Business models and strategies for the internalization of externalities in agri-food value chains

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RESEARCH Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 h ps://doi.o g/10.1186/s40100-024-00338-2 Ag icul u al and Food Economics Business models ands a egies o  hein e naliza ion o ex e nali ies inag i- ood alue chains Sepide Meh abi1 and Cyn hia Giagnoca o1,2,3* Abs ac Cu en ood sys ems ha e signi ican nega i e en i onmen al, social, and economic impac s. Ex e nalized cos s and bene i s c ea e alse ma ke incen i es a o ing less heal hy and unsus ainable op ions. T ansi ioning o sus ainable ag i- ood sys ems equi es ha businesses in e nalize hese ex e nali ies. In e naliza ion o ex e nali ies (IOE) is o en add essed h ough policy measu es and egula o y ini ia i es. Howe e , IOE can also be ca ied ou h ough business models (BMs) and s a egies which in ol e c ea ing posi i e ex e nali ies, mi iga ing/p e en ing nega i e ones, as well as ensu ing ai dis ibu ion o isks, cos s, and bene i s. Acco dingly, sus ainable and inno a i e BMs and s a egies o e pa hways o achie ing IOE. This pape iden i- ies exis ing sus ainable and inno a i e BMs and s a egies and explains how hey can achie e IOE. Using an in eg a i e li e a u e e iew me hodology, we econcile bo h economics and business li e a u e app oaches. We subsequen ly ca y ou wo le els o analysis including abduc i e coding and in e ela ionship e alua ion. The pape explo es he cha ac e is ics o BMs and s a egies ha add ess IOE, using he well-known concep o alue and in oduces a concep ual amewo k o ca ego- izing business models and s a egies o he in e naliza ion o ex e nali ies (BM4IOE). The a icle ini ia es a discou se on he ole o BMs in he IOE wi hin ag i- ood alue chains and p o ides insigh s in o how businesses can de elop and implemen models ha e ec i ely in e nalize ex e nali ies, he eby enhancing sus ainabili y and d i ing inno a ion in he ansi ion o ag i- ood sys ems. Keywo ds: Sus ainable business model, In e naliza ion o ex e nali ies, Value c ea ion and deli e y, Value cap u e, Value measu e, T ue cos , T ue p ice, Ag i- ood, Business s a egy, Inno a ion In oduc ion This pape analyzes exis ing sus ainable and inno a i e business models (BMs) and s a egies in he ag i- ood sec o h ough he lens o ex e nali ies and p oposes an in eg a i e amewo k o he ca ego iza ion o business models and s a egies o he in e naliza ion o ex e nali ies (BM4IOE). Conside ing ha cu en ag i- ood sys- ems a e esponsible o c ea ing signi ican nega i e en i onmen al, social, and eco- nomic ex e nali ies, bo h globally and locally (IPBES 2022; IPCC 2022), he need o *Co espondence: cgiagnoca [email p o ec ed] 1 Depa men o Economics and Business, Uni e si y o Alme ía, La Cañada, 04120 Alme ía, Spain 2 Depa men o Economics and Business, Cá ed a COEXPHAL-UAL Ho icul u e, Coope a i e S udies and Sus ainable De elopmen , Uni e si y o Alme ía, La Cañada, 04120 Alme ía, Spain 3 Cen o de In es igación en Ag osis emas In ensi os Medi e áneos y Bio ecnología Ag oalimen a ia (CIAMIBITAL), Uni e si y o Alme ía, Edi icio de Se icios Técnicos 2.13.0, La Cañada, 04120 Alme ía, Spain Page 2 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 in e nalize hese ex e nali ies has become inc easingly impo an . The cos s and isks o ha m ul ood p oduc ion, as well as he cos s and bene i s o heal h ul and sus ain- ably p oduced ood, a e ex e nalized (Mi zabae and on B aun 2022), meaning hey a e no included in ma ke p ices and hus do no a ec he decision-making p o- cesses o ac o s in ood alue chains (Ras oin 2022). Resea ch es ima es ha i ag i- ood ex e nali ies a e in e nalized globally, socie y could gain €4.9 illion annually by 2030 and €9.1 illion annually by 2050 (Gemmill-He en e al. 2021). Ex e nalizing cos s o ha m ul p oduc ion and unheal hy ood allows cheape p o- duc ion o socially and en i onmen ally unsus ainable and unheal hy ood, lea ing li - le place o sus ainable ag i- ood businesses o su i e in highly compe i i e ma ke s (Hend iks e al. 2021; Sipkens e al. 2014; Wbcsd 2021). Fo example, ni a e o e use, chemical pes icides, added suga and sodium, e ined g ains, ha m ul a s, and unnec- essa y plas ic packaging educe p oduc ion cos s and/o inc ease p oduc ion, sales, and p o i s o ce ain ag i- ood businesses, while gene a ing nega i e en i onmen- al, social and heal h ex e nali ies o socie y (S uckle and Nes le 2012). In addi ion, while some en i onmen al ex e nali ies such as g eenhouse gas emissions a e e y well-known, many en i onmen al, social, and, heal h- ela ed ex e nali ies a e mo e complex and less appa en , such as he loss o ecosys em se ices due o he lack o biodi e si y, illnesses, and loss o land use. I should be no ed ha ex e nali ies a e no always nega i e. Sus ainable ag i-busi- ness models may c ea e posi i e ex e nali ies and mi iga e o p e en nega i e ones. Fo example, in eco-inno a i e business models, ag o o es y p ac ices lead o bio- di e si y p omo ion, soil conse a ion, and ca bon seques a ion, as well as c ea ing aes he ic isual appeal. In ligh o his, he cos o he c ea ion o posi i e ex e nali- ies should also be in e nalized a he han being solely bo ne by such a m o ag i- businesses, since hese posi i e ex e nali ies can bene i mul iple ac o s in he alue chain and socie y a la ge. Howe e , he a me o ag i-business may no be ewa ded wi h di ec incen i es o hese con ibu ions since he ma ke does no ully accoun o hese posi i e ex e nali ies and hus, a guably, he cos o ex e nali ies is no ai ly dis ibu ed h oughou he di e en s ages o he alue chain (Lo d 2020; Sado ska e al. 2020; Sipkens e al. 2014; Wbcsd 2021; Zo and Ami 2007). The e o e, o he e o be a ansi ion o a sus ainable ag i- ood sys em, bo h posi i e and nega i e ex e - nali ies should be in e nalized. In e naliza ion o ex e nali ies (IOE) is “a p ocess ha , ei he h ough business mod- els and s a egies o egula o y policies, akes in o accoun mo e comple e cos s and/o bene i s in he composi ion o goods and se ices p ices. This p ocess may in ol e he educ ion o p e en ion o nega i e ex e nali ies, o he c ea ion o posi i e ex e nali ies, in ol ing a ious ac o s o he alue chain” (Abolhassani e al. 2024). Based on his de i- ni ion, IOE equi es ha a ious ac o s—including he inancial sec o , policymake s, and businesses, unde s and ex e nali ies and design app op ia e measu es o in e nali- za ion. Gi en he challenges associa ed wi h quan i ying ex e nali ies and p ecise cal- cula ion o he ue cos o ood (KPMG In e na ional 2014) as well as he limi a ions o o mal policies in achie ing sus ainable ag i- ood sys ems (Long e al. 2019), he ole o BMs and s a egies has become an essen ial a ea o esea ch and p ac ice. While we ec- ognize ha BMs and s a egies need o be suppo ed by policy o p omo ing sus ainable Page 3 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 ans o ma ion in he ood sys em (Lo d 2020), his pape ocuses on he less explo ed ole o BMs and s a egies o IOE. The BM pe spec i e is pa icula ly ele an in he con ex o IOE since i p o ides a holis ic app oach owa d explaining how o ganiza ions wi hin hei alue chain, c ea e, deli e , and cap u e alue (Zo and Ami 2007). As E ans e al. (2017) s a e, “sus ainable alue inco po a es economic, social and en i onmen al bene i s concep ualized as alue o ms”. Likewise, he IOE app oach aims o c ea e social, economic, and en i onmen al alue o di e se s akeholde s and in addi ion, o