2021
129
José Al onso A anda Usón
De inición y medición de la
adopción de la economía ci cula
en emp esas en el ma co de la
con abilidad de ges ión
medioambien al
Di ec o /es
Po illo TA agona, Ma ía Pila
Mone a Abadía, José Ma iano
© Uni e sidad de Za agoza
Se icio de Publicaciones
ISSN 2254-7606
José Al onso A anda Usón
DEFINICIÓN Y MEDICIÓN DE LA ADOPCIÓN DE LA
ECONOMÍA CIRCULAR EN EMPRESAS EN EL
MARCO DE LA CONTABILIDAD DE GESTIÓN
MEDIOAMBIENTAL
Di ec o /es
Po illo TA agona, Ma ía Pila
Mone a Abadía, José Ma iano
Tesis Doc o al
Au o
2020
Reposi o io de la Uni e sidad de Za agoza – Zaguan h p://zaguan.uniza .es
UNIVERSIDAD DE ZARAGOZA
Escuela de Doc o ado
P og ama de Doc o ado en Con abilidad y Finanzas
Tesis Doc o al
De inición y medición de la adopción de la
economía ci cula en emp esas en el ma co de la
con abilidad de ges ión medioambien al
Au o
José Al onso A anda Usón
Di ec o es
P o . D . José Ma iano Mone a Abadía
P o . D a. Ma ía Pila Po illo Ta agona
Facul ad de Economía y Emp esa
2019
Reposi o io de la Uni e sidad de Za agoza- Zaguan h p://zaguan.uniza .es

TESIS POR COMPENDIO DE PUBLICACIONES
La p esen e esis doc o al, con el í ulo “De inición y medición de la adopción de
la economía ci cula en emp esas en el ma co de la con abilidad de ges ión
medioambien al”, ha sido ealizada po el doc o ando José Al onso A anda Usón,
codi igida po el D . José Ma iano Mone a Abadía y la D a. Ma ía Pila Po illo
Ta agona y desa ollada en el ma co del p og ama de doc o ado de Con abilidad y
Finanzas de la Uni e sidad de Za agoza. Se a a de una esis que se p esen a como
compendio de los a ículos p e iamen e publicados o acep ados pa a su publicación
que se de allan a con inuación, siendo el doc o ando au o de odos ellos:
Sca pellini, S., Po illo-Ta agona, P., A anda-Usón, A., & Llena-Maca ulla, F. (2019).
De ini ion and measu emen o he ci cula economy’s egional impac . Jou nal o
En i onmen al Planning and Managemen , 62(13), 2211–2237.
h ps://doi.o g/10.1080/09640568.2018.1537974
A anda-Usón, A., M. Mone a, J., Po illo-Ta agona, P., Llena-Maca ulla, F. (2018).
Measu emen o he ci cula economy in businesses: Impac and implica ions o
egional policies. Economics and Policy o Ene gy and he En i onmen , 2(1), 187–
205. h ps://doi.o g/10.3280/EFE2018-002010
A anda-Usón, A., Po illo-Ta agona, P. Sca pellini, S., Llena-Maca ulla, F. (2019 on-
line) The p og essi e adop ion o a ci cula economy by businesses o cleane
p oduc ion: An app oach om a egional s udy in Spain. Jou nal o Cleane
P oduc ion. IN PRESS - h ps://doi.o g/10.1016/j.jclep o.2019.119648
A anda-Usón, A., Po illo-Ta agona, P., Ma ín-Vinuesa, L. M., & Sca pellini, S. (2019).
Financial Resou ces o he Ci cula Economy : A Pe spec i e om Businesses.
Sus ainabili y, 11(888), 1–23. h ps://doi.o g/10.3390/su11030888
Sca pellini, S., Ma ín-Vinuesa, L. M., A anda-Usón, A., & Po illo-Ta agona, P. (2019)
on-line. Dynamic capabili ies and en i onmen al accoun ing o he ci cula
economy in businesses. Sus ainabili y Accoun ing, Managemen and Policy, IN
PRESS. h ps://doi.o g/10.1108/SAMPJ-04-2019-0150
 4 
 5 
José Al onso A anda Usón, con D.N.I. 17735657N expone:
Siendo el e ce au o del a ículo i ulado “De ini ion and measu emen o he
ci cula economy’s egional impac ”, a i mo habe con ibuido en odo el p oceso de
elabo ación de es e abajo de in es igación, incluyendo la de inición del es udio, el
diseño de las encues as y de las en e is as semi-es uc u adas, la ealización del
abajo empí ico de ecopilación de los da os y el análisis cuali a i o, así como la
edacción del manusc i o. Además, hago cons a que, siendo odos los au o es
poseedo es del í ulo de Doc o , es e abajo de in es igación no o ma á pa e de
ninguna o a esis en modalidad de compendio de publicaciones.
En Za agoza, a 13 de diciemb e de 2019
Fdo: José Al onso A anda Usón
 12 

 13 
José Al onso A anda Usón, con D.N.I. 17735657N expone:
Siendo el e ce au o del a ículo i ulado “Dynamic capabili ies and
en i onmen al accoun ing o he ci cula economy in businesses”, a i mo habe
con ibuido en odo el p oceso de elabo ación de es e abajo de in es igación,
incluyendo la de inición del es udio, el desa ollo del en oque eó ico, el diseño de las
encues as, la ealización del abajo empí ico de ecopilación de los da os y el análisis
cuan i a i o, así como la edacción del manusc i o y su pos e io e isión en la ase de
publicación. Además, hago cons a que, siendo odos los au o es poseedo es del í ulo
de Doc o , es e abajo de in es igación no o ma á pa e de ninguna o a esis en
modalidad de compendio de publicaciones.
En Za agoza, a 13 de diciemb e de 2019
Fdo: José Al onso A anda Usón
 14 
 15 
AGRADECIMIENTOS
En p ime luga , quisie a exp esa mi ag adecimien o a la D a. Ma ía Pila Po illo
Ta agona y al D . José Ma iano Mone a Abadía, po su di ección y apoyo en la
in es igación en el ámbi o de la economía inancie a y la con abilidad lle ada a cabo
pa a es a Tesis.
Pa e del abajo de in es igación ha sido posible g acias a la co- inanciación del
Minis e io de Economía y Compe i i idad - P oyec os “ECO-CIRCULAR” Re . ECO2016-
74920-C2-1-R y “Reco-inno”, Re . ECO2013-45599-R- y ha sido lle ado a cabo en el
ma co de las ac i idades del G upo de In es igación del Gobie no de A agón S33_17R
“Socioeconomía y Sos enibilidad: Con abilidad Medioambien al, Economía Ci cula
Co po a i a y Recu sos”. Quie o mani es a mi ag adecimien o a odas las emp esas
que se adhi ie on a ambos p oyec os colabo a i os y a los p o esionales que
p opo ciona on los da os necesa ios pa a la in es igación, ealizada g acias ambién a
la ayuda o o gada po el Consejo Económico y Social de A agón –CESA- pa a el es udio
“Ni el de implan ación de los p incipios de economía ci cula en A agón”.
Quie o ag adece asimismo de mane a muy especial el apoyo que a dia io me
b indan Sabina Sca pellini y los miemb os del equipo de in es igación con quien
colabo o y, en pa icula , quie o ag adece los ánimos que me han ansmi ido mis
compañe os E a, Jesús, Miguel, Alexia y Fe nando a lo la go de la ealización de es a
in es igación.
De o ma gene al, quie o ag adece a los miemb os del Depa amen o de
Con abilidad y Finanzas de la Uni e sidad de Za agoza las acilidades encon adas en
la ami ación de la Tesis.
Finalmen e, quisie a exp esa mi ag adecimien o a mi amilia, a mi he mano Juan,
a mis hijos Ma cos y Ál a o y a mi muje Elena, sin los cuales no hubie a sido posible
pa a mí elabo a es a segunda Tesis doc o al.
Índice

 19 
Resumen ............................................................................................................................... 21
Abs ac ................................................................................................................................ 25
1 Pa e p ime a. In oducción ............................................................................................ 29
1.1 In oducción ................................................................................................................... 31
Medición in e na de la economía ci cula en emp esas e in e siones..................... 32
Con abilidad de ges ión medioambien al y economía ci cula ................................ 34
1.2 Ma co eó ico ................................................................................................................ 39
1.3 Obje i os, Jus i icación y es uc u a de la esis ............................................................. 41
De inición del papel de las emp esas en la implan ación de la economía ci cula a
ni el e i o ial .......................................................................................................... 44
Medición de las ac i idades de economía ci cula , ni el de adopción en emp esas y
su impac o a ni el egional ....................................................................................... 45
Ca ac e ización y medición de ecu sos inancie os pa a las in e siones en
economía ci cula emp esa ial ................................................................................. 47
De inición y medición de capacidades especí icas de con abilidad medioambien al
pa a la adopción de la economía ci cula en emp esas ............................................ 48
1.4 En oque me odológico ................................................................................................... 49
2 Pa e segunda. Con ibución de los es udios ealizados ................................................... 55
2.1 De ini ion and measu emen o he ci cula economy’s egional impac (A ículo 1) ... 57
2.2 Measu emen o he ci cula economy in businesses: Impac and implica ions o
egional policies (A ículo 2) .......................................................................................... 87
2.3 The p og essi e adop ion o a ci cula economy by businesses o cleane p oduc ion:
An app oach om a egional s udy in Spain (A ículo 3) ............................................. 109
2.4 Financial esou ces o he ci cula economy: A pe spec i e om businesses (A ículo 4)
..................................................................................................................................... 123
2.5 Dynamic capabili ies and he en i onmen al accoun ing o he ci cula economy in
businesses (A ículo 5) ......................................................................................................................... 149
3 Pa e e ce a. Conclusiones .......................................................................................... 187
3.1 Conside aciones inales ............................................................................................... 189
3.2 Implicaciones de la esis .............................................................................................. 191
3.3 Limi aciones y Pe spec i as ......................................................................................... 193
4 Re e encias ................................................................................................................... 195
 20 
 21 
Resumen
En los úl imos años, el é mino economía ci cula (EC) es á siendo u ilizado po gobie nos,
in es igado es y emp esas pa a desc ibi un en oque de desa ollo sos enible que no es inge
el c ecimien o económico. Una EC implica la ans o mación de un modelo económico lineal en
uno ci cula pa a educi la dependencia de las ma e ias p imas y la ene gía y pa a mi iga el
impac o ambien al de la p oducción y el consumo.
La li e a u a académica en EC a ni el mic o se ha cen ado p incipalmen e en el análisis del
modelo de negocio ci cula (en inglés ci cula business model) y en la implemen ación de
di e sas acciones elacionadas con el cie e de cí culos de ma e iales, pe o el p oceso de
adopción po pa e de las emp esas de la EC oda ía es á en una ase incipien e de
in es igación. Especí icamen e, la in oducción de la EC en las emp esas y la ans o mación de
una economía lineal adicional a una ci cula , equie e la implan ación de p ocesos e olu i os
en los que se es ablezcan ínculos g adualmen e dinámicos en el iempo que han sido poco
es udiados has a la echa, y la medición del ni el de adopción de la EC po pa e de la emp esa
en su conjun o ha sido escasamen e in es igada.
An e es e con ex o, el obje i o p incipal de es a esis es llena es e “gap” en la in es igación
pa a con ibui al conocimien o ace ca de la medición de la in oducción de la EC en emp esas
en el ma co especí ico de la con abilidad de ges ión medioambien al y las inanzas
co po a i as. Asimismo, o o obje i o de es a in es igación es la de inición y medición de los
ecu sos y de las capacidades aplicadas po las emp esas a las ac i idades elacionadas con la
EC, como apo ación especí icamen e en la medición de ecu sos inancie os y de capacidades
elacionadas con la con abilidad medioambien al.
Cabe menciona además que los es udios empí icos sob e de la in oducción de la EC en
di e en es sec o es ampoco han sido abo dados desde la pe spec i a e i o ial. Po lo an o,
un obje i o complemen a io de es a esis es amplia el conocimien o sob e la EC emp esa ial a
ni el e i o ial desde una pe spec i a egional, como un ema aún poco es udiado en la
li e a u a académica.
El mé odo de in es igación aplicado en es a esis se ha desa ollado pa a p opo ciona una
doble pe spec i a me odológica, siendo in eg ado po un análisis cuan i a i o basado en una
mues a de emp esas, y po un análisis cuali a i o basado en un caso de es udio de ámbi o
 28 

1 Pa e p ime a. In oducción
Pa e p ime a. In oducción  31 
1.1 In oducción
En la ac ualidad, el é mino Economía Ci cula (EC) es á siendo u ilizado po polí icos,
académicos y p o esionales pa a desc ibi un modelo económico de desa ollo sos enible que
no comp ome a el c ecimien o económico (P a e al., 2016). En el ma co del pa adigma
eme gen e de la sos enibilidad y en los Obje i os de Desa ollo Sos enible (ODS), la EC plan ea
un modelo en el que los lujos de ma e iales, ecu sos, abajo e in o mación sean e ec i os al
obje o de que el capi al na u al y social pueda se es au ado cons an emen e. El núcleo de la
EC es consegui que el lujo de ma e iales sea ci cula (ce ado) y el uso de ma e ias p imas y
ecu sos se epi a una y o a ez a a és de múl iples ases (Yuan e al., 2006), pe mi iendo
man ene el mayo iempo posible el alo añadido de los p oduc os, a a és de la educción
de esiduos (Ma hews y Tan, 2011; Mu ay e al., 2017).
Exis e cie o consenso ace ca de que la EC puede ep esen a una al e na i a a ac i a y
iable al modelo lineal de " oma , usa y i a " y gene a alo an o pa a las emp esas como
pa a la sociedad, ya que la compe i i idad emp esa ial pasa po log a un comp omiso en e
p oduc i idad y u ilización de ecu sos pa a maximiza la e iciencia y “ob ene más con menos”
en sus ope aciones (Ellen MacA hu Founda ion, 2015). Es po ello que es e modelo es á siendo
impulsado a ni el in e nacional po nume osas ins i uciones y gobie nos, an o en la Unión
Eu opea (UE) (Eu opean Commission, 2015) como en o os con inen es (A anda-Usón e al.,
2018).
En el ámbi o académico, la EC es á siendo obje o de in es igación en el ámbi o económico,
siendo cada ez mayo el núme o de es udios y e isiones de in es igación que ponen de elie e
que es a ma e ia es á adqui iendo más ele ancia (Ghisellini e al., 2016; Ghisellini y Ulgia i,
2020; Ki chhe e al., 2017; Ko honen e al., 2018; Me li e al., 2018; Pomponi y Moncas e ,
2017; U bina i e al., 2017).
El in e és po pa e de las emp esas hacia la EC ambién se ha inc emen ado en los úl imos
años (Lewandowski, 2016). No obs an e, la in oducción del modelo de negocio ci cula en las
o ganizaciones es á aun escasamen e a es udiado a ni el mic o (S ewa y Nie o, 2018).
Mien as que a ni el mac o la in es igación en EC se ha inc emen ado ápidamen e en es a
década, los es udios lle ados a cabo has a la echa en ámbi o mic o han cen ado
p incipalmen e en los ac o es que in luyen en el comp omiso de las o ganizaciones p i adas
con la EC, en las ba e as e incen i os (Demi el y Danisman, 2019), y en algunos de los aspec os
que la EC supone en la es a egia emp esa ial y en el modelo de negocio ci cula (Bocken e al.,
2017; Wi jes y Lozano, 2016). Más conc e amen e, la in es igación de ámbi o con able ha
 32 
abo dado sólo pa cialmen e y de mane a agmen ada la implan ación de la EC en la emp esa
(A anda-Usón e al., 2019). El desa ollo de mé icas pa a la medición in e na de la EC en el
ámbi o de la con abilidad de ges ión medioambien al se encuen a en una ase incipien e y no
o ece esul ados uní ocos ace ca de cómo es e modelo se es é implan ando en las emp esas
en un e i o io de e minado y los co espondien es impac os.
Son las p emisas an e io men e desc i as las que mo i a on es a esis doc o al y la
in es igación que se de alla en los siguien es apa ados.
Medición in e na de la economía ci cula en emp esas e in e siones
En elación a su implan ación en emp esas, la EC puede plan ea se pa a la educción del uso
de ma e iales y de ene gía, pa a una p oducción más limpia, pa a la disminución de ma e iales
y ecu sos en la p oducción, la disminución de la con aminación, o aumen a la e iciencia con
al as asas de ci culación, posibili ando que los ecu sos alcancen así un uso comple o du an e
la p oducción (Jun & Xiang 2011; Van Be kel 2010). En el ni el de es udio mic o se incluyen
además las in e acciones siné gicas en e emp esas, de inidas ambién como simbiosis
indus ial, y las inicia i as que con ie en los esiduos de los p ocesos p oduc i os en ecu sos
pa a se nue amen e empleados en o o p oceso indus ial (Ma hews y Tan, 2011).
En las dis in as ases de implan ación de la EC, los lujos de ma e iales, ene gía y agua, así
como de esiduos y sub-p oduc os pueden medi se a a és de indicado es (Van Be kel, 2010),
y pa a cada sis ema ( ecu sos no eno ables, las emisiones al medio ambien e, uso de la ie a,
el impac o en la salud humana y la sociedad), se han ido p oponiendo mé icas (Paka inen e
al., 2010). No obs an e, cabe p ecisa que en la ac ualidad no se dispone de indicado es
especí icos desa ollados pa a la medición del ni el de EC alcanzado po una o ganización en su
conjun o. Así como pa a p oduc os y p ocesos podemos encon a me ologías muy a anzadas
de Análisis de Ciclo de Vida (ACV) pa a la de inición del ni el de ci cula idad (Daddi e al., 2017),
no hay consenso en cuan o a una me odología in eg ada que pe mi a cap u a las dis in as
ac i idades de EC de una emp esa. Asimismo, las uen es de da os son limi adas, y los es udios
empí icos en la ma e ia son aún escasos. Además, cabe des aca la ele ancia que iene en la
EC emp esa ial los di e en es ac o es locales, ales como la es uc u a del e i o io que ienen
que se enidos en cuen a en los modelos ci cula es en la in e ención gube namen al
(Jacobsen, 2006a).
