The impacts of the COVID-19 pandemic on national economies are characterized as the worst economic turmoil in recent years, as economic growth slowed to the level of the 2008 global financial crisis. At the end of 2019 and the beginning of 2020, economic growth surveys did not project that the novel virus could have a negative impact on economic growth. As a result of the rapid spread of the virus and the increase in the number of infection cases, national governments took strict measures to limit the spread of the virus, which led to a significant deterioration in the economic situation in all industries of the economy. Agriculture plays an important role in providing food to the country’s population, yet the pandemic made a negative impact on sales volumes and prices in the domestic and international markets. The research aims to assess the impacts of the pandemic on milk supply chains in Latvia and come up with solutions to stabilizing the situation in the dairy sector. The national restrictions to combat the pandemic also hampered the dairy sector concerning the sale of raw milk and finished products in foreign markets, thereby leading to overproduction and stockpiling of the finished products, price dumping and a significant decrease in milk purchase prices to or below the production cost level for many dairy farms. Although there is no indication that the pandemic would lead to a decrease in the numbers of livestock and farms or output in early 2021, it is too early to assess the overall impact of the pandemic on dairy farming, as uncertainty over the duration of pandemic restrictions is a major risk to farm survival. The operation of the dairy sector was stabilized by means of the support provided by the government, as well as the farms’ accumulated financial and feed resources. In order to identify future challenges for milk supply chains, the research performed an analysis of operational risks for milk producers and processors to identify the most important risks and design recommendations for their elimination. The longer there is uncertainty about the return of the dairy sector to pre-pandemic output levels, the more likely it is that the pandemic is going to lead to a decrease in the numbers of dairy livestock and farms.

A relevant and practical research object is analysed in the article – the implementation resolution of green transportation and the benefits of using such means. In this article, object is analysed from the interdisciplinary position, i.e. from the perspective of transportation, one of the logistical subsystems, and sustainable environment. The transportation department is undoubtedly an important guarantor of economic and industrial development. Despite the worldwide importance of transportation in everyday activities, the transportation also poses the risk for human health and life quality, for it is one of the biggest consumer of oil products and significantly contributes towards air pollution. Despite many theoretical and empirical researches, Šiauliai region still lacks an approach towards the implementation possibilities and studies revealing the benefits of green transportation. A comparative analysis has been performed by using the survey data, collected from 402 workers, responsible for transportation, working for Šiauliai regional companies. According to the results of the research for implementation situations of green transport in Šiauliai regional companies, the representatives of regional companies understand the importance of green transport, and more and more companies aim to reduce the environmental risk and to become more competitive. Integrated transportation by combining several means of transport, cargo consolidation by combining small orders and big orders, and ecological driving are the green transportation measures implemented most in regional companies. The typical benefits of green transport are increased environmental friendliness and improved relationship with consumers.

To survive in today's competitive environment, companies must continuously develop and offer customers new products. To increase the probability of a successful business case of investing in the development of a new product, careful attention must be paid to risk analysis in terms of the present value of future potential income. The article considers an example of the research work of the Latvia University of Life Sciences and Technologies, in the framework of which a technical and technological project was developed to produce a new product, like Mediterranean anchovy, from cheaper Baltic sprats. The main goal of this work is to explore the application multi-factor sensitivity and fuzzy real option analysis to the valuation of new product development project. The multivariate analysis of the sensitivity of the financial model of the greenfield production project described in this article revealed the main risk groups, as well as their degree of influence on the assessment of the Net Present Value of the project by a potential investor. The use of Fuzzy Real Option Valuation made it possible to evaluate the project with uncertain parameters, as well as to calculate the potential upside from preliminary refinement of parameters to eliminate negative scenarios. The described approach is applicable to risk assessment of new food product development and allows investors to make a more informed decision about participation in such projects.

Climate risks constitute an enormous challenge to poultry production and have affected the livelihoods of the people who depend on them. Thus, farmers have adopted various strategies that can help them cope with the adverse effects of climate change. The aim of this study is to examine the factors influencing small scale poultry farmers’ choice of adaptation strategies to climate change. Data used for this study were obtained from 121 representative farmers selected through a two-stage random sampling procedure. Descriptive Statistics, Likert Scale and the Multinomial Logit Model were the tools used for analysis. Results showed that the mean age and household size of the respondents were 45 years and 5 persons respectively, while the average number of birds per farmer stood at 583 birds. Majority of the respondents had a moderate perception of the impacts of climate change on poultry farming and chose management adaptation strategies in their fight against climate change. Econometric analysis showed that the age, gender and educational status of farmers, number of birds, household size, poultry experience, access to cooperative societies, poultry housing system, access to credit, access to extension services and farm size were the factors influencing farmers’ choice of climate change adaptation strategies in the study area. Therefore, policy should focus on awareness creation on management adaptation strategies through enhancing education and extension services as well as access of poultry farmers to credit facilities to indirectly insure farmers against climate change impacts.

