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Browsing by Author "Atstaja, Dzintra"

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Assessing the Financial Viability and Sustainability of Circular Business Models in the Wine Industry : A Comparative Analysis to Traditional Linear Business Model—Case of Georgia
(2024-04) Chkareuli, Vakhtang; Darguashvili, Gvantsa; Atstaja, Dzintra; Susniene, Rozita; Juridiskā fakultāte
In the contemporary global context, waste management and the judicious utilization of resources have emerged as pressing concerns. Consequently, the concept of a circular business model has gained prominence as a viable solution. This innovative model reframes waste not as a disposable byproduct but as an opportunity to generate new value, setting it apart from the conventional linear business model, particularly in financial, economic, and operational dimensions. Numerous industries grapple with the issue of excessive waste generation, among them the wine industry, notable for its substantial water and grape waste outputs. This predicament holds significant ramifications both on a global scale and within the specific context of Georgia. Yet, it also presents an innovative avenue for waste recycling. This study draws upon a comprehensive review of internationally recognized literature, noted for their scholarly significance and citation prevalence. In its practical segment, two distinct investment projects have been meticulously developed which seek to evaluate the financial viability of the circular business model in contrast to the conventional linear business model. The investment projects considered are as follows: 1. Under the framework of a linear business model, the company exclusively engages in the production and sale of wine. 2. Within the circular business model paradigm, the company not only produces wine but also harnesses waste processing to yield grape seed oil, which is subsequently marketed alongside wine bottles. Both models undergo rigorous scrutiny, employing a comprehensive analysis of key financial indicators essential for assessing project profitability and efficiency. The outcomes of this investigation reveal that, under identical capital investment conditions, the circular business model surpasses the linear model in terms of profitability. This underscores the potential for sustainable practices within the wine industry and the broader business landscape.
ATTITUDE TOWARDS SUSTAINABLE ENTREPRENEURSHIP AMONG STUDENTS : TESTING A MEASUREMENT SCALE
(Vilnius Gediminas Technical University, 2022) Titko, Jelena; Tambovceva, Tatjana; Atstaja, Dzintra; Lapinskaite, Indre; Solesvik, Marina Z.
The overwhelming goal of the research is to evaluate the attitudes and behaviours of youth towards sustain-ability issues and sustainable entrepreneurship. The current paper reflects the results of the first research stage and aims at testing a measurement scale that consists of three groups of items: 1) statements about environmental attitudes and behaviours, 2) general intention to start a sustainable business, 3) intention to start a social business in the field of the circular economy. The reliability analysis to measure the internal consistency of the scale was performed in SPSS environment, using Cronbach alpha. A focus group discussion was organized among business students to evaluate the perceived quality of the questionnaire.
Challenges of the introduction of circular business models within rural SMEs of EU
(2020) Uvarova, Inga; Atstaja, Dzintra; Korpa, Viola
Recently the circular economy has got a lot of attention within discussions of policy makers, academics and practitioners. The circular economy proposes the treatment of environmental and climate change problems, simultaneously promising benefits for the business. The circular economy promotes the reduction of the consumption and reuse or recycling of the resources that in various aspects contradicts traditional business models that stream to linear growth of sales of their products. Yet the circular economy concept has been more discussed regarding its global scale, but there is a lack of scientific discussions about the approaches of the adoption of circular economy principles on the business level. This paper conceptualises multi-level dimensions of the circular economy and highlights challenges related to the perception of the circular economy principles in the micro business level. The conducted research shows that rural SMEs of six EU countries have rarely heard about the circular economy and even less about circular business models. While rural SMEs are more familiar with the bio and green economies forming good base for developing circular business models, they are reluctant towards introducing new business models. This paper aims to assess the level of the advancement in introduction of the circular business models among rural SMEs of EU countries. This article emphasizes the circular economy as an inseparable part of the business models of rural SMEs and rural economies of EU countries. This study has a policy implication as we suggest that the government should play an important role in promotion of circular business models in rural SMEs. The existing public support system is fragmented, and in most cases just incidentally encourage rural SMEs to adopt new circular business models. Also, the circular economy on a local level, especially in rural areas, has an important role in ensuring social wellbeing of local inhabitants. The methodological approach and research results presented in the paper can be used further developing EU support system and priorities beyond 2020.