An e es e desa ío, y una ez cons a ada la ausencia de indicado es in eg ados de EC a ni el
mic o, esul a de in e és in es iga ace ca de cómo puede medi se su adopción po pa e de las
Pa e p ime a. In oducción  33 
emp esas, pa a así de ini y analiza la elación en e la in oducción del modelo ci cula y
di e en es aspec os de con abilidad de ges ión medioambien al y inanzas co po a i as, a
a és del es udio de los ecu sos inancie os, su disponibilidad, su calidad (en é minos de
cos es, y ga an ías) an e u u as necesidades inancie as al obje o de que las nue as
opo unidades de in e sión en p oyec os de EC, con bene icio medioambien al, sean
pe ec amen e iden i icadas en é minos económicos. Es o pe mi e que las consiguien es
en ajas compe i i as se aduzcan en en abilidades u u as, y que la plani icación de la
inanciación pa a el c ecimien o, pe mi a que las emp esas accedan a ecu sos inancie os de
di e en e na u aleza, bien median e endeudamien o (Mye s, 1984; Palenzuela e al., 2007)
cuando la emp esa no pueda gene a in e namen e su icien es ecu sos, bien median e
ecu sos p opios de la emp esa (Rajan y Zingales, 1995). De es e modo, es a egia emp esa ial
y inanzas co po a i as caminan ine i ablemen e a la pa (B ealey e al., 2015). Po lo an o, la
medición in e na de los ecu sos y las capacidades es a égicas aplicadas a las in e siones de
EC esul a ele an e pa a las inanzas co po a i as, en la medida que a ec a a la oma de
decisiones sob e in e siones necesa ias pa a la pues a en ma cha de ac i idades ci cula es en
la emp esa. En es e sen ido los ecu sos inancie os se con ie en en un elemen o es a égico
po lo que su capacidad pa a ges iona lo, así como la es uc u a inancie a co po a i a, puede
de e mina el compo amien o inancie o de la emp esa an e las in e siones de ca ác e
medioambien al (A anda-Usón e al., 2019; Ma ín-Vinuesa e al., 2018), pues o que se suelen
ca ac e iza po ho izon es empo ales más la gos y po ni eles de iesgo po encima de la
inno ación con encional (Ghise i e al., 2017; Sca pellini e al., 2016).
Si nos e e imos a las in e siones en eco-inno ación, como ámbi o in e elacionado con la
EC, puede conside a se acep ado que pa a alcanza el alo óp imo de un p oyec o de in e sión
en la emp esa, exis e un ínculo en e los esul ados ob enidos a a és de los p oyec os, la
es a egia y las ca ac e ís icas p opias de la o ganización (Too y Wea e , 2014). Es a elación
ha sido explo ada pa a la eco-inno ación po algunos au o es a a és de la aplicación de
me odologías, an o de ipo cuan i a i o (Halila y Rundquis , 2011), como aplicadas al es udio
del caso (Kemp y Pon oglio, 2011). Es e ámbi o de análisis es á es echamen e elacionado con
las in e siones inno ado as necesa ias pa a la adopción de la EC y con los ecu sos inancie os
necesa ios a al e ec o. Es po ello, que en es a esis se p esen e a anza en el conocimien o de
los ecu sos inancie os aplicados a la EC, siendo un ámbi o aún poco es udiado en la li e a u a.
La inanciación de las opo unidades de in e sión y la disponibilidad de ecu sos inancie os
man iene una es echa elación con la ac i idad inno ado a que se conside a absolu amen e

 34 
necesa ia en es a e apa de despliegue de la EC. Po lo an o, las posibles es icciones a las
cuales los ecu sos pueden es a expues os a ec a ían pa icula men e es e ipo de in e siones
(B own e al., 2009; Lee e al., 2015). Las emp esas ealiza án es as in e siones si pueden
accede a ecu sos inancie os su icien es a un cos e azonable, y es a ci cuns ancia es á
inculada al iesgo, no sólo el asociado a la p opia na u aleza de la in e sión en EC que se
p e ende inancia , ambién depende á de las ca ac e ís icas económico- inancie as de cada
emp esa, del sec o en el que ope e, del ciclo económico que a a iese o del á ea geog á ica en
la que desa olle su ac i idad. Po lo an o, la disponibilidad de ecu sos inancie os se con ie e
en un elemen o es a égico pa a la eco-inno ación (Ociepa-Kubicka y Pachu a, 2017; Zul iqa y
Thapa, 2018) y, po lo an o, pa a la EC.
La ele ancia de los ecu sos inancie os pa a el desempeño medioambien al de las
emp esas, la eco-inno ación y las ene gías eno ables ha dado luga al es udio de di e en es
aspec os inancie os de las in e siones, como son los cos es y ga an ías de la inanciación
ex e na, la disponibilidad del ecu so y las es icciones, la ince idumb e ace ca de los lujos de
caja gene ados po la in e sión, e c. (A anda-Usón e al., 2019) Sin emba go, en la li e a u a,
an es de emp ende se es a esis, las di e en es dimensiones de los ecu sos inancie os no
habían sido obje o de análisis con el alcance y el g ado de de alle aquí p opues os pa a las
di e en es in e siones necesa ias pa a log a una EC.
Es po lo an e io , que se conside a ele an e p ocede a la medición de los ecu sos
inancie os y de las capacidades necesa ias pa a su aplicación desde el ámbi o de análisis de la
con abilidad de ges ión medioambien al, al y como se analiza en el siguien e apa ado.
Con abilidad de ges ión medioambien al y economía ci cula
An e el cambio ecnológico p opiciado po la EC, la aplicación de la iple bo om line
(Elking on, 2001) pe mi e amplia la in o mación con able y inancie a adicional a a és de la
inco po ación de indicado es medioambien ales y sociales. Así, la con abilidad puede da
espues a a la p esión ambien al pa a una c eación de alo a a és de la EC al implica el
espe o de los ecu sos na u ales y un desa ollo humano equilib ado en e los ejes de la
sos enibilidad. Es p e isible po lo an o que, en la dimensión económica mic o, la adopción de
la EC conlle e de e minadas acciones con una cla a epe cusión pa a la ges ión
medioambien al e in e na y que suponga la implan ación paula ina de mé odos y p ocesos de
medición, además del desa ollo de indicado es especí icos y la inclusión de las mejo as en
Pa e p ime a. In oducción  35 
é minos de ci cula idad de las emp esas en la ac i idad de epo ing (Ma co e al., 2019) y en el
ma co de la esponsabilidad social co po a i a (RSC) (Adams, 2008; Mone a y O as, 2009),
pudiendo se obje o de análisis de con abilidad social y medioambien al (La inaga e al., 2019).
De hecho, en el modelo ci cula se in ensi ican las elaciones come ciales con emp esas locales,
se po encian las elaciones es ables con p o eedo es de ca a al cie e de cí culos, y esul a
necesa io de ini los ni eles de p ecio pa a los subp oduc os y los esiduos que se con ie en en
ecu sos pa a o as emp esas.
Asimismo, la EC plan ea la aplicación de es ánda es olun a ios y no mas medioambien ales
especí icas (Bonilla-P iego e al., 2011), la in oducción de nue as ac i idades pa a la
ci cula idad del modelo den o de la p opia emp esa o en colabo ación con o as
o ganizaciones, la ges ión de ac i idades o ins alaciones comunes, la en ega a los clien es de
in o mación comple a ace ca de los p oduc os y se icios pa a su eciclaje, así como la
implan ación de una es uc u a de cos es aco de al modelo ci cula en el ma co de la
con abilidad medioambien al.
Podemos encon a dis in as de iniciones de con abilidad medioambien al. Tanc y
Gokoglan (2015) o ecen una de inición exhaus i a de es e concep o y su génesis en la li e a u a
y la de inen como una combinación de p ác icas con ables u ilizadas en el es udio de las
elaciones mu uas en e los con ables y la ecología, el conocimien o de la in o mación de los
cos es elacionados con el medioambien e y asignados a los p oduc os y p ocesos. Aunque se
han es udiado algunos aspec os de la adopción de p ocesos de con abilidad medioambien al
po pa e de las emp esas (Wilmshu s y F os , 2001), an es de inicia la in es igación plan eada
en es a esis apenas se con aba con es udios especí icos de EC en ámbi o con able a ni el mic o
(S ewa y Nie o, 2018).
An e es as p emisas, esul a de in e és plan ea el es udio especí ico de los mé odos y
p ác icas de medición y el con ol de las ac i idades que la EC implica pa a las emp esas, que
p e isiblemen e supond án una mayo implemen ación de ni eles de con abilidad de ges ión
medioambien al o En i onmen al Managemen Accoun ing (EMA en sus siglas en inglés).
En é minos más gene ales, la EMA se desa olla pa a la iden i icación, la asignación y el
con ol de los cos es medioambien ales de mane a sepa ada de los cos es que no es én
elacionados con los impac os medioambien ales de la ac i idad (Qian e al., 2018). Una
impo an e ca ac e ís ica de la EMA es su én asis en la medición de lujos mone a ios y ísicos
en un ciclo de ida de un p oduc o o sis ema. Es o incluye p ocedimien os ísicos pa a el
consumo de ma e iales y ene gía, lujos y la ase de uso, así como los p ocedimien os pa a el
 36 
cálculo de cos es, aho os e ing esos elacionados con las ac i idades o lujos de ma e iales que
engan un impac o ambien al (Ch is y Bu i , 2015; Qian e al., 2018). Aspec os que ayudan a
conoce el g ado de exposición al iesgo de la emp esa en é minos medioambien ales,
pe mi iendo es ablece el diseño de su es a egia climá ica de mane a que la EMA se con ie e
en una he amien a es a égica (Schal egge e al., 2016). Así, medi el ni el de adopción de la
EC a ni el mic o en el ámbi o de la EMA, con ibuye a una ges ión más e icien e de los di e en es
ecu sos de la emp esa pa a el desa ollo de ac i idades de EC que p opicien un c ecimien o
más sos enible, pe mi iendo una elación de la emp esa con el en o no social, ambien al y
económico en el que desa olla su ac i idad (Gallego-Al a ez e al., 2017; Mone a-Abadía e al.,
2019).
En el ma co de la EMA se pueden emplea he amien as como las de Análisis de Ciclo de
Vida (LCA en sus siglas en inglés de Li e Cycle Asessmen ), o el Li e Cycle Cos ing (LCC) (Bie e
e al., 2015), implan a no mas como la ISO 14040 2006 o la ISO14044 2006, o aplica
me odologías de cálculo de huella ecológica (Man edi e al., 2015). Es as he amien as pueden
complemen a la in o mación medioambien al necesa ia a ni el con able, de pa icula in e és
pa a emp esas que adop en un modelo de negocio ci cula (Daddi e al., 2017; Qian e al.,
2018).
En una ex ensa e isión bibliog á ica Pomponi and Moncas e (2017) a i man que a ni el
mic o la in es igación in e disciplina es una excepción y que la mayo pa e de los es udios
a an de cues iones écnicas en la aplicación de la EC, y no con emplan en su análisis aspec os
de con abilidad medioambien al, aunque in oducen la aplicación de las he amien as ce canas
a la EMA como el Ma e ial Flow Cos Accoun ing (MFCA) pa a en o nos de .EC
En esumen, las écnicas de MFCA, ecogidas pos e io men e en la no ma ISO 14051 (Ch is
y Bu i , 2016), se implan a on sob e odo como una consecuencia lógica de p oyec os de
ges ión ambien al a inales de los años ’80 y comienzo de los ’90 aunque de i a an de los
balances inpu /ou pu de los lujos de ma e iales causados po la p oducción indus ial iniciados
en Alemania en la p ime a mi ad del siglo ein e (Wagne , 2015). Asimismo, hay que menciona
que la MFCA depende del acceso a la in o mación de los lujos ísicos en los p ocesos,
especialmen e de aquellos ligados a los lujos de ma e iales y ene gía en un en oque de ges ión
de co o plazo aunque ha esul ado se una he amien a de u ilidad pa a la ase p esupues a ia
(Ch is y Bu i , 2015), al pe mi i la e aluación de la e iciencia y las pé didas en dichos lujos
(Nakajima e al., 2015). Po lo an o, el ango de aplicación de la MFCA es muy amplio, al
pode se aplica a la de ección de ine iciencias y opo unidades de aho o de cos es
Pa e p ime a. In oducción  37 
con ibuyendo a la mejo a no sólo del desempeño medioambien al sino ambién de la
en abilidad económica, y a la ez a o ece la implan ación de polí ica de aho o de ecu sos
y, po lo an o, una p oducción más limpia (Schmid e al., 2015).
Cabe añadi que la MFCA di ie e de o as he amien as de ges ión medioambien al al ene
como obje i o la conciliación del medio ambien e con los aspec os económicos y pe mi i una
comp ensión más p o unda de los p ocesos de ab icación. Cabe señala además que puede se
aplicada de o ma con inua y u ina ia si se plan ea de acue do a los sis emas de ges ión de la
compañía (Kokubu y Ki ada, 2015). En aplicación a la EC, las me odologías o ien adas a la
medición de los lujos de ma e iales como el MFCA pueden aplica se pa a medi la en ada de
ecu sos na u ales, el uso de ma e iales eciclables. Sin emba go, se conside an insu icien es
pa a medi o as ca ego ías de impac o ela i as a las emisiones, al igual que la me odología
elacionadas con la Ma e ial Inpu Pe Se ice (MIPS) que pe mi e cuan i ica la in ensidad del
ma e ial aplicados a los p oduc os, no p opo ciona in o mación sob e las emisiones
elacionadas o el uso de ecu sos eciclables (Elia e al., 2017).
Aunque en es a esis no se abo de en p o undidad la aplicación de MFCA, ya que equie en
de un caso de es udio pa a su análisis, en e los indicado es plan eados pa a la medición in e na
de la EC se con emplan algunos di igidos al con ol de la in ensidad de ma e ias p imas y al lujo
de ma e iales y esiduos (A anda-Usón e al., 2018). Es po ello que se ha in oducido su
de inición al a a se además de una me odología de análisis de aplicación a la EC.
En una línea simila , ha quedado e endada en la li e a u a la elación en e la EMA y la eco-
e iciencia en su obje i o de aumen a la p oduc i idad y, po lo an o, educi los cos es, a la ez
que se mejo a el desempeño ambien al (Bebbing on, 2001; Bu ne y Hansen, 2008). La eco-
e iciencia (Huppes y Ishikawa, 2005) iene implicaciones signi ica i as pa a la con abilidad de
ges ión ambien al al pe mi i que las emp esas aíslen y cuan i iquen los cos es, los bene icios y
los esul ados ope acionales de una ges ión ambien al p oac i a (Bu ne y Hansen, 2008) e
in oduzcan el pa adigma eco-e icien e en sus sis emas de con ol de ges ión (Figge e al.,
2002).
Ko honen e al. (2018) des acan el ma e ial low como análisis esencial en es e ma co y
esumen los ámbi os de análisis explo ados a ni el mic o en economía ecológica hacia la eco-
e iciencia (Huppes y Ishikawa, 2005) y la ecología indus ial (Eh en eld y Ge le , 1997) pa a
di e encias los obje i os de ipo económico de la EC, esumidos en la educción de ma e iales y
ecu sos pa a el con ol de emisiones así como los iesgos y cos es asociados
 44 
Figu a 1.2. Esquema de la esis
En los cinco a ículos ci ados en la igu a an e io se desa olla una se ie secuencial de
p egun as de in es igación que se espondie on a a és de la aplicación me odológica y de la
in es igación desc i a pa a cada publicación en los siguien es apa ados.
De inición del papel de las emp esas en la implan ación de la economía
ci cula a ni el e i o ial
A pa i de la e isión de la li e a u a, podemos a i ma que la ac i idad de EC desa ollada
po las emp esas iene una componen e e i o ial aún poco es udiada en elación a los lujos
de ma e iales, ecu sos y p oduc os y que implica el necesa io dimensionamien o del ni el de
adopción de las emp esas de la EC en un e i o io de e minado, an o po su di ec a elación
con el cie e de cí culos a ni el local, como pa a el impac o socio-económico co espondien e.
Smol e al. (2017) p oponen di e en es mé icas pa a medi las expo aciones de p oduc os
de eco-indus ias a ni el egional y miden el empleo gene ado po es as emp esas en elación
con la EC, así como su olumen de negocio, que se conside a di ec amen e elacionado con la
ac i idad ci cula . O os au o es han analizado empí icamen e la concienciación ciudadana y el
compo amien o de las emp esas en é minos EC, en pa icula a ni el mic o (Elia e al., 2017).

Pa e p ime a. In oducción  45 
Sin emba go, el análisis espacial de la ac i idad emp esa ial di igida al cie e de cí culos en un
e i o io de e minado no se había ealizado has a la publicación de es a esis, que a a po lo
an o de esponde a un “gap” de la li e a u a.
Así, a pa i de o os es udios de polí ica egional pa a la EC, aunque indi ec amen e
elacionados con el ámbi o de in es igación mic o obje o de es a esis, en el p ime o de los
a ículos se ealiza una con ibución me odológica que iene como obje i o de ini las
p incipales ac i idades que sus en an la EC a ni el egional desde una pe spec i a holís ica,
concep ualizando su adopción a ni el social, emp esa ial y en la adminis ación pública. Como
esul ado pa a los ines de es a esis, las p incipales ac i idades de EC en las emp esas se han
clasi icado a a és de un es udio de caso egional en la Comunidad Au ónoma de A agón en
espues as a las siguien es p egun as de in es igación: (a) ¿Cómo se puede medi el ni el de
adopción de la EC en un e i o io especí ico? (b) ¿Cuál es el impac o de la EC y cómo puede
medi se en un e i o io?
G acias a los esul ados ob enidos en el p ime a ículo, se de inie on los p incipios de EC
que es aban siendo in oducidos en las emp esas y su ase de adopción. Además, a a és de
en e is as semi-es uc u adas ealizadas a di e en es g upos de in e és, se ob u o una isión
p elimina de las ac i idades emp esa iales más ele an es de ca a a la EC pa a su pos e io
medición en el segundo a ículo que se esume en el siguien e apa ado.
Medición de las ac i idades de economía ci cula , ni el de adopción en
emp esas y su impac o a ni el egional
Los esul ados ob enidos en el p ime o de los a ículos, si ie on de base pa a el desa ollo
del segundo abajo que in eg a es a esis y en el que se plan ea, además de un análisis más
desa ollado de la implan ación de la EC en las emp esas a ni el egional un lis ado de
ac i idades di ec amen e elacionadas con la de EC y una me odología simpli icada de
es imación de los impac os egionales de i ados de las ac i idades ci cula es lle adas a cabo
po las emp esas.
