Risk Governance & Control: Financial Markets & Institutions / Volume 14, Issue 4, 2024

INTERNATIONAL BUSINESS EXPANSION

AND MERGER INVESTMENT RISK
STRATEGIES BY PROMOTING
INNOVATION AND CIRCULAR
ECONOMY: A CASE STUDY ANALYSIS
Stylianos Kafestidis *, Aikaterini Chasiotou **,
Christos Konstantinidis ***, Grigorios Lazos ****
* Independent researcher, Serres, Greece
** Corresponding author, Department of Business Administration, International Hellenic University, Serres, Greece
Contact details: Department of Business Administration, International Hellenic University, End of Magnesias Street, 62100 Serres, Greece
*** Department of Business Administration, International Hellenic University, Serres, Greece
**** School of Social Sciences, Hellenic Open University, Patras, Greece

Abstract

How to cite this paper: Kafestidis, S., This research paper investigates how Alpha, a leading European
Chasiotou, A., Konstantinidis, C., &
Lazos, G. (2024). International business
company in the architectural aluminum systems sector, adopts
expansion and merger investment risk its international business expansion and merger strategy and
strategies by promoting innovation and integration of innovation and circular economy principles. The study
circular economy: A case study analysis. focuses on Alpha’s dedication to sustainability through innovative
Risk Governance and Control: Financial
Markets & Institutions, 14(4), 89–95. methods, emphasizing the company’s efforts in recycling, waste
https://doi.org/10.22495/rgcv14i4p9 management, and energy efficiency. As companies recognize their
responsibility to reduce their environmental impact, they have
Copyright © 2024 The Authors
begun by making changes within their own production sites and
This work is licensed under a Creative offices and are now extending their efforts to their supply chains
Commons Attribution 4.0 International and beyond. The circular economy offers solutions to these
License (CC BY 4.0). problems. Various studies indicate that the circular economy fosters
https://creativecommons.org/licenses/
by/4.0/ economic growth by increasing employment and utilizing resources
more efficiently. By embracing a circular economy approach, Alpha
ISSN Online: 2077-4303 illustrates how environmental sustainability and economic growth
ISSN Print: 2077-429X can coexist. This study could serve as a company example strategy
Received: 19.05.2024 that tries to follow and achieve a significant transformation necessary
Accepted: 01.11.2024 for net-zero emissions and is transformed in order to be committed
to renewable energy, renewable resources, and high-grade recycling.
JEL Classification: L61, M10, M40,
Q53, O31
DOI: 10.22495/rgcv14i4p9 Keywords: International Business Expansion, Merger, Strategic
Development, Innovation, Sustainability

Authors’ individual contribution: Conceptualization — S.K.; Methodology —

S.K.; Software — A.C. and G.L.; Validation — S.K.; Formal Analysis —
A.C. and G.L.; Investigation — S.K.; Resources — S.K.; Writing — Original
Draft — S.K. and A.C.; Writing — Review & Editing — C.K. and G.L.;
Supervision — C.K.; Project Administration — C.K.

Declaration of conflicting interests: The Authors declare that there is no

conflict of interest.

1. INTRODUCTION information to restore natural and social capital

(Witjes & Lozano, 2016; Stahel, 2016). This approach
The circular economy is an industrial system aims to reduce energy consumption per unit of
designed to be regenerative and its goal is to ensure output and promote the shift to renewable energy by
the efficient flow of materials, energy, labor, and design, treating all elements in the economy as

