The results of this research indicate the standing of altering social customs regarding private enterprise, increasing businesspersons' consciousness of these matters, reforming controlling arrangements, and highlighting the assistance of business events made possible by biogas energy technology, which increases businesspeople's investment returns. Conclusively, the study's limits and approvals for future research are emphasized.

ANTI-CRISIS MANAGEMENT AS A BASIS FOR THE FORMATION OF A FINANCIAL MECHANISM FOR THE SUSTAINABLE DEVELOPMENT OF AGRICULTURAL BUSINESS

Crisis management is an important tool for managing modern agricultural businesses, especially in the face of uncertainty and changes in the market. This article examines the role of crisis management as a key element in the formation of a financial mechanism for the sustainable development of the agricultural sector. It analyses the main aspects of crisis management in agricultural business and its impact on the formation of a sustainable financial mechanism. The relationship between crisis management and sustainable development of the agrarian sector is studied. The possibilities of using the principles of crisis management to improve the financial stability and competitiveness of agricultural enterprises are determined. As a result, the article emphasizes the importance of crisis management as a key factor in the formation of a sustainable financial mechanism for achieving sustainable development of agricultural businesses. As follows, the scientific novelty in the article lies in several key aspects: integration of crisis management and sustainable development; application of crisis management principles to agriculture; emphasis on financial mechanisms: the article focuses on the financial aspect of crisis management and sustainable development in agriculture. Thus, the scientific novelty of the article lies in its innovative approach to integrating crisis management principles into the agricultural context, emphasizing the financial mechanism involved in the pursuit of sustainable development in the agricultural sector. The results of the study can be useful for agricultural entrepreneurs, managers, academics, and regulators to improve management strategies and increase the sustainability of the agricultural sector.

Enhancement of Audit Closed-Loop Management for Optimal Audit Results Transformation

The process of converting audit findings into actionable improvement measures within an enterprise is pivotal for achieving the “value-added” objective of internal audits and fostering sustainable business development. By elucidating the definition and significance of transforming internal audit results, this study underscores the imperative of applying and effectively converting these findings. Additionally, it seeks to streamline the value assessment framework for internal audit result transformation and delineates key factors that impede this transformation. Furthermore, this study explores strategies to bolster the closed-loop audit management system and outlines specific methods for enhancing the transformation of internal audit results within the enterprise, thereby contributing to its overall progress.

THE ISSUES OF ACCOUNTING INFORMATION FOR SUSTAINABLE BUSINESS DEVELOPMENT

Information on sustainable business development currently needs more coordination, which can be done by organizations through accounting reports. The currently published accounting and financial reports do not fully present information related to the sustainable development of business, because the latter implies non-financial indicators as well. The article presents recommendations for the inclusion of information related to sustainable development in the published financial statements of organizations, which will create an opportunity for internal and external stakeholders to make business-related strategies. - administrative decisions.

A Novel Hybrid Power-Grid Investment Optimization Model with Collaborative Consideration of Risk and Benefit

Power-grid investment (PGI) optimization is crucial for boosting investment performance, lowering investment risks, and assuring the sustainable development of power-grid businesses. However, existing studies, which primarily concentrate on financial aspects, have not adequately considered the risk and benefit factors in the process of PGI. In this context, this research suggests a novel hybrid PGI optimization model that collaboratively accounts for the risks and benefits. In the first step, risk and benefit indicator systems for PGI are built, and a comprehensive evaluation model based on the Bayesian best–worst method and TOPSIS is suggested. In the second stage, a PGI optimization model considering the investment amount, power demand, and low-carbon restrictions is further developed based on the evaluation results. Furthermore, the incomprehensible but intelligible-in-time logic algorithm is adopted to solve the problem. By conducting an empirical analysis of ten projects within a power-grid company, the optimal investment plan and a differentiated investment portfolio strategy are obtained by adjusting the key elements.

PERSPECTIVES OF ACCOUNTING VALUATION OF THE ECOSYSTEM OF SUSTAINABLE DEVELOPMENT

Ecosystems in nature are excellent examples of ensuring balance and stability of activity. Therefore, when the business activity of organizations is considered by the ecosystem model, an additional opportunity is created to assess the potential for sustainable development of economic activity and to make appropriate strategic decisions. And the most important source of information for making such decisions can be published accounting reports.
 The article presents the challenges, that currently arise in the preparation of accounting reports with sustainable development information. For this purpose, the activities of organizations were observed in the context of sustainable business development and appropriate analyzes were performed. New approaches to prospective evaluations of the activity potential of the ecosystem of sustainable development with accounting information have been proposed.