A pesa de las limi aciones señaladas an e io men e, algunos au o es han p opues o
indicado es pa a la medición de los lujos de ma e ial, ene gía y agua en las di e en es e apas
de implemen ación de la EC (Van Be kel, 2010). A pa i del análisis de los sis emas que pod ían
se de aplicación a los obje i os plan eados en es a esis, podemos a i ma que has a la echa
no se disponen de sis emas de medición in eg ados pa a de e mina el ni el de ci cula idad
alcanzado po una emp esa en su conjun o. Los indicado es p opues os en la li e a u a ienen
 46 
o alezas y debilidades, y ninguna me odología especí ica pa a medi la EC emp esa ial ha
ganado un amplio apoyo académico. Además, cabe des aca que las uen es de da os son
limi adas, ya que se equie e de da os ecabados di ec amen e desde las emp esas que no
pueden ob ene se a a és de bases de da os en la ac ualidad. Además, ambién es impo an e
ene en cuen a la ele ancia de los ac o es elacionados con la es uc u a e i o ial, las
a iables socioeconómicas y el impac o de las inicia i as gube namen ales a ni el egional y
local (Jacobsen, 2006b).
An e es as p emisas, las p egun as de in es igación desa olladas en la segunda e apa de la
in es igación ue on las siguien es: (a) ¿Cuáles son las ac i idades elacionadas con la EC más
ex endidas en las emp esas que ope an en sec o es sensibles a la adopción de la EC en un ma co
e i o ial?; (b) ¿Cuál es el impac o del cie e de cí culos alcanzado po las emp esas en un
e i o io?
Pa a con es a a las p egun as de in es igación, en es e segundo a ículo se es udia, en un
mismo ma co analí ico, la implemen ación de EC en emp esas y el impac o que supone la
ac i idad lle ada a cabo pa a el cie e de cí culos a ni el e i o ial, plan eándose que la EC se
es á analizando en la li e a u a a dis in os ni eles (F anco, 2017). Pa a alcanza es e obje i o,
as ealiza un análisis de la li e a u a, se amplía a una segunda ase el caso de es udio egional
en la Comunidad Au ónoma de A agón, al que se añade el análisis cuan i a i o de una mues a
de emp esas, al y como se explica en de alle en el apa ado dedicado a la me odología de es e
capí ulo. G acias a la in es igación ealizada, en es e segundo a ículo de la esis se ha ealizado
una apo ación an o eó ica como me odológica pa a la de inición y medición de la EC en el
e i o io desde la óp ica de la ac i idad emp esa ial y se ha podido dimensiona el impac o
socio-económico que el cie e de cí culos alcanzado en las emp esas supone en la egión, siendo
una me odología simpli icada de g an in e és.
A pa i de los esul ados an e io es, se plan ea on nue as p egun as de in es igación que
se enume an a con inuación y que ue on abo dadas en el e ce o de los a ículos que in eg an
es a esis: (a) ¿Cómo es án in oduciendo las ac i idades elacionadas con la EC las emp esas a
ni el e i o ial); (b) In luye la si uación e i o ial en la adopción de las ac i idades de EC po
pa e de las emp esas?
Al obje o de amplia los esul ados ob enidos en las ases an e io es de la in es igación, en
es e a ículo se o ece un análisis inédi o de las ac i idades elacionadas con la EC que las
emp esas es án adop ando a ni el e i o ial que se clasi ican en cua o ni eles, a pa i de la
conside ación del impac o que suponen es as ac i idades en é minos de cie e de cí culos de
Pa e p ime a. In oducción  47 
ma e iales en la EC a ni el mic o. Las ac i idades incluidas en el p ime g upo, de inido como
ni el I 'REC', es án elacionadas p incipalmen e con el eciclaje y la e iciencia ene gé ica y se
conside an como la p ime a e apa de la adopción de la EC po que se han in oducido ya en
nume osos sec o es. El g upo de ac i idades de inido como “SIM” que in eg an el ni el IV
incluye soluciones de simbiosis indus ial o ecnologías de ecología indus ial y, dado que no se
suelen implemen a con ecuencia, se conside a la e apa más a anzadas de la adopción de la
EC. El g upo de inido como ni el III "VALW", incluye ac i idades de desma e ialización,
ene gías eno ables y ma e ias p imas secunda ias, mien as que o as ac i idades como la
eco-inno ación y el eco-diseño se incluyen en el segundo g upo de inido de ni el II "DES".
Es a ag upación pe mi e de ini y medi el p og eso de las emp esas hacia la EC po
u ilizando un conjun o de indicado es de aplicación a las ealizadas po las emp esas que se
conside an ele an es en é minos de EC en un e i o io de e minado. Como p incipal
esul ado se pudo ap ecia una endencia inc emen al en la adopción de las ac i idades a ni el
mic o. Aun quedando de mani ies o el ca ác e p og esi o de la in oducción de la EC, no quedó
demos ado que las emp esas es én adop ando la EC con el obje i o p incipal de ce a los
cí culos de ma e iales, siendo el p oceso in luido po di e en es ac o es del con ex o egional
en el que se localizan las emp esas. Los a ances ob enidos en la medición y en los indicado es
aplicados pe mi ie on amplia el conocimien o en el ámbi o de la EMA pa a la EC.
Ca ac e ización y medición de ecu sos inancie os pa a las in e siones en
economía ci cula emp esa ial
A pa i de la e isión de la li e a u a y de los esul ados alcanzados en los dos a ículos
an e io es, en el cua o de los abajos publicados que in eg an es a esis, se pe ila la medición
del ni el de EC alcanzado po una mues a de emp esas que se de alla en el siguien e apa ado
de me odología. La medición empí ica de las ac i idades e in e siones que las emp esas
ealizan en la ac ualidad di ec amen e elacionadas con el cie e de cí culos p opugnado po la
EC ha pe mi ido el diseño de un cons uc o de indicado es que ep esen a uno de los esul ados
de la esis de mayo alcance en é minos de EMA, ya que p opo ciona el de inido como “ci cula
scope” de una emp esa en su conjun o (A ículo 4).
En esumen, el ma co eó ico de la RBV se aplica en el es udio que dio luga a la cua a
publicación pa a amplia el conocimien o en las inanzas co po a i as en ámbi o de EC a ni el
mic o. Asimismo, es e en oque eó ico, pe mi e analiza si la can idad de ecu sos inancie os
es á elacionada con la mejo a medioambien al y el desempeño en é minos de EC de las
 48 
emp esas. La de inición y medición de los ecu sos inancie os especí icos aplicados a las
in e siones de EC se desa olló a pa i de las siguien es p egun as de in es igación: (a) ¿A un
mayo ni el de in e sión co esponde un mayo ni el de EC en las emp esas?; (b) ¿Qué
ca ac e ís icas de los ecu sos inancie os es án elacionadas con el ni el de in e sión en EC en
las emp esas?; (c) ¿Las decisiones inancie as sob e la na u aleza de los ecu sos es án
elacionadas con el ni el de in e sión en EC en las emp esas?; (d) ¿Qué ac i idades de ca ác e
medioambien al es án in luyendo en el alcance ci cula de las emp esas?
La elación en e el ni el de ci cula idad in oducido po las emp esas (“ci cula scope”) y los
ecu sos inancie os mo ilizados ep esen a el esul ado p incipal de es a ase de la esis,
conlle ando una apo ación an o de ca ác e me odológico en cuan o a la medición y
ca ac e ización de ecu sos inancie os y del ni el de in oducción de las ac i idades de EC en
las emp esas, como de ca ác e eó ico ya que explo a un campo de análisis inédi o has a la
publicación de es a esis aplicando la eo ía de RBV a la EC. El cons uc o de indicado es
aplicado a la medición del “ci cula scope” se aplicó ambién al es udio de o as capacidades de
la emp esa elacionadas con la con abilidad medioambien al.
De inición y medición de capacidades especí icas de con abilidad
medioambien al pa a la adopción de la economía ci cula en emp esas
Al obje o de amplia el análisis de la elación de la EC ambién con las capacidades de las
emp esas, la in es igación expues a en el quin o a ículo se undamen a en el ma co eó ico de
las Dynamic Capabili ies. Los sis emas de ges ión ambien al, la RSC, el epo ing y o as
p ác icas de con abilidad medioambien al se es udian en el mismo ma co de análisis pa a medi
su impac o en el alcance ci cula (“ci cula scope”) de las emp esas.
En el con ex o de las capacidades más p opiamen e ligadas al ámbi o con able y o as
capacidades elacionadas con la ges ión medioambien al aplicadas po las emp esas pa a
in oduci la EC, el es udio de la EMA bajo el ma co eó ico de las Dynamic Capabili ies es
bas an e o iginal y ep esen a una apo ación de es a esis ya que pe mi e explo a la elación
en e la EC y la EMA que, en es udios an e io es, se había es udiado en elación con la ges ión
de esiduos y las ac i idades de eciclaje (Qian e al., 2011), los lujos ene gé icos, de agua y
ma e iales (incluidos los esiduos); los cos es, los bene icios y los aho os de i ados de las
ac i idades de mejo a medioambien al.
Con la in oducción de ac i idades elacionadas con la EC, se expe imen an cambios en las
emp esas que implican una modi icación de los mecanismos de con ol en el ámbi o de la
Pa e p ime a. In oducción  49 
sos enibilidad (Qian e al., 2018). Po lo an o, en es e a ículo, se e ue za la idea de que el uso
de he amien as de EMA es á asociado con la ges ión de EC y la calidad en el epo ing. Las
capacidades elacionadas con la EMA medidas en es e a ículo incluyen la disponibilidad de
ecu sos humanos pa a ac i idades de ges ión medioambien al, lo que con i ma los esul ados
an e io es ob enidos pa a la eco-inno ación (Sca pellini e al., 2017), y es án pa cialmen e
conec ados con los alo es de los adminis ado es p o-ambien ales analizados po Luque-
Vílchez e al. (2019) pa a ga an iza la calidad de la di ulgación medioambien al.
Los esul ados ob enidos demues an una elación posi i a en e el alcance ci cula de las
emp esas, sus p ác icas de con abilidad medioambien al y su ni el de RSC. La eje cida po los
s akeholde s, que iene un e ec o mediado en el “ci cula scope” de las emp esas, ambién se
abo da en es a ase de la esis, apo ando nue os conocimien os a los es udios ecien es sob e
la EC a ni el mic o.
Con es os esul ados, es a esis con ibuye a ce a la b echa en e la in es igación
académica en el ámbi o de la con abilidad ambien al y la in es igación académica de EC a ni el
mic o, ya que se de inen unas capacidades especí icas de ipo con able de ca ác e inédi o.
1.4 En oque me odológico
Pa a da espues as undamen adas a las p egun as o muladas, se op a po aplica un doble
en oque me odológico, cuali a i o y cuan i a i o. Cabe menciona que en la ac ualidad no se
dispone de un indicado in eg ado que esume el ni el de “ci cula idad” alcanzado po una
emp esa a ni el co po a i o, al y como se de alla pos e io men e en los a ículos que in eg an
es a esis. Po consiguien e, pa a la medición in e na del alcance de la EC esul a necesa io
ob ene in o mación especí ica di ec amen e desde aquellas emp esas que se hallen inme sas
en un cambio p o-ambien al, siendo es a una de las p incipales limi aciones exis en es pa a la
in es igación en es e campo al a a se a menudo de da os de ca ác e con idencial. A su ez,
los indicado es exis en es no pueden aplica se a la medición espacial de la in oducción de la
EC emp esa ial a ni el e i o ial, ep esen ando uno de los campos de in es igación aún abie o
a ni el mic o.
An e es as p emisas, en la p ime a ase de la in es igación se plan ea ealiza un es udio de
caso a ni el egional del ni el de implan ación de la EC en el e i o io y así de ini las p incipales
ac i idades emp esa iales elacionadas con el cie e de cí culos. El es udio del caso esul a de

 50 
u ilidad pa a una in es igación p elimina pensada pa a gene a ideas, hipó esis o p egun as de
in es igación que pos e io men e se some en a comp obación empí ica, pe mi iendo así una
gene alización al ene en cuen a el pode explica i o del análisis cuali a i o. El análisis de un
caso especí ico empleando la eo ía pe mi e comp ende la unicidad del alcance e i o ial de
la EC.
Pa a esponde a la p ime a de las p egun as de in es igación y de ini qué p incipios de EC
son de in e és a ni el mic o y es án siendo in oducidos en las emp esas, se aplicó un doble
en oque me odológico en un caso de es udio egional en A agón y se lle a on a cabo 21
en e is as semi-es uc u adas (en p o undidad). Es as en e is as pe mi ie on analiza la
pe cepción ace ca del ni el de adopción de la EC y de ac i idades de cie e de cí culos en los
di e en es ámbi os social, emp esa ial y de la adminis ación pública. Más conc e amen e, en
es a esis se p o undiza en los esul ados ob enidos de las en e is as pa a la de inición de las
los p incipios y ac i idades de in e és pa a las emp esas en cuan o a EC (ARTÍCULO 1) y en la
de inición de los sec o es de in e és pa a el análisis cuan i a i o. Cabe menciona que las
en e is as semi-es uc u adas ambién han sido conside adas como un ins umen o alioso
(Ho ik e al., 2015) pa a la compilación de da os, pe mi iendo el análisis de e i o ios y
unidades locales con di e en es ca ac e ís icas. Las en e is as semies uc u adas ambién se
han u ilizado en o os es udios especí icos de EC po que pe mi en p ocesa in o mación que de
o o modo no pod ía ecopila se sis emá icamen e a a és de in o man es cla e (Geng e al.,
2009).
En sín esis, las uen es de los da os empleados pa a es a esis son los que se de allan a
con inuación:
Figu a 1.3. Fuen es de da os empleados pa a la in es igación
En una segunda ase de in es igación, al obje o de delimi a el alcance ci cula po sec o es
y los p incipios de EC se ealiza una clasi icación en el e i o io po la que, a pa i de la
Pa e p ime a. In oducción  51 
de inición de “sec o ambien al” p opues a po la OECD (2009) y Eu os a (2009), se conside an
los sec o es o sub-sec o es de esiduos como es a égicos pa a la EC, los que in eg an las
ag upaciones 37, 38 y 39 de la clasi icación CNAE (2009) y que eúnen a las emp esas de
a amien o y eciclado de esiduos, de ges ión de los p ocesos de a amien o y depu ación de
aguas esiduales, ges ión y a amien o de esiduos y o os se icios de ges ión de esiduos.
A las emp esas pe enecien es a los sec o es de eciclado y esiduo se añaden pa a el análisis
egional emp esas de los demás sec o es indus iales, conside ados como ‘sensibles’ a la
in oducción de la EC. A pa i de los da os es adís icos au onómicos de los sec o es
an e io men e desc i os, se calcula el impac o socioeconómico ( undamen almen e empleo,
ma e ias p imas y olumen de negocio) de i ado de ac i idad elacionada con la EC en
emp esas, es imada a a és del po cen aje de las ac i idades elacionadas con la EC que es as
han in oducido (ap ox. 6%). Es o puede es ima se a pa i de la de inición de las ac i idades
que las emp esas hayan in oducido en la ac ualidad que enga impac o y/o elación con el
cie e de cí culos plan eado po la EC (ARTÍCULO 2), como una de las apo aciones
me odológicas de es a esis (ARTICULOS 1 y 2). A con inuación, se ealiza un análisis empí ico
de las e e idas ac i idades po pa e de las emp esas (A ículo 3).
En la e ce a ase de in es igación, se p ocede a ealiza un análisis y medición de los
ecu sos y capacidades especí icas en el ámbi o de conocimien o de la economía inancie a y la
con abilidad. A al in se op a po la aplicación de una me odología de ecuaciones es uc u ales
(PLS-SEM) a una mues a de emp esas, que pe mi e ca ac e iza los ecu sos inancie os
aplicados a las ac i idades de EC de las emp esas y la elación en e es os ecu sos y el alcance
de EC emp esa ial.
El análisis se ealizó a a és de encues as que se en ia on a emp esas que colabo a on con
un p oyec o de I+D en el no es e de España. Las emp esas seleccionadas ienen más de 50
empleados, al conside a se el amaño como un ac o que acili a los p ocesos eco-inno ado es
(Aboelmaged, 2018; T igue o e al., 2015; Wagne , 2007; Zhang y Wal on, 2017) y se conside ó
como una ca ac e ís ica ele an e de las emp esas pa a la ansición de un modelo lineal a un
modelo ci cula . Pa a la mues a se selecciona on emp esas que ope an en sec o es con mayo
po encial pa a la inco po ación de la EC en sus p ocesos y con p oac i idad hacia la eco-
inno ación, el eco-diseño y la EC. Se conside a on po lo an o emp esas de los sec o es
elacionados con las ecnologías incluidas en las "Mejo es Técnicas Disponibles", los llamados
"BREF": indus ial, anspo e y logís ica, esiduos, indus ia ex ac i a, indus ia
manu ac u e a, elec icidad, gas, apo y ai e acondicionado, suminis o de agua,
 52 
alcan a illado, ges ión de esiduos, y su anspo e y almacenamien o. En es os sec o es, la
in oducción de los p incipios de la EC es an o necesa ia como ecnológicamen e ac ible
(Eu opean Commission, 2017).
La mues a se ob u o a pa i de una población de 2.232 emp esas elabo adas a pa i de la
base de da os SABI, que p opo ciona las p incipales ci as económicas y inancie as de las
emp esas de la península ibé ica. Se en ia on un o al de 996 cues iona ios po co eo
elec ónico a las emp esas de la población inicial de las que se disponía de in o mación de
con ac o de allada. Finalmen e, se ob u ie on 110 espues as, 87 de ellas se conside a on
obse aciones álidas a e ec os de es a esis, lo que ep esen a una mues a del 8.8% del o al.
Cabe menciona que al dispone del código de iden i icación iscal (CIF) de es as emp esas
pudie on ob ene se sus da os económicos y inancie os pa a el análisis. El desa ollo y
aplicación de la me odología se de allan en los a ículos cua o y quin o.