ensu e he ai dis ibu ion o cos s, isks, and bene i s by inco po a ing he cos s and bene i s o ex e nali ies in o he deci- sion-making p ocess (Folkens e al. 2020). As a esul , we can obse e a ce ain po en ial o sha ed goals be ween BM o sus ainabili y inno a ion and BM4IOE. In ligh o his, BMs o sus ainabili y inno a ion a e expec ed o be a eas ich wi h examples and case s udies in which IOE may be ound. While BMs and alue chain in e ela ions ha e been conside ed in educing nega- i e ex e nali ies and c ea ing social and en i onmen al alue, he ole o BMs in IOE in ag i- ood alue chains has no ye been explo ed. To ackle his gap, his pape ini i- a es a discou se on he ole o BMs and s a egies in he IOE in ag i- ood alue chains, and in oduces he concep o “BM4IOE”. The main esea ch ques ion posed is: Which BMs and s a egies allow he in e naliza ion o bo h nega i e and posi i e ex e nali ies (BM4IOE), and how? Conside ing ha he ole o BMs and s a egies o IOE is an unex- plo ed a ea o esea ch, o answe he esea ch ques ion, a semi-sys ema ic (in eg a i e) li e a u e e iew was conduc ed on he exis ing quali a i e esea ch o inno a i e and sus ainable BMs and s a egies. Th ough he i s le els o da a analysis and coding, his pape p oposes an in eg a i e amewo k o BM4IOE comp ising i e main hemes o : IOE by p oduc and p ocess inno a ion, IOE by ea anging he alue chain, IOE by measu emen and acc edi a ion ools, IOE by consume /ma ke ecogni ion, and IOE by inno a i e inancing. Associa ed ca ego iza ions o hese i e main hemes a e explained he ea e . In he second le el o ou analysis, he ela ionship be ween di e en hemes and ca ego ies illus a es he necessi y o a combina ion o BMs and s a egies o a mo e comp ehensi e IOE. Key concep s o BM4IOE To posi ion ou esea ch wi hin he ield o BM4IOE, we ocus on he main in e ac ing key concep s explo ed in his pape : business models and s a egies, sus ainabili y inno- a ions, and hei ele ance o he in e naliza ion o ex e nali ies (IOE). The e m “busi- ness model” has been concep ualized in a ious ways. Howe e , he e is a consensus in he li e a u e ha BMs can be seen as a a ionale o how a company c ea es, deli e s, and cap u es alue o i s cus ome s and i sel (Teece 2010). Simila ly, IOE, de ined in Sec . “In oduc ion” abo e, can c ea e economic, en i onmen al and social alue, includ- ing a mo e ai dis ibu ion o alue (posi i e ex e nali ies), o educe and p e en nega- i e ex e nali ies. In his con ex , BMs o sus ainabili y inno a ion ac as d i e s and enable s o sus- ainable alues o mul iple s akeholde s, including socie y and he en i onmen , while also cap u ing alue o he o ganiza ion (Baghe i e al. 2020). Unlike adi ional BMs, sus ainable BMs emphasize he impo ance o social and en i onmen al alue, beyond Page 4 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 inancial me ics (Bocken e al. 2014). Mo eo e , a sus ainable BM also “con empla es alue des oyed o ealize he nega i e e ec on socie y and en i onmen ” (e.g., deple- ion o esou ces o social disloca ion), and “ alue uncap u ed” (e.g., ood was e/ loss) (de Pádua Pie oni e al. 2018; Goni e al. 2021). Sus ainabili y is an e ol ing p ocess ha o igina es om expe imen al inno a ions, du ing which g adual o ganiza ional ans o ma ion happens (Adams e al. 2016). This p ocess o en ex ends beyond he bounda ies o a single ac o o en i y as in e ac ion be ween alue chain ac o s plays a c ucial ole in educing nega i e ex e nali ies and c e- a ing social and en i onmen al alues (Pajewski 2020). As E ans e al. (2017, p.5) s a e, “In e nalizing ex e nali ies h ough p oduc -se ice sys ems enables inno a ion owa ds sus ainable business models”. Business s a egy, meanwhile, e e s o he dynamic o he i m’s ela ionship wi h i s en i onmen and he ac ions aken o achie e i s goals and imp o e pe o mance h ough he a ional use o esou ces (López and Ma ín 2013). BM and business s a e- gies a e closely in e wined. “BMs combine all he co e componen s o business s a e- gies and ope a ions ha c ea e and deli e alue o he cus ome s as well as o he i m” (Machiba e al. 2012). Impo an ly, o ganiza ions o en employ a sui e o business mod- els a he han a single BM, as hese models coexis and e ol e oge he o add ess di - e en s a egic needs (Aspa a e al. 2013; Ramon Casadesus-Masanell and Jo ge Ta ziján 2012). Changes in s a egy may lead o adjus men s in he BM, and ice e sa, as hey e ol e oge he . The e o e, conside ing BMs and business s a egy oge he p o ides a holis ic iew o how o ganiza ions c ea e, deli e , and cap u e alue and ul ima ely in e - nalize ex e nali ies. Me hodology The manne in which ex e nali ies a e concep ualized a ies ac oss disciplines. Ini ially, he ecogni ion o ex e nali ies and he mo e p ecise quan i ica ion o he ue cos o ood we e add essed by economis s (Ba e 2021) h ough nume ous s udies, measu e- men ools, da abases, s anda ds, and calcula ion me hodologies o assessing, quan i- ying, and mone izing ex e nali ies (Sipkens e al. 2014). Fo calcula ing ex e nali ies, e ms like “ ue cos ”, “ ue p ice”, “ex e nal cos ”, " eal cos ”, “ ue alue o ood”, “ ue cos accoun ing”, and “mone iza ion” (Wbcsd 2021) a e used in economic li e a u e. Howe e , IOE h ough BMs and s a egies is a ela i ely unexplo ed and unconsolida ed a ea. In he business ield, ex e nali ies a e o en desc ibed wi h di e en e minologies. Fo example, posi i e ex e nali ies may be cha ac e ized as he “p o ision o ecosys em se ices” in en i onmen al s udies (To o-Mujica e al. 2019) o “ alue o socie y” in business s udies (Ba is i e al. 2022). Gi en his agmen ed landscape, an in eg a i e semi-sys emic li e a u e e iew me hodology has been selec ed, which aims o assess, c i ique, and syn hesize he li e a u e on di e se s eams o esea ch (in his pape , eco- nomics, wi h BM- ela ed s eams o esea ch). This me hodology can enable new he- o e ical amewo ks and pe spec i es o eme ge (Mah ool 2020). Da a ex ac ed om selec ed e e ences we e coded and ca ego ized in he i s le el o analysis o iden i y he i e main hemes o he BM4IOE. In he second le el o analysis, he in e ela ion- ships be ween ca ego ies and hemes we e examined o a mo e in-dep h unde s anding. Page 5 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 Loca ing ele an esea ch Rele an esea ch on ag i- ood businesses highligh s a g owing end owa d BMs ha in eg a e social and en i onmen al alues alongside inancial goals (Lynde 2020). D i en by s akeholde s’ in e es in sus ainabili y and non- inancial me ics (B yson and Lom- ba di 2009), hese sus ainable inno a ions in BMs and s a egies educe and p e en nega i e ex e nali ies and espond o consume demand o sus ainable p ac ices (Dha e al. 2022; Ve mun e al. 2020). Consequen ly, s udying he sus ainabili y inno a ions o ag i- ood businesses p o ides insigh s in o new pa hways o mo e comp ehensi e IOE, bene i ing bo h indus y and socie y. Fo loca ing ele an esea ch, bo h global da abases o Scopus and Web o Science we e consul ed, om 2000 (when he concep o sus ainable business models began o gain academic a en ion), up o Decembe 2023. These da abases we e chosen because hey include indexed jou nals in he ields o business, managemen , accoun ing, eco- nomics, and social sciences in gene al. Two esea ch que ies we e implemen ed as below: In he esea ch que y 1, BMs- ela ed we e combined wi h in e naliza ion and o he mone iza ion e ms, ega dless o he ag i- ood sec o (see Table 1). As expec ed, Table 1 Keywo ds and esea ch que y implemen ed in Scopus and