CIRCULAR ECONOMY DRIVEN INNOVATIONS WITHIN BUSINESS MODELS OF RURAL SMEs
(Rēzeknes Tehnoloģiju akadēmija, 2019) Uvarova, Inga; Atstaja, Dzintra; Vitola, Alise; Lubkina, Velta; Zvaigzne, Anda; Kotāne, Inta
The competitiveness of rural SMEs is low due to economic inefficiency and the lack of innovations. The main challenges faced by rural SMEs are the limited scale, the distance form larger sales markets, R&D and business support institutions, and the lack of innovative spirit. The circular and bio-economies are shaping the rural SMEs towards the environmentally friendly and eco-efficient production, the minimization of the generation of waste and less use of natural resources. This potential of the adoption of new business models within rural SMEs is not fully observed.The aim of this research is to analyse the opportunities of rural SMEs in introducing the innovative business models driven by the circular economy. This research explores the innovative business models of rural SMEs that transform the environmental challenges in business opportunities and keep a balance with the growing consumption needs. The results of the research are of both theoretical and practical value, providing recommendations for facilitation of innovative business models within rural SMEs. The research methods: desk research, statistical analysis, a grounded theory approach, case study, primary data gathering through seven focus groups with more than 200 stakeholders from six European countries.
COLLABORATION COMPETENCIES AND GREEN BUSINESS MINDSET
(2022) Uvarova, Inga; Atstaja, Dzintra; Volkova, Tatjana; Ozolina-Ozola, Iveta; Korpa, Viola; Rīga Stradiņš University
INTRODUCTION There is increased international pressure to develop sustainable and circular businesses. This raises the question of entrepreneurs’ green awareness and the ability to adopt green values in their business and management practices. While this has become a hot topic on the agenda of policymakers and researchers, there is a critically low level of green awareness among entrepreneurs. This highlights the need to explore how to better foster the development of a green business mindset among entrepreneurs. Collaboration with multiple stakeholders is currently promoted as an essential resource for companies to create a positive environmental impact and circular value. However, entrepreneurs do not recognise the advantages of collaboration, but instead face growing stakeholder green pressure. Collaboration competence has been recognised as one of the essential elements of the green business mindset. The awareness of green values and the importance of collaboration in this context needs to be developed at school to provide theoretical knowledge and promote green skills. This study aimed to investigate the understanding of teachers and academic staff about the green business mindset and to assess their perception of the importance of collaboration competencies within the green business mindset. Research questions: 1) What are the main competencies comprising the green business mindset model and the status quo of the collaboration within this model; 2) How do teachers and academic staff perceive the importance of collaboration in developing the green business mindset? MATERIALS AND METHODS The systematic literature analysis, content analysis and clustering of the co-occurrence of keywords and concepts were used for the research. The empirical study reflects the situation in Latvia, and accordingly, the academic staff as well as teachers from Latvia were surveyed. Interviews of experts were conducted. The descriptive analyses synthesised the research results and described the main implications and further research gaps. RESULTS The green business model encounters the development of critical thinking, creativity, initiative and leadership, reflection, sharing and collaboration, environmental concerns and the attitude towards green values. The research results reveal the increased necessity to promote green awareness among youth, entrepreneurs, families and teachers. The academic staff rather have an overall understanding of green business, but they lack detailed green knowledge. Changing the behaviour and attitudes towards environmentally friendly business is considered most important, but collaboration is less critical. DISCUSSION Latvian entrepreneurs do not recognise the benefits and positive impact of green business practices. Changing customer values and global trends of sustainable transition will foster green business practices. Therefore, it is essential to develop knowledge of the circular and green business and stimulate behavioural changes of entrepreneurs to accept and follow environmentally friendly values. Previous studies prove the vital and integral role of collaboration with and for multiple stakeholders in creating positive environmental impacts. Such stakeholder collaboration includes various managerial tasks - the establishment of the relationship, value mapping and standard value orientation, regular communication, involvement and engagement, sharing and co-creation, and requiring appropriate competencies. Collaboration with multiple stakeholders is a cross-cutting issue that should be reflected horizontally in different study courses, not just in a specific environmental or ecological curriculum. However, the entrepreneurship and management study programmes should include stakeholder collaboration topics as one of the managerial practices. CONCLUSION This study describes the green business mindset model and its multi-dimensional nature, including knowledge and skills related to entrepreneurship, sustainability, ecology, and green education on the one hand, and emotional intelligence, green values and attitudes on the other. This research reveals the shorthand situation of Latvia. The green business mindset model envisages several levels of development and assessment – raising awareness, acquiring knowledge, changing attitudes and values, changing behaviour, and initiating green actions. The academic staff and teachers consider that, in Latvia, besides green business knowledge, the emotional, intuitive and spiritual intelligence, self-awareness and self-confidence encompassing green values are essential, and should be developed.