A a és de es a me odología se a anza en el conocimien o de la medición in e na de la EC
a a és de la de inición de un cons uc o que pe mi e la medición del alcance de las ac i idades
elacionadas con la EC a ni el de emp esas (“ci cula scope”). Es e cons uc o se elaciona con
los ecu sos inancie os, aún poco es udiados en la li e a u a, que las emp esas aplican a las
ac i idades de EC (ARTICULO 4) y con las capacidades de las emp esas elacionadas con el ni el
de adopción de EC. En pa icula , a a és de la me odología de ecuaciones es uc u ales se
de inen y miden las capacidades de con abilidad medioambien al de las que disponen las
emp esas pa a ges iona de o ma e icien e a los ecu sos aplicados a la EC, siendo es a una de
las apo aciones me odológicas ele an e en cuan o a su medición y análisis (ARTICULO 5). El
en oque me odológico plan eado puede desc ibi se g á icamen e como se mues a en la Figu a
1.4.
Pa e p ime a. In oducción  53 
Figu a 1.4. Doble en oque me odológico a lo la go delas es ases de la in es igación
En esumen, en es a esis se aplican a ios mé odos y en oques de análisis. La me odología
cuali a i a de es udio de casos egional se aplica pa a ob ene un p ime ni el de esul ados,
di igido a la de inición de indicado es pa a la medición del alcance de la EC en emp esas pa a
su aplicación a la con abilidad di ec i a y al con ol de ges ión. La in o mación ecabada de las
en e is as semi-es uc u adas pe mi e medi el impac o de la ac i idad emp esa ial ligada a la
EC, como p ime desa ollo me odológico no edoso que apo a es a esis. A es e se añade la
de inición de un cons uc o inédi o pa a la medición del alcance de la EC implan ada po las
emp esas, siendo un indicado in eg ado que no se había desa ollado con an e io idad.
Los esul ados ob enidos a a és de la aplicación de las me odologías desc i as en es e
apa ado se de allan en los a ículos que in eg an es a esis y que se incluyen en los siguien es
apa ados.
le els in ela ion o quali y o e ed, and deli e de ailed in o ma ion o cus ome s
abou p oduc s and se ices. Simul aneously, he CE model can include gene a ing
new jobs, imp o ing employees’quali y o li e, and linking a sys em’s unc ioning
wi h he social dimension o managemen in o ganisa ions (Ma hews and Tan 2011).
Majo schools o hough ela ed o he ci cula economy eme ged in he 1970s and
we e in oduced by Pea ce and Ke y Tu ne (1990), bu gained p ominence in he
1990s. They include he unc ional se ice economy, na u al capi alism, o ‘c adle o
c adle’p inciples (U bina i, Chia oni, and Chiesa 2017). In mo e de eloped s ages, he
CE alls wi hin he ield o indus ial ecology (Li e al.2010; Pi k€
anen e al.2016), as
wi hin he indus ial symbiosis be ween local companies wi h di e en p oduc ion
p ocesses (Ande sen 2007). Te i o iali y is one o he key issues o he CE, because i
is based on he p inciple ha was e should be p ocessed close o i s poin o o igin
(Kama 2015).
I has been a gued ha he CE ep esen s an oppo uni y o achie e a pa adigm
shi om he cu en linea model o a low-ca bon, ze o-was e economy. In his
model, local and egional au ho i ies can play an impo an ole in bo h he launch o
and ansi ion o a CE (Yi and Liu 2015). The e o e, he CE should be ansla ed in o
en i onmen al egional planning, which means a long- e m economic es uc u ing o
he e i o y. Taking such a pa h would acili a e he es ablishmen o in eg a ed ma -
ke s. In he Eu opean Union (EU), o example, he CE would esul in limi ed ci cula-
ion o was e wi hin he Eu opean bo de s (Kama 2015; P ende ille e al.2016).
Di e en ac o s, such as he indus ial si ua ion, egional business, inno a ion le el,
and legisla i e p o ile a he egional o local le el, condi ion he de elopmen o he
CE in a e i o y (Coa s and Ben on 2015; Fang, C^
o 
e, and Qin 2007).
In gene al e ms, de ini ion o CE de elopmen policies in he medium- and long-
e m in he EU is pa o he mul ile el in e ac ion o en i onmen al legisla ion, and
di e en ac o s in he ins i u ional, social, and business en i onmen s a e conside ed in
his planning p ocess. The implica ions o he CE’s deploymen in e ms o egional
go e nance a e also highligh ed (Ma i, Consoli, and Uya a 2016). Howe e , ce ain
au ho s ha e wa ned ha in eg a ed planning o en i onmen al and social aspec s,
combined wi h economic aspec s, may lead o si ua ions whe e economic ac o s ake
p ecedence o e local de elopmen (Da a 2012; Pick ance 2000).
To da e, s udies ha ha e add essed he implemen a ion o he CE om a egional
s andpoin (E ns and Young 2016; Ellen MacA hu Founda ion 2015b; Pi k€
anen
e al.2016), o hose ha ha e expe ienced apid de elopmen , such as China (Geng
e al.2009; Geng, Haigh , and Zhu 2007;Sue al.2013), a e s ill sca ce; and me hod-
ologies ha can be applied o measu e he in oduc ion o he CE in a speci ic e i o y
a e s ill unde in es iga ion. Thus, analysis o he CE’s impac om a egional
app oach is conside ed a ele an line o inqui y o he en i onmen al planning
equi ed o p omo e he CE. Because he ocus in he Eu opean Union (EU) has been
on egions, measu ing CE–eco-inno a ions is an especially ele an issue a he
egional le el (Smol, Kulczycka, and A diushchenko 2017).
In o de o measu e he CE, Elia, G azi Gnoni, and To nese (2017) p o ide a lis
o mac o, meso, and mic o indica o s o he CE, and he Ellen MacA hu Founda ion
has de eloped a me ic ha assesses ci cula i y a he p oduc and company le els
(Ellen MacA hu Founda ion 2015b). Mac o-le el indica o s ha measu e he socio-
me abolic impac o he CE a e gene ally be e de eloped han mic o-le el indica o s
(Geng e al.2012; Linde , Sa asini, and an Loon 2017) ha ha e been applied o
measu e he CE implemen a ion in business, mainly h ough case s udies. Fo egional
2212 S. Sca pellini e al.

en i onmen al policy and managemen , Smol, Kulcycka, and A diushchenko (2017)
de eloped indica o s ha a e mainly based on he in e ela ionship be ween he CE
and eco-inno a ion, wi h pa icula emphasis on he de elopmen o egions.
Ne e heless, he e a e ew speci ic empi ical in es iga ions o he ela ionship
be ween awa eness and he le el o in oduc ion o CE ac i i ies in a e i o y.
Since his is a less esea ched a ea, he main objec i e o his s udy is o measu e
he adop ion o CE ac i i ies and i s impac o inc ease knowledge abou he e i o ial
dimensions o he CE. The app oach used in his s udy is no speci ically heo y-d i en
and he esea ch objec i e is gene a ing knowledge abou how o measu e he CE’s
impac and i s pene a ion in a e i o y. Ne e heless, a summa ised heo e ical app oach
is p esen ed in he ollowing sec ion o ou line he gene al scope o he esea ch.
A quali a i e case s udy based on a Spanish egion is desc ibed in he hi d sec ion,
which ocuses on he backg ound o his esea ch. Finally, he esul s a e discussed,
ollowed by he main conclusions.
2. Backg ound
In gene al e ms, we can s a e ha he CE exis s a he in e sec ion o he en i onmen-
al and economic aspec s o he sus ainable de elopmen amewo k (Bina 2013; Van
G ie huysen 2002). The in oduc ion o he concep has been a ibu ed o he seminal
wo ks o Pea ce and Tu ne (1990), whe e he e m CE was applied o explain how
economies wo k while conside ing he impo an implica ions o he en i onmen -econ-
omy in e ac ion. In his sense, hey conside ha he en i onmen p o ides h ee eco-
nomic unc ions: esou ce supplie , was e assimila o , and a di ec sou ce o u ili y.
The shi om he linea model o a ci cula one in ol es conside a ion o he was e
ha appea s in all phases o he p oduc i e p ocess ( esou ces-p ocesses-p oduc s).
Was e should be conside ed an addi ional economic esou ce wi h economic alue ha
mus be p ope ly managed in a sus ainable way ( ecycle, euse, educe), because excess
gene a ion o was e hinde s he h ee en i onmen al unc ions ha mus be se ed.
The Ellen MacA hu Founda ion (2015b) concep ualises he CE as an al e na i e
o he cu en ake-make-dispose ex ac i e indus ial model based on he p o ision o
la ge amoun s o ene gy and o he cheap and easily accessible esou ces. A he co e
o he CE is he need o close he ci cula low o ma e ials; he use o aw ma e ials
and esou ces is epea ed h oughou mul iple phases (Yuan, Bi, and Mo iguichi 2006).
The e o e, based on he heo e ical p emise ha he economic sys em is an open sub-
sys em o he ecological sys em o land and limi ed esou ces, a ce ain en i onmen al
capaci y is ela ed o he CE (Li e al.2010).
S a ing om he b oade de ini ions a ailable in he li e a u e, he CE is de ined
in his s udy h ough i s objec i es, he ac i i ies ha a e necessa y o implemen i , o
he esul s ob ained in a CE model. The main objec i e o he CE is he in eg a ion o
esou ces and en i onmen al ac o s in o he economy; his objec i e is eached by
p oposing a de ined ma e ial me abolism o ‘ esou ce-p oduc - esou ce’ ha is compa -
ible wi h he ecosys em h ough which mechanisms o he e icien use o was e a e
in e spe sed (Li e al.2010). Thus, om he pe spec i e o en i onmen al economics,
he CE uses he p inciple o ma e ial equilib ium (Kneese 1973), which implies ha all
ma e ial lows should be conside ed, al hough economic alues a he han physical
lows will guide hei managemen (Ande sen 2007).
The ac i i ies included in he CE a e mainly pe o med wi hin he amewo k o
indus ial ecology (Ande sen 2007; Isenmann 2003; Yuan, Bi, and Mo iguichi 2006),
Jou nal o En i onmen al Planning and Managemen 2213
which in ol es e-manu ac u ing (Vele a and Bodkin 2017) and ecycling was e and
by-p oduc s h ough closed loops. An example o such an ac i i y is indus ial symbi-
osis (Eh en eld and Ge le 1997; Gibbs 2008; Jacobsen 2006; Mi a a and Em ai ah
2005). In a b oad sense, he CE p omo es ac i i ies aimed a esou ce minimisa ion
and adop ion o cleane echnologies (Ande sen 1999) in he applica ion o eco-e i-
ciency (Huppes and Ishikawa 2005).
F om ano he poin o iew, he ou comes o he CE include was e minimisa ion,
en i onmen al conse a ion, and ene gy e iciency (Liu e al.2009), which a e applic-
able o all human ac i i ies (Yuan, Bi, and Mo iguichi 2006), as well as he social
dimensions o hese ac i i ies (Zhijun and Nailing 2007; Geng e al.2009). In sum-
ma y, we may conside he CE o be a ype o en i onmen al managemen a di e en
le els: na ional o egional (mac o), indus ial (meso), and company o single p ocess
(mic o) (Ghisellini, Cialani, and Ulgia i 2016; Ma hews and Tan 2011; Po illo-
Ta agona e al.2017).
The communica ion “Towa ds a Ci cula Economy: A Ze o Was e P og amme o
Eu ope”(Eu opean Commission 2014) laid he ounda ions o he p omo ion o he
CE in EU membe coun ies, along wi h he Eu opean Commission communica ion
en i led “Closing he Loop: An EU Ac ion Plan o he Ci cula Economy”(Eu opean
Commission 2015). These communica ions sugges ha he CE can main ain he added
alue o p oduc s as long as possible by minimising he was e gene a ed. In summa y,
he CE in EU coun ies makes i possible o boos compe i i eness and g ow h, ac ing
as a s imulus o local and egional de elopmen , c ea ing new oppo uni ies and jobs,
and a oiding i e e sible en i onmen al damage (Eu opean Commission 2015).
In his ield, he Eu opean egula ion o was e has inc eased in ecen decades,
and his p ocess s emmed om he need o ans o m was e in o esou ces (Hul man
and Co ellec 2012;Wa son2009). In he EU e i o y, good p ac ices we e selec ed
o omen selec i e was e collec ion (Eu opean Commission 2016a);andene gy al-
o isa ion in he CE amewo k has been p omo ed o op imise aw ma e ial consump-
ion. The EU’s was e and en i onmen al policy is implemen ed h ough he Eu opean
Was e Hie a chy (Eu opean Commission 2008), in addi ion o o he ules on imple-
men a ion o was e managemen and classi ica ion (Eu opean Commission 2005,
2011; Haas e al.2015). In ac , en i onmen al issues ha e become pa o he wide
Eu opean deba e on how a egional go e nmen (Connick and Innes 2003; Se ze
2014; Van Zeijl-Rozema e al.2008) can imp o e local and egional economic com-
pe i i eness (Gibbs and Jonas 2001) wi hin b oade ins i u ional policy p ocesses
(B enne 1998,2009; Pea ce 1992). I should be no ed ha he na ional iew is ele-
ga ed o he backg ound, pa icula ly in ela ion o he Eu opean egula ion o en i -
onmen al issues and e i o ial managemen (Bachmann 2015; Lenschow 1999).
Wi h hese p emises, he implemen a ion o he CE a he egional le el could be
ca ied ou h ough in eg a ed was e managemen and o he local ini ia i es o indus-
ial symbiosis o eco-pa ks, o p og essi ely close he loops and equalise he inpu s
and ou pu s o all p ocesses in a e i o y, englobing all o socie y (Yuan, Bi, and
Mo iguichi 2006).
2.1. Regional measu emen o he ci cula economy and i s impac
A a egional le el, di e en concep ual posi ions can be no ed in he li e a u e, which
should be conside ed a he e i o ial le el when de ining a model o be applied in a
2214 S. Sca pellini e al.
e i o y. In esea ch on sus ainable consump ion and p oduc ion, ce ain app oaches
can be classi ied as ‘ e o mis ’(Geels e al.2015) The ‘ e o mis ’posi ion ep esen s
poli ical and academic o hodoxy, p oposes a change owa ds en i onmen al sus ain-
abili y, bu wi hou u gency, and main ains some ea u es o he cu en s a us quo
(Geels e al.2015). This app oach could be conside ed as adequa e o he CE a a
egional le el o en i onmen al planning.
We should no e, howe e , ha he landscape o egional go e nance in en i on-
men al se ings is he e ogeneous (And ews and Boyne 2008; Gibbs and Jonas 2001;
Rome o, Jim
enez, and Villo ia 2012) and is linked o he spa ial planning deba e
(Scha in, Sewe in, and Seube 2014; Scha e and Gallemo e 2016) on he a ailabil-
i y and managemen o esou ces because o indus y (Chen e al.2010; Danson and
Lloyd 2012; Hughes and Pince l 2014; B inkley 2014). This dependence equi es
decen alised e i o ial solu ions ha a e based on new s a egies and in eg a ed poli-
cies and ha ha e been de eloped in coope a ion wi h di e en economic sec o s
(Ho ik e al.2015; an S aalen, Janssen-Jansen, and an den B ink 2014).
The deba e on he compe ence and e ec i eness o egional adminis a ions, which
is linked o exis ing dispa i ies, spa ial economic policy, and he p ocess o decen al-
isa ion in Eu opean coun ies, emains open (Pike e al.2012). Undoub edly, he CE
should be implemen ed a a egional le el and measu es o p omo e CE a e classi ied
in Table 1 acco ding o he CE ba ie s poin ed ou by di e en au ho s (Mo le e al.
2016;Sue al.2013; Xue e al.2010).
S a ing wi h he s udies analysed, as shown in Table 1, he in oduc ion o CE
indica o s a a egional le el could be ocused on he echnological imp o emen s ha
a e necessa y (eco-inno a ion and indus ial ecology) o businesses, and he inancial
esou ces needed o unde ake in es men s ( esou ces and economic bene i s), as well
as he incen i es o CE p omo ion ca ied ou by public adminis a ions, and social
in e es s as s akeholde s who a e ela ed o he e i o ial aspec s in insic o he CE
and, inally, o he socie y. These conside a ions seek o analyse CE om h ee di e -
en pe spec i es: p i a e sec o , public adminis a ion and socie y o de ine egional
ba ie s and d i e s o be conside ed o CE measu emen in a e i o y and he conse-
quen egional en i onmen al planning ac i i y. Howe e , o he bes o ou know-
ledge, he e is no heo e ical amewo k ha can be applied o all CE p inciples in a
spa ial con ex and he measu emen me hods ha ha e been applied a egional le els
ha e achie ed segmen ed o pa ial esul s.
Among indica o s and main ools ha could be applied o he measu emen o CE
a egional le el, LCA has been highigh ed as a me hod o linking e i o ial sus ain-
abili y o Eu opean en i onmen al policy (Loiseau e al.2014), and Geno ese e al.
(2017) apply LCA in an inpu -ou pu model and ca bon emission indica o s in a
egional con ex . Daddi, Nucci, and I aldo (2017) conside li ecycle assessmen (LCA)
an adequa e me hod o iden i ying he ad an ages and bene i s o common esou ces
o di e en impac ca ego ies conce ning he egional en i onmen , and Geissdoe e
e al.(2017) analyse s udies ocused on geog aphic egions ha conside he main
aspec s o he CE o be en i onmen al impac , esou ce sca ci y, and eco-
nomic bene i s.
Indica o s and me hodologies such as ma e ial lows accoun ing (MFA) ha e been
applied o measu e indus ial symbiosis and o he o ms o indus y collabo a ion
(Linde and Williande 2017). Ma e ial lows ha e been used o measu e he CE
wi hin speci ic egions o indus ial ecosys ems in he amewo k o indus ial ecology
Jou nal o En i onmen al Planning and Managemen 2215
(Geno ese e al.2017), op imising ma e ials and ene gy lows among acili ies in a
e i o y based on long- e m economic g ow h and inno a ion (B aunga , McDonough,
and Bollinge 2007).
O he speci ic indexes ha e been p oposed o assess CE adop ion a he egional
le el, such as he index me hod de eloped by Jiang (2011) o measu e social de elop-
men o igina ing om he adop ion o he CE pa adigm. In he egional CE de elop-
men index p oposed by hese au ho s, esou ce consump ion is s udied based on
educ ion p inciples, as well as ecycling, and social de elopmen ha co e s economic
and social componen s o CE. In his line, Huysman e al.(2017) p opose indica o s
based on he echnical quali y o plas ic was e by de ining ou op ions om less o
mo e ci cula i y o he echnology applied.