Web o Science To enhance eadabili y, we ha e used bold o ma ing o keywo ds o clea ly di e en ia e be ween commands and keywo ds, making i easie o eade s o unde s and hei dis inc oles Da abase Scopus Web o Science (co e collec ion) Resea ch que y 1 (TITLE-ABS-KEY (“Business model*” OR “business s a eg*”) AND TITLE- ABS-KEY (in e naliz* OR in e na‑ lis*) AND TITLE-ABS-KEY (mone is* OR mone a iz* OR mone a is* OR ex e nali* OR “ex e nal cos *” OR “ eal cos *” OR “hidden cos ” OR “ ue p ice” OR “ ue cos ” OR “ ue alue”)) “Business model*” OR “business s a eg*” (Topic) and in e naliz* OR in e nalis* (Topic) and mone is* OR mone a iz* OR mone a is* OR ex e nali* OR “ex e nal cos *” OR “ eal cos *” OR “hidden cos ” OR “ ue p ice” OR “ ue cos ” OR “ ue alue” (Topic) Resul s 24 29 To al wi hou duplica ions 33 Fil e ed a e i le, keywo d, and abs ac sc een 10 Numbe o selec ed e e ences a e ull sc eening 10 Resea ch que y 2(Case s udy) (TITLE-ABS-KEY (“Business model*” OR “business s a eg*”) AND TITLE-ABS-KEY (sus ainab*) AND TITLE-ABS-KEY ( inno a *) AND TITLE-ABS-KEY (“case s udy”) AND TITLE-ABS-KEY (ag * OR ood)) “Business model*” OR “business s a eg*” (Topic) and sus ainab* (Topic) and inno a * (Topic) and “case s udy” (Topic) and ag * OR ood (All Fields) **Topic in WOS = TITLE-ABS-KEY** Resul s 127 115 To al wi hou duplica ions 170 Fil e ed a e i le, keywo d, and abs ac sc een 78 Numbe o selec ed e e ences a e ull sc eening 51 Numbe o selec ed e e ences om snowballing and g ey li e a u e 40 To al = 101 selec ed e e ences Page 6 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 because he ole o BMs in IOE has no been widely s udied, ewe esea ch i ems we e ound a his s age. In he esea ch que y 2, he aim was o iden i y quali a i e esea ch examples and case s udies o BMs o sus ainabili y inno a ion ha could p o ide insigh s in o how IOE occu s. To achie e his, a new se o keywo ds (see Table1) was used speci ically ocused on he ag i- ood sec o . This sea ch sough o ind case s udy examples o BMs and s a egies o sus ainabili y inno a ions ha enable IOE wi hin ag i- ood alue chains. Addi ionally, he o wa d and backwa d “snowball” me hod was implemen ed (Jalali and Wohlin 2012) oge he wi h epu able g ey li e a u e (e.g., epo s om p e ious H2020 p ojec s on he CORDIS da abase, FAO, OECD, epu able business p ess and consul ancy epo s, among o he s), ela ed o he ield. As a esul o keywo d sea ches and he use o backwa d and o wa d snowball me hods, a e e iew and e inemen s, 101 e e ences we e selec ed o da a ex ac ion and subsequen da a analysis. Inclusion/exclusion c i e ia As men ioned abo e, he selec ed e e ences include jou nal a icles, book chap e s, and con e ence pape s ound in Scopus and WOS om esea ch que ies 1 and 2. A e emo ing duplica es, we conduc ed i le, abs ac , and keywo d sc eening on all e e - ences. In he subsequen snowballing s ep, ele an epo s and epu able g ey li e a u e we e also included. We no iced ha e e ences acqui ed om he esea ch que y 1 we e p edominan ly ocused on he mone iza ion and assessmen o ex e nali ies, including ools, o mu- las, and da ase s, wi h ewe add essing BMs and s a egies di ec ly. A his s age, we selec ed e e ences ha analyze, explo e, o p esen inno a i e business models wi h IOE po en ial, as well as hose in oducing echnologies and policies ha impac he business en i onmen owa d IOE. Al hough ewe e e ences we e di ec ly ele an , he i s que y led o he iden i ica ion o ini ial examples o business models and s a e- gies wi h IOE po en ial, such as ci cula economy, sho ood supply chains, mul i-s ake- holde collabo a ions, impac inancing, and social en e p ises (see Fig.1). The ini ial lis o BMs and s a egies p o ided clea inclusion and exclusion c i e ia o e alua ing e e ences acqui ed om esea ch que y 2, as well as snowballing and g ey li e a u e, es ablishing a ounda ion o de eloping and e ining he BM4IOE concep- ual amewo k. Re e ences we e excluded i hey did no analyze, explo e, o p esen an inno a i e BM ha c ea es posi i e ex e nali ies and/o mi iga es o p e en s nega i e ex e nali ies, o i hey we e i ele an o he mone iza ion and assessmen o ex e nali- ies, o un ela ed o echnologies and policies a ec ing sus ainable BMs s a egies. Addi- ionally, e e ences we e excluded i hey ocused solely on sus ainabili y inno a ions in one s age o he alue chain, o inc emen al changes, wi hou collabo a ion among mul- iple ac o s in he p ocess o IOE. In he ull- ex sc eening, e e ences ha did no con ibu e meaning ully o he abo e- men ioned c i e ia we e excluded. The lowcha s in Fig.1 illus a e inclusion c i e ia in each s eps o esea ch que y and numbe o included, excluded e e ences in each deci- sion poin . Page 7 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 We ensu ed he di e gence o e e ences du ing he snowballing s age, in e ms o : (i) he ype o BMs (p elimina y ca ego ies o BMs and s a egies, ound om Table1 Resea ch que y 1), (ii) ype o ag i- ood sec o (Sma Ag iHubs 2022), (iii) di e en alue chain s age (TMG-Think Tank o Sus ainabili y and WWF 2021), (i ) ype o inno a ion (Adams e al. 2016; Bocken e al. 2014), ( ) policy ins umen s a ec ing BMs (González-Eguino 2011; Mazahe i e al. 2022; Ren e al. 2018), ( i) collabo a ion pa - ne s and ac i i ies (Cholez e al. 2023), ( ii) ype o ex e nali ies (Bal ussen e al. 2023, p.8), and ( iii) di e en IOE app oaches (FOODCoST 2023). Annex 1 shows he di e - si y o selec ed e e ences o his pape . Ex ac ing da a andcoding To acili a e da a ex ac ion om e e ences, quali a i e ques ions aligned wi h he esea ch ques ions we e designed as guidelines, ensu ing a ho ough and consis en e iew p ocess ha assessed all e e ences on an equi alen basis: Fig. 1 C i e ia o e e ence inclusion/exclusion Page 8 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 • Gene al desc ip ion o he unique alue p oposi ion/solu ion o e ed by his speci ic e e ence. Desc ibe how his speci ic case s udy o example o BM c ea es and deli - e s alue o i s cus ome s, alue chain membe s, o na u al en i onmen , and cap- u es alue o i sel . • Which ac o s/en i ies in he alue chain o his speci ic BM a e bea ing he isk/cos and who ecei es he bene i ? (i he e e ence is abou a speci ic case s udy o exam- ple o BM) • Desc ibe he ele an con ibu ion o he e e ence o IOE (i he e e ence is NOT a speci ic case s udy o example o BM). • Is IOE somehow measu ed in his e e ence? I so, how? Since he e iew c i e ia we e de ined b oadly enough o co e di e se ypes o e e - ences, i was no expec ed ha a single e e ence would comple ely co e o discuss all ques ions. Conside ing ha IOE h ough BMs and s a egies has no been adequa ely s udied in ei he business li e a u e o economic li e a u e, he selec ed e e ences, espe- cially hose ha ocused on speci ic ypes o BMs, did no explici ly use he e m ‘IOE’. The e o e, he coding phase highly elied on he in e p e i e answe s o he abo e qual- i a i e ques ions, along wi h commen s, explana ions, obse a ions, and di ec quo a- ions om he selec ed e e ences. Two‑le el da a analysis In he i s le el o da a analysis, a mul i-g ounded heo y was employed, which is an ex ended app oach o da a analysis and heo y de elopmen , using mul iple sou ces o da a (e.g., empi ical da a om case s udies, epo s, p ojec s, a icles and heo e ical e - e ences) (Goldkuhl and C onholm 2010). This app oach p o ides a dialec ical syn he- sis be ween p eexis ing amewo ks (e.g., exis ing ca ego iza ion o sus ainable business model inno a ion) while