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valuable resources. The aim is an economy that and other stakeholders a foundational framework
maintains the value of its products, materials, and of analysis for Greek companies expanding
resources for as long as possible while minimizing internationally is the aim of this research. Examining
waste throughout the production and consumption the case study of a Greek corporation that used
processes (Van Buren et al., 2016). innovation and the circular economy to promote
While the circular economy is often associated worldwide corporate development and embraced
with recycling, the two concepts are distinct and past mergers raises several important research
should not be confused. Recycling deals with questions, the primary one being whether or not
materials that have often been mixed with waste or this strategy was effective in producing improved
contaminated, reducing their value and requiring performance outcomes. Therefore, the main
significant energy to clean and repurpose. In contrast, research question that exists and should be
the circular economy focuses on designing products answered in the context of this study is:
to be durable, easy to repair, reuse, disassemble, and RQ: Can the company successfully implement
remanufacture into items that are as good as, or a strategy of investment and international expansion
better than, new ones. It goes beyond merely with the adoption of innovations and the circular
extending the life of a fixed stock of resources economy in terms of sustainability and profitability?
extracted from the earth at the environment’s The structure of the paper with the sections
expense (Murray et al., 2017). that are analyzed are as follows. Section 2
According to the Ellen MacArthur Foundation discusses the literature review. Section 3 describes
(Webster, 2016), the transition to a circular economy the methodology of this paper. Section 4 presents
could bring numerous benefits to Europe, such as and explains the results. The final Section 5 concludes
about a 48% reduction in carbon dioxide emissions the paper.
by 2030, and an 83% reduction by 2050, relative to
today’s levels. It is also estimated a decrease in 2. LITERATURE REVIEW
primary material consumption (measured in car and
construction materials, real estate land, synthetic Regarding the effects of mergers and whether they
fertilizers, pesticides, agricultural water use, fuels, are advantageous for a firm that chooses to merge,
and non-renewable electricity) by 32% by 2030 and 53% there has been a wide range of views expressed over
by 2050, compared to today. Overall economic time. For instance, according to certain researchers
benefits amount to €1.8 trillion by 2030, which is (Alhenawi & Stilwell, 2017; Gupta et al., 2023),
double the projected benefits of the current mergers either generate value or have a favorable
development path (€0.9 trillion). These projections impact on corporate outcomes. Some, however,
suggest significant economic, environmental, and contend that mergers have a detrimental effect
social benefits from adopting circular economy on the merged companies’ profitability, business
principles. performance, or increased leverage (Jandik &
On the other hand, one important option Lallemand, 2014; Harrison et al., 2014). Still, others
of contemporary corporate restructuring is support a well-established pattern from past research,
the implementation of mergers as a strategy of which holds that mergers have no apparent influence
expansion (Nicholson & Salaber, 2013; Ferreira et al., on the financial condition of the businesses that are
2016; Zhou et al., 2024). Nevertheless, globalization combined (Al-Hroot, 2016; Pantelidis et al., 2018).
and the expansion of the European Union (EU) have Because of this, the strategy literature typically
boosted every economic sector in recent years: argues that companies may get greater resources
foreign direct investments from multinational firms through mergers and then redistribute those
have surged, global trade has expanded faster than resources to increase revenue and reduce expenditures
national economies, and supranational institutions (Healy & Palepu, 1993). The concept of resource
like the World Trade Organization (WTO) and EU possibilities was expanded by international business
have encouraged ever-closer financial ties over researchers to include a geographic component
national governments, resulting in the emergence of (Agorastos et al., 2011). Consequently, international
an international merger perspective and a more mergers are considered a unique category of merger
intensely competitive business environment (Doukas activity and possess unique attributes compared to
& Travlos, 1988; Lois et al., 2021; Kourtesi et al., 2024). domestic mergers (Liu et al., 2024; Salin et al., 2024).
The fundamental tenet of successful merger On the other part, compared to the linear
operations is that modifications that enhance economy, which is predominantly traditional,
business performance through improperly exploited the circular economy is radically opposed to
resources or assets and may yield financial gains are the former. According to the Ellen MacArthur
those that would not have been made in the absence Foundation (Webster, 2016), the circular economy is
of a change in control in a private or public company a model of operation aimed at greatly reducing
or organization (Chandrika et al., 2022; Giovanis waste and managing available resources in
et al., 2024). Many academics and business the production process as much as possible. It also
professionals are skeptical of the concept of a possible aims to remove waste by design and to preserve
merger transaction, despite the fact that many products as much as possible. With the principles
others are positive and optimistic about it (Pazarskis of the circular economy, the sustainability of
et al., 2022; Pazarskis et al., 2023). a business is achieved, especially in industries such
Using a case study, the current paper examines as those manufacturing aluminum products.
the corporate performance of a Greek corporation Innovation plays a key and decisive role in
that used innovation and the circular economy the success of the principles of the circular
to promote mergers and worldwide commercial economy. For the successful process of development
development from the standpoint of corporate in a circular economy, innovation in both product
analysis. Giving management, shareholders, academics, design and business models is of great importance

