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In this paper, we provide early insights about a rethinking of the dominant logic of circular economy (CE) systems, which are described by the literature as still too strongly focused on the circularity of physical resources primarily for economic and environmental benefits. We could observe that the traditional narrative of the CE is being challen...
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... systems become, under this perspective, dynamic systems of relationships that involve the reallocation of stakeholder roles for new project development and new business model creation. Figure 2 is a graphical representation of our conceptualization of CE systems as open and dynamic loops of relationships through the relate and reallocate strategies. The idea behind our model is that by integrating stakeholder theory and a relationship-based view with the challenges and pressures that times of crisis put on traditional CE systems, we can observe a self-harmonization of stakeholder interests and a self-reconfiguration of power, roles, and responsibilities among stakeholders, in particular in local communities and for small business. ...
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... Debating the negative meaning of value, the so-called value uncaptured (Yang et al., 2017), can help in stimulating innovation in business models in order to discover new value opportunities that the traditional business models are unable to catch. Therefore, it is necessary to ensure that the current and perceived economic, social and environmental benefits of investments in A Strategic Risk-Based Approach for the Circular Economy Gennari new circular models are established, according to the multistakeholder vision (Casalegno et al., 2020), more solidly than in traditional cost-benefit analysis. ...
The current challenge of green transition is based on the circular economy (CE) as a convincing model of production and consumption. However, this transition needs to be approached by firms with a strategic attitude, that is, to blend the circular concepts within the strategy’s definition and implementation and related risks. Starting from a gap in the existing literature and supported by theoretical background, we aim at identifying the key strategic risks to consider in the transition to CE at firm-level. For this purpose, we offer a conceptual framework validated by a case-study analysis. The framework acts as a valuable tool for strategic transition from a linear economy to a circular one, according to a risk-based view.
... Research mostly centers around firms, and there is not an exhaustive or complete list of stakeholders (Fassin, 2009), but certain stakeholders are frequently mentioned in prominent stakeholder models (e.g. Freeman et al., 2010;Friedman and Miles, 2002;Donaldson and Preston, 1995), and also for CE-related stakeholder models (Casalegno et al., 2020;Schaltegger et al., 2019). Arguably, these Table 3 Examples of how the eco-5HM contributes to decision making. ...
... To render positive results through CE initiatives, firms need to align their interest with various rimperatives, in addition to educational initiatives to improve recycling. Theoretically, this line of inquiry is also important to advance the stakeholder theory (Shah and Bookbinder, 2022), and promotes the relationship-based view of the CE (Casalegno et al., 2020). The alignment of firms' interests with r-imperatives and multiple stakeholders allow firm to minimize or remove trade-offs that adversely affect their sustainability outlook. ...
... This is thought to occur in the traditional linear economic model. In contrast, a circular economic system can produce social/environmental value without apparent conflict with profitability (Casalegno et al., 2020), which is one of the main principles of the stakeholder theory (Freeman et al., 2010). According to Freeman (1984), a stakeholder can be defined as "any group or individual who can affect or is affected by the achievement of an organization's objective". ...
Prior research lacks in-depth understanding about the relationships between public-sector stakeholders in advancing the circular economy (CE) agenda. Addressing this literature gap can provide useful insights to CE practitioners and policy makers. In this article, we probe the public-sector (municipal) recycling data provided by the Resource Productivity and Recovery Authority of Ontario, Canada for the years 2011 to 2019 (n = 1591). We use the stakeholder theoretic lens to investigate the consequences of several neglected economic and social elements, such as, user pay, curbside collection, and promotion and education on diversion rate. Our findings signify user pay to have significant effect on diversion rate but negligible effect by curbside collection. Interestingly, it had no effect by promotion and education, which emphasizes the need to improve these programs through reciprocity among various public-sector stakeholders. We also discuss practical and theoretical implications and highlight study limitations that provide future research directions about the implementation of other r-imperatives (reduce, recover, rethink etc.).
... Thus, intangible assets also generate competitive advantages through the relationship between organizations (Silvestrelli, 2010;Cassetta et al., 2022). The complexity of the adoption of the environmental innovations requires information and knowledge -new or complementary -from the outside of the firm's boundaries (Ghisetti et al., 2015;Casalegno et al., 2020;Valdez-Juárez et al., 2020;Pichlak & Szromek, 2021;Sanchez & Pavez, 2021), involving also a high level of green management practices inside the firm (Naruetharadhol et al, 2021). Indeed, several studies found a positive effect of open innovation -or specific external relationships -on eco-innovation (Ghisetti et al., 2015;Doran & Ryan, 2016;Triguero et al., 2018;Leitão et al., 2020;Valdez-Juárez et al., 2020;Naruetharadhol et al., 2021;Sanchez & Pavez, 2021). ...
We empirically investigate the simultaneous relationship between the various types of intangible assets and their effects on eco-innovation adoption through a sample of Italian manufacturing firms.
The results highlight a positive influence of the intangibles on the likelihood to invest in eco-innovation. We observe, when focusing on the human capital, that while investments in only employee training only directly affect eco-innovation, the investments in management training for new business models indirectly influence eco-innovations by triggering the other intangible assets (R&D and intellectual property, Organizational capital, Open innovation).
... Authors argue that the value at the center of SBMs should be referred to all stakeholders involved in the value system, in accordance to a sustainable multistakeholder perspective (Freeman, 2007;Stubbs & Cocklin 2008;Argandoña 2011;Casalegno et al., 2020). Engaging with multiple stakeholders can help managers to identify the key players at each BM's block, understand the value exchanges between stakeholders, and keep all stakeholder interests aligned. ...