F om ano he pe spec i e, Smol, Kulcycka, and A diushchenko (2017) de eloped
egional indica o s o eco-inno a ion as a i s s ep in he elabo a ion o speci ic CE
measu emen s and o o e a sys ema ic and in eg a ed app oach o he CE concep a
he egional le el. These au ho s a i m ha eco-inno a ion indica o s can be used in
Table 1. Classi ica ion o measu es o p omo e CE a egional le el.
S udies Desc ip ion Measu es
Technological (Geng e al.
2007;Sue al.2013; Van
Be kel e al.2009)
The businesses’
echnological p o ile
condi ions he
implemen a ion o
CE p ocesses.
-P og ammes o s imula e changes
in indus ial ab ica ion.
-P omo ion o high echnology and
clean echnology indus ies.
-P og ammes o s imula e he
de elopmen , egis a ion,
comme cialisa ion, and
acquisi ion o g een pa en s.
Financial (Geng e al.2009;
Pajunen e al.2013;Sue al.
2013; Van Be kel
e al.2009)
Accessing adequa e inancial
esou ces (quan i y, cos ,
and ma u i y) o inance
in es men s condi ions he
iabili y o he CE.
-Access o adequa e inancial
esou ces (quan i y, cos , and
ma u i y) o inance in es men s
in he CE.
-C ea ion o special unds, loans,
and inancial se ices ha
pe mi isk sha ing wi h local
indus ies.
-Financial ad iso y se ices o
educe isks and imp o e
p oduc i i y.
Social (Ellen MacA hu
Founda ion 2015a; Geng
e al.2012; Geng e al.2009;
Yuan, Bi, and
Mo iguichi 2006)
Pa icipa ion in and aising
awa eness o di e en
economic and social
agen s ha a ou he CE.
-T aining p og ammes in di e en
en i onmen s.
-Disclosu e o bes p ac ices.
-Disclosu e o in o ma ion abou
en i onmen al, inancial, and
social esul s ob ained by
implemen ing he CE.
Localisa ion (Coa s and Ben on
2015; Fang, C^
o 
e, and Qin
2007; Lee, Pede sen, and
Thomsen 2014; Mi a a and
Em ai ah 2005; Pi k€
anen
e al.2016)
The indus ial, business,
inno a ion, and legisla i e
p o ile a he egional o
local le el condi ions he
de elopmen o he CE.
-Homogeneous egional legisla i e
amewo k o he de elopmen
o he CE.
-Regional collabo a ion
p og ammes on echnological
and inancial le el.
2216 S. Sca pellini e al.
he cu en ansi ion s age o assessing he implemen a ion o egional policy and
as a base o c ea ing CE indica o s. Despi e hese s udies, we can a i m ha o
he bes o ou knowledge, he e is no analysis ha add esses he main objec i e o
his pape .
Finally, ega ding measu emen o CE impac s in a egional con ex , Ko honen,
Honkasalo, and Sepp€
al€
a(2018) s udy he economic gain om he CE h ough educ-
ions in aw ma e ial and ene gy cos s as well as emissions, and he social gain in
e ms o employmen and he implemen a ion o a sha ing economy. F anklin-Johnson,
Figge, and Canning (2016) p esen pe o mance me ics (called “ he longe i y
indica o ”) ha measu e con ibu ion o ma e ial e en ion based on he ime a esou ce
is in use.
In he p i a e sec o , business has demons a ed an inc easing in e es in a ci cula
model, bu deep esea ch on CE assessmen and indica o s o companies loca ed in a
speci ic egion is s ill lacking.
Smol, Kulcycka, and A diushchenko (2017) p opose di e en me ics o measu e
expo s o p oduc s om eco-indus ies in a egion, employmen gene a ed by eco-
indus ies and he CE (% o o al employmen ac oss all companies), and e enue in
eco-indus ies ha is conside ed di ec ly ela ed o he CE. Ne e heless, he e a e a
ew speci ic empi ical in es iga ions on he ela ionship be ween he awa eness and
beha iou o i ms and he CE, in pa icula on he mic o le el (Elia, Gnoni, and
To nese 2017).
Based on he li e a u e ela ed o he CE and egional de elopmen policy, a
mul idisciplina y analysis is posed as a me hodological con ibu ion ha aims o
de ine he main ac i i ies unde pinning he CE a egional le el om a holis ic pe -
spec i e and he poin s o iew o socie y, public adminis a ions, and p i-
a e companies.
Fo he pu poses o his s udy, he main CE ac i i ies ha e been classi ied and
used o measu e he CE in a egional case s udy by answe ing he ollowing esea ch
ques ions based on p e ious li e a u e: (a) How can he le el o adop ion o he CE be
measu ed in a speci ic e i o y? (b) Wha is he impac o he CE in a e i o y and
how can i be es ima ed?
Due o he in e es o he EU in p omo ing he CE and i s ele ance in e i o ial
and local scope, i is impo an o know how he p inciples and ac ions o he CE ha e
been implemen ed in he egions ha make up he EU. Fo his eason, and due o he
sca ci y o egional s udies wi hin he EU, his s udy conduc s speci ic measu emen o
he CE and i s impac in a egional case s udy o he Spanish egion o A ag
on o
inc ease knowledge abou he e i o ial dimensions o he CE and assess he impac o
applying he CE in quan i a i e e ms h ough a measu emen me hod ha is explained
in he ollowing sec ion.
3. Regional case s udy
The Spanish egion o A agon was selec ed as a case s udy, gi en a commi men by
he egional go e nmen o he au ho s ha enabled an analysis o he e i o ial impac
o he CE and de ini ion o he main ac ions o be implemen ed o omen he ci cu-
la model
1
.
This egion comp ised 1,317,847 inhabi an s in 2015, dis ibu ed among 731
municipali ies; mo e han 50% o he popula ion was concen a ed in he egion’s
Jou nal o En i onmen al Planning and Managemen 2217

capi al ( he ci y o Za agoza). The egion has a low popula ion densi y (25 inhabi an s/
km
2
) and he nega i e mig a ion balance should also be no ed –since 2005, he popu-
la ion in 75% o i s municipali ies has allen (Po illo-Ta agona e al.2017). I s e i-
o ial cha ac e is ics and he abundance o esou ces (CESA 2016) ha cha ac e ise
his egion make i sui able o analysing he deploymen o he CE a a egional le el
and i can be conside ed as an adequa e case s udy o apply he me hodology o meas-
u e he le el o CE in he e i o y.
A ag
on is classi ied as NUTS2 and ep esen s a ai ly s anda d e i o y in e ms o
economic igu es; i s GDP and economic p oduc i i y a e on a pa wi h he Spanish
a e age, while he employmen a e and pe capi a income a e sligh ly abo e a e age.
Economic ac i i y is qui e di e si ied, and A ag
on is conside ed a s a egic egion in
logis ics due o i s p oximi y o F ance and he la ges indus ial cen es in Spain. The
egion is an in e es ing case o s udy simila egions wi hin he EU (Ma co-Fonde ila,
Mone a Abad
ıa, and Sca pellini 2018).
3.1. Me hodological ocus
In his case s udy, a double- ocus quali a i e me hodology was applied o in es iga e
he esea ch ques ions. Semi-s uc u ed (in-dep h) in e iews we e conduc ed in he
second semes e o 2016 o analyse pe cep ions o he adop ion o CE- ela ed main
ac i i ies in he egion a di e en le els: socie y, public adminis a ions, and he p i-
a e sec o . Pa allel desk esea ch was ca ied ou o es ima e he impac o he CE in
he egion wi h a se o indica o s. The ini ial li e a u e e iew was made h ough he
Scopus da abase o sea ch o p e ious s udies ha ela e he egional scope wi h he
ci cula economy. Secondly, speci ic jou nals we e also analysed o ind s udies on
egional en i onmen al planning and policy. Finally, he li e a u e ela ed o o he
opics, such as he me hodology o be applied and me ics o CE, we e also analysed.
The ques ions in he in e iews we e designed in acco dance wi h o he s udies
ha ha e concen a ed on he egional le el (B€
oh inge and Bo olamedi 2015;
Mu phy, Huggins, and Thompson 2015; Mehme 1995; Picazo-Tadeo and Ga c
ıa-
Reche 2007). Speci ically, he me hodology o he analysis was adap ed o i he
egional con ex in which CE we e in an incipien s a e o implemen a ion
(E e ingham e al.2013).
Semi-s uc u ed in e iews ha e also been ega ded as a aluable ins umen
(Ho ik e al.2015) o da a compila ion, enabling he analysis o e i o ies and
local uni s wi h di e en cha ac e is ics. Semi-s uc u ed in e iews ha e also been
used in o he CE-speci ic s udies because hey allow o p ocessing in o ma ion
ha o he wise could no be sys ema ically collec ed h ough key in o man s (Geng
e al.2009).
In his ield, Hul man and Co ellec (2012) conduc ed open-ended in e iews o
discuss he policy o p e en ing he p oduc ion o was e. Likewise, in he enewables
sec o , he pu pose o he 12 in-dep h in e iews ca ied ou by Ma i, Consoli, and
Uya a (2016) was o gain insigh s in o ene gy-policy implemen a ion, echnological
de elopmen , and egional s a egies. F om a di e en pe spec i e, his so o in e -
iew has been used o da a iangula ion, bo h wi h company da a and in o ma ion
abou policies, egula ion, and he business en i onmen (Zhu and He 2015) o
local go e nance.
2218 S. Sca pellini e al.
The CE in he egion was measu ed h ough 21 in e iews wi h expe s selec ed by
he au ho s as key in o man s, acco ding o he guidelines o he commi men . Due o
he gene al objec i e o he s udy, one- hi d o he in e iewees ep esen s he egional
public adminis a ions, one- hi d ep esen s socie y, and one- hi d ep esen s companies
o he business sec o . Owing o con iden iali y ag eemen s wi h he in e iewees, hei
iden i ies emain wi h he au ho s; howe e , he comple e lis o he o ganisa ions o
he in e iewees is p o ided in he Annex o his s udy (Table A1 [online supplemen-
a y da a]).
The in e iews we e o ganised in o h ee sec ions, and each sec ion was mainly
composed o i e open-ended ques ions p o ided in Table A2 (Annex [online supple-
men a y da a]), whe e he sou ces o he a iables used o de ine he ques ions a e
ci ed (Table A2 [online supplemen a y da a]), in addi ion o some au ho s ha used
hese main a iables. Some o he ques ions we e answe ed by expe s using a Like
scale
2
. Fo he desk esea ch on he measu emen o he egional impac o he CE,
di e en me ics we e elabo a ed and applied o he case s udy. Th ee basic indica o s
we e selec ed o syn hesise he es ima ion o di ec and indi ec impac s o he CE in
hese sec o s a he egional le el: he businesses u no e , he employmen ela ed o
CE ac i i ies and he olume o aw ma e ials consump ion in selec ed indus ies
(Table 2). These me ics ha e been applied in his s udy o de ine he impac o he
CE in he egion being analysed. This is consis en wi h p e ious s udies, especially
hose p oposed by Ko honen, Honkasalo, and Sepp€
al€
a(2018) and Smol, Kulcycka, and
A diushchenko (2017).
These me ics we e measu es in he business sec o h ough a complemen a y ana-
lysis based on he conside a ion ha was e indus ies a e di ec ly ela ed o he CE and
o he indus ial sec o s can be conside ed as ‘sensi i e o in oduce he CE ac i i ies’,
because hey ope a e in sec o s ela ed o hose echnologies desc ibed in he docu-
men s abou he bes a ailable echnologies (EIPPCB-TWG 2003; Eu opean
Commission 2003,2009; Eu opean IPPC Bu eau 2006). Thus, he indi ec impac o
he CE can be es ima ed by analysing CE adop ion by indus ies in he sec o s
desc ibed in he BREF (Eu opean Di ec i e 2010/75/EU), and he di ec impac o he
CE a egional le el would be gene a ed by businesses ope a ing in he was e ea men
and ecycling sec o s.
Table 2. Es ima ed impac o ac i i ies ela ed o he CE in A agon o he yea 2015 (Ins i u o
A agon
es de Es ad
ıs ica, 2014, h p://www.a agon.es/Depa amen osO ganismosPublicos/
Ins i u os/Ins i u oA agonesEs adis ica).
Es ima ion o cu en si ua ion ( o he yea 2015 using 2014 da a)
Tu no e
( housands o eu os) To al jobs
To al aw ma e ial
pu chases ( housands
o eu os)
To al A agon indus ial sec o s 23,219,450 85,099 9,129,947
Di ec CE impac on ea men and
was e- ecycling sec o s
210,637 4,065 131,229
Es ima ed indi ec impac o CE
ac i i ies on sensi i e sec o s
1,147,611 4,007 401,631
To al es ima ed impac 1,358,248 8,072 532,860
% o o al olume o A agon
indus ial sec o
5.8% 9.5% 5.8%
Jou nal o En i onmen al Planning and Managemen 2219
4. Main esul s
The i s pa o he analysis summa ises he pe cep ion o expe s abou he le el o
pene a ion o CE main ac i i ies in he egion om he poin s o iew o public
adminis a ions, socie y, and p i a e companies. The in e iews we e segmen ed, as
app op ia e, acco ding o he answe s p o ided by he expe s in he h ee s udy a eas.
The opinions o he in e iewees abou he posi ion o egional adminis a ions
wi h ega ds o he CE e eal he e is an incipien engagemen o he public sec o lim-
i ed by he lack o a speci ic budge o p omo ion o he CE and he inadequa e egu-
la ion in he egions o his model. The majo i y o in e iewees ep esen ing public
adminis a ions no ed he public sec o ’s a ou able p edisposi ion owa ds he CE, bu
he p incipal limi a ions o i s e ec i e implemen a ion a e he adminis a i e p oce-
du es and limi ed inclusion o CE p inciples in he speci ica ions o public con ac s.
The inclusion o CE in poli ical p og ammes on na ional and egional le els in he
EU was conside ed a posi i e indica o o CE adop ion in he nea u u e, al hough
g ea e coo dina ion is demanded. The majo i y o he esponden s sugges ed ha
adminis a ions mus omen he aceabili y o by-p oduc s, e en hough he e a e
some p oblems ela ed o mul i-compe i ion o en i onmen al egula ion be ween
adminis a ions a he egional, na ional, and EU le els. Compe encies exis in egions
wi hin he EU o p omo ing CE ac i i ies, al hough a qua e o he in e iewees indi-
ca ed ha he exis ing subsidia i y in he EU, he cen al go e nmen , and he egional
go e nmen undoub edly hinde he a ainmen o some objec i es ela ed o he CE
and he en i onmen .
Ano he sec ion o he semi-s uc u ed in e iew was ocused on adop ion by soci-
e y o he mos ele an and easible ac i i ies ha could be pu sued by he egion’s
consume s in he amewo k o he CE, as ollows:
To implemen high-quali y sepa a ion o was e a home (SEPW)
To implemen he ‘economy o se ices’, which implies subs i u ing en ing o
buying (SERV)
To de elop a wide ma ke o second-hand p oduc s (SECO)
To consume p oduc s made om comple ely ecycled ma e ials (TOTR).
Analysis o consume pe cep ions in he egion abou adop ing hese ac i i ies o
in oduce he CE allows us o iden i y easible habi changes in he nea u u e. The
esul s indica e ha he CE ac i i ies conside ed mo e iable and ele an a p esen
o he egion’s socie y a e high-quali y sepa a ion o was e (SEPW) in he home and
a ma ke o second-hand p oduc s (SECO). In ac , bo h ac i i ies a ained a sco e o
3 and 4 om mos o he expe s. The esul s ob ained in e ms o he ele ance o
hese ac i i ies a e shown in Figu e 1, whe e 4 indica es he highes ele ance o he
ac i i y and 1 indica es “leas ele an ”.
I can be obse ed ha he lowes sco e was assigned o he use o p oduc s o ally
manu ac u ed using ecycled ma e ials (TOTR), since mos o he in e iewees (55%)
conside ed i a leas ele an ac i i y. The expe s’opinion ega ding hese CE ac i i ies
is ha he sha ing economy will inc ease in he nea u u e in municipali ies and p i a e
companies, because hose en i ies a e al eady using se ices a he han p ope y o
goods i i is economically easible. Ne e heless, his is a long- e m issue ha will be
accep ed much mo e slowly in households. One in e iewee (a ep esen a i e o a
2220 S. Sca pellini e al.
p i a e i m) poin ed ou ha “in a Medi e anean socie y, he e is s ill a lack o s and-
a ds o he p o ision o hese se ices and i is di icul o unde s and ela i e p ices.”
Wi h ega d o he sale o p oduc s made using ecycled ma e ials, he opinion
exp essed by some esponden s was ha “ he pu chase o hese p oduc s should be
encou aged and mo e de ailed in o ma ion abou p oduc li ecycle analysis, hei eco-
logical oo p in , and o he en i onmen al indica o s would ha e o be p o ided o con-
sume s, a he han speci ic ac ions in ega d o only he ma e ials ecycled.”
Mos o he in e iewees belie e he second-hand ma ke al eady exis s and does no
need special s imulus. Howe e , in he egion’s households, al hough ecycling is p ac-
ised a no iceable le els, high-quali y sepa a ion equi es o he logis ical collec ion sys-
ems, pa icula ly in u ban a eas and he egional capi al. Some in e iewees no ed he
need o apply p og essi e axes o he collec ion and managemen o household was e.
The majo i y opinion o he in e iewees is ha educa ion in schools is undamen-
al o implemen a ion o he CE and ha , despi e being a e y slow p ocess, his
me hod inc eases sus ainabili y and, he e o e, he CE in he egion. In addi ion, i was
cla i ied ha he e was li le social in e es in his ype o economy. I may be in e ed
ha , in he opinion o he in e iewees, social in e es will inc ease, albei g adually,
p o ided ha i does no excessi ely in luence he p ice o p oduc s.
In he hi d sec ion o he semi-s uc u ed in e iews, speci ic ques ions we e asked
abou CE implemen a ion in he p i a e sec o , o de e mine he mos ele an and
easible CE ac i i ies ha ha e been adop ed by companies in he egion. The selec ed
ac i i ies o his pa o he analysis a e desc ibed as ollows:
Was e alo isa ion (VALW)
Ca ying ou dema e ialisa ion and p oduc eco-design (DES)
Consump ion o seconda y aw ma e ials o p oduc ion ( ecycled) (REC)
Figu e 1. Rele ance o he p incipal CE measu emen s o he domes ic sphe e a
egional le el.
Jou nal o En i onmen al Planning and Managemen 2221
(2017) because di ec and indi ec impac s a e conside ed di ec ly ela ed o he CE
wi hou encompassing he Eco-Inno a ion Sco eboa d indica o s.