emaining open o eme ging pa e ns du ing he analysis. By inco po a ing an abduc i e app oach and using he MAXQDA ool o quali a i e analy- sis, coding, ca ego iza ion, and analysis we e conduc ed. Using he de ini ion o IOE in oduced abo e [in Sec . "In oduc ion"], i s -o de codes and subcodes we e iden i ied o cap u e ins ances o BMs o s a egies. These BMs and s a egies c ea e posi i e ex e nali ies o mi iga e nega i e ones while incen i izing he alue c ea o and acili a ing mo e comp ehensi e alue cap u e o he immedia e ac o . The second o de was a pa e n (axial) coding which included “back-and- o h be ween da a and heo y i e a i ely”, leading o classi ica ion and ca ego iza ion based on simila i ies be ween di e en BM examples (Gibbs 2012; Williams and Mose 2019). The i e main hemes o BM4IOE we e p oposed in his s age. Finally, using heo y ma ch, he ela ionship be ween hese hemes was explained by he known concep o “ alue”, which is o en used wi hin business li e a u e in ela ion o BMs. The h ee pe spec i es o “ alue c ea ion and deli e y”, “ alue measu e”, and “ alue cap u e” cla i y he hemes and ca ego ies, leading o he c ea ion o a no el concep and in eg a i e amewo k o BM4IOE (Table2). Conside ing ha he esea ch ques ion aims no only o iden i y he BMs and s a e- gies, bu also o unde s and “how” hese BMS and s a egies enable IOE, while cap u ing Page 9 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 Table 2 Resul o open coding, axial coding, ca ego iza ion, heme inding, and heo y ma ch Theo y ma ch Theme Ca ego iza ion Examples and explana ions (Codes, subcodes) Value c ea ion and deli e y IOE by p oduc and p ocess inno a ion wi hin he alue chain Ci cula economy business models Bioeconomy Es ablishing bio e ine - ies (e.g., in eg al use o p ocessing powe and e iciency) Op imizing esou ce e iciency Bio enewable esou ces (e.g., biogas- powe ed a i icial ligh ing) Was e o alue Al e na i e e enue using was e Closed-loop s a egy, op imizing esou ces Ugly ood edis ibu- ion Con olled a mosphe e packaging o inc ease p oduc shel li e C adle- o-c adle s a egy Recycling, upcycling, and ze o was e Packaging upcycling Resou ce exchange Was e o a VC as inpu o ano he VC and ice e sa and income o one loop unding ano he loop G een/Eco-inno- a ion business models Conse a ion ag i- cul u e Op imiza ion and con olling sys em Inc easing e iciency in he p ocess Heal h-adjus ed p oduc and se ice Heal hy menu Complemen a y p oduc s and se ice Mul i unc ional p oduc /se ice, di e si ica ion Ag o ou ism, nu a- ceu icals IOE by ea anging he alue chain Sha ing economy business models Sha ing esou ces and capabili ies Logis ics and anspo Sha ing excessi e ood Food sha ing Sho ood supply chains and local ma ke s Reducing in e me- dia ies Fa me –consume di ec connec ion, online pla o ms Local ma ke s Regional ood hubs, local b ands ep e- sen ing he local a ea, cul u al he i age, e i alizing communi y, and en i onmen Online pla o ms Communi y- suppo ed ag icul u e Consume – a me ecip ocal ela ionship Collabo a i e a ming, sha ing isks and ben- e i s o p oduc ion Page 16 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 c ea e u he posi i e o nega i e ex e nali ies. Some businesses eme ge om alue chain ea angemen , meaning hey a e bo n ou o new oppo uni ies, while es ablished businesses mus eac o hese changes by making s uc u al adjus men s o i in o he new na a i e o he alue chain and seize oppo uni ies. Examples in Theme 2 include BMs and s a egies ha ea ange he alue chain o p o ide oppo uni ies o IOE, ega dless o whe he he ea angemen was he p e equisi e o he sus ainabili y inno- a ion o he inno a ion which esul ed om he ea angemen . Sha ing economy business models The sha ing economy was es ablished as a new BM based on o e ing mul iple use s (i.e., indi iduals o companies) empo a y access o unde u ilized esou ces, o en h ough digi al pla o ms (Li e al. 2019). Since i s incep ion, he sha ing economy phenomenon has e olu ionized many sec o s; o example, Ai bnb and Ube a e amous o in oduc- ing dis up i e inno a ions in he hospi ali y and anspo a ion indus ies. In ag i- ood sys ems, he sha ing economy includes sha ing anspo a ion logis ics be ween ag i- ood companies, which can educe ex e nali ies h oughou he chain and gene a e o he posi i e ex e nali ies. Li e al. (2019) explained a new BM based on logis ics ope a ions ha educe ex e nali ies h oughou he alue chain. Collabo a ing wi h " lexible" logis- ics companies can u n logis ics cos s in o oppo uni ies, diminishing en i onmen al impac s and gene a ing business alue, such as se ing new ma ke s. Some o he examples o he sha ing economy in ag i- ood a e online ma ke places and logis ics pla o ms. Gaziulusoy and Twomey (2015) s udied a pee - o-pee inno a- ion “Open Food Founda ion” ha de eloped ee and open so wa e o suppo ai and sus ainable ood sys ems, unc ioning as an online ma ke place and logis ics pla o m. The pla o m’s co e de ining ea u e is anspa ency, allowing end consume s o see who g ew hei ood, how i was g own, and how much he p oduce s we e paid. Some s udies highligh he po en ial o he sha ing economy o c ea ing u he sus- ainable alues. Li ino a e al. (2020) highligh ed ha digi al pla o ms, in a na ow sense, a e digi al en e p ises p o iding se ices o o he ag icul u al p oduce s. In a b oad sense, hey a e ecosys ems ensu ing in e ac ion be ween s akeholde s. In o ma- ion echnology and so wa e solu ions embedded in he digi al pla o ms de e mine he bene i s o he pa icipan s, which a e enhanced by ne wo k and syne gis ic e ec s. The in oduc ion o digi al pla o ms in he ag o-indus ial complex aims o sol e go e n- men issues o ensu ing anspa ency and e iciency in he managemen o indus ies, ood, and en i onmen al sa e y, as well as inc easing he e iciency o p oduc ion and sales ac i i ies o indi idual manu ac u e s (Sehnem e al. 2020). On he o he hand, au ho s like Ve bo en and Vanhe ck (2016) aise he sus ainabil- i y pa adox o he sha ing economy. They s udied a ood-sha ing online pla o m whe e home cooks sha e le o e meals. This s udy c i iqued he ood-sha ing pla o m o po en ially inc easing consump ion and nega i e ex e nali ies, showing ha no all sha - ing economy inno a ions a e inhe en ly sus ainable. Lag as a e al. (2021), also no ed ha such inno a ions can inc ease social inequali ies. Page 17 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 Sho ood supply chains andlocal ma ke s By educing in e media ies and geog aphical p oximi y, sho ood supply chains and local ma ke s p o ide he po en ial o IOE. These chains can be digi al pla o ms ha connec p oduce s di ec ly o consume s, educing ood was e (Ama al and O sa o 2023), o hey can be physical local ma ke s in egional, u al, o u ban a eas. Posi i e ex e nali ies p o ided by hese BMs ha e been emphasized by many au ho s. Some examples include educed anspo a ion cos s and associa ed nega i e impac s (Bocken e al. 2020), posi i e impac s on cul u al he i age, e i aliza ion o communi y and en i- onmen (Elba disy e al. 2021), pe sonal well-being (Wiśniewska-Paluszak e al. 2023), and a sense o place and en i onmen al esponsibili y (Meh abi e al. 2022). The e icien use o unique local esou ces, such as landscapes, has been aised as a posi i e impac o local p oduc ion (Macewen e al. 2008). I has also been sugges ed ha p oduc o igin and associa ed labeling no only p o ide awa eness abou he local a ea bu also bene i he business b and (Fe nq is e al. 2022). D eje ska e al. (2019) compa