COVID-19 pandemic crisis threatened the stability of economy and the survival of many firms, but it has been also the chance to challenge the current economic development path and to rethink firms’ business models according to a more sustainable approach. Academic literature states that business model (BM) innovation is a driver for the transition to sustainability. Sustainable business models (SBMs) incorporate sustainability vision in the main components of business model, which are value proposition, value creation and value capturing. Nevertheless, the usual approach to business models, based on a positive concept of value, can underestimate some areas of potential opportunities to catch. For this reason, in this paper we suggest to adopt a novelty approach that emphasizes the negative concept of value (value uncaptured) to identify unexploited value opportunities. This approach can help firms innovating their BMs towards SBMs.
... In addition to this, the case illustrated how RSS can be used to change actor relationships from linear transaction-based relationships, to on-going collaborative relationships aligned with shared value creation and reduced resource impact. This observation is in line with other recent work on circular economy and stakeholder relationships (see, e.g., Casalegno et al., 2020). ...
Chemicals industry benefits are not as well-known as the health and environmental issues its misuse may provoke. This industry has been trying to change this factor, even creating a program to prevent potential problems caused by it, improve security, and to help expand the communication with stakeholders named Responsible Care. Such measures are part of corporate social responsibility. Sustainability practices are becoming required, and corporate social responsibility has emerged to respond to the increasing stakeholder pressure for more than just profit maximization. Two of the main benefits from corporate social responsibility have an economic dimension: costs savings and revenue increase from higher sales and market share. Evidence shows the need for strong policy action to discipline sustainability practices in the sector as there is a multisided operation mind set inside the multinationals, taking advantage of permissive environmentally damaging practices and legal loopholes in less developed countries.
... Unfortunately, studies involving multi-stakeholder value creation in implementing a public policy around a CE issue are scarce [8,9]. Studies involving public institutions are usually narrowed towards a stakeholder analysis to orient processes of communications, while less frequently the analysis has the strategic intent of interpreting relationships between actors to better frame future policies for co-management or co-design public initiatives. ...
... As confirmed by Annessi-Pessina [46], the co-creation of public policy and the co-management of resources, among which there are natural resources, push the public institution to overcome the traditional command-and-control model to play a more active role. In our case, we find exactly a strong evidence of what Casalegno et al. [8] describe as real actors, and not abstract entities, with a specific purpose of collaborating into a CE system. With its multi-stakeholder model, the ULL has increased the level of trust and cooperation between the actors, and this could be an advantage for the future development of a concrete business plan, because it is possible to include different stakeholders' perspectives, ranging from suppliers to customers and final users. ...
In the attempt to foster circular economy (CE), cities are increasingly adopting urban living labs (ULLs) as sites of co-production aimed at testing alternative solutions based on the reuse of products, reduction of consumption and recycling of materials. Taking this perspective, our study adopts an exploratory research design to discover the pragmatic implications emerging from a case study. The City of Turin joined proGIreg, a European project that entails the regeneration of former industrial districts by means of nature-based solutions (NBS). Ranging from aquaponics to green roofs, seven NBS have been experimented in Turin, which rely on the use of natural systems to tackle social, economic and environmental challenges efficiently and sustainably. Among them, the most promising is related to the production and test of the ‘new soil’, a blend obtained by mixing earth materials coming from construction sites with compost, zeolites and mycorrhizae. The case herein presented is interesting to analyse for the multi-stakeholder management setting used, where public institutions, private companies, research institutions, citizens and associations collaborated in the co-creation and testing phase of the NBS. Consequently, the data collected through participant observation and direct interviews allow researchers to describe multi-stakeholders’ dynamics and how they work. Thus, this paper narrates a micro-contextual experience while providing a critique. Results include an analysis of the unique combination of different stakeholders, which strongly impacted on the management and the effectiveness of the entire project. By consequence, the paper offers both theoretical contributions to the relational branch of stakeholder theory and practical evidence in demonstrating the importance of the relational branch of the theory over a more traditional transactional view.
The digital transformation of manufacturing operations represents an opportunity for sustainable development. Industry 4.0 is implementing innovations that bridge the gap between the physical and digital worlds, enabling intelligent and autonomous systems with great potential when used in conjunction and in conjunction with circular economy practices. Assessing the importance of Industry 4.0 to optimize available resources with practices such as recycling, the development of new circular business models such as remanufacturing, as well as the sustainability of the supply chain, will be the objective of this research. Through exploratory documentary methodology, it was confirmed that industrial development is limited to sustainable development and that Industry 4.0 can be decisive in responding to the challenge of sustainability.
The Russian-Ukrainian War introduced new elements into the strategic assessments of large global corporations, changing competitive horizons and developing new models of competition. The impact of the recent BRICS expansion on the global corporations management and on the growth of sustainability goals reflects a growing global new competitive landscape that places global corporations in a delicate position as a possible counterweight to the EU, to the U.S and to the Asian World.
This study takes the triple bottom-line perspective to compare the communications of corporate social responsibility (CSR) in some of world’s top automakers’ mission statements and the CEO’s introductory letters to annual CSR reports before and during the COVID-19 pandemic. Content analysis based on Text Network Analysis (TNA) approach was deployed to examine the central messages and sub-themes of these documents based on CSR goals, time-orientation, and stakeholder groups, and then statistically compared within and among companies. Results reveal that Automakers’ mission statements collectively emphasized profit and customers, whereas CSR letters prioritized planet, people, and general society. As the pandemic progressed, the emphasis on people increased, indicating that organizations shifted their CSR focus towards supporting employees and local communities. However, the attention to profit and planet goals remained constant during the studied period.