In addi ion, in esponse o Ko honen, Honkasalo, and Sepp€
al€
a(2018), his s udy
con i ms ha he economic win ela ed o he CE can be achie ed by educing aw
ma e ials; and he social win ela ed o employmen will be mo e e ec i e as CE
ac i i ies a e implemen ed a all egional le els.
Using he d i e s and ba ie s de ined h ough he in e iews and he explo ed
impac o CE implemen a ion in he egion, he main measu es o be included in
egional en i onmen al plans a e desc ibed in Figu e 5, o ganised in di e en scena ios
depending on he in ensi y wi h which CE ac i i ies a e in oduced a he egional le el.
As a gene al conside a ion esul ing om he quali a i e analysis pe o med in he
case s udy, an ac ion plan o he CE in he egion should include: c oss-cu ing meas-
u es (economic g an s and incen i es, p omo ion o eco-inno a ion, aining o new p o-
essionals’skills, e c.); sec o al measu es (pa icula ly hose aimed o omen he CE in
all business sec o s); e i o ial measu es (speci ically designed a he e i o ial le el);
and go e nance measu es (indica o s, s anda ds, planning, o ganised ma ke s, e c.).
Gi en he di icul y o de ining and measu ing a comp ehensi e economic sys em
such as ha which a ises wi h he CE, p oposing an analysis o he le el o implemen-
a ion o CE ac i i ies in di e en scena ios can guide ins i u ional in e en ion a he
egional le el o e lec he connec ions be ween he CE and ela ed sphe es o socie y,
business, and public adminis a ions. This conside a ion con i ms he he e ogeneous
landscape o egional go e nance in en i onmen al se ings (And ews and Boyne
2008; Gibbs and Jonas 2001; Rome o, Jim
enez, and Villo ia 2012) and he idea ha
in oduc ion o he CE in indus ies is a ec ed by he a ailabili y and managemen o
aw esou ces. Thus, decen alised e i o ial solu ions a e needed and mus be
Figu e 5. Main measu es o be included in he en i onmen al egional plans o di e en
scena ios depending on he in ensi y o he le el o CE adop ed a egional le el.
2228 S. Sca pellini e al.

de eloped in coope a ion wi h di e en economic sec o s, consis en wi h he p e ious
con ibu ions in his ield summa ised in Sec ion 2 (Ho ik e al.2015; an S aalen,
Janssen-Jansen, and an den B ink 2014).
Fo p i a e businesses, egional planning could os e he eco-design o p oduc s
wi h he aim o acili a ing eco e y o hei componen s and ma e ials; o public
adminis a ions, planning ac i i y can in oduce public p ocu emen and p omo ion o
new and inno a i e business models o collec ing was e and p oduc s; and o socie y,
sha ing economy models and implemen a ion o in e se logis ical solu ions h ough
which consume p oduc s a e collec ed o be e u ned o he supply chain could be p o-
mo ed h ough en i onmen al planning.
The e ec i e implemen a ion o he CE a he e i o ial le el will undoub edly
equi e gene a ion o ce ain a ou able condi ions o help businesses ansi ion
owa ds closed loops, and egions mus play a ole in aiming o hese objec i es.
6. Conclusions
In his s udy, he de ini ion and measu emen o he CE pene a ion a he egional
le el and i s main impac s a e discussed h ough a quali a i e case s udy o a Spanish
egion. The main esul s con i m ha he CE will be ele an in he u u e, bu i s
e ec i e implemen a ion in he EU a egional le el is long- e m and equi es in e en-
ion by e i o ial adminis a ions. In his con ex , he success o implemen ing CE
models will pa ly depend on local and egional en i onmen al planning ha mus be
designed o espond o he needs o di e en sphe es. Howe e , knowledge o CE
measu emen and i s impac s a he egional le el is s ill limi ed, and mo e e i o ial
planning policies a e needed o b oade deploymen in he mid- and long e m.
The main con ibu ion o his s udy is he me hod o measu ing egional adop ion o
he CE ( he ac i i ies, ba ie s and incen i es), and u he he impac o he CE. De ini ions
o he adop ion o he CE ha e been analysed om he di e en pe spec i es o socie y,
public adminis a ions, and he p i a e sec o dimensioning and anking main CE ac i i ies
ha a e conside ed as ele an in e i o y. The measu emen o CE- ela ed impac s in he
egional s udy case was calcula ed using he h ee main indica o s o employmen , u no e ,
and he olume o aw ma e ials consump ion o e he medium- and long- e m.
The esul s highligh ha he impac o he CE in he egion is conside ed e y
low a p esen and is going o inc ease g adually, despi e he in oduc ion o mode a e
incen i es by he egional go e nmen , an inc ease in he p ice o aw ma e ials, and a
p edic able inc ease in he a ailabili y o seconda y aw ma e ials ha mee he s and-
a ds necessa y o in oduc ion in o manu ac u ing p ocesses in a scena io o g ea e
was e echnology ma u i y. The me hod and amewo k applied o his s udy can be
used in many egions, e en wi h di e en con ex s o he egional case.
The con ibu ions achie ed in his s udy in e ms o measu emen a e no wi hou limi-
a ions: in pa icula , we should no e he limi ed numbe o bo h expe s in e iewed and
a iables. In addi ion, he empi ical e idence used in he s udy is p ima ily quali a i e in
na u e and he e o e u he e o is needed o measu e he CE impac in a e i o y.
The e o e, his s udy p o ides in o ma ion ha is o in e es a di e en le els,
bo h o policy make s and public adminis a ions ( o decision making and de ining
egional policies and plans), as well as o business p ac i ione s ( o de ining adequa e
s a egies o u u e implemen a ion o he CE a he e i o ial le el). Fo academics,
he con ibu ions cen e on impo an me hodological aspec s ha may be used when
Jou nal o En i onmen al Planning and Managemen 2229
analysing CE measu emen in a e i o y, and, in pa icula , wi h ega d o he deba e
on local and egional go e nance; his wo k can be used o co-de e mine CE imple-
men a ion in a e i o y based on i s spa ial and o ganisa ional s uc u e.
Supplemen a y ma e ials
Supplemen a y da a o his a icle can be accessed he e.
Disclosu e s a emen
No po en ial con lic o in e es was epo ed by he au ho s.
No es
1. I has o be aken in o accoun ha he esul s analysed in his pape a e based on a sec ion
o a egional s udy p omo ed and inanced by he Economic and Social Council o he
Regional Go e nmen o A agon (Consejo Econ
omico y Social de A ag
on –CESA) in he
amewo k o he con ac “Le el o implemen a ion o ci cula economy p inciples in
businesses and public adminis a ion in A agon: ac ions o i s socioeconomic p omo ion
and impac in he Au onomous Communi y o A agon”du ing he second semes e
o 2016.
2. All he in e iews we e analysed in an agg ega ed manne using a quali a i e me hod. In
addi ion, expe s we e asked o assign a alue o each opinion using a Like scale anging
om 0 o 10, wi h 0 being he sco e ha exp esses o al disag eemen o ha he
in e iewee belie es he s a emen o be o no ele ance, and 10 being he highes
alua ion, exp essing o al ag eemen o ha he in e iewees belie ed he s a emen o be
highly ele an . F om he Like scale hus cons uc ed, he opinions exp essed we e
di ided in o h ee le els, wi h 0–3 being “sligh ly o no a all ele an ”,4–7“mode a ely
ele an ”, and equal o o g ea e han 8 “ e y ele an ”.
Funding
This empi ical wo k was conduc ed wi hin he amewo k o he s udy p omo ed and inanced
by he Economic and Social Council o A ag
on (Consejo Econ
omico y Social de A ag
on –
CESA) on he “Le el o implemen a ion o he p inciples o he ci cula economy in businesses
and public adminis a ion in A ag
on: ac ions o i s p omo ion and socio-economic impac on
he Au onomous Communi y o A ag
on”(“Ni el de implan aci
on de los p incipios de econom
ıa
ci cula en las emp esas y la adminis aci
on p
ublica en A ag
on: ac uaciones pa a su omen o e
impac o Socio-econ
omico en la Comunidad Au 
onoma de A ag
on”). We would like o exp ess
ou special hanks o he expe s and ep esen a i es o he bodies ha collabo a ed h ough
semi-s uc u ed in e iews and played a undamen al ole as ‘key in o man s’. The w i ing o
his a icle has been pa ially inanced by he Minis y o Economy, Indus y and
Compe i i eness (ECO2013-45599-R and ECO2016-74920-C2-1-R).
ORCID
Sabina Sca pellini h p://o cid.o g/0000-0001-7077-5352
Pila Po illo-Ta agona h p://o cid.o g/0000-0002-7105-4618
Al onso A anda-Us
on h p://o cid.o g/000-0001-6673-4945
Fe nando Llena-Maca ulla h p://o cid.o g/0000-0001-8020-0229
2230 S. Sca pellini e al.
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 108  De inición y medición de la adopción de la economía ci cula en emp esas

Con ibución de los es udios ealizados 109 
2.3 The p og essi e adop ion o a ci cula economy by
businesses o cleane p oduc ion: An app oach om a
egional s udy in Spain (A ículo 3)
ARTICULO: A anda-Usón, A., Po illo-Ta agona, P. Sca pellini, S., Llena-Maca ulla, F.
(2019 on-line) The p og essi e adop ion o a ci cula economy by businesses o cleane
p oduc ion: An app oach om a egional s udy in Spain. Jou nal o Cleane P oduc ion. IN
PRESS - h ps://doi.o g/10.1016/j.jclep o.2019.119648
EDITORIAL: Else ie - ISSN 0959-6526
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en emp esas. Dimensionamien o de p ocesos in e nos de mejo a medioambien al pa a el
epo ing y la Responsabilidad Social Co po a i a.
 110  De inición y medición de la adopción de la economía ci cula en emp esas
Jou nal o Cleane P oduc ion xxx (xxxx) 119648
Con en s lis s a ailable a ScienceDi ec
Jou nal o Cleane P oduc ion
jou nal homepage: h p://ees.else ie .com
The p og essi e adop ion o a ci cula economy by businesses o cleane p oduc ion:
An app oach om a egional s udy in Spain
Al onso A anda-Usóna, Pila Po illo-Ta agonab, Sabina Sca pellinia,∗, Fe nando Llena-Maca ullab
aUni e si y o Za agoza, Depa men o Accoun ing and Finance and CIRCE Resea ch Ins i u e, Spain
bUni e si y o Za agoza, Depa men o Accoun ing and Finance, Spain
ARTICLE INFO
A icle his o y:
Recei ed 27 Ap il 2019
Recei ed in e ised o m 7 Decembe 2019
Accep ed 9 Decembe 2019
A ailable online xxx
Handling edi o : P o . Ji i Ja omi Klemeš
Keywo ds
Cleane p oduc ion
Ci cula economy
En i onmen al managemen accoun ing
Sus ainabili y accoun ing
Regional planning
ABSTRACT
The li e a u e on he ci cula economy a he mic o-le el has mainly ocused on he analysis o he ci cula busi-
ness model and implemen a ion o di e en ci cula - ela ed p ac ices, bu he p ocess o adop ion by businesses
o he ci cula economy is s ill unde in es iga ion. The e o e, h ough a s udy in he egion o A agón, Spain, he
main ci cula economy- ela ed ac i i ies implemen ed by a sample o 52 businesses a e classi ied in o ou le els
as an app oach o he change p ocess ha i ms can unde go o adop he ci cula economy. In summa y, i can
be s a ed ha ci cula economy- ela ed ac i i ies a e being in oduced by businesses p og essi ely, om a mino
ac i i y o a g ea e numbe o ac i i ies, bu ha hese ac i i ies do no espond o he inc emen al closu e o
ma e ial loops wi hin he ci cula economy amewo k. The applied indica o s enhance he knowledge on he
en i onmen al managemen accoun ing applied o he CE o he epo ing and he ela ions wi h s akeholde s.
In addi ion, he measu emen o he in oduc ion o he ci cula economy in di e en businesses is ele an o
p ac i ione s and o policy make s, in esponse o he ins i u ional ini ia i es o he p omo ion o he ci cula
economy a he e i o ial le el.
© 2019
1. In oduc ion
In esponse o global en i onmen al deg ada ion, some i ms ha e
become p oac i e in hei a emp s o in oduce cleane p oduc ion
p ocesses and o adop he p inciples o a ci cula economy (CE). The
CE is an al e na i e o he linea model, allowing o he added alue o
p oduc s o be main ained o as long as possible while con ibu ing o
was e educ ion.
The mul iple a icula ions o he CE ha e made i di icul o con-
e ge on a single de ini ion (Masi e al., 2017). Yuan e al. (2006)
poin ed ou ha he main objec i es o he CE a e he educ ion o
he low o ma e ials, he achie emen o ene gy e iciency, and he
idea ha na u al and social capi al mus be cons an ly enewed h ough
mul iple phases. In summa y, in a CE, ewe ma e ials a e equi ed o
p oduce a cons an le el o p oduc s, ei he because o a educ ion in
he amoun o esou ces used o because aw ma e ials a e eplaced
wi h ecycled ones (Figge e al., 2017). The CE, once ully de el-
oped, will p omo e high alue ma e ial cycles ins ead o ecycling only
∗Co esponding au ho . Depa men o Accoun ing and Finance, Uni e si y o Za agoza
Socio-economic Resea ch G oup, CIRCE Ins i u e. Uni e si y o Za agoza (Spain), Facul y
o Economics and Business, C/ G an Vía, 2, 50005, Za agoza, Spain.
E-mail add esses: [email p o ec ed] (A. A anda-Usón); po illo@uniza .es (P.
Po illo-Ta agona); [email p o ec ed] (S. Sca pellini); [email p o ec ed] (F.
Llena-Maca ulla)
o low alue aw ma e ials as in adi ional ecycling (Ghisellini e
al., 2016).
In he li e a u e, he CE is an eme ging opic, and esea ch has been
gaining g ound in academics, pa icula ly a he mac o-le el (Me li e
al., 2018). Schola s ha e also s udied he ole o i ms in he de el-
opmen o he CE a he mic o-le el (Lewandowski, 2016). Howe e ,
only a ew au ho s ha e in es iga ed how i ms migh in eg a e he p in-
ciples o a CE in o hei business p ac ices (Ka z Ge o and López Sin-
as, 2019). To da e, in s udying he CE a he mic o le el, academics
ha e ocused hei esea ch on he ac o s ha a ec he commi men
o p i a e i ms o a CE, exis ing ba ie s and incen i es o i s in oduc-
ion (Ga cés-Aye be e al., 2019; Go indan and Hasanagic, 2018;
Zhu e al., 2014) and he impac o ci cula i y on he business model
(Pie oni e al., 2019).
Speci ically ega ding he adop ion o he CE in businesses, Ma h-
ews and Tan (2011) indica ed ha he ans o ma ion om a adi-
ional linea economy o a ci cula one equi es e olu iona y p ocesses
in which dynamic linkages a e es ablished g adually o e ime. I could
he e o e be assumed ha a i m's p ocess o adop ing he CE will oc-
cu g adually o allow o mee ing he need o o ganisa ional lea n-
ing (C ossan e al., 1999). This pa e n was expe ienced, o exam-
ple, in en i onmen al p oac i i y and in eco-inno a ion managemen
(Ga cés-Aye be e al., 2016). None heless, he e has been limi ed e-
sea ch on he componen s ha a e c ucial o he success o he CE in
businesses (Wi jes and Lozano, 2016).
h ps://doi.o g/10.1016/j.jclep o.2019.119648
0959-6526/© 2019.
2A. A anda-Usón e al. / Jou nal o Cleane P oduc ion xxx (xxxx) 119648
Some esea ch on me ics o quan i ying ci cula i y o p oduc s has
been pe o med (Linde e al., 2017), bu i does no incude he de el-
opmen o indica o s o measu ing he adop ion o he CE by a company
as a whole. This ield o esea ch is no wi hou di icul ies since he e
is s ill no consensus on how o measu e he di e en CE- ela ed ac i i-
ies implemen ed by companies. The e o e, an objec i e o his s udy is
o analyse how companies adop he CE p inciples in e nally o enhance
he knowledge abou he measu emen o he engagemen o businesses
in he CE. Mo eo e , o he bes o ou knowledge, only a ew empi ical
s udies ha e measu ed he in oduc ion o ci cula ac i i ies in di e en
indus ies wi hin a e i o y (A anda-Usón e al., 2018). Thus, ano he
objec i e o his s udy is o ill his gap measu ing he CE in oduc ion in
businesses om a egional pe spec i e, as a subjec ha has been li le
explo ed in he academic li e a u e.
Based on he p e ious a gumen s, in his s udy, he adop ion o he
CE in businesses is analysed in A agón, a egion loca ed in he no heas
o Spain, which was selec ed wi h he aim o unde s anding how com-
panies ha e unde aken ac ions owa ds implemen ing he CE.
The emainde o he a icle is s uc u ed as ollows. Following a
e iew o he li e a u e summa ised in he backg ound sec ion, he
me hodology o he analysis and he egional s udy a e desc ibed. The
esul s a e summa ised and discussed om a egional pe spec i e o ou -
line he main conclusions and po en ial a enues o u u e esea ch.
2. Backg ound
The app oach used in his s udy is no speci ically heo y d i en,
and he esea ch objec i e is o gene a e knowledge abou how o mea-
su e he in oduc ion o he CE in businesses in a e i o y. Ne e heless,
a summa ised heo e ical app oach is p esen ed in he ollowing pa a-
g aphs o ou line he gene al scope o he esea ch.
Concep ual discussions o he CE a e s ill in hei in ancy among
schola , and he li e a u e in he mic o ield is only eme ging. Theo y
has been mainly app oached o discussing he CE concep (Kalmyko a
e al., 2018) o i s axonomy (U bina i e al., 2017), and he e is a
need o deepe s udy o he concep , i s uni s o analysis, and he he-
o e ical basis o he CE (Ko honen e al., 2018). Some o he mos
ele an heo e ical in luences a e c adle- o-c adle and indus ial ecol-
ogy (Geissdoe e e al., 2017). In he CE li e a u e a he mic o-le el,
some s udies ha e been conduc ed in he amewo k o s akeholde
heo y (Walls and Paquin, 2015), ins i u ional heo y (Zeng e al.,
2017), he esou ce-based iew (A anda-Usón e al., 2019), he dy-
namic capabili ies heo e ical amewo k (Ka z Ge o and López Sin-
as, 2019) o he business model heo y (Pie oni e al., 2019). Walls
and Paquin (2015) poin ed ou ha he indus ial symbiosis speci ic
li e a u e also emains agmen ed heo e ically and has de eloped sep-
a a ely om co po a e en i onmen al s a egy, in which he ocus is
mos ly on in a- i m, a he han in e - i m, ac ion. Thus, he CE could
equi e signi ican e-examina ion o much o cu en heo y and lead o
new p ac ice (Mu ay e al., 2017).