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according to Geissdoerfer et al. (2017). Such items for toughness, reparability, and recyclability,
innovations can lead to more durable and recyclable guaranteeing that materials can be effortlessly
products with a corresponding reduction of pollutants. isolated and reused at the conclusion of their lifecycle.
Bocken et al. (2016) links technical progress to The use of circular economy principles yields
the facilitation of circular business models. This has significant environmental advantages. Circular
become possible thanks to technologies such as economy techniques may dramatically cut waste
3D printing, robotics, and artificial intelligence production, and carbon emissions, and preserve
(AI) that provide designs for sustainability. natural resources, as Ghisellini et al. (2016) point
These technologies also result in more efficient out. For Alpha, these actions result in improved
manufacturing processes that waste less product. sustainability and less environmental impact. Practices
For example, AI can predict maintenance and repair that promote the circular economy can have
ahead of the reducing downtimes as well as significant financial and social benefits. According
extending lifecycles for machinery and products. to Murray et al. (2017), a circular economy can result
The benefits of practicing circular economy in in financial savings by consuming fewer resources
a business can be illustrated through several and disposing of trash more efficiently. These methods
successful case studies in different industries. can also improve competitiveness and provide new
Many companies have already embraced some of market possibilities. Adopting the concepts of
the principles that pertain to circular economy as the circular economy has given Alpha more market
elaborated by Stahel (2016) such as durability of dominance, cost savings, and better efficiency.
goods, remanufacturing and recycling. They haven’t Furthermore, by encouraging sustainable business
regretted it because such practices have increased practices and a culture of reuse and recycling,
their profits at the same time that they reduced circular economy activities can result in the creation
environmental pollution so much. of jobs and positive social effects.
However, there are certain barriers in the whole Undoubtedly, the transition to a circular
process. First, internal procedures play a key role as economy presents significant benefits but also
organizational skills are vital for experts in different considerable challenges. Hurdles are according to
organizational roles to support a circular business Korhonen, Honkasalo, et al. (2018) and Korhonen,
model, while strategic efforts are needed to establish Nuur, et al. (2018) the large amounts to be invested,
business strategies and organize the company regulatory barriers and rules as well as technological
accordingly. Technical proficiency in technology barriers. Companies like Alpha can mitigate
needs necessary specialized technical and technological the consequences and challenges by developing
knowledge, which requires the implementation of partnerships and innovation strategies. Areas for
specific technologies, such as recycling technologies, attention and improvement, where future research
to redesign circular products and maintain quality. efforts should focus on, are the development of
Last but not least, economic factors are a necessity effective recycling technologies, the exploration
to make substantial and significant investments, of innovative business models and increasing
while high costs are required to manage processes stakeholder participation.
due to the complexity of circular business The economic impacts and any possible
practices (Sousa-Zomer et al., 2018; De los Rios & reactions to the adoption of the circular economy
Charnley, 2017). should be further studied. According to the literature,
In conclusion and since there are no specific innovative regulations are needed for the circular
studies in this direction, it is very important to economy to survive. Alpha is leading the way with
investigate the fact for the business world if it can its practices and shows us how and the economic
exist in practice and if a company can successfully benefits they have. The contribution of the circular
adopt a strategy of investments, mergers and economy to business sustainability passes through
international expansion with implementation of repeated research and a willingness to change behavior
innovations and the circular economy, so as to by all stakeholders. Last, Alpha has performed
ensure sustainability for stakeholders on the one an international business expansion through
hand and profitability for shareholders on the other. international mergers or subsidies to companies
worldwide.
3. RESEARCH METHODOLOGY
3.2. Data collection
3.1. Sample company
Primary data were collected in the form of
Alpha, a leading company within the engineering interviews. The semi-structured interviews conducted
aluminum frameworks industry in Eastern Europe, were addressed to key and diverse stakeholders of
represents the integration of development and Alpha, such as senior executives, R&D staff, and
circular economy standards. Amid the final four those responsible for the sustainability of the company.
decades, Alpha has reliably prioritized maintainability From these interviews, which took place from
and development. The company’s commitment to January 2024 to March 2024, obtained information
research and development (R&D) and progressed relevant to strategic planning and any innovations
fabricating innovations have empowered it to create Alpha is implementing in its efforts to transition to
high-quality, feasible items. Alpha incorporates the circular economy model. Also, the questions
broad reusing programs, proficient squander were related to the investments that the company is
administration frameworks, and the utilization of planning and to the way it manages the waste of
renewable vitality in a generation. The company the production process. Furthermore, secondary
reuses aluminum scrap created amid generation, data were employed from document analysis, where
altogether lessening require for crude materials and company official reports to a degree yearly reports,
minimizing squandering. Alpha too plans its supportability reports, and published strategic plans

