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Sustainable international business model innovations for a globalizing circular economy: a review and synthesis, integrative framework, and opportunities for future research
The global imperative has increased in recent years for international firms to respond to major threats such as unintended environmental, social, and economic problems arising from ecological destruction, population growth, and economic activity. To respond to this confluence that has created an emerging existential crisis, we identify that a globalizing circular economy (CE) is required and subsequently define a new construct: sustainable international business model innovations. In doing so, we introduce circular inputs, sharing platforms, product as a service, product use extension, and resource recovery as business models that contain the potential to reply to these grand challenges. Based on CE principles, the innovations and designs introduced are contrasted with the traditional linear economic model and are presented as actionable standardization/adaptation alternatives for companies responding to differing informal and formal international institutions. Based on the theoretical underpinnings of the resource-based, dynamic capabilities, and international business model innovation perspectives, we introduce an integrative framework that is accompanied by a series of detailed research questions to provide future research opportunities for the domain. This conceptual approach holds that international resource design influences marketing capabilities adaptation which, in turn, impacts international performance and offers a foundation from which to build the literature.
Journal Article
A Stakeholder Theory Perspective on Business Models: Value Creation for Sustainability
Business models are developed and managed to create value. While most business model frameworks envision value creation as a uni-directional flow between the focal business and its customers, this article presents a broader view based on a stringent application of stakeholder theory. It provides a stakeholder value creation framework derived from key characteristics of stakeholder theory. This article highlights mutual stakeholder relationships in which stakeholders are both recipients and (co-) creators of value in joint value creation processes. Key findings include that the concept and analysis of value creation through business models need to be expanded with regard to (i) different types of value created with and for different stakeholders and (ii) the resulting value portfolio, i.e., the different kinds of value exchanged between the company and its stakeholders. This paper details the application of the stakeholder value creation framework and its theoretical propositions for the case of business models for sustainability. The framework aims to support theoretical and empirical analyses of value creation as well as the management and transformation of business models in line with corporate sustainability ambitions and stakeholder expectations. Overall, this paper proposes a shift in perspective from business models as devices of sheer value creation to business models as devices that organize and facilitate stakeholder relationships and corresponding value exchanges.
Journal Article
Discrete models of financial markets
\"This book explains in simple settings the fundamental ideas of financial market modelling and derivative pricing, using the no-arbitrage principle. Relatively elementary mathematics leads to powerful notions and techniques - such as viability, completeness, self-financing and replicating strategies, arbitrage and equivalent martingale measures - which are directly applicable in practice. The general methods are applied in detail to pricing and hedging European and American options within the Cox-Ross-Rubinstein (CRR) binomial tree model. A simple approach to discrete interest rate models is included, which, though elementary, has some novel features. All proofs are written in a user-friendly manner, with each step carefully explained and following a natural flow of thought. In this way the student learns how to tackle new problems\"-- Provided by publisher.
Book
Transformational Business Models, Grand Challenges, and Social Impact
The starting premise of this paper is that business models can transform social reality—sometimes to an extreme. Then, building on the concept of \"grand challenges,\" we argue that such transformations can be either positive or negative in nature (or both)—even in the case of business models designed to improve value not only economically but environmentally and socially as well. To further our understanding of the negative aspects, we introduced two conceptual categories of business model: those for oppression or depletion and exclusionary ones. We further argue that bringing the notion of grand challenges center-stage highlights four elements that can contribute to emerging research and inform practice on transformational business models. These elements are: participatory forms of architecture; multivocal inscriptions; scaffolding; and proximity (understood as a caring concern for the \"other\"). They are central components of what we name transformational business models.
Journal Article
Green and sustainable business models: historical roots, growth trajectory, conceptual architecture and an agenda for future research—A bibliometric review of green and sustainable business models
Over the last two decades, green and sustainable business models (GnSBMs) have become a prominent topic of discussion among scholars, practitioners and policymakers. Preponderance of research and an increasing global pressure to adopt GnSBMs necessitate a comprehensive understanding of the state of research on GnSBMs. Towards this end, we extracted 851 publications on GnSBMs from the Scopus database and employed a series of bibliometrical techniques to: (1) explore the historical roots and sleeping beauties, (2) assess the life cycle, (3) map the conceptual evolution and (4) propose a research agenda for this growing field. Our analysis revealed that research on GnSBMs is moving from a multidisciplinary to an interdisciplinary domain. Its historical roots can be traced to the pioneering works on business strategy in the 1950s, environmental science in the early 1960s and stakeholder theory in the 1980s. Life cycle analysis indicated that research on GnSBM went through an introductory stage from 2002 to 2013 and then began to rapidly grow in 2014, and this growth is forecast to continue until circa 2040. The conceptual structures from 2002 to 2013 and 2014 to 2020 were mapped and an agenda for future research was proposed.
Journal Article
Predictive modeling applications in actuarial science
\"Predictive modeling involves the use of data to forecast future events. It relies on capturing relationships between explanatory variables and the predicted variables from past occurrences and exploiting this to predict future outcomes. Forecasting future financial events is a core actuarial skill - actuaries routinely apply predictive-modeling techniques in insurance and other risk-management applications. This book is for actuaries and other financial analysts who are developing their expertise in statistics and wish to become familiar with concrete examples of predictive modeling. The book also addresses the needs of more seasoned practicing analysts who would like an overview of advanced statistical topics that are particularly relevant in actuarial practice. Predictive Modeling Applications in Actuarial Science emphasizes life-long learning by developing tools in an insurance context, providing the relevant actuarial applications, and introducing advanced statistical techniques that can be used by analysts to gain a competitive advantage in situations with complex data\"-- Provided by publisher.
Book
Business model innovation and competitive imitation: The case of sponsor-based business models
This paper provides the first formal model of business model innovation. Our analysis focuses on sponsor-based business model innovations where a firm monetizes its product through sponsors rather than setting prices to its customer base. We analyze strategic interactions between an innovative entrant and an incumbent where the incumbent may imitate the entrant's business model innovation once it is revealed. The results suggest that an entrant needs to strategically choose whether to reveal its innovation by competing through the new business model, or conceal it by adopting a traditional business model. We also show that the value of business model innovation may be so substantial that an incumbent may prefer to compete in a duopoly rather than to remain a monopolist.
Journal Article