F om ano he pe spec i e, based on he heo e ical p emise ha he
economic sys em is an open subsys em o he ecological sys em o land
and limi ed esou ces, a ce ain en i onmen al capaci y is ela ed o
he CE (Li e al., 2010). A a heo e ical le el, Geng e al. (2009)
s a ed ha he CE model i s closely wi h ecological mode nisa ion he-
o y. Howe e , he heo e ical amewo ks ha can be applied o he CE
p inciples in a spa ial con ex has no clea ly de ined, and he measu e-
men me hods ha ha e been applied a egional le els ha e achie ed
segmen ed o pa ial esul s o da e. I has o be aken in o accoun ha
he en i onmen al beha iou o a company in a CE con ex is in luenced
no only by in e nal ac o s bu also by i s ex e nal con ex (Liu and
Bai, 2014). The e o e, he e is no doub ha s akeholde s play impo -
an oles in he adop ion by companies o he CE p inciples (Liede and
Rashid, 2016).
F om a spa ial pe spec i e, he heo e ical amewo k o analysis
mus conside he necessi y o engaging wi h all ele an s akehold-
e s (Pomponi and Moncas e , 2017), he collabo a i e equi emen s
o he CE (Pie oni e al., 2019), he ole o wide sys ems in busi-
ness and accoun ing decisions wi hin en i onmen al managemen and
sus ainabili y epo ing (Mu ay e al., 2017), and he impo ance o
legi imacy among key s akeholde s a di e en posi ions in he alue
chain needed o a CE (Linde e al., 2017).
I is no ou in en ion o e isi hese di e en bodies o li e a u e;
a he , we wished o examine he li e a u e on hese ields in a com-
mon amewo k o analysis, explo ing he po en ial o adding some-
hing o subs ance o he deba e o e he measu emen o he CE a he
mic o-le el om a e i o ial pe spec i e. Ne e heless, in his s udy,
he conside a ion o mul iple s akeholde s beyond he i m-cen ic iew
(Reike e al., 2018) b ings us close o he s akeholde s heo y when
con empla ing esea ch ocusing on he adop ion o he CE a he mi-
c o-le el.
2.1. The challenges o adop ing he ci cula economy by i ms
Academics ha e mos ly add essed he measu emen o he CE om
he pe spec i es o esou ce p oduc i i y, c i ical aw ma e ials sca ci y,
o he educ ion o solid was e, emissions and pollu ion (Liede and
Rashid, 2016). Al hough hese aspec s ha e been analysed in he CE li -
e a u e, he de elopmen o an in eg a ed indica o o measu e he le el
o adop ion o he CE by businesses a he o ganisa ion le el is s ill un-
de discussion.
In he absence o a ecognised me hod o assessing how e ec i ely a
p oduc o a whole company makes he ansi ion om a linea model o
ope a ion o a ci cula model, Smol e al. (2017) ecommended indi-
ca o s based on eco-inno a ion, bu hey e e ed exclusi ely o echni-
cal cycles and ma e ials om non- enewable sou ces. Elia e al. (2017)
con ibu ed o illing he cu en gap in he en i onmen al e alua ion o
CE s a egies a he mic o-le el wi h a axonomy o index-based me hod-
ologies. These au ho s poin ed ou he so-called ma e ial ci cula i y indi-
ca o (Ellen MacA hu Founda ion and G an a Design, 2015) ha
can be adop ed bo h a a p oduc le el and a a company le el o mea-
su e how es o a i e lows a e maximised and linea lows minimised.
Di Maio and Rem (2015) in oduced he ‘ci cula economy index’ o
measu e he ci cula i y le el o a p oduc as he a io o he ma e ial
alue p oduced by he ecycle (ma ke alue) o he ma e ial alue en-
e ing he ecycling acili y.
Ka z-Ge o and López Sin as (2018) p o ided a pic u e o EU
businesses engaged in CE- ela ed ac i i ies and poin ed ou he he e o-
genei y in he 28 cu en EU coun ies ega ding pa e ns o ci cula
business. F anco (2017) no ed he lack o esea ch a he mic o-le el,
especially when conside ing ha essen ial ac i i ies pe inen o i ms
ha can be conside ed p e- equisi es o success ul deploymen o he CE
(Liede and Rashid, 2016). U bina i e al. (2017) in oduced a p o-
mo ion dimension o he CE p inciple, which becomes pa o a compa-
ny's posi ioning agains compe i o s, and Linde e al. (2017) added o
he p e ious app oach wi h plausible incen i es o i ms o a emp o
p esen ci cula i y alues ha a e as high as possible. Howe e , hese e-
sea che s did no s udy he deg ee o adop ion o he CE in i ms loca ed
in a gi en egion, and hey con i med he need o de elop s anda dised
me hods o measu ing ci cula i y a he mic o-le el ha include bo h
businesses and p oduc s.
Some o he s udies ha pa ially desc ibed he ac i i ies ha com-
panies pe o m wi hin he amewo k o he CE can be ound in e-
cen e iews o he li e a u e in his ield, summa ised in Table 1. In
summa y, he CE- ela ed ac i i ies pe o med by businesses ha ha e
been analysed in he li e a u e can be classi ied in o ou g oups: I)
ac i i ies ha ha e been implemen ed o was e ea men and ecy-
cling (Chen e al., 2010); II) ac i i ies including dema e ialisa ion and
eco-design (Winkle , 2011); III) ac i i ies ela ed o seconda y aw ma-
e ials and was e eco e y (Kama, 2015); and IV) ac i i ies in which
indus ial ecology and/o symbiosis is conside ed (Ma hews and Tan,
2011; Winkle , 2011). Howe e , he e is no consensus ega ding he
bes me hod o cap u ing dis inc CE- ela ed ac i i ies, no has i dis
A. A anda-Usón e al. / Jou nal o Cleane P oduc ion xxx (xxxx) 119648 3
Table 1
Main CE- ela ed ac i i ies classi ied in o ou le els, he selec ed a iables o measu e he
ac i i ies and a selec ion o au ho s who ha e s udied hem wi hin he amewo k o he
CE.
CE- ela ed ac i i ies
Selec ion o
con ibu ions
Le el REC′01. Reduc ion o he
en i onmen al
impac o he
company
(Dong-he e
al., 2018; Elia
e al., 2017;
Linde e al.,
2017; Manninen
e al., 2018)
02. Ene gy
e iciency
(Kalmyko a e
al., 2018; Ka z
Ge o and
López Sin as,
2019; S ewa
and Nie o,
2018)
03a. Was e ecycling (Ka z Ge o and
López Sin as,
2019;
San ola ia e
al., 2011)
Le el II ‘DES’04. Renewable
ene gy
(Elia e al.,
2017; Eu opean
Commission,
2016; Ka z
Ge o and
López Sin as,
2019; Manninen
e al., 2018;
S ewa and
Nie o, 2018)
05. Design o
esou ce e iciency
(“dema e ialisa ion”)
(Kalmyko a e
al., 2018; Ka z
Ge o and
López Sin as,
2019; Liu and
Bai, 2014;
Manninen e al.,
2018;
Mi oshnychenko
e al., 2017;
Mo eno e al.,
2016;
O mazabal e
al., 2018;
S ewa and
Nie o, 2018)
06. Design o
esou ce eco e y
(Liu and Bai,
2014; Manninen
e al., 2018;
Mi oshnychenko
e al., 2017;
Mo eno e al.,
2016; S ewa
and Nie o,
2018)
07. “Seconda y aw
ma e ials”( ecycled)
(Manninen e
al., 2018;
San ola ia e
al., 2011;
S ewa and
Nie o, 2018)
Table 1 (Con inued)
CE- ela ed ac i i ies
Selec ion o
con ibu ions
Le el III ‘VALW’08. P oduc -li e
ex ension
(Bakke e al.,
2014; Bocken e
al., 2016; Elia
e al., 2017;
F anco, 2017;
Linde e al.,
2017; Manninen
e al., 2018;
Mo eno e al.,
2016; S ewa
and Nie o,
2018)
09. Design o
upg adabili y and
mul i unc ionali y
(Bocken e al.,
2016; De los
Rios and
Cha nley, 2017;
Kalmyko a e
al., 2018;
Mo eno e al.,
2016;
San ola ia e
al., 2011)
10. Eco-inno a ion (de Jesus e al.,
2018; Dong-he
e al., 2018;
O mazabal e
al., 2018;
Po illo-
Ta agona e
al., 2018;
P ie o-Sando al
e al., 2018;
Walendowski e
al., 2014)
Le el IV ‘SIM’03b. In e nal
ecycling
(Dong-he e
al., 2018; Liu
and Bai, 2014;
O mazabal e
al., 2018;
S ewa and
Nie o, 2018)
11. Ene gy was e
eco e y
(Bocken e al.,
2016; Huysman
e al., 2017;
Manninen e al.,
2018;
O mazabal e
al., 2018; Singh
and O dóñez,
2016)
12. Indus ial
symbiosis and
sha ing (o simila )
(Daddi e al.,
2017;
Kalmyko a e
al., 2018;
S ewa and
Nie o, 2018;
Yang and Feng,
2008)
cussed how i ms can in p ac ice adap hei business models o his new
pa adigm (U bina i e al., 2017).
Fu he mo e, he desc ip ions o he ac i i ies in oduced by busi-
nesses do no e eal he p ocess ha i ms unde go in adop ing he CE.
The li e a u e does no elucida e whe he he adop ion o new CE- e-
la ed ac i i ies by businesses is unde aken speci ically o inc ease hei
le el o ci cula i y o o espond o o he demands. To in es iga e he
esea ch gap, a i s esea ch ques ion was o mula ed:
•RQ1) How do companies in a egion adop ac i i ies ela ed o he CE?

4A. A anda-Usón e al. / Jou nal o Cleane P oduc ion xxx (xxxx) 119648
In his scena io, i mus also be conside ed ha he CE is in luenced
by geog aphical p oximi y since he a ailabili y o ac i i ies a local and
egional le els helps o educe he cos s associa ed wi h b oade ci cui s
in ol ing g ea e numbe s o ansac ions (S ahel, 2013). Local and e-
gional au ho i ies play impo an oles in bo h he launch o and he
ansi ion o a CE (Yi and Liu, 2015) since he implemen a ion o a
ci cula business model is so closely ied o he e i o ies wi hin which
i ms ope a e. Based on hese conside a ions, a second line o inqui y o-
cusing on he egional le el analysis was de ined and is de eloped in he
ollowing sec ion.
2.2. The ci cula economy in businesses a he egional le el
Al hough he in oduc ion o he ci cula p inciples in o ganisa ions
is inc easing, he engagemen o i ms wi h he CE- ela ed p ac ices e-
mains weak (Zam i e al., 2017). In he mic o- ield, commi men o
sus ainable de elopmen and he CE has been consolida ed wi h he help
o en i onmen al egula ions and public incen i es (Ghisellini e al.,
2018; Hu e al., 2018). Di e en ini ia i es o p omo e he CE a he
egional le el ha e been launched in a numbe o geog aphical a eas,
including Eu ope (Eu opean Commision, 2015; Gha alka e al.,
2015), Japan (Despeisse e al., 2015; Van Be kel e al., 2009),
China (Ma hews and Tan, 2011) and he Uni ed S a es (Zink and
Geye , 2017). In pa icula , China p omulga ed speci ic laws abou he
CE ha had consequences a echnological, economic and social le -
els (Dajian, 2008). Thus, a egional le el, se e al s udies ha e been
ocused on he Chinese de elopmen o he CE and he me ics han
could be applied o i s measu emen in a e i o y (Geng e al., 2012,
2009), o was e managemen (Chen e al., 2010), o o he busi-
nesses’ac i i y as agen s o CE deploymen (Ghisellini e al., 2018;
Zhu e al., 2014).
In summa y, di e en ac o s can in luence he adop ion o CE- e-
la ed ac i i ies by businesses, such as he indus ial si ua ion, egional
businesses, he inno a ion le el, he legisla i e p o ile a he egional o
local le el and he s a e o CE de elopmen wi hin a gi en egion. In
he a ea o was e managemen , Fle che e al. (2018) emphasised he
ole o policies in he ansi ion o a CE: go e nmen s acili a e he in-
oduc ion o CE p inciples h ough incen i es o acili a e esou ce e-
co e y and o gua an ee in es men . Regula ions and public suppo in-
c ease he adop ion o sus ainable manu ac u ing p ac ices, such as he
CE (Mok adi e al., 2018), and he in oduc ion o b oade ci cula
p inciples ela ed o he exchange o goods and se ices has been en-
cou aged h ough policies p omo ing social esponsibili y in companies
(Liu and Yang, 2018) and suppo ing CE-o ien ed s a egies (O maz-
abal e al., 2018). Howe e , esea ch abou he up ake o he CE in
businesses a he egional le el emains limi ed. In an a emp o ill his
gap in he esea ch, he ollowing esea ch ques ion was o mula ed:
•RQ2) Is he adop ion o he CE- ela ed ac i i ies by companies in luenced
by he e i o ies in which hey a e loca ed?
The line o inqui y d awn in his second esea ch ques ion ocuses
on he analysis o he CE a he mic o-le el in a speci ic egion. To an-
swe he wo esea ch ques ions and o enhance ou knowledge abou
he measu emen o he CE in businesses, a quali a i e me hodology was
designed o be applied o a s udy desc ibed in he ollowing sec ion.
3. Resea ch design and egional s udy
The esea ch me hod was designed o p o ide a quali a i e analysis
o a egional s udy in A agón in he no heas o Spain, in esponse o a
commi men o he egional go e nmen .
D awing on he a ailable li e a u e and he expe ience o he e-
sea che s, in he ini ial phase o his s udy, a selec ion o CE- ela ed ac
i i ies ha could cu en ly be implemen ed by companies in he egion
was made based on he p oposal o A anda-Usón e al. (2019). The
a iables designed o measu e he selec ed ac i i ies and he main li e -
a u e o jus i y his selec ion a e summa ised in Table 1.
In o de o enhance he esul s ob ained by Sca pellini e al.
(2019) and A anda-Usón e al. (2018), an inno a i e con ibu ion
o his s udy is he classi ica ion o he di e se CE- ela ed ac i i ies ha
businesses a e adop ing in he egion in o ou le els conside ing he
ma e ial loops closu e ha could be achie ed in e ms o he CE. To
his end, he ac i i ies included in g oup I, de ined as le el I ‘REC’, a e
mos ly ela ed o ecycling and ene gy e iciency and a e conside ed as
he i s s age o CE adop ion because hey a e equen ly in oduced by
indus ies, while he so-called le el IV SIM g oup o ac i i ies includes
indus ial symbiosis solu ions o collabo a i e ci cula p ac ices ha a e
no equen ly implemen ed and a e he mos ad anced s ages o CE
adop ion (Eu opean Commission, 2018a, 2018b). The hi d g oup,
de ined as le el III ‘VALW’, includes ac i i ies o dema e ialisa ion, e-
newables and seconda y aw ma e ials. Finally, o he eco-inno a ions
and eco-design o ci cula hinking a e classi ied in o le el II ‘DES’.
This g ouping o ac i i ies was es ed h ough semi-s uc u ed in e -
iews conduc ed o ob ain he opinions o expe s abou he p ocesses
ha i ms implemen when hey in oduce he CE in he egion. In addi-
ion, a ques ionnai e was sen o a sample o i ms loca ed in he egion
as a complemen a y analysis o collec he opinions o manage s abou
he in oduc ion o CE- ela ed ac i i ies. The alidi y o he in eg a ion
o semi-s uc u ed in e iews and ques ionnai es applied o a quali a i e
analysis has been demons a ed o egional s udies (Ma co-Fonde ila
e al., 2018; Ma co e al., 2019). This in eg a ed me hod esponds o
he possible limi a ions o in e iews wi h s akeholde s poin ed ou by
Ki chhe e al. (2017).
In summa y, mul iple sou ces o da a we e ob ained (Table 2).
The ex o he in e iews was based on he exis ing li e a u e in his
ield and sen o a g oup o 21 expe s conside ed key in o man s be-
cause o hei knowledge abou he CE a he egional le el. The inal
lis o in e iewees was elabo a ed acco ding o he guidelines o he e-
gional go e nmen and i p opo ionally ep esen ed he main g oups o
s akeholde s, including socie y (social agen s), adminis a ion and he
business sec o , all o which con ibu e o he esponsible beha iou o
companies (Camille i, 2017), in line wi h he h ee main s akeholde
ca ego ies poin ed ou by Banai ė and Tamošiūnienė (2016) o a
CE (Table 9). The in e iews, each las ing app oxima ely 30 min, we e
eco ded, ansc ibed and analysed o ends and pa e ns o esponse
(Dolowi z and Medea is, 2009).
The selec ion o he sample o businesses was based on i ms ha op-
e a e in sec o s wi h po en ial o engaging wi h he CE, such as hose
ela ed o echnologies included in he ‘Bes A ailable Techniques’-- he
so-called ‘BREFs’: indus ial; anspo and logis ics; was e; ex ac i e
indus ies; he manu ac u ing indus y; elec ici y, gas, s eam and ai
condi ioning supply; wa e supply; sewe age; was e managemen ; ans-
po ; and s o age. In hese sec o s, he in oduc ion o he CE is cu en ly
conside ed echnologically mo e easible, in line wi h o he s udies o-
cusing on p o-en i onmen al change (Ri e a-To es e al., 2015) o
eco-inno a ion (Ga cés-Aye be e al., 2016). In addi ion, he s a egic
sec o s in he egion o en i onmen al se ices and logis ics and ans-
po we e also conside ed acco ding o he RIS3 egional specialisa ion
(Gobie no de A agón, 2015).
This complemen a y analysis was conduc ed wi hin he amewo k
o a collabo a i e R&D p ojec unde aken in he no heas o Spain.