The Internet of Things (IoT) is a computing concept that describes the idea of everyday physical objects being connected to the Internet and being able to identify themselves to other devices, and day by day it becomes popular in everyday life as well as in entrepreneurship. The IoT covers broad areas, including manufacturing, the health sector, agriculture, smart cities, security and emergencies among many others. The market for the industrial IoT is estimated to surpass 107 billion euros by 2021 and reach a compound annual growth rate of 7.3% as of 2020. The IoT makes an impact on all industries and provides benefits for various areas of business; however, business may be faced with some risks as well. The research aim is to analyse the benefits and risks of the IoT in entrepreneurship. The descriptive method, analysis and synthesis, the induction and deduction methods were used to achieve the aim. The research has revealed that the IoT can provide several opportunities for business in all fields of operations – marketing, logistics, accounting and human resource management. However, businesses may be faced with some challenges related to privacy and security, processing, analysis and management of data, as well as monitoring and sensing.

Poultry production decision setting is full of risk and imperfect information. Attitude towards risk is a measure of farmers’ willingness to take risks which is an important determinant in their production decisions. Strong social capital emanating from social networks can lead to efficient risk management strategies, thereby minimizing risks faced by the farmers. Therefore, the effects of social capital on the risk attitude of small-scale commercial poultry farmers in Oyo state were assessed. Data were collected from two hundred small-scale farmers and analysed using descriptive and inferential statistics, factorial analysis, multinomial logit and a two-stage least square. Results showed that 52.5%, 37.5% and 10% of the poultry farmers were risk averse, risk neutral and risk preferring, respectively. About 31.4% and 68.6% of the female and male farmers respectively were risk averse. Close to a fifth, a quarter and two-thirds of the risk averse, risk neutral and risk takers respectively contributed 21-30% of the decisions in the associations. Fourteen percent of the farmers belonged to homogeneous groups. The choice of being risk averse was affected by marital status, educational level, family size, percentage spent on poultry income and aggregate social capital. There was no reverse causality between risk attitude and social capital.

Climate change poses a significant threat to agricultural productivity, necessitating a comprehensive understanding of its implications for both agricultural firms and capital lenders. This systematic literature review aims to elucidate emerging trends in addressing climate-related risks in agriculture and credit sectors. Drawing from a rigorous analysis of 39 articles sourced from Scopus and Web of Science databases, three key thematic dimensions have emerged: (i) agricultural lending and credit risk, (ii) green principles and sustainability, and (iii) the context of developing countries. From the impact of climate change on the recoverability of loans to the imperative of transitioning towards a greener and more sustainable economy, alongside the nuanced challenges faced by agriculture in developing countries, we analysed prominent and recent literary approaches. The findings underscore the need to integrate climate change considerations into agricultural and credit policies. Policymakers and financial institutions should prioritize climate education for farmers and promote sustainable financial approaches. Anticipated climate risks will impact lenders’ capital reserves, necessitating portfolio adjustments. A deep understanding of climate change’s interplay with agriculture lending and credit risk is vital, urging proactive policy and practice. Addressing climate challenges in agriculture demands a multifaceted strategy encompassing tailored credit policies, improved access to credit, financial empowerment, and the mitigation of social inequalities. This review highlights the urgent need for proactive strategies to mitigate climate risks and ensure a resilient agricultural sector, emphasizing the crucial role of research and policy interventions in navigating the complex landscape of climate change impacts on agriculture.

The modern food industry is among the key partners of today’s global tourism. As part of the tourism processes, tourists buy and consume local food in the local catering facilities. Furthermore, tourists are usually willing to try out gastronomy specialties during their travels. Food safety is important for tourists although it is not always part of their conscious behaviour in the destination. Food safety standards are regulated by international contracts based on the analysis of more half a century’s experiences. Within processes related to the changes in the external environment, there are emerging issues – although in different intensity - like chemical and microbiological contamination or food terrorism. Due to the immense number of participants in tourism, it is of key importance to raise awareness of threats like food decay, infections and other negative impacts, because food safety if a basic needs in all tourism destinations. The amount of waste food is increasing dramatically at a global scale. The study will introduce the findings of a food safety research in Hungary, providing useful knowledge to all stakeholders of the tourism industry.

The COVID-19 pandemic has caused unprecedented stress to food supply chains, pointing to weaknesses in the labour, processing, transport and logistics spheres, as well as significant changes in demand. Food supply chains have shown considerable resilience in the face of such stress. Monitoring of the food sector during the COVID-19 pandemic indicates that the effects of COVID-19 on food supply, demand and access are interlinked processes and have a complex impact on food systems. In addition, high-value food supply chains in developed countries are even more complex, so countries need to respond quickly to restore them and also develop mechanisms that balance business and public interests and protect farmers and food business workers during future potential pandemic crises. The research aims to identify the main demand and supply side factors that affect the resilience of local and global food supply chains during the COVID-19 crisis, as well as assess the resilience of the supply chain for arable crops during the COVID-19 crisis in Latvia, identifying the main risk factors. The research found that arable crop farmers were relatively less affected by the COVID-19 crisis than other agricultural employees. The impact of the crisis was larger on the crop processing industry than on the other industries, and the main risk factors related to changes in demand and the industry’s dependence on imported raw materials and the successful operation of export markets. Based on an in-depth risk analysis, the research developed recommendations for policy makers and actors in the agri-food chain that would improve the resilience of local (domestic) participants of the arable crop food supply chain in Latvia.