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were assessed to accumulate subordinate files. reports, sustainability reports, and published
These archives give important news on the company’s strategic plans. By analyzing performance metrics,
achievement measurements, supportability points, Alpha has established clear performance metrics for
and advances in executing circular cheapness hones. sustainability, including targets for reducing carbon
emissions, increasing recycling rates, and enhancing
3.3. Data analysis energy efficiency. Also, the company’s sustainability
reports highlight significant achievements, such as
In the form of qualitative analysis, a thematic study a 30% reduction in carbon emissions over the past
was used to resolve interview transcripts and five years and an increase in the recycling rate of
unrestricted survey answers. Key themes that had aluminum scrap to 95%. Considering profitability
a connection with novelty, stainability, and circular ratios from financial statements, return on equity
frugality practices were labeled and classified. (ROE) using net income and return on assets (ROA)
Furthermore, document reasoning complicated using Net income, there is also an increase
systematizing and categorizing facts to label patterns diachronically.
and currents in the company’s reports and others
related to our study documents. Regarding, Table 1. Data of Alpha per year (2011 to 2022)
quantitative analysis, descriptive enumerations were
deliberate from the survey dossier to specify Year ROE using net income ROA using net income
2011 -13.45 -3.75
a survey of member ideas and the influence of
2012 -11.58 -3.34
the company’s practices. Comparative analysis was 2013 -19.63 -5.12
conducted to determine the impact of distinguishing 2014 -15.57 -3.52
novelties and circular saving practices on Alpha’s 2015 -15.90 -3.35
functional depiction, sustainability and profitability 2016 -4.83 -1.03
effects. The reliability and validity of the research 2017 -44.74 -7.13
was ensured by confirming the data sources. With 2018 0.32 0.05
this technique, it succeeded in finding out all 2019 4.53 0.73
2020 15.87 3.10
the practices used by Alpha. 2021 20.46 4.65
2022 22.64 6.40
4. RESEARCH RESULTS AND DISCUSSION
The benefits of Alpha’s attitude and positive
The findings of this research result from response to the principles of innovation and support
the examination of both primary and secondary for the principles of the circular economy are
information collected by Alpha. The data sheds light significant:
on the company’s methods, and business strategies  Environmental impact: The company’s attitude
and how they affect environmental, economic and has reduced waste and improved its environmental
social aspects. This section describes the findings, footprint. Carbon dioxide emissions have decreased
from interviews, studies, document reviews, and which is due to the recycling of aluminum scrap and
observations. renewable energy sources.
Regarding primary data analysis, and more  Economic benefits: There has been
specifically the interviews that were conducted, their an improvement in the company’s financials due to
design was semi-organized interviews with Alpha’s a reduction in production costs. These practices
senior administration, R&D group, and sustainability have upgraded its market position also enhancing its
officers disclosed several ideas. To begin with competitiveness.
and commitment to sustainability, Alpha’s top  Social responsibility: At the same time
management places a focus, on sustainability, the company’s perceptions and actions towards
an element of the company’s long-term strategy. circular economy make it one of the leaders in
Those interviewed underscored the firm’s resolve the aluminum sector. Alpha can be said to have
to minimize its impact, on the environment by become a model for consumers and other companies
embracing methods and principles of a circular and its strategic plan has led to an increase in jobs
economy. Second, considering an investment in R&D, and improved living standards.
significant company funds are channeled into
Based on the data from the results of the study,
the R&D of innovative products. The R&D department
it can be seen that innovation and the transition to
works systematically to develop advanced aluminum
a circular economy have a significant positive impact
systems with key features of performance and
on the environment, the economy and society.
durability. Another important feature is that they
The company is committed to investing in R&D and
are recyclable. Third, for technological advancements,
use of advanced technologies. These have given
Alpha has integrated and uses innovative technological
a boost to the company and improved efficiency
developments such as 3D printing, robotics and AI.
making it a leader. Based on the above information,
These practices have given it an extra boost in
Alpha can be an example for other companies to
accurate and detailed manufacturing and have
follow if they adopt good practices such as
greatly improved and accelerated the production
the transition to the circular economy model.
process. Last, in reference to recycling and waste
Thus, the aluminum industry sector and Alpha
management, Alpha has established robust recycling
performed well during the Greek economic crisis
and waste management systems. The company
(after the global economic crisis of 2008). Positive
recycles aluminum scrap generated during production,
prospects for the future can be seen which is largely
significantly reducing the need for raw materials and
due to the important characteristics that it has
minimizing waste.
developed. These include the availability of domestic
For secondary data analysis, this study
proceeds to document analysis by reviewing several raw material that allows access to bauxite without
documents of Alpha company, such as annual incurring high transport costs. In addition,

