INNOVATIVE STRATEGIC FINANCIAL INSTRUMENTS FOR THE DEVELOPMENT OF CIRKULAR BUSINESS MODELS
DOI: 10.5937/etp2401061A
Keywords:
circular business model, circular economy, strategic financial management, innovative financial instrumentsAbstract
In the modern economic context, the growing emphasis on
sustainability and efficient management of resources is leading to
comprehensive changes in business models. The circular economy,
aimed at minimizing waste and maximizing resource utilization, is
emerging as a crucial aspect of this transformation. It is a response to the uncontrolled exploitation of natural resources and energy sources,
accelerated industrial development, as well as excessive consumption,
which were the basis of economic growth and development in the 20th
and early 21st centuries. In this context, innovative financial
instruments play a significant role in supporting and financing
circular practices. This paper explores the role of innovative financial
instruments within the circular economy, analyzing how these
instruments encourage sustainable practices, support innovation and
contribute to efficient resource management.
References
Anufrijev, A. (2022). Green finance and accounting approach support in the function of sustainable economic development, Belgrade: Ecologica, 29(107), 391-398.
Anufrijev, A., Aničić, A. (2023). Ekonomski instrumenti za unapređenje upravljanja otpadom. Beograd, 30 (111), 365-374.
Arsić, Lj., Premović, J., Milićević, Z., Đokić, N., Stošić, N. (2020). Afirmacija modela cirkularne ekonomije u malim i srednjim preduzećima (2020). Ecologica, XXVII (100) 647-654.
Bassens, D., De Boeck, S., Kębłowski, W., Lambert, D., Reinhardt, H. (2020). Toward a Circular Economy Scan: Measuring Circular Practices Among Retailers in the Brussels Capital Region, Brussel: Cosmopolis – Centre for Urban Research.
Dašić, G., Anufrijev, A. (2022). Zelena eкonomija кroz prizmu digitalne transformacije, Beograd: Ecologica, 29(107), 331-336, https://doi.or /10.18485/ecologica.2022.29.107.5
European Parliament (2017): Briefing; „Crowdfunding in Europe - Introduction and state of play ”.
Fielt, E. (2013), Conceptualising Business Models: Definitions, Frameworks, and Classifications, Aalborg: Journal of Business Models, 1 (1), 85-105.
Geissdoerfer, M., Pieroni, M. P. P., Pigosso, D. C. A., & Soufani, K. (2020). Circular business models: A review, Amsterdam: Journal of cleaner production, 277, [123741]. ttps://doi.org/10.1016/j.jclepro.2020.123741
Hart, J., & Pomponi, F. (2021). A circular economy: where will it take us?, Berlin: Circular Economy and Sustainability, 1(1), 127- 141.
Iovan, S., Lantz, P. M., & Shapiro, S. (2018). „Pay for success” projects: financing interventions that address social determinants of health in 20 countries. American journal of public health, 108(11), 1473-1477. doi: 10.2105/AJPH.2018.304651
Janovič, V. (2012). Įmonių Perspektyvinė Finansinė Analizė. Vilnius: Business Systems & Economics, 2(1)(2), 102–115.
Kirchherr, J., Reike, D. and Hekkert, M. (2017), Conceptualizing the circular economy: An analysis of 114 definitions Amsterdam: Resources, Conservation and Recycling, 127 (221-232), https://doi.org/10.1016/j.resconrec.2017.09.005
Kumar, B., Kumar, L., Kumar, A., Kumari, R., Tagar, U., & Sassanelli, C. (2023). Green finance in circular economy: a literature review. Environment, development and sustainability, 1-41.
Lacy, P. & Rutqvist, J. (2015). Waste to Wealth: The Circular Economy Advantage. Palgrave Macmillan UK: Kindle Edition.
Ljumović, I., Hanić, A. (2021). Characteristic of Crowdfunding Campaigns Related to The Circular Economy Projects: Evidence from EU Countries, Skopje: Economic Development/Ekonomski razvoj, 23(1), 28-37.
Marović, B., & Njegomir, V. (2016). Inovacije u upravljanju rizikom osiguranja i reosiguranja u kontekstu alternativnih transfera rizika osiguranja, Sarajevo: 27. Susret osiguravača i reosiguravača.
Matešić, M. (2020). Eko-inovacije za održivi razvoj, Zagreb: Socijalna ekologija: časopis za ekološku misao i sociologijska
straživanja okoline, 29(2), 153-177.
Moritz, A., & Block, J. H. (2016). Crowdfunding: A literature review and research directions Springer International Publishing.
Morseletto, P. (2020) Targets for a circular economy, Amsterdam: Resources, Conservation and Recycling, 153, 104553.
Pizzi, S., Corbo, L., & Caputo, A. (2021). Fintech and SMEs sustainable business models: Reflections and considerations for a circular economy, Amsterdam: Journal of Cleaner Production, 281, 125217.
Schwager, P., Moser, F. (2006). The Application of Chemical Leasing Business Models in Mexico. Env Sci Poll Res Int 13, 131– 137 (2006). https://doi.org/10.1065/espr2006.02.294
Schwanholz, J., Leipold, S. (2020). Sharing for a circular economy? an analysis of digital sharing platforms’ principles and business models, Amsterdam: Journal of Cleaner Production, Volume 269, https://doi.org/10.1016/j.jclepro.2020.122327.
Slávik, Š., Bednár, R. (2014). Analysis of Business Models. Zlin: Journal of Competitiveness, 6 (4), 19-40 https://doi.org/10.7441/ joc.2014.04.02.
Shi, L., Xiang, X., Zhu, W., Gao, L. (2018). Standardization of the evaluation index system for low-carbon cities in China: a case study of Xiamen. Basel: Sustainability, 10:3751. https://doi.org/10.3390/su10103751
Shinde, A. A. (2021). Green Bonds an investment tool for resilient future: Helping to achieve Circular Economy business models, Master's thesis, Waterloo: University of Waterloo.
Šapalaitė, T. & Kiaušienė, I. (2023). “Assessment of Financial Condition in Companies Applying Circular Economy Principles”, Vilnius University Proceedings, 37, 104–111. doi:10.15388/VGISC.2023.15.
Tjahjono, M., Ünal, E., Tran, T.H. (2023). The Circular Economy Transformation of Airports: An Alternative Model for Retail Waste Management. Basel: Sustainability. 15(4):3860. https://doi.org/10.3390/su15043860
Velzing, E-J., Hooimeijer, H., Vrijhoef, R., Kunnasvirta, A., Suominen, J., Mieskonen, T. (2021). Study Report 2: Product As A Service Renewability REDUCES – Rethinking Sustainable Development in European Regions by Using Circular Economy Business Models, HU University of Applied Sciences Utrecht / Turku University of Applied Sciences.
Zink, T., Geyer, R (2017). Circular economy rebound, New Haven: Journal of Industrial Ecology, 21:593–602. https://doi.org/10.1111/jiec.12545
Zucchella, A, Previtali, P. (2019). Circular business models for sustainable development: A „waste is food” restorative ecosystem. Hanover: Business Strategy and the Environment, 2019; 28: 274–285. https://doi.org/10.1002/bse.2216