ed he bene i s o local ma ke s and indi ec e ail ma - ke s, highligh ing ha local ma ke s p o ide g ea e lexibili y o consume s, while la ge e ail supply chains o e mo e con enien op ions and g ea e ma ke pene a ion o p oduce s. In his ega d, some s udies p oposed he concep o hyb id BMs, which aim o p omo e en i onmen al and/o social alues wi hou dec easing economic capaci y (Díaz-Co ea and López-Na a o 2018). Local ood hubs a e an example o a hyb id BM. Mejía e al. (2021) showed ha well-coo dina ed local ood hubs dec ease anspo a- ion and GHG emissions, educe ood was e, and gi e di ec ma ke access o p oduce s. Loca ed in exis ing public acili ies, hese hubs help small a me s each la ge ma ke s and unde se ed a eas, wi h he hub concessionai e bea ing anspo a ion cos s. Communi y‑suppo ed ag icul u e Communi y-suppo ed ag icul u e (CSA) can be conside ed a ea angemen o he alue chain whe e socie y ac i ely pa icipa es in ood p oduc ion, as opposed o being elega ed o he ole o he inal consume . CSA has been ecommended as an al e na i e o mi iga e he en i onmen al bu dens ela ed o ag icul u al p oduc ion h ough he app op ia e design o ecological sys ems and managemen o biological p ocesses based on minimizing ex e nal inpu s (Miglio ini and Wezel 2017). In CSA, consume s and a me s engage in a ecip ocally suppo i e ela ionship by sha ing he isks and bene i s o ood p oduc ion. Consume s p o ide inancial capi al, and in some cases, social capi al (ne wo k o ela ionships, us , knowledge exchange and esou ces) necessa y o unning he a m. They also pa icipa e in a m decision- making by pa icipa ing in boa d mee ings whe e sha eholde s (consume s) ha e inpu in o wha hey would like o see om he a m (Macewen e al. 2008). Thus, he coex- is ence o social capi al is di ec ly ele an o inc easing social-ecological esilience and imp o ing he economic iabili y o businesses by o e coming a lack o coope a ion and sca ci y o inancial esou ces (P ospe i e al. 2022). CSA os e s a sense o commi men o he social communi y engaged in i . D eje ska e al. (2019) emphasize CSA’s ole in local economic de elopmen and os e ing close ela ionships be ween p oduce s and consume s, which imbues ood wi h alue beyond i s physical o m (de-commodi ica ion). Simila ly, Elba disy e al. (2021) highligh how Page 18 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 CSA, in he o m o sha ed u ban a ms, econnec s communi ies and enhances local economic esilience, os e ing a sense o en i onmen al esponsibili y and communi y loyal y. A s udy by Zhen e  al. (2021) ca ied ou a mone ized compa ison be ween he nega i e ex e nali ies o CSA, o ganic a ming, and con en ional a ming and dem- ons a ed ha CSA a ms exhibi he highes posi i e and he lowes nega i e ex e nali- ies, while con en ional a ms showed he lowes posi i e and he highes o al nega i e ex e nali ies. Collabo a ion, in eg a ion andne wo ks Conside ing ha IOE is cha ac e ized by in e ac ion be ween di e en s akeholde s and he pi o al ole o collabo a ion be ween membe s in he implemen a ion o sus ainabil- i y inno a ions (Dagilienė e al. 2021; Spicka 2022), his subsec ion discusses collabo- a ions, in eg a ion and ne wo ks o he implemen a ion o inno a ions and hei IOE e ec s. Collabo a ions a e explained in he o m o e ical in eg a ion, ho izon al in e- g a ion, and a combina ion o bo h s a egies. IOE h ough collabo a ion is mo i a ed by empo a y o pe manen esou ce own- e ship (Ka lsson e al. 2017). Fo ins ance, Papou sis e al. (2018) illus a e how mul i- s akeholde collabo a ion, in he o m o u ban consolida ion cen e s, educes ex e nal cos s o u ban eigh sys ems, a ge ing ex e nali ies such as pollu ion and in as uc- u e s ain. This logis ics inno a ion, known as “ e he ing”, le e ages la ge supe ma ke s on ci y ou ski s as ul illmen cen e s o e aile s in less accessible u ban a eas, using public anspo o eigh deli e y. Simila ly, Ka lsson e al. (2017) showed ha single ac o s, such as amily a ms and SMEs, a ely ha e su icien esou ces alone o inno a e in a eas equi ing subs an ial in es men in in as uc u e, expe ise, and knowledge. In his s udy, a ne wo k o a m biogas p oduce s in Sweden collabo a ed o p oduce and anspo aw biogas ia a pipeline o an upg ading plan o con e sion in o ehicle uel. Ta on e al. (2023) and Hong e al. (2022) also highligh ed he ole o ne wo ks in ol ing public and p i a e ac o s, pa icula ly in he biogas indus y. Ve ical in eg a ion in ol es pa ne ships be ween ac o s a he same s age o he alue chain, such as compe i o s, and is c ucial o implemen ing sus ainabili y inno a- ions. Fo example, in was e alo iza ion schemes (men ioned in Sec . "Ci cula econ- omy business models:"), achie ing economies o scale equi es signi ican in as uc u e in es men . Fo ins ance, Jamieson e al. (2020), highligh ed he e ical in eg a ion o ice a me s in a bioene gy sys em, whe e communi y collabo a ion led o new busi- ness ac i i ies like mush oom p oduc ion and local e ailing o mush oom bu ge s. Ve ical in eg a ion was also men ioned by Klein e al. (2022), in he alo iza ion o by- p oduc s. In he same ein, Núñez-Cacho e al. (2018) also discussed a sys em o ela- ionships be ween supplie s and e ail companies o acili a e he ci cula economy. In his case s udy, he supe ma ke Me cadona as a hub leade in i ed collabo a ion om i s 2000 supplie s so ha he was e gene a ed in one ac i i y se ed as an inpu o ano he . Sha ed alues and common goals among like-minded pa ne s a e i al in e ical in eg a ion, as emphasized by many au ho s (Geno ese e al. 2017; Pohlmann e al. 2020; Sebas iani e al. 2013; Zucchella 2019). Bowe and de Ho s (2015) sugges ed ha he posi i e ex e nali ies gene a ed, and he nega i e ex e nali ies educed h ough Page 19 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 knowledge exchange be ween a co po a ion (b ewe y) and i s supplie s ( a me s) encou aged he bes ag onomic p ac ices, esul ing in inc eased income and educed wa e ex ac ion and g eenhouse gas (GHG) emissions. Ho izon al in eg a ion includes collabo a ion be ween di e en bu complemen a y ac o s in he alue chain o in e sec o s. This o m o in eg a ion, including consolida- ion, me ge s, and acquisi ions, is essen ial o implemen ing sus ainabili y inno a ions, pa icula ly ci cula economy BMs (men ioned in Sec . "Ci cula economy business models:") (Pajewski 2020; Sca e e al. 2018). Close in e sec o al collabo a ion is c ucial o he ci cula economy’s success. Acco ding o Kowalski and Maka a (2021), he imple- men a ion o a ci cula BM in he mea alue chain equi ed a conso ium o companies. This ho izon al in eg a ion co e s he ull li ecycle o p oduc s, om ce eal cul i a ion h ough he p oduc ion o indus ial eed o poul y and pig b eeding o he p oduc ion o mea p oduc s. I also includes he use o mea was e, was e om consumed ood, he p oduc ion o mea and bone meal, and was e om pig and poul y a ming o e iliz- ing pu poses. O he examples o ho izon al in eg a ion include collabo a ion be ween ou ism companies and a me s in small communi ies, c ea ing posi i e ex e nali ies (Baum and Koze a-Kowalska 2019; Macewen e al. 2008). In e nalizing go e nance and managemen ex e nali ies also equi es he in ol emen o mul iple s akeholde s such as communi ies, businesses, go e nmen s, and in e go - e nmen al ins i u ions. No ko ic (2019) sugges ed ha mul i-s akeholde coope a i es in e nalize hese ex e nali ies by inco po a ing di e se s akeholde s in o decision-mak- ing p ocesses. Posi i e ex e nali ies om