Francesca Gennari

The bioeconomy, grounded in the shift from fossils to bio-based resources, plays an important role in the Net Zero 2050 scenario. However, even if rooted in circular thinking, bioeconomy business models are not free from environmental, social, and economic concerns. This paper deals with the causes of the unsustainability of business models in the biofuels sector, embracing an unconventional approach that focuses on the uncaptured value. The value uncaptured is the negative aspect of value, and it consists of creating too much or not enough value during the product lifecycle. Value uncaptured can threaten the sustainability of circular business models, which is why it constitutes the ‘dark side’ of circular strategies. Starting from a gap in the existing literature and supported by theoretical background, this study aims to suggest a theoretical framework to identify the causes of the negative value in the biofuel sector. The paper uses a qualitative tool, namely a case study analysis. The findings reveal that circular business models can suffer from value uncaptured, which can take the form of value absence, value destroyed, value surplus, and value missed. Identifying these forms of value can transform them into opportunities for value creation. These results enrich the research on the circular economy with a new and unconventional approach. The elaborated theoretical framework can become a qualitative tool to identify what causes companies’ circular business models to underperform.

Type of the article: Research Article

Abstract
Sustainability has become a strategic priority for tourism enterprises as investors, regulators, and consumers increasingly expect verifiable environmental, social, and governance (ESG) performance. The purpose of this study is to synthesize current evidence on ESG practices in tourism enterprises and to develop a systems-based framework explaining how environmental, social, and governance strategies individually and collectively support sustainable management, organizational performance, and long-term resilience. The review synthesizes environmental (E1–E5), social (S1–S6), governance (G1–G4), and integrated ESG strategies (I1–I8) that link sustainability initiatives to risk management, financial performance, and stakeholder behavior. Across the literature, governance quality consistently conditions the effectiveness of environmental and social initiatives by shaping accountability, strategic alignment, and credibility. Digital technologies and certification schemes emerge as key accelerators of ESG diffusion, particularly by enabling measurement, transparency, and coordination across organizational functions. Taken together, the findings show that ESG practices in tourism operate as an interconnected system rather than as independent pillars. Within this system, governance structures coordinate environmental and social strategies, generate feedback through stakeholder trust and performance outcomes, and enable learning and adaptation over time. The proposed systems-based framework clarifies how these feedback loops and conditioning effects translate ESG strategies into organizational resilience and long-term value, offering actionable insights for managers, policymakers, and investors seeking to align sustainability initiatives with sustained performance.

Acknowledgments
This study was carried out as part of the project “A Multidimensional Model for the Transition of SMEs to the Circular Economy” under the call PRIN 2022 financed by the European Union – NextGenerationEU – Mission 4 “Education and Research” component C2 – investment 1.1.