Sustainable Social Systems: Innovative Service Implications in the Restaurant Business in the Post-COVID Era with Digital Transformation Strategies

The COVID-19 pandemic led to changes in and modifications of the role of information and communication technologies in the digitalization of service provision. This paper aims to identify and summarize these changes in business operations, in the context of strategic management in the restaurant industry, triggered by COVID-19. Based on in-depth interviews with 16 key experts in the restaurant industry (CEOs of chain restaurants), this paper clarifies and concretizes the rapidly transforming problem of identifying the main changes in the restaurant market during the pandemic. These depend on a restaurant’s adaptation level to the challenges that arose, using three dimensions (consumer demand, corporate strategy optimization, and the use of the company’s innovative potential). The analysis shows that chain restaurants, which have sufficient resources to solve the problem of staff turnover, develop technological solutions, and build a brand and customer loyalty, were more resistant to problems arising from the spread of the coronavirus infection than other companies in the catering industry. The presence of serious problems associated with consumer demand and the optimization of the format of the offered dishes and service had a significant impact on the relationship between the impact of the spread of the coronavirus infection and the inability to adapt to the new reality of doing business. The findings reveal that companies need to expand their digital capabilities and adapt their management strategy to the post-pandemic conditions to adapt to the post-COVID-19 period. This paper serves as a framework for understanding the role of digital transformation in sustainable business development.

The Effect of Innovation Strategies on the Business Performance of Global Semiconductor Firms

Innovation strategies form the bedrock of sustainable business development in semiconductor firms. Using dynamic network data envelopment analysis (DN-DEA), the performance of the main global semiconductor firms during 2015 to 2019 was evaluated and the effects of intangible assets within their innovation strategies were explored. Operating efficiency (OPE) was found to be greater than R&D efficiency (RDE), and the average overall efficiency of Asian firms was found to be higher than that of American & European (AMEU) firms. A low intangible asset efficiency (ISE) indicates greater operating risks (2017 showed the highest value and 2015 the lowest). Establishing four regions, Region A showed innovation ability, but lacked business performance. Region B showed lack of both progress and operating performance. Region C showed good innovation ability and good operating performance. Region D showed innovation ability, but lack of progress. Thus, innovation achievements and intangible assets are key indicators of global semiconductor companies’ business sustainability.

The impact of corporate reputation and social media engagement on the sustainability of SMEs: Perceptions of top managers and the owners

Research background: Small and medium-sized enterprises (SMEs) play a fundamental role in countries’ economies. Currently, entrepreneurs are struggling not only with the uncertainty of the business environment, but also with high expectations for businesses to be run in a sustainable way. Therefore, the impact of corporate reputation and social media on sustainability is an area of interest for entrepreneurs. In this context, little research has been conducted on their perception of the linkage between these issues. Furthermore, there has been no direct explanation of the effects of SMEs’ reputation and social media usage on their sustainable development, especially in the V4 countries. Purpose of the article: This article defines, quantifies, and verifies the effects of corporate reputation and social media on sustainable development as perceived by SMEs’ owners and top managers in the V4 countries. Methods: Data were gathered in December 2022 and January 2023 using the computer-assisted web interviewing (CAWI) method. The survey was designed based on a literature review and experts’ opinions. Respondents (top managers of SMEs, n = 1090) were asked questions on their firms’ characteristics, reputation, social media usage and sustainable development. The linear regression modelling (LRM) was utilised to evaluate the hypothesis. Findings & value added: The study revealed a strong relationship between owners’ and top managers’ perceptions of the importance of both corporate reputation and sustainable development in SMEs. The belief that social media supports the growth of companies’ performance is related to the understanding of the concept of sustainable business development. Surprisingly, for the owners and top managers of SMEs in V4 countries, there was no relationship between the awareness of social media usage to share information with customers and partners and the understanding of sustainable business growth.

WAYS OF ENSURING THE COMPETITIVENESS OF SMALL AND MEDIUM-SIZED MACHINE-BUILDING ENTERPRISES OF UKRAINE IN THE EUROPEAN INTEGRATION CONTEXT

The issues of the modern direction of sustainable development of the competitive machine-building industry in Europe and the possibility of transforming the experience of developed European countries into a strategy for the development of small and medium-sized machine-building enterprises in Ukraine are considered. It was noted that it is SMEs that are the basis for the development of the EU economy, and the rationale for this fact was given. It was emphasized that the engineering industry is the largest sector of the EU economy in terms of the number of enterprises, employment of workers, production and value added. It is assumed that it is the development of SMEs in the machine-building industry of Ukraine that will become a significant contribution to the accelerated restoration of the social and economic well-being of Ukrainian society during the period of the country's recovery. A comparative analysis of the numerical number of machine-building enterprises of various sizes is given both in the developed countries of Europe and in Ukraine. The need for the development and implementation of digital services in the machine-building industry of Ukraine, in accordance with the concept of Industry 4.0, was emphasized at all stages of the product life cycle to ensure the flexibility and competitiveness of SMEs. The barriers to the implementation of the 4.0 concept for the sustainable development of small and medium-sized businesses in the world are analyzed, and individual barriers are identified that today pose a threat to the development of the Ministry of Railways of Ukraine as a whole. It is noted that one of the biggest problems in the world development of the Ministry of Railways as a whole is the problem of training (retraining) a new generation of qualified personnel. It is concluded that in order to develop competitive SMEs in Ukraine in the context of its integration into the EU, it is necessary to pay attention to the training of highly qualified technical personnel who, on the one hand, can play the role of system integrators and implementers of Industry 4.0 tasks, and, on the other hand, be able to solve the associated problems of mechanical engineering technology from idea to product manufacturing using digital services based on a single digital core. The scientific value of the work lies in the substantiation of ways to ensure the competitiveness of SMEs based on the foundations of the symbiosis of education, science and manufacture on the basis of a single digital core.