Developing E-learning course "Circular Economy" in the Study process and Adult Education
(2023-02-28) Atstaja, Dzintra; Purvianš, Maris; Butkevičs, Janis; Uvarova, Inga; Cudečka-Puriana, Natalija; Muratov , A.; Khasanov , S.; Rīga Stradiņš University
The educational process has changed; many more technologies and solutions are involved in preparing the subject and the study process. A degree of maturity in using digital tools has been reached, allowing the student to learn the subject whenever and wherever he or she wishes. The experience gained in the USA shows that in the case of successful development of an asynchronous course, in combination with really extended feedback, even content-compliant courses can be acquired in this way very successfully. The purpose of the article is to show a success story of developing a modern e-learning course, modernizing and digitizing their study courses. A complete cycle of "learn by doing"and "do by learning"approaches are being implemented for the first time. By support Erasmus+ project is developing an innovative, asynchronous online course on the topic of Circular Economy and will to improve teachers' digital pedagogical competencies by enabling them to provide a high-quality learning process. At all levels of education, it is essential to keep up with the requirements of the 21st Century and opportunities, to change previous thinking and accept digitization is the duty, mission and task of every teacher, student and administrator.
Development of the green entrepreneurial mindset through modern entrepreneurship education
(2021-01-22) Uvarova, Inga; Mavlutova, Inese; Atstaja, Dzintra
Entrepreneurship education programmes are slowly adapting to the circularity and sustainability movement. Business education lacks experiences in introducing sustainability and environmentally-friendly business topics into entrepreneurship study programmes. This article aims to research the inclusion of environmental and sustainability issues in the entrepreneurship education programmes in order to promote a green entrepreneurial mindset among students and acquire green business activities. The COVID-19 crisis has thrown a harsh spotlight on a range of sustainable development challenges, and the choices the community makes now in its path to recovery will shape the trajectory of sustainable development for years to come. Also, usage of digital technologies will become crucial in this green transition. The empirical research was based on the evaluation of a survey of 657 undergraduate students from the business administration sphere. The research results are of practical, social and scientific significance by exploring the green movement and its impacts on the entrepreneurship education curricula and their effects in developing a green entrepreneurial mindset of students.
