Version 1
: Received: 5 January 2024 / Approved: 8 January 2024 / Online: 8 January 2024 (15:45:42 CET)
How to cite:
Hashemi Farahmand, S.; Rahimiaghdas, N. Business Transformation Towards Circular Economy: A Systematic Literature Review and Prospects for Future Research. Preprints2024, 2024010648. https://doi.org/10.20944/preprints202401.0648.v1
Hashemi Farahmand, S.; Rahimiaghdas, N. Business Transformation Towards Circular Economy: A Systematic Literature Review and Prospects for Future Research. Preprints 2024, 2024010648. https://doi.org/10.20944/preprints202401.0648.v1
Hashemi Farahmand, S.; Rahimiaghdas, N. Business Transformation Towards Circular Economy: A Systematic Literature Review and Prospects for Future Research. Preprints2024, 2024010648. https://doi.org/10.20944/preprints202401.0648.v1
APA Style
Hashemi Farahmand, S., & Rahimiaghdas, N. (2024). Business Transformation Towards Circular Economy: A Systematic Literature Review and Prospects for Future Research. Preprints. https://doi.org/10.20944/preprints202401.0648.v1
Chicago/Turabian Style
Hashemi Farahmand, S. and Niloufar Rahimiaghdas. 2024 "Business Transformation Towards Circular Economy: A Systematic Literature Review and Prospects for Future Research" Preprints. https://doi.org/10.20944/preprints202401.0648.v1
Abstract
The growing global interest in Circular Economy (CE) adoption by organizations has received considerable attention in academic literature. This review delves into the multifaceted aspects of CE transformation, assessing barriers, drivers, and potential research directions. It encompasses three main clusters: frameworks and definitions, barriers and drivers, and industry-specific research. Existing studies significantly contribute by unveiling strategies, frameworks, and innovative ap-proaches aiding CE transition. However, there's a notable focus on identifying barriers hindering CE implementation, revealing a critical need for effective solutions. Moreover, the review highlights the lack of CE frameworks in the service sector and insufficient awareness among Small and Me-dium Enterprises, necessitating deeper exploration. Despite the potential of digital technologies like Industry 4.0 in expediting CE transformation, comprehensive implementation strategies remain lacking. Noteworthy frameworks, such as circular business models and two-stage transformation models, offer practical pathways for CE adoption. Dynamic capabilities emerge as a crucial yet underexplored factor facilitating CE transition. Future research should delve into country-specific contexts, integrate digital technologies into industries, and explore the relationship between dy-namic capabilities and CE transformation, especially within small and medium-sized enterprises. While progress has been made in understanding CE principles' adoption, this review highlights research gaps that require attention for global sustainability and widespread CE practice imple-mentation.
Keywords
circular economy; industry 4.0; literature review; SMEs; Barriers
Subject
Business, Economics and Management, Business and Management
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
