A strategic framework for analysing the effects of circular economy practices on firm performance

Abstract

Circular economy is one of the sustainable development strategies that proponents of sustainability are pushing for firms to embrace. Nonetheless knowledge on the effect of circular economy practices on firm performance is patchy especially from developing economies perspective, and generally information of circular economy practices and their effects on firm performance remains fragmented. Hence, this study provides a comprehensive framework of various circular economy practices and their effects on firm performance. In doing so, we systematically identified and validated various circular economy practices and their effects with the aid of circular economy experts. This study provides a holistic perspective of the effect of the various circular economy practices from literature and industry. To the best of our knowledge, this study is the first attempt to methodically structure the various circular economy practices and their effects in an extensive model, termed as “circular economy practices and their effects model” (CEPEM). The study does not only furnish practitioners with comprehensive knowledge on various circular economy practices but also gives them the diverse effects of adopting and implementing specific circular economy practices in their operations. For scholars, the study highlights the status quo and provides directions for further research on circular economy practices and their effects.

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