End-of-life tyre recycling : Going beyond to new circular business models in Latvia
(2020) Uvarova, Inga; Atstaja, Dzintra; Korpa, Viola; Avena, Liga; Erdmanis, Miks; Rīga Stradiņš University
The end-of-life tyre recycling industry in Latvia faces significant issues on a national level and on a micro business level. The aim of the research is the clarification of opportunities for new circular business models within the tyre recycling industry in Latvia. The main research methods are literature review, semi-structured in-depth interviews, case studies, content analyses, and quantitative statistical analyses, qualitative and descriptive analyses, allowing providing integrative interdisciplinary assessment. In addition, design-thinking methods contributed to conclusions on future opportunities of new tyre recycling business models. The research shows that the system is insufficiently supervised, and it does not facilitate the development of new environmentally friendly technologies and circular business models. A large share of tyres ends up in waste landfills, are incinerated or illegally stored, whereas only a small number of them are recycled. The traditional tyre incineration methods are ineffective and create adverse effects on the environment. Tyre recycling companies in Latvia are not active in adoption of new technologies and business models. This justifies the topicality of the research problem. The research results reveal that globally new opportunities are being actively explored on how to produce higher added value products from materials obtained in the tyre recycling process. In Latvia, it is possible to develop new financially viable circular business models in tyre recycling industry, for instance, by producing tyre-derived aggregates for construction materials or pavement subbases. Besides the need for dynamic innovation capabilities of entrepreneurs, development of new business models in tyre recycling requires collaboration among various stakeholders. In addition, the government has a significant role in implementing the Green Public Procurement for the industries utilizing products gained as a result of tyre recycling.
Ensuring sustainable development of enterprises in the conditions of digital transformations
(2021-06-30) Demianchuk, Maryna; Koval, Viktor; Hordopolov, Volodymyr; Kozlovtseva, Valentyna; Atstaja, Dzintra
Modern enterprises are dynamically developing due to the fourth industrial revolution, contributing to the introduction of innovative infocommunication technologies in most business processes, thereby shaping and developing the digital economy. The aim of the article is to substantiate the concept of sustainable development of enterprises in the context of digital transformations. The theoretical and methodological foundations of sustainable development at different levels of the hierarchy have been determined. The concept of sustainable development of enterprises has been developed, the implementation of which is aimed at harmonizing the economic, environmental and social activities of the enterprise. The stages of the process of implementing the concept of sustainable development of enterprises are highlighted, providing for the justification of an inert, neutral, progressive or forced vector. Ensuring the implementation of the concept of sustainable development is expected through the use of applied models, in particular, the implementation of a parametric model of joint deployment of enterprise infrastructure with other infrastructure facilities in economic activity, taking into account technical, geographical, organizational and socio-economic factors to strengthen financial stability; building a model for ensuring a balanced balance between economic efficiency and environmental and social responsibility of an enterprise using a mechanism for managing transformation processes in the process of transition to sustainable development in the context of digitalization.
Evaluation of the consumer perception of sharing economy : Cases of Latvia, Russia, Ukraine and Belarus
(2021-12-01) Tambovceva, Tatjana; Titko, Jelena; Svirina, Anna; Atstaja, Dzintra; Tereshina, Maria; Juridiskā fakultāte
The overwhelming goal of large-scale cross-country research is to evaluate consumers’ perception of a sharing economy. The research was limited by the number of respondents, as well as by the countries represented in the survey. Latvia, Russia, Ukraine, and Belarus were mostly represented, and only these responses (757) were analyzed. The study used multilevel modelling of sharing economy elements (dependent variable) in relation to personal characteristics (age, gender, income, industry) nested by the self-assessed level of eco-friendliness (a key predictor for the attitude towards sharing economy). Findings: The key personal characteristics, which influence a person’s intention to be involved in the sharing economy practices, are level of income, education, and also self-perceived ecological friendliness. The sharing economy is not only a topic for investigation among academicians, but also an issue on the agenda of the European Commission, because it is considered as a driver for growth and job creation in the European Union. Despite an increasing interest and many studies, there is a limited number of studies focused on difference in perception of sharing economy depending on personal characteristics of respondents. This indicates the necessity of conducting such surveys, involving participants from different European countries. The given paper could be used as a methodological framework for other European researchers who are interested in the exploration of the topic regarding perception of the sharing economy.