such coope a i es can ou weigh he inc eased go e nance cos s, as membe s collabo a e in solida i y o common goals a he han sho - e m cos sa ings. Howe e , wo ke owne ship, which includes labo ’s pa icipa- ion in go e nance and p omo es sel -managemen , can lead o IOE bu o en educes p o i ma gins. Bo zaga e al. (2014, p.6), a gue ha “gi ing p ecedence o people and labou o e capi al migh p ese e employmen and quali y o se ice o membe s and cus ome s bu a he expense o p o i ma gins”. Collabo a i e ne wo ks can also combine elemen s o bo h e ical and ho izon al in eg a ion, whe e ac o s a he same s age o he alue chain coope a e a he han com- pe e, o ming, coope a i es (Galdeano-Gómez e al. 2015). This enhances hei abili y o cap u e alue by inc easing ba gaining powe , in luencing legal changes, secu ing inan- cial suppo , and sha ing ma ke ing and dis ibu ion channels while gene a ing posi- i e social and en i onmen al ex e nali ies h ough sha ed knowledge and capabili ies. Coope a i es a e mos ly o med by small-sized o ganiza ions aiming o each economies o scale and gain access o he ma ke (Valen ino 2007). Ou o his collabo a ion, new IOE oppo uni ies can eme ge due o hei s uc u al (legal) obliga ions o sha e bene i s equally among hei membe s. Coope a i es empowe membe s so hey can gain col- lec i e ba gaining powe , educing uni ansac ion cos s in p oduc ion, ma ke ing, and dis ibu ion, and mi iga ing isks like low a m p ices (Can ino e al. 2019; Nganwa e al. 2010). Coope a i es acili a e business expansion by ob aining loans and p o iding nec- essa y aining and consul a ions. Indi idual a me s, by adop ing a coope a i e o m o BM, migh be able o access unds, dona ions, and o he bene i s om he go e nmen , as well as pool hei land o gain size economies, and hence esol e he issue o land acquisi ion and s a -up capi al (Nganwa e al. 2010). Page 20 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 Associa ions, conso iums, and wo king g oups also combine e ical and ho izon al in eg a ion s a egies, p o iding IOE oppo uni ies. (Folkens e al. 2020) in oduced an Ag icul u e Wo king G oup (AGLW) case s udy ad oca ing o inancial suppo om he municipali ies in i s egion. In his model, all ag i-businesses and a me s in he municipali ies ecei e yea - ound ag o echnical consul ing se ices. The wo king g oup has led o a educ ion in ex e nal wa e cos s esul ing in he ha moniza ion o p i a e and social cos s which can he e o e be conside ed IOE. The s udy concluded ha col- labo a ion among in e es g oups is essen ial o achie ing sus ainable ag icul u e and can p omo e mo e sus ainable p ac ices and help ensu e he long- e m heal h and ia- bili y o bo h he en i onmen and he ag icul u al indus y. Simila ly, a s udy abou an associa ion o p oduce s called “The San a Ca a ina Associa ion o Fine Wine P oduce s o Heigh ” showed ha , by p omo ing he p oduc ion and consump ion o ine wines, hey subsequen ly c ea e a ma ke demand o high-quali y p oduc s, which bene i s he local wine indus y. They also help o os e a sense o communi y. Social en e p ise The legal s uc u e o an o ganiza ion and i s obliga ions o i s sha eholde s o p io - i iza ion o p o i abili y may pose a signi ican ba ie o IOE. In ce ain ju isdic ions such as he Uni ed S a es, cou s ha e e en ound ha en e p ises which p io i ize ce - ain sus ainabili y ac ions ha e no ca ied ou hei du ies o hei sha eholde s unde co po a e law (Giagnoca o 2023). Social en e p ises and o he simila s akeholde in e - es companies, such as communi y in e es /con ibu ion companies, and coope a i es, lay he g oundwo k o a b oade conside a ion o s akeholde in e es s and bene i s. Social en e p ise BMs can he e o e be an e icien and e ec i e way o c ea ing social alue by in e nalizing ex e nali ies (Ge ne 2023). Fo ins ance, consume -led ini ia i es [e.g., solida i y pu chasing en e p ises, and associa ions o he main enance o peasan a me s (Díaz-Co ea and López-Na a o 2018)] a e sus ainably bo n BMs whe e hei alue p oposi ion is o med by aiming o p e en and mi iga e nega i e social and en i- onmen al impac and c ea e posi i e ex e nali ies (Gaziulusoy and Twomey 2015). The same may be ue o he legal s uc u e o coope a i es, which a e membe owned, and ce ain B-Co p ini ia i es. On he one hand, coope a i es may be o ien ed owa d maxi- mizing alue o hei membe s, while also pu suing social and en i onmen al goals. On he o he hand, B-Co ps may be p o i -maximizing en e p ises, while s ill ha ing obliga- ions unde hei bylaws o social esponsibili y (Ge ne 2023; S ubbs 2019). Theme 3 IOE bymeasu emen s andacc edi a ion ools Ac o s in ol ed in he ood sys em lack su icien in o ma ion and knowledge on how o in e nalize ex e nali ies and he consequences o doing so (Rieme e al. 2022), which can lead o a ailu e in achie ing sus ainable ood sys ems. Theme 3 encompasses di e se sus ainabili y assessmen and mone iza ion ools designed o he p ecise calcula ion o he ue cos o ood by conside ing bo h posi i e and nega i e ex e nali ies. These ools no only assis businesses in hei cos –bene i analysis, decision-making, con ol, and s a egic planning o op imize and design he bes alue c ea ion and deli e y s a egies, bu also, mos ele an o his pape , p o ide businesses wi h a eliable and anspa - en e alua ion o eal ood cos s (mone ized alue, which is he mos unde s andable Page 21 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 language o business). Real cos calcula ion epo s p o ide he equi ed in o ma ion o an o ganiza ion o communica e i s sus ainabili y pe o mance, ge ecogni ion, and ecei e acc edi a ion and inno a i e inancing, which a e discussed in Themes 4 and 5. Sus ainabili y assessmen ools andda abases Li e cycle analysis (LCA) is he mos widely adop ed app oach o assessing and educ- ing he nega i e en i onmen al impac s pe uni o p oduc (Ba bie i and San os 2020; Celli e al. 2022). The e a e also a ious complemen a y app oaches, me hods and ools o sus ainabili y assessmen s including social li e cycle analyses (sLCA), en i onmen- ally ex ended inpu –ou pu analysis, en i onmen al economics (Sipkens e al. 2014), en i onmen al p io i ies s a egies (ESP) (Zhen e al. 2021), a el cos me hod (TCM) (Baum and Koze a-Kowalska 2019), in eg a ed p o i and loss s a emen (IP&L)(Hol- cim 2020), and en i onmen al p o i and loss (EP&L) (Ke ing n.d.). The esul s o hese assessmen s and me hodologies also shape indica o da abases such as he T u-cos , he social ho spo s, KANTAR, CIQUAL, and AGRIBALYSE da abases which a e widely used by esea che s (Sipkens e al. 2014). The ad ancemen s in science and echnology, along wi h he eme gence o he a o emen ioned ools and me hodologies, ha e no jus made mone iza ion calcula ions, such as TCA and ue p icing, possible, bu also mo e accu a e. Mone iza ion and epo ing ools TCA has been in oduced as a solu ion o measu e he o al ue cos s o companies’ ac i i ies, conside ing na u al, social, human, and p oduced capi al (TMG-Think Tank o Sus ainabili y and WWF 2021). TCA aligns wi h he mega end o sus ain- abili y, encou aging mode n economic p inciples like he ‘economy o he com- mon good’ o he ‘doughnu economy,’ and se ing as one o many necessa y ools o coun e ac he mul idimensional c ises global socie y aces oday (Gemmill-He en e al. 2021). Capi al coali ion case s udies and he “T ue Value o Food” p ojec by Wbcsd a e leading mul ina ional p ac ices o assessing he ue alue o ood (Hen- d iks e al. 2021; Wbcsd 2021). The e is a consensus on he need o an