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

Mehrabi, Sepide,Giagnocavo, Cynthia Lynn · 2024

Abstract

Current food systems have significant negative environmental, social, and economic impacts. Externalized costs and benefits create false market incentives favoring less healthy and unsustainable options. Transitioning to sustainable agri-food systems requires that businesses internalize these externalities. Internalization of externalities (IOE) is often addressed through policy measures and regulatory initiatives. However, IOE can also be carried out through business models (BMs) and strategies which involve creating positive externalities, mitigating/preventing negative ones, as well as ensuring fair distribution of risks, costs, and benefits. Accordingly, sustainable and innovative BMs and strategies offer pathways to achieving IOE. This paper identifies existing sustainable and innovative BMs and strategies and explains how they can achieve IOE. Using an integrative literature review methodology, we reconcile both economics and business literature approaches. We subsequently carry out two levels of analysis including abductive coding and interrelationship evaluation. The paper explores the characteristics of BMs and strategies that address IOE, using the well-known concept of value and introduces a conceptual framework for categorizing business models and strategies for the internalization of externalities (BM4IOE). The article initiates a discourse on the role of BMs in the IOE within agri-food value chains and provides insights into how businesses can develop and implement models that effectively internalize externalities, thereby enhancing sustainability and driving innovation in the transition of agri-food systems.

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

Author: Mehrabi, Sepide,Giagnocavo, Cynthia Lynn
Publisher: SpringerOpen
Year: 2024
DOI: 10.1186/s40100-024-00338-2
Source: https://repositorio.ual.es/bitstream/10835/18006/1/s40100-024-00338-2.pdf
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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
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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
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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
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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.
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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

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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 .
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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
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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
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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
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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.

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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
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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
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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).
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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
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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).

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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
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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
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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
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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. Fo example, in 2016,
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