Exploring sustainable urban transformation concepts for economic development
(2021) Latvia, School of Business and Finance; Atstaja, Dzintra; Koval, Viktor; Uvarova, Inga; Mavlutova, Inese; Kuzmina, Jekaterina
Nowadays cities face numerous challenges amplified to build necessary urban municipal and community capacity to ensure sustainability transformation to respond to the local and global challenges of climate change, inequality, and access to resources. This research combines the study fields of sustainability, economic development, governance of sustainability transformation, providing the multidisciplinary approach as a systemic-oriented view encompassing the social, technological and ecological aspects of urban transformation. The purpose of the paper is to explore how the concept of urban transformation could be operationalized for research of economic development under the economic strain assuming the emergency of Covid-19 grand challenge. The research methods used are a systematic literature review and the content analysis. The paper provides a detailed characterization of the urban transformation exploring this concept from the structure and system perspectives for the economic exit from the crisis.
In Search of Sustainability and Financial Returns : The Case of ESG Energy Funds
(2023-02) Kuzmina, Jekaterina; Atstaja, Dzintra; Purvins, Maris; Baakashvili, Guram; Chkareuli, Vakhtang; Juridiskā fakultāte
The world is facing several challenges, and the problem of sustainable development is one of the most important. It is worth considering that European countries are playing a significant role as pioneers in building a sustainable world, such as those promises made by signing the Paris Agreement and European Taxonomy. To achieve ambitious targets within sustainable development, a huge amount of capital is necessary, while financial and capital market participants are expected to demonstrate a high level of engagement in the domain of sustainability. Facing growing interest and demand, a relatively new product—the ESG (environmental, social, and governance) investment fund—was introduced. Scientific literature is providing some controversial views regarding the overall evaluation of this product. Therefore, additional research providing different angles would contribute to a better understanding. This study examines European ESG funds in the energy sector, from the perspective of news flows and investors. It is worth noting that the authors use the word “European” to refer to members of the European Union (EU). The paper consists of the following parts. In the introduction, the current state of this issue is discussed. The following section offers a literature review and a news flow analysis that contributes to a deeper understanding of these issues. A description of the methodology applied for the data analysis follows this, and the final section presents the research results and conclusions. The authors apply statistical analysis and the Carhart model to determine the differences in the performance of the ESG and conventional funds and use their own tool for text analysis to examine the relevance of the topic of ESG to attract client interest. The authors claim that the performance of the European ESG equity funds do not show a statistically significant difference from the non-ESG equity funds in the majority of the periods examined. The application of the adjusted Carhart model demonstrates that the factor of sustainability has a non-significant and negative effect on the fund performance. Finally, the authors highlight the urgent necessity for the unified usage of keywords and terminology, such as “ESG”, “sustainability”, etc., to ensure comparison and attribution possibilities.
Investments to Develop Business Models and Projects in the Circular Economy
(2020-11-03) Atstaja, Dzintra; Uvarova, Inga; Kamilla Kambala, Darta; Alberte, Viktorija; Stokmane, Kate; Gegere-Zetterstroma, Astrida; Kraze, Sandra; Zapletnuka, Galina
The development of a sustainable economy and the efficient use of resources are now playing an increasingly important role in the circular economy. Unlike the linear economy, the economy contributes to keeping the value of products, materials, and resources in the economy as long as possible, while at the same time reducing both waste volume and raw material consumption and their environmental impact. The topicality of the research is illustrated by the limited amount of natural resources, climate change and sustainable economic growth, which is pursued by both countries and companies. It is in the economic interest of society as a whole to use existing resources in the best possible way. In addition, the introduction of the circular economy is expected to open up broad opportunities for economic growth for both businesses and consumers. The transition to a circular economic business model requires investment. Funding can be raised through different types of projects, but there is little or no information available in the public area about where and how to obtain financing for circular economy-related projects and what are the general benefits for the company from environmentally-friendly activities.