in eg a ed e alua ion o ex e nali ies (Phelan and Jacobs 2016) and he need o he inco po- a ion o TCA wi hin a collabo a i e amewo k, whe e di e en s akeholde ini- ia i es p og ess in ha mony (El-Hage Scialabba e al. 2021; Gemmill-He en e al. 2021). Al hough di e en ac o s ha e a ying scopes o TCA assessmen s, ag ee- men on he TCA baseline is c ucial. “Ne wo ks a e o ming bu hey need o link up wi h o he ne wo ks and scale up hei e o s” (El-Hage Scialabba e al. 2021). Ano he consensus highligh s he impo ance o conside ing posi i e ex e nali ies in TCA quan i ica ion. Wi hou inco po a ing posi i e ex e nali ies in o p icing, heal hy and sus ainable p oduce s would no be incen i ized (San aga a e al. 2020). Ag i- ood businesses use hese assessmen s no only o minimize nega i e impac s, enhance posi i e bene i s ac oss alue chains, and manage hei ex e nali ies (Hen- d iks e al. 2021; Se a eim e al. 2019; Wbcsd 2021), bu also o inc ease awa eness abou ood ex e nali ies (Fi zpa ick 2019) and ha he impac hey c ea e eaches a beyond he bounda ies o hei ope a ions, impac ing di e se s akeholde s and he en i onmen bo h posi i ely and nega i ely (Gemmill-He en e al. 2021). Page 22 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 These companies di e en ia e hemsel es as being esponsible and pionee ing in TCA epo ing, hus imp o ing hei b and image. A epo by Ha a d Business School in 2019 ound ha a leas 56 companies disclosed mone ized in o ma ion abou hei impac , ou o which we e in he ood indus y including, Algix, which o e s ull li ecycle impac s o wo ypes o plas ic; A la Foods, which implemen s a ull c adle- o-g a e company assessmen ; Nes lé, which limi ed TCA o a subse o employmen pa hways; and Coca-Cola, which o e ed eigh eplenishmen p o- jec s. Addi ionally, he Wbcsd (2021) epo ed in e na ional ood companies such as Oa Well®, Olam, and Danone, all o which included TCA as pa o hei alue p oposi ion. Theme 4 IOE byconsume /ma ke ecogni ion IOE by consume and ma ke ecogni ion encompasses a ange o s a egies and ools ha enable businesses o cap u e alue o hemsel es and ecei e incen i es om hei sus ainabili y inno a ions. Such e o s equi e companies o es ablish hemsel es as sus ainable en i ies and e ec i ely communica e his posi ioning. This may con ibu e o he de elopmen o a dis inc i e b and image, he eby inc easing he willingness o pay p emium p ices and mi iga ing epu a ional isks associa ed wi h social and en i onmen al deg ada ion. Ce i ica ions and hi d-pa y acc edi- a ion ools se e as a means o communica ion wi h di e se s akeholde s, whe he o communica ion wi h consume s, o p oo o compliance wi h en i onmen al and social equi emen s issued by in e nal o ex e nal audi s. Conside ing ha egula- ion and policy a ec he BM en i onmen , compliance wi h egula o y equi e- men s can be a alue cap u ing s a egy, by in e nalizing hei posi i e ex e nali ies. Communica ion and anspa ency wi hs akeholde s Many s udies emphasize he c ucial ole o anspa en communica ion wi h s akehold- e s as a co e alue p oposi ion o he BM, pa icula ly hose ocused on sus ainabili y and e hical p ac ices. Fo example, Me cu i e al. (2021) highligh ed he ole o blockchain- based BMs in enhancing communica ion and us wi h s akeholde s h ough aceabil- i y, secu i y, and non-manipulabili y o in o ma ion. The s udy showed ha he absence o in e media ies no only educes ansac ion cos s bu also speeds up he p ocess o es ablishing ela ionships be ween a business and i s s akeholde s. In he ag i- ood sec- o , his anspa ency and sa e y a e pa icula ly aluable, ensu ing ha s akeholde s can us he o igins and handling o hei ood p oduc s. Nä änen e al. (2021) discussed how communica ion wi h s akeholde s is essen ial o c ea ing, sha ing, and sus aining belie s and ideas, pa icula ly in small-sized o ganiza ions like s a ups. These o ganiza- ions use ma ke ing communica ion and wo kshops o p omo e posi i e, c ea i e, and e hical messages abou hei sus ainable p ac ices, such as ood was e educ ion. Unlike mo e common guil -inducing s a egies, hese app oaches ocus on inspi ing s akehold- e s and consume s o pa icipa e in sus ainable p ac ices, hus os e ing a mo e suppo - i e and p oac i e communi y a ound he business. Simila ly, s udies by Sebas iani e al. (2013) and Sedlmeie e al. (2019) ocused on BMs and s a egies wi h p oac i e engage- men o s akeholde s, no jus dissemina ing in o ma ion bu co-c ea ing he BM wi h Page 23 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 s akeholde s. In hese s udies, social supe ma ke s and slow ood s o es adop p oac i e communica ion s a egies ha no only in o m, bu also engage he communi y, building a sha ed sense o esponsibili y and acili a ing he o ma ion o a s ong ne wo k o like- minded indi iduals, which in u n suppo s he BM’s aims. T anspa ency and communica ion wi h s akeholde s a e being inc easingly suppo ed by he adop ion o epo ing and disclosu e egula ions, coupled wi h ce i ica ion s anda ds, which indi ec ly os e IOE. Fo example, en i onmen al, social, and go e n- ance (ESG) epo ing se es as a medium o communica ion and anspa ency o s ake- holde s, pa icula ly in es o s. I in ol es businesses disclosing hei ESG p ac ices and pe o mance o demons a e hei commi men o sus ainable and e hical ope a ions. Mo eo e , he e is a g owing awa eness o business ex e nali ies, p omp ing s akehold- e s such as NGOs, ci il socie y g oups, communi ies, and wo ke s o ac i ely p o ec hei in e es s. Addi ionally, businesses, indus y o ganiza ions, and NGOs ha e in o- duced olun a y ce i ica ion schemes as a means o sel - egula ion (KPMG In e na- ional 2014). This p esen s an oppo uni y o in eg a e he ue alue o ood in o ood and ag i-business epo ing and in es o communica ion, le e aging capi al ma ke s o p omo e sus ainable ood businesses and sys ems (Wbcsd 2021). Many o ganiza ions, including EOSTA (Eos a e al. 2017), OATWELL (T ue P ice 2015), OLAM (OFI 2024), Ke ing (Ke ing 2024), and Holcim (Holcim 2020), ha e al eady inco po a ed TCA and o he social and en i onmen al impac measu emen s in o hei o mal epo ing sys- ems o communica e hei social and en i onmen al ex e nali ies o s akeholde s. The p ocess o IOE h ough olun a ily implemen ed ce i ica ion schemes includes inancial gains, consume s’ willingness o pay a p emium p ice, en e ing new ma ke s, e.g., expo ing o o eign coun ies, gaining compe i i e ad an age, di e en ia ing he b and, and he abili y o collabo a e, hi e, and wo k wi h he ‘ igh ’ ne wo ks (da Rocha Oli ei a Teixei a e al. 2023; Dagilienė e al. 2021; Fe nq is e al. 2022; Zilia e al. 2023). Ce i ica ion schemes allow o ganiza ions o cap u e alue o hemsel es and commu- nica e e ec i ely wi h hei s akeholde s. Fo example, Isada and Isada (2014) conduc ed an empi ical analysis suppo ed by a case s udy, demons a ing how ce i ica ions p o- ide bene i s and di e en ia ion o bo h p oduce s and he indus y. Ce i ied compa- nies ha add ess social issues, while c ea ing posi i e ex e nali ies, ecei e high social p aise and achie e sus ainable compe i i e ad an ages. Simila ly, Hong e  al. (2022) highligh ed he ole o ce i ica ion in inc easing he expo olume o a m p oduc s o domes ic and in e na ional ma ke s h ough s a ewide implemen a ion o o ganic a ming. S ubbs (2019) also discussed he mo i a ion behind adop ing he B-Co p ce - i ica ion scheme: “Ce i ica ion is a means o codi y p ac ices and signals o in e nal and ex e nal s akeholde s, enhancing he o ganiza ion’s c edibili y