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the overall development of the in-country value of reducing environmental footprints through
chain for certain products, such as packaging, doors innovative practices and circular economy principles.
and windows, allows these products to be made Second, an intensive Investment in R&D shows that
available on the domestic market on competitive the company has been led to the development of
terms, considering local needs and specificities. advanced aluminum systems that are energy-efficient,
The extroversion of Alpha, as well as previous durable, and recyclable, showcasing Alpha’s
merger deals, proved particularly useful during commitment to technological innovation. Third,
the last years, when the global economy absorbed enhancement of the production process using new
the shocks of the financial crisis relatively quickly, modern technologies has led to an increase in
in contrast to the Greek economy, which lost about the company’s production and efficiency, as well as
a quarter of its income. The company’s activities improved quality and reduced waste. Fourth,
in securing international certifications for their the need for raw materials was reduced through
innovative systems in the building sector and in the recycling program used by Alpha. In addition
developing commercial relationships with overseas to the impressive aluminum scrap recycling rate of
partners contributed to maintaining and strengthening almost 95%, the company also reduced its operating
the industry’s exports. The aluminum industry’s costs. Fifth, the company’s practices helped reduce
good performance was also helped by the rapid carbon dioxide emissions. Thus, the transition to
growth in international demand for aluminum a circular economy led to an improvement in its
products, as the special characteristics of aluminum, environmental footprint. Last, economic and social
as a lightweight, high-strength and fully recyclable benefits with the adoption of circular economy
material, appear to have been appreciated by principles have resulted in cost savings, enhanced
consumers worldwide. The preservation of aluminum’s competitiveness, and a stronger market position for
properties during recycling creates opportunities for Alpha. Additionally, these practices have fostered
the industry in the context of the transition of job creation and promoted a culture of sustainability
the economy towards a circular model of resource within the company and the broader community.
use. Opportunities for the aluminum industry also Regarding implications and recommendations
arise from the development of innovative products from the findings from Alpha’s case study,
and applications. the economic, strategic and substantial benefits can
Many businesses have already adopted aspects be achieved through the integration of innovation
of the circular economy’s tenets, including product and circular economy principles. Companies in
durability, remanufacturing, and recycling (Stahel, resource-intensive industries, particularly those
2016). They haven’t made a wrong strategic choice involved in materials like aluminum, can gain
because these tactics have greatly decreased significant environmental, economic, and social
environmental pollution while also increasing advantages by adopting similar practices. Regarding
company revenues, as verified by this study. Moreover, recommendations for industry, other companies in
the analyzed company understood that some the aluminum industry and beyond should consider
obstacles had been overcome during the entire investing in R&D and advanced technologies
procedure. Internal procedures, for instance, have to foster innovation and enhance sustainability.
been reorganized with great results. These procedures Collaborative efforts and knowledge-sharing can
are crucial to the circular business model and need accelerate the transition to a circular economy.
strategic efforts to build business plans and manage Furthermore, for policymakers, it is revealed that
the organization properly. This is particularly supportive policies and regulations that incentivize
difficult after the realization that mergers and recycling, waste reduction, and the adoption of
particulars are needed to succeed, as happened in advanced technologies are crucial. Policymakers should
the case of the examined company (Pazarskis et al., promote frameworks that facilitate the implementation
2022). Last, considering economic factors which are of circular economy practices across industries.
a necessity to make substantial and significant However, there are several limitations as every
investments, the adoption of an expansion strategy research is subject to certain limitations. This
by embracing innovation and principles of circular mixed-methods research methodology provides
economy from the examined company has overpass a comprehensive framework for analyzing Alpha’s
initial high costs due to the complexity of circular integration of innovation and circular economy
business practices (Sousa-Zomer et al., 2018; principles. By combining qualitative and quantitative
De los Rios & Charnley, 2017). data, the study offers a nuanced understanding of
the company’s practices and their impact on
5. CONCLUSION sustainability and economic performance. However,
this study may include potential biases in self-
This paper investigated the integration of innovation reported data from interviews and surveys. The case
and circular economy principles at Alpha, a leading study approach, while providing in-depth insights,
company in the architectural aluminum systems may limit the generalizability of the findings to
industry in Eastern Europe. The study employed other companies or industries.
a mixed-methods approach, utilizing qualitative and Last, further research is needed to explore
quantitative data to gain comprehensive insights more efficient recycling technologies, develop new
into Alpha’s sustainable practices and their impacts. circular business models, and understand
The primary and secondary data analysis the broader economic and social impacts of
revealed several key findings. circular economy practices. Longitudinal studies
First, a strong commitment to sustainability is with univariate and multivariate analysis could
revealed as Alpha has embedded sustainability into provide deeper insights into the long-term benefits
its strategic vision, emphasizing the importance and challenges of these practices.

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