Management of Household-Generated Construction and Demolition Waste : Circularity Principles and the Attitude of Latvian Residents
(2024-01) Mavlutova, Inese; Atstaja, Dzintra; Gusta, Sandra; Hermanis, Janis; Juridiskā fakultāte; Tiesību zinātņu katedra
This study aims to investigate to what extent the construction and demolition waste generated by households is managed by the principles of circularity and to identify the main influencing factors in the behavior of households regarding the circularity-based management of construction waste in Latvia. The current research presents principles of circularity of household-generated waste based on a systematic literature review, and the data obtained from a survey were analyzed using both descriptive and inferential statistics. This study clarifies the circular economy rationale for construction and demolition waste (CDW) management in Latvia and proposes further development to promote the achievement of sustainable development goals and increased energy efficiency. The results reveal that the observance of circular economy principles in construction and demolition waste management among Latvian households does not correspond to good circular economy practices due to attitudes toward environmental issues, expenses, and logistics; thus, compliance with these principles and legislation as well as closer cooperation between municipalities and households can promote significant economic benefits.
Opportunities to increase financial well-being by investing in environmental, social and governance with respect to improving financial literacy under covid-19 : The case of Latvia
(2022-01-01) Mavlutova, Inese; Fomins, Andris; Spilbergs, Aivars; Atstaja, Dzintra; Brizga, Janis
The latest studies reveal that the COVID-19 pandemic has pushed investors in developed economies to focus more on the value attached to environmental and social responsibilities. Unfortunately, socially responsible investment and compliance with environmental, social and governance criteria are not given enough priority in Latvia at present. The purpose of the study is to investigate how the COVID-19 pandemic has influenced the willingness of Latvians to invest in assets that meet environmental, social and governance (ESG) criteria and factors influencing investors’ choice based on their financial literacy. Different views on sustainable investments, socially responsible investments and the relevance of environmental, social and governance criteria from private investors’ perspectives were analyzed to identify factors influencing investment decisions in favour of sustainable investments. Quantitative analysis was carried out to reveal the regularities between financial literacy, the willingness to invest to meet the ESG criteria and the level of education and income of the Latvian population, as well as their savings/investment experience. Such statistical methods as descriptive statistics and hypothesis testing were applied to perform an analysis of the results. The authors’ findings include the importance of sustainable investing to Latvian society, changes of attitude towards ESG investing in different private investors’ groups under the COVID-19 crisis, and the effects of these changes on the financial well-being of the population and, on the basis of these findings, have come to the conclusion that the willingness to invest in the assets that follow environmental, social and governance criteria depends on the level of education, savings/investment experience and income level.
PREFACE
(2023) Atstaja, Dzintra; Savina, Nataliia; Koval, Viktor
Sharing Model in Circular Economy towards Rational Use in Sustainable Production
(2022-02-01) Atstaja, Dzintra; Koval, Viktor; Grasis, Janis; Kalina, Iryna; Kryshtal, Halyna; Mikhno, Inesa; Tiesību zinātņu katedra; Juridiskā fakultāte
Changing business models is a topical issue in a pandemic. Recent research has shown that the search for environmentally friendly and sustainable solutions in various sectors has become relevant. The article aims to promote cooperation and adaptation of good practices between countries. Comparing the country’s history and economic situation and economic development and traditions can be seen as a precondition for success. The article examines the introduction of sharing economy and the creation of environment‐friendly trends establishing a circular economy by minimizing the population’s expenses, online business growth, and accessibility of Internet technologies. The article explores the difference between the linear economic model and the circular model by adopting sharing and the efficient joint use of materials to enhance and assess sustainable development. Based on a combination of theoretical and practical research, the article explores the dynamic system and development model of sharing a circular economy. The new concept of circular economy does not promote the overproduction of new goods but the rational use of already produced ones, which significantly reduces the amount of waste generated at all stages of the product life cycle. Population groups by different income groups for sharing services are analysed. An analysis of the price characteristics of popular sharing products was used from data from Internet portals. One concludes that due to the increase in Internet users, especially mobile apps, and social networks, C2C sharing has become quite popular over the past years. Other areas also show positive development indicators but have less demand, affecting supply. Based on an in‐depth study of the economic situation in Ukraine, the authors have critically chosen an industry to set as an example with the actual business situation. Therefore, three packages were created: pessimistic, standard and optimistic ones with different characteristics of implementing circular economic projects. The chosen method allows rational management decisions for attracting financing and sustainable solutions. The company’s business scenarios analysed in the article will allow to choose a system based on circular economy principles successfully.
