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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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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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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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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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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
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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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Meh abiand Giagnoca o Ag icul u al and Food Economics (2024) 12:46
Recei ed: 17 July 2024 Re ised: 20 No embe 2024 Accep ed: 4 Decembe 2024
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