in economic and social mo i a ions”, which helps businesses a ac he “ igh ” employees who align wi h B-Co p alues. Al hough ce i ica ions a e essen ial, pa icula ly o small companies o compe e and sell o la ge e aile s, he e a e signi ican c i icisms e lec ing conce ns abou he align- men o ce i ica ion p ac ices wi h genuine sus ainabili y objec i es, as well as issues ela ed o he accu acy and anspa ency o epo ed compliance cos s. Fo ins ance, Jones e al. (2011) a gued ha majo ood e aile s p ima ily p omo e sus ainable con- sump ion o u he hei comme cial in e es s. Thei s a egies p io i ized e iciency Page 24 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 gains ac oss economic, social, and en i onmen al aspec s a he han ocusing on p e- se ing ecosys ems and educing esou ce consump ion. Addi ionally, a s udy by (Ragasa e al. 2011) on he Haza d Analysis and C i ical Con ol Poin s (HACCP) ce i ica ion e ealed ha epo ed i m-le el expendi u es do no accu a ely e lec he ac ual cos s, and indings indica e a subs an ial unde es ima ion o epo ed cos s. Co po a e social esponsibili y (CSR) is ano he communica ion measu e compa- nies use o inc ease anspa ency (Oginni and Omojowo 2016). CSR p ac ices enhance he quali y o ag i- ood p oduc s, le e age compe i i eness o en e ing in e na ional ma ke s, and build cus ome loyal y (De Chia a 2021). The impo ance o CSR com- munica ion in shaping consume s’ posi i e a i udes and beha io al in en ions is well- documen ed (De Chia a 2021). Compliance wi h egula o y equi emen s The ways in which BMs in e nalize ex e nali ies and cap u e alue o hemsel es and s akeholde s a e a ec ed by egula o y en i onmen s and s a e ac ions. They in lu- ence he BM ecosys em h ough policies and egula ions in he ma ke , o example, hose ha aim o es o e, p ese e, and enhance ecosys ems upon which ag icul u e is dependen [e.g., Common Ag icul u al Policy (CAP) suppo ] (Baum and Koze a-Kow- alska 2019; Bocken e al. 2020). As such, op imal go e nmen in e en ion migh in ol e he es ablishmen o ins i u ional amewo ks ha enable p ope incen i iza ion and ba gaining among pa ies in ol ed in IOE (Helbling 2022). Acco ding o Bu el (2003), egula ion mainly e e s o s a e (na ional o subna ional go e nmen ) p ac ices aimed a supe ising and con olling p i a e economic ac i i ies o accomplish social goals such as ensu ing compe i ion, educing ex e nali ies, p omo ing ai ness, and ensu ing heal h and wel a e. Regula o y p ohibi ions, such as ines, axes, company closu es, o emedia- ion, a ec BMs’ alue cap u ing. Fo ins ance, in a s udy by (Dagilienė e al. 2021), plas- ic bag p ohibi ions, was e so ing obliga ions, packaging egula ions, and limi ed use o suga we e en o ced by he Ge man go e nmen , compelling e aile s o p o ide sus- ainable p oduc s o consume s. In ano he s udy, non-compliance wi h speci ic hygiene ules o ood o animal o igin esul ed in company ines and closu es (D eje ska e al. 2019). On he o he hand, ma ke incen i es, s emming om egula o y ini ia i es a he han he di ec dic a ing o speci ic beha io , signi ican ly modi y p ice signals, he eby indi ec ly a ec ing he BM en i onmen . Ma ke incen i es encou age p oduce s o engage in app op ia e beha io , di ec ly a ec ing how o ganiza ions cap u e alue h ough subsidies, ax exemp ions, access o in es men s, and con ac s [e.g., (Baum and Koze a-Kowalska 2019; Klein e al. 2022; Macewen e al. 2008)]. Theme 5 IOE byinno a i e inancing IOE by inno a i e inancing e e s o alue cap u ing s a egies o ecei e unds, in es - men s, and o he ypes o inancial esou ces o suppo o sus ainabili y inno a ions ha c ea e posi i e ex e nali ies and p e en o mi iga e nega i e ones. Cu en ly, bo h he public and p i a e sec o s p o ide en u e capi al which plays a c ucial ole in add essing ex e nali ies and p omo ing sus ainabili y inno a ions in he ag i- ood sec o . Howe e , success ully cap u ing alue om inno a i e inancing necessi a es igo ous Page 25 o 36 Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46 measu emen and hi d-pa y e alua ion o ob ain he equi ed acc edi a ions. Gi en he na u e o unding sou ces and in es men s, ag i-businesses mus adop speci ic alue c ea ion and measu emen s a egies o mee he c i e ia o secu ing hese unds, in es men s and suppo . Bank inancing andp i a e in es ing In es o s and inancial ins i u ions a e inc easingly looking o suppo businesses ha demons a e a commi men o sus ainable p ac ices (KPMG In e na ional 2014). Pa - icula ly o banks disclosing hei ESG in o ma ion, he sus ainabili y p o ile o hei in es ee is o g ea impo ance o de e mine he sus ainabili y isk o hei in es men (K an z and Jonke 2024). The Uni ed Na ions En i onmen P og amme Finance Ini ia- i e (UNEP FI) equi es i s pa icipan s wi hin he inancial se ice sec o o in eg a e en i onmen al isks in o hei c edi isk managemen p ocedu es (Sipkens e al. 2014). A wide ange o inancing ini ia i es a e a ailable a Eu opean, na ional and egional le - els [e.g., see he lis o ini ia i es o e ed by Cunha e al. (2021, p.3822)]. Applican s need o mee condi ions and demons a e hei sus ainabili y impac s such as h ough socially esponsible in es ing, en i onmen al, social and go e nance in es ing, eco-in es ing, g een in es ing, and ESG in es ing which a e cen al o inancial ins i u ions nowadays. P i a e bank in es o s also equi e acc edi a ion in o de o educe hei isk o in es - men . In his ega d, he measu emen ools o calcula ing ex e nali ies in oduced in Theme 3 (IOE by alue measu emen ) p o ide he necessa y in o ma ion o in es o s. Howe e , he poin has been aised ha mos o hese in es ing unds ac ually seek isk- e u n p o iles ha a e equi alen o hose o con en ional en u e unds (Ge ne 2023). Conside ing ha ag i- ood businesses a e mos ly small-sized o ganiza ions wi h insu - icien inancial s uc u e (Paoloni e al. 2023), and he ac ha in es ing in sus ainabil- i y inno a ions a e “subs an i e isky in es men s” (Sc ase e al. 2009), he necessi y o access al e na i e in es men sou ces and inances has become e en mo e ele an o cap u ing alue om inno a i e BMs. To imp o e access o inancing o sus ainabili y inno a ion, he Eu opean In es men Bank’s Ad iso y Se ice ecommended h ee ypes o inno a i e inancing models sui able o small-sized ag i- ood businesses (Gaziulusoy and Twomey 2015; Ve beek e al. 2019). Fi s , c owd unding is becoming inc easingly popula as a sou ce o capi al and in es men (Gaziulusoy and Twomey 2015). I allows indi iduals o suppo sus ain- able p ac ices in he ag i- ood sec o by unding speci ic p ojec s. En ep eneu s ben- e i by accessing unds om like-minded suppo e s a he han adi ional inancial ins i u ions (B u on e al. 2015). This di ec inancial suppo aligns wi h IOE because i encou ages businesses o accoun o and mi iga e hei en i onmen al impac s, hus inco po a ing hese conside a ions in o hei inancial planning and ope a ions (Ciccullo e al. 2022). Fo ins ance, Be e es , a Ge man pla o m, unds ene gy e iciency p ojec s h ough small in es men s om many indi iduals, who ecei e e u ns based on p o- jec ene gy sa ings. This app oach no only bene i s in es o s and businesses inancially, bu also con ibu es o en i onmen al p ese a ion by educing ha m. Second, mini- bonds encou age collec i e esponsibili y and collabo a ion in managing en i onmen- al and social impac s. This collabo a i e app oach suppo s IOE by os e ing inancial s uc u es ha ewa d sus ainable p ac ices and accoun abili y. 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