Sustainability challenges and drivers of cross-border greenway tourism in rural areas
(2020-08-01) Tambovceva, Tatjana; Atstaja, Dzintra; Tereshina, Maria; Uvarova, Inga; Livina, Agita
This article provides a practical example of the development of cross-border tourism and its link to achieving sustainable development goals. Greenways (GWs) are successful and recognized initiatives in Western Europe, but have recently also shown development trends in Eastern Europe, notably, in the Baltic Sea Region and Russia. These initiatives improve the quality of life and provide opportunities for sustainable economic activities for the local communities, especially in rural areas, adding value to their natural, cultural, historical and human heritage. The authors studied examples of best practice in scientific literature and practice, encouraging the development of cross-border tourism and GWs in Europe and Russia, in order to further adapt it to other continents. Analyzing the environmental, economic, social and institutional factors in the region and their role in sustainable development, the need for institutional regulation that would allow the development of a wider development of GWs is identified. Research results reveal sustainable development dilemmas of positive socioeconomic effects of GWs and negative environmental effects of increased flows of tourists. Focus groups and expert interviews allowed us to assess the level of various factors contributing to sustainable development and clarify the directions of the future research.
Sustainable Value Chain of Industrial Biocomposite Consumption : Influence of COVID‐19 and Consumer Behavior
(2022-01-10) Rutitis, Didzis; Smoca, Anete; Uvarova, Inga; Brizga, Janis; Atstaja, Dzintra; Mavlutova, Inese; Tiesību zinātņu katedra; Juridiskā fakultāte
The COVID‐19 pandemic has been one of the most unprecedented crises of recent decades with a global effect on society and the economy. It has triggered changes in the behavior and consumption patterns of both final consumer and industrial consumers. The consumption patterns of industrial consumers are also influenced by changes in consumer values, environmental regulations, and technological developments. One of the technological highlights of the last decade is biocomposite materials being increasingly used by the packaging industry. The pandemic has highlighted the problems and challenges of the development of biocomposites to adapt to new market conditions. This study aims to investigate the industrial consumption of biocomposite materials and the influence of the COVID‐19 pandemic on the main stages of the value chain of sustainable industrial consumption of biocomposites. The research results reveal there is a growing interest in the use of biocomposites. Suppliers and processors of raw materials are being encouraged to optimize and adapt cleaner production processes in the sustainable transition pathway. The study highlights the positive impact of COVID‐19 on the feedstock production, raw material processing, and packaging manufacturing stages of the value chain as well as the neutral impact on the product manufacturing stage and negative impact on the retail stage. The companies willing to move toward the sustainable industrial chain have to incorporate economic, environmental, social, stakeholder, volunteer, resilience, and long‐term directions within their strategies.
Transition to the circular economy and new circular business models - An in-depth study of the whey recycling
(2020-11-03) Uvarova, Inga; Atstaja, Dzintra; Grinbergs, Ugis; Petersons, Janis; Gegere-Zetterstroma, Astrida; Kraze, Sandra
Depleting natural resources and large amounts of waste increase the environmental pressure affecting the economy and humans. Emerging sustainability challenges require new behavioural patterns from both the business and consumers. Responding to these constraints, the circular economy is promoted as a new way towards a sustainable future. While the circular economy provides new principles for improving resource efficiency and reducing waste, most of companies run traditional business models with the perception that competitive advantages can be achieved by increasing production. Instead circular business models seek for increase of profitability and efficiency through adapting various business model innovations. However, their adoption process and results are unclear for many industries highlighting the topicality of this article. This research shows that milk processing companies lack an experience and understanding of benefits and challenges of circular business models. In milk processing, the whey is considered as problematic waste or the production leftover, which requires new treatment. The research provides analyses of the whey recycling circular business models that ensured new revenue streams, higher profitability, return on assets and competitive advantages for milk processing companies. The COVID19 pandemia increases the importance of this issue as the dairy industry due to livestock requirements shall ensure business continuity despite a crises or other risks that slowdown the business.

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