The relationship between the circular economy and business performance: a systematic literature review
Abstract
The circular economy represents an effective way to address limited resources and mitigate the impact of human activity on the planet. To summarize the possible effect of circular economy implementation on business performance and its possible measurement, a systematic literature review on a final sample of 28 papers was conducted. The main findings reveal that the circular economy can help to improve business performance and that numerous indicators could be used to measure it, especially the balanced scorecard approach, which seems suitable for such classification (however, more research on this topic is needed). Additionally, it was revealed that the circular economy concept itself has no clear and generally used definition, which complicates the summarizing of the revealed indicators. To simplify future research, we proposed a research framework based on this systematic literature review and emphasized the research gaps.
Keyword : business performance, balanced scorecard, circular economy, indicators, sustainable, systematic literature review
How to Cite
Nosková, M., Taušl Procházková, P., & Zemanová, V. (2024). The relationship between the circular economy and business performance: a systematic literature review. Journal of Business Economics and Management, 25(3), 474–493. https://doi.org/10.3846/jbem.2024.21413
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Gupta, H., Kumar, A., & Wasan, P. (2021). Industry 4.0, cleaner production and circular economy: An integrative framework for evaluating ethical and sustainable business performance of manufacturing organizations. Journal of Cleaner Production, 295, Article 126253. https://doi.org/10.1016/j.jclepro.2021.126253
Hategan, C. D., Pitorac, R. I., & Milu, N. D. (2021). Assessment of the mandatory non-financial reporting of Romanian companies in the circular economy context. International Journal of Environmental Research and Public Health, 18(24), Article 12899. https://doi.org/10.3390/ijerph182412899
Ioannidis, A., Chalvatzis, K. J., Leonidou, L. C., & Feng, Z. (2021). Applying the reduce, reuse, and recycle principle in the hospitality sector: Its antecedents and performance implications. Business Strategy and the Environment, 30(7), 3394–3410. https://doi.org/10.1002/bse.2809
Ionaşcu, I., & Ionaşcu, M. (2018). Business models for circular economy and sustainable development: The case of lease transactions. Amfiteatru Economic, 20(48), 356–372. https://doi.org/10.24818/EA/2018/48/356
Jain, S., Jain, N. K., & Metri, B. (2018). Strategic framework towards measuring a circular supply chain management. Benchmarking, 25(8), 3238–3252. https://doi.org/10.1108/BIJ-11-2017-0304
Januska, M., & Chodur, M. (2009, May 13–17). Virtual enterprise network. In Proceedings of the 2009 32nd International Spring Seminar on Electronics Technology. Brno, Czech Republic. IEEE. https://doi.org/10.1109/ISSE.2009.5206949
Johl, S. K., & Toha, M. A. (2021). The nexus between proactive eco‐innovation and firm financial performance: A circular economy perspective. Sustainability, 13(11), Article 6253. https://doi.org/10.3390/su13116253
Kanzari, A., Rasmussen, J., Nehler, H., & Ingelsson, F. (2022). How financial performance is addressed in light of the transition to circular business models – A systematic literature review. Journal of Cleaner Production, 376, Article 134134. https://doi.org/10.1016/j.jclepro.2022.134134
Kaplan, R. S., & Norton, D. P. (1996). The balanced scorecard: Translating strategy into action. Harvard Business Press. https://doi.org/10.2307/41165876
Kazancoglu, Y., Kazancoglu, I., & Sagnak, M. (2018). A new holistic conceptual framework for green supply chain management performance assessment based on circular economy. Journal of Cleaner Production, 195, 1282–1299. https://doi.org/10.1016/j.jclepro.2018.06.015
Kennedy, R., Jamison, E., Simpson, J., Kumar, P., Kemp, A., Awate, K., & Manning, K. (2020). Strategic management. Virginia Tech Publishing. https://doi.org/10.21061/strategicmanagement
Khan, S. A. R., Razzaq, A., Yu, Z., & Miller, S. (2021). Industry 4.0 and circular economy practices: A new era business strategies for environmental sustainability. Business Strategy and the Environment, 30(8), 4001–4014. https://doi.org/10.1002/bse.2853
Kirchherr, J., Reike, D., & Hekkert, M. (2017). Conceptualizing the circular economy: An analysis of 114 definitions. Resources, Conservation and Recycling, 127, 221–232. https://doi.org/10.1016/j.resconrec.2017.09.005
Kwarteng , A., Simpson, S. N. Y., & Agyenim-Boateng, C. (2022). The effects of circular economy initiative implementation on business performance: The moderating role of organizational culture. Social Responsibility Journal, 18(7), 1311–1341. https://doi.org/10.1108/SRJ-01-2021-0045
Lacy, P., Long, J., & Spindler, W. (2020). The circular economy handbook: Realizing the circular advantage. Palgrave Macmillan. https://doi.org/10.1057/978-1-349-95968-6
Li, Y., Hu, Y., Li, L., Zheng, J., Yin, Y., & Fu, S. (2022). Drivers and outcomes of circular economy implementation: Evidence from China. Industrial Management and Data Systems, 123(4), 1178–1197. https://doi.org/10.1108/IMDS-05-2022-0267
Mazzucchelli, A., Chierici, R., Del Giudice, M., & Bua, I. (2022). Do circular economy practices affect corporate performance? Evidence from Italian large-sized manufacturing firms. Corporate Social Responsibility and Environmental Management, 29(6), 2016–2029. https://doi.org/10.1002/csr.2298
Moher, D., Liberati, A., Tetzlaff, J., & Altman, D. G. (2009). Preferred reporting items for systematic reviews and meta-analyses: The PRISMA statement. BMJ, 339, Article b2535. https://doi.org/10.1136/bmj.b2535
Moric, I., Jovanović, J. Š., Đoković, R., Peković, S., & Perović, Đ. (2020). The effect of phases of the adoption of the circular economy on firm performance: Evidence from 28 EU countries. Sustainability, 12(6), Article 2557. https://doi.org/10.3390/su12062557
Murray, A., Skene, K., & Haynes, K. (2017). The circular economy: An interdisciplinary exploration of the concept and application in a global context. Journal of Business Ethics, 140(3), 369–380. https://doi.org/10.1007/s10551-015-2693-2
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