The su eys we e sen o he manage s o companies di ec ly in ol ed
in eco-inno a ion, eco-design and en i onmen al in es men s ela ed o
he CE o o he en i onmen al manage s o he companies. In he end,
52 alid obse a ions we e ob ained om i ms loca ed in he egion o
A agón, iden i ied by hei alue added ax (VAT) iden i ica ion num-
be s. Table 3 summa ises he cha ac e is ics o he sample.
A. A anda-Usón e al. / Jou nal o Cleane P oduc ion xxx (xxxx) 119648 5
Table 2
En ies in da a display and main a iables.
Da a Sou ce Ques ions Desc ip ion
In e iewees •Rele ance o he CE o businesses
in he egion
•Le el o in oduc ion o he CE in
egional businesses
•Ranking o he 4 le els o CE- e-
la ed ac i i ies
•Opinions o expe s abou he CE-
ela ed ac i i ies ha could be
adop ed by businesses
•Opinions o expe s abou he e o-
lu ion o he le el o in e es in he
CE o egional businesses
Semi-s uc u ed/
open ques ions Like
scale a anking (4
le els b)
Ques ionnai es •Measu emen o he 4 le els o he
CE- ela ed ac i i ies in oduced by
businesses ia he ollowing a i-
ables:
1% o company's o al e -
enues in es ed in inno a i e
equipmen o educe he
company's en i onmen al
impac
2% o equipmen o acili ies
eplaced and/o imp o ed
o ene gy e iciency
3% o ecycling was e ( o al)
4% o p ocesses/equipmen
eplaced and/o imp o ed
o exploi enewables
5% o he p oduc s' design o
se ices modi ied o educe
he esou ce in ensi y
6% o he p oduc s' design o
se ices modi ied o in-
c ease hei ecyclabili y
(was e p e en ion)
7% o esou ces eplaced by
o he ully ecycled ma e i-
als
8% o he p oduc s' design o
se ices modi ied o ex end
hei du abili y and epa a-
bili y
9% o he p oduc s' design o
se ices modi ied o in-
c ease hei unc ions and
upg adabili y
10 % o he company's o al
e enue in es ed in eco-in-
no a ion (o he ac i i ies)
11 % o ecycling was e wi hin
he company i sel
12 % o o al e enue in es ed
in ene gy alo isa ion o
was e
13 % o ecycling was e in
sha ed acili ies wi h o he
companies and indus ial
symbiosis.
Like scale and
o he scales
aTo acili a e he analysis o he in o ma ion using a Mic oso Excel sp eadshee , he
in e iewees we e asked o classi y some o hei answe s using a Like scale, anging
om 0 o 10, wi h 0 exp essing o al disag eemen o a pe cep ion o he s a emen 's i -
ele ance and 10 exp essing o al ag eemen o a pe cep ion o he s a emen as highly
ele an .
bTo ank he CE- ela ed ac i i ies, he opinions o he expe s we e classi ied in o
h ee ca ego ies: ‘i ele an o only sligh ly ele an ’( om 0 o 3 poin s); ‘mode a ely el-
e an ’( om 4 o 7 poin s); and ele an ’(8 o mo e poin s).
Table 9
Lis o he 21 en i ies ha collabo a ed h ough semi-s uc u ed in e iews, classi ied in o
h ee ca ego ies.
In e iewees' ca ego ies En i ies
Public Adminis a ion Regional
Go e nmen -
Di ec o a e-
Gene al o
Indus y
Regional
Go e nmen -
Di ec o a e-
Gene al o
S uc u ing
and Mgm . o
he Te i o y
Regional
Go e nmen -
Di ec o a e-
Gene al o
he Economy
Regional
Go e nmen -
Di ec o a e-
Gene al o
Sus ainabili y
and Ru al
De elopmen
Regional
Technology
Ins i u e
Public
Ins i u e o
Elec onic
Adminis a ion
Public
Ins i u e o
Wa e
Managemen
Socie y Regional
Media
ONGs
Specialising in
En i onmen al
Sus ainabili y
Consume s'
O ganisa ion
Sus ainable
Buildings
Expe
R&D -
Uni e si y
Ins i u e
Labou Union
Sociology
Expe
P i a e Company/O ganisa ion La ge P i a e
Indus y -
Manu ac u ing
Sec o
Associa ion o
Fi ms in he
Building
Sec o
Medium
P i a e
Company -
Chemical
Sec o
6A. A anda-Usón e al. / Jou nal o Cleane P oduc ion xxx (xxxx) 119648
Table 9 (Con inued)
In e iewees' ca ego ies En i ies
P i a e
company -
Elec onic
De ices Sec o
Small P i a e
Company -
Indus ial
Sec o
P i a e
Renewables
Company
La ge P i a e
O ganisa ion -
Was e Sec o
4. Main indings and discussion
4.1. The ci cula economy in businesses a he egional le el
The expe s we e asked o de ine he ele ance o each g oup o
CE- ela ed ac i i ies when egional i ms in oduce he CE (Table 4).
In summa y, he ac i i ies included in le els II and III we e consid-
e ed he mos ele an and in e es ing o egional businesses by he ma-
jo i y o he esponden s. Le el I was classi ied as mode a ely ele an
because he expe s conside ed ha he ac i i ies included in his g oup
a e he ‛ i s s age o a CE in businesses’. The e alua ion o e ed by he
in e iewees on his poin con i ms he p edominance o le els II and
III bu e eals clea di e ences o opinion by ca ego y o in e iewee
(Table 5).
I he ou g oups o CE- ela ed ac i i ies a e anked om hose cu -
en ly conside ed mos ele an (4 poin s assigned by he esponden s)
o hose conside ed leas ele an (1 poin assigned), in e media e le -
els a e classi ied wi h 2 o 3 poin s (Fig. 1). Mos o he ac i i ies in
cluded in he in e media e g oups (le els I and II) a e conside ed ele-
an o he in oduc ion o he CE in egional businesses, wi h sligh ly
g ea e ele ance o he hi d g oup.
When he expe s p oceeded o o de he ou g oups o ac i i ies,
hey con i med ha companies loca ed in he egion ha e no add essed
he ac i i ies associa ed wi h he mo e ad anced le els o ci cula i y in-
cluded in he las g oup (le el IV ‘SIM’). A ep esen a i e o public ad-
minis a ion answe ed a his poin ha ‘ he CE is no widely imple-
men ed a p esen in he egion and is known only by 15% o p i a e
companies’. This opinion is endo sed by some business expe s, who de-
cla e ha ‘ he gene al concep o he CE is known by businesses, bu
only a ew o hem a e implemen ing i ’and ha ‘i is mos ly unknown
among SMEs’. In addi ion, some o he expe s said ha ‘only some la ge
companies a e using ecycled aw ma e ials and ecycling and/o eco -
e ing was e wi hin he company i sel ’. In Table 6, i can be obse ed
ha he opinions o he ep esen a i es o socie y di e om he opin-
ions o he ep esen a i es o adminis a ion and he p i a e sec o .
In summa y, based on he opinion o expe s, CE- ela ed ac i i ies
could be in oduced by i ms ollowing a pa ially inc emen al pa h be-
cause he expe s conside ha he ac i i ies o he second g oup (le el
II) a e cu en ly he mos ele an o he egional businesses, ollowed
closely by hose in g oup III. Based on analysis o he in e iews, his
esul can be explained h ough he gene al opinion ha he ac i i ies
ela ed o was e ecycling, ene gy e iciency o simila (le el I) had al-
eady been implemen ed by companies and so we e no a p io i y in he
egion in e ms o hei ele ance o he CE. The lowe ele ance as-
signed o he ou h g oup (le el IV) was expec ed because he ac i i-
ies included in his g oup a e no cu en ly conside ed easible in he
egion. In addi ion, some expe s poin ed ou ha he ac i i ies ha i
con ains a e expec ed o be implemen ed in he medium and long e ms.
Table 3
Main cha ac e is ics o he i ms in eg a ed in he sample (numbe o i ms).
Sec o No. Size No. Age No. Legal o m No.
Food indus y 5 La ge 14 <20 yea s 3 Coope a i e socie y 3
Indus y sec o s 5 Medium 23 ≥20 and ≤39 yea s 19 S ock co po a ion 23
Manu ac u ing 20 Mic o 9 ≥40 and ≤59 yea s 17 Limi ed company 26
Was e sec o 4 Small 6 >60 yea s 13
Se ice sec o 15
T anspo and logis ics 3
Table 4
Opinions abou he ele ance o he ou g oups o CE- ela ed ac i i ies o he egional businesses p o ided by he expe s (% o esponden s).
Table 5
Opinions abou he ele ance o he ou g oups o CE- ela ed ac i i ies o he egional businesses acco ding o he h ee ca ego ies o in e iewees.
A. A anda-Usón e al. / Jou nal o Cleane P oduc ion xxx (xxxx) 119648 7
Fig. 1
Ranking o he ele ance o he ou g oups o CE- ela ed ac i i ies p o ided by he expe s.
Table 6
Ranking o he ou CE- ela ed g oups o ac i i ies acco ding o he h ee ca ego ies o in e iewees.
4.2. Measu emen o he adop ion o he CE by businesses
The le el o adop ion o CE- ela ed ac i i ies in he sample o i ms
is shown in Table 7, indica ing ha mos o he companies pe o m be-
ween h ee and eigh ac i i ies simul aneously.
Table 7
Numbe o CE- ela ed ac i i ies pe o med simul aneously by he i ms o he sample.
No. o CE- ela ed ac i i ies No. o Fi ms %
0 7 13.46%
1 3 5.77%
2 4 7.69%
3 5 9.62%
4 5 9.62%
5 3 5.77%
6 7 13.46%
7 5 9.62%
8 6 11.54%
9 3 5.77%
10 4 7.69%
11 0 0.00%
12 0 0.00%
TOTAL 52 100.00%
I is obse ed ha none o he companies in he sample pe o ms
mo e han 10 ac i i ies simul aneously, and almos 50% o he i ms pe -
o m hal o mo e o he CE- ela ed ac i i ies. I is also in e es ing o
analyse whe he common beha iou s can be de ec ed among i ms when
hey in oduce hese ac i i ies. To his end, he pe cen ages o he com-
panies ha pe o m each CE- ela ed ac i i y a e shown in Fig. 2 (le el
I: o ange; le el II: yellow, le el III: g een; le el IV: blue).
The mos equen ly implemen ed ac i i ies a e was e ecycling and
ea men , ene gy e iciency, educ ion o he en i onmen al impac o
he company and eco-inno a ion (55.77%). Al hough he gene al ac i -
i y o was e ecycling and ea men is conduc ed by a la ge majo i y o
i ms, only a e y small pe cen age o hem pe o m his ac i i y in e -
nally (which is a mo e complex ac i i y, assigned o le el IV).
The esul s ob ained h ough he in e iews ega ding he ele ance
o he di e en g oups o ac i i ies a he egional le el a e con i med
in his s age o he s udy, since he CE- ela ed ac i i ies included in
he second and hi d g oups (le els II and III) show in e media e le -
els o adop ion by businesses, being pe o med by 38% and 48% o he
companies, espec i ely. The ac i i ies included in he i s g oup (le el
I) a e pe o med by 61.5% o he companies in he sample, and only
14.42% o hem ca y ou he ac i i ies in he las g oup (le el IV). The
pa icula si ua ion is emphasised o ac i i y numbe 4 -- which mea-
su es he exploi a ion o enewables by i ms, ecei ing less conside -
a ion han o he ac i i ies o he second g oup because o a s ingen
na ional egula ion o sel -consump ion acili ies ha limi s he ne bal
 124  De inición y medición de la adopción de la economía ci cula en emp esas

sus ainabili y
A icle
Financial Resou ces o he Ci cula Economy:
A Pe spec i e om Businesses
Al onso A anda-Usón1, Pila Po illo-Ta agona 2, Luz Ma ía Ma ín-Vinuesa 3
and Sabina Sca pellini 1,*
1
Depa men o Accoun ing and Finance and CIRCE Ins i u e, Uni e si y o Za agoza, Za agoza 50005, Spain;
ala anda@uniza .es
2Depa men o Accoun ing and Finance Uni e si y o Za agoza, Za agoza 50005, Spain; po illo@uniza .es
3Depa men o Economics and Business, La Rioja Uni e si y, Log oño 26006, Spain;
[email p o ec ed]
*Co espondence: sabina@uniza .es; Tel.: +34-976-762090
Recei ed: 22 No embe 2018; Accep ed: 2 Feb ua y 2019; Published: 8 Feb ua y 2019


Abs ac :
In ecen yea s, a numbe o case s udies o he ci cula economy in business ha e been
analysed by academics. Howe e , some a eas o esea ch a e li le explo ed a he mic o le el, such as
he s udy o he cha ac e is ics o he inancial esou ces applied o in es men s o in oduce ci cula
ac i i ies in businesses. The e o e, he main objec i e o his s udy is o de ine he esou ces applied
o ci cula ac i i ies by i ms. To desc ibe he in luence o inancial esou ces on achie ing a mo e
ad anced ci cula economy in business is also an objec i e o his pape . Using a sample o Spanish
companies, we applied a pa ial leas squa e s uc u al equa ion model (PLS-SEM) o enhance he
knowledge abou inancial esou ce managemen in he amewo k o he esou ce-based iew.
We ind ha a ailabili y o unds, quali y o he i m’s own inancial esou ces and public subsidies
ha e a posi i e e ec in s imula ing he implemen a ion o ci cula economy ini ia i es in businesses.
Keywo ds:
Financial esou ces managemen ; ci cula economy; sus ainabili y; esou ce-based iew;
en i onmen al managemen accoun ing; co po a e inance
1. In oduc ion
In his decade, he ci cula economy (CE) has been p omo ed as an app oach o sus ainable
de elopmen ha does no comp omise economic g ow h [
1
]. The numbe o academic s udies on he
CE a e inc easing and di e en au ho s ha e e iewed i s di e en de ini ions and app oaches [
2
–
7
].
The in oduc ion o he CE in businesses has also been analysed [
8
] due o he inc easing in e es o
companies owa d CE [
9
,
10
]. Howe e , knowledge abou how companies a e adop ing he p inciples
o CE is s ill unde in es iga ion in he cu en li e a u e [10].
Al hough he e is a lack o s udies speci ically add essing ma e s o he CE a he mic o le el,
schola s ha e in es iga ed o he ac o s ha in luence companies’ commi men o he en i onmen .
Some examples a e eco-inno a ion p ocesses [
11
], eco-design [
12
,
13
], compa ibili y wi h exis ing
p oduc ion p ocesses, capi al li e-cycle o he high ini ial di ec cos s o in es men , and he exploi a ion
o enewables [
14
]. S udies o eco-inno a ion a e ela ed o he CE since he in oduc ion o
en i onmen al aspec s in he design o p oduc s allows sus ainabili y o be in eg a ed in he p oduc ion
o goods [
15
]. Eco-design acili a es he CE in businesses since i con ibu es o closing he p oduc ion
loops by sepa a ing componen s and by p e en ing hei obsolescence. Addi ionally, eco-design
acili a es ecycling and he ein eg a ion o p oduc s in o he economic sys em.
Howe e , he s udy o speci ic in e nal esou ces and capabili ies o companies ela ed o he
CE is a an ea ly s age. In ac , o he bes o ou knowledge, a b oad in es iga ion emains open
Sus ainabili y 2019,11, 888; doi:10.3390/su11030888 www.mdpi.com/jou nal/sus ainabili y
Sus ainabili y 2019,11, 888 2 o 23
ega ding he de ini ion and measu emen o di e en cha ac e is ics o inancial esou ces o he CE,
al hough inancial a ac i eness can be conside ed oday as a ele an aspec o he ci cula business
model [16].
A numbe o he s udies conduc ed wi hin he esou ce-based iew (RBV) amewo k analyse
esou ces o capabili ies ela ed o eco-inno a ion [
17
] wi hou o e ing o al cla i y conce ning hose
esou ces equi ed o inance he in oduc ion o he CE a he mic o le el. In pa icula , iden i ying
esou ces ha a e speci ically applied o CE in es men s is a new line o enqui y. Financial esou ces
applied o some o he di e en aspec s o he CE, such as enewables, eco-inno a ion o o mo e
gene al in es men s o en i onmen al imp o emen s ha e been add essed in he li e a u e [
18
];
howe e , he combined e ec s o he cha ac e is ics o inancial esou ces ha e no been conside ed
wi h CE in es men s in he same analy ical amewo k.
The e o e, he main objec i e o his s udy is o de ine and measu e di e en cha ac e is ics o
inancial esou ces applied o he CE by i ms. In summa y, his s udy goes beyond p e ious esea ch
app oaches ela ed o he CE o ex end knowledge by p oposing connec ions wi h inancial esou ce
li e a u e in he amewo k o he RBV. The analysis builds on and ex ends he esea ch ield on he CE
by add essing bo h heo e ical and me hodological issues ela ed o he de ini ion and measu emen o
inancial esou ces applied o CE ac i i ies by businesses.
To his end, a model o he cause-and-e ec ela ionship be ween he CE scope achie ed by
businesses and he le el o in es men has been designed using pa ial leas squa es s uc u al equa ion
modelling (PLS-SEM). The model has been es ed in a sample o companies in Spain ha demons a e
special in e es in eco-inno a ion, eco-design and some o he ci cula ac i i ies. Da a was collec ed
h ough he ac i e collabo a ion o p i a e businesses, which is equi ed o analysing he inancial
esou ces ha a e needed o in oduce he CE in i ms.
This pape is o ganized as ollows: a li e a u e e iew is p esen ed in he nex sec ion, be o e
a desc ip ion o he me hod and he sample. Following he me hodology, he esul s a e summa ised
and discussed wi hin he RBV amewo k o ou line main conclusions and po en ial a enues o
u u e esea ch.
2. Backg ound
Di e en s udies ha e been de eloped ela ing o he CE due o i s ele ance o he sea ch o
solu ions o imp o e esou ce e iciency, ma e ials in ensi y and o he sus ainabili y issues h oughou
he alue chain [
19
]. To da e, he deba e abou he speci ici y o esou ces has ocused mo e on esou ces
and capabili ies o en i onmen al p oac i i y o eco-inno a ion. Gi en he high di icul y posed by
he CE, ew au ho s ha e explo ed his line o esea ch, p obably due o he mul i ace ed aspec s
in ol ed in he CE. Ne e heless, he measu emen o he CE and he heo e ical amewo ks o de ine
ela ed esou ces a e s ill unde in es iga ion due o he ac ha CE implemen a ion in businesses is
s ill a an incipien s age.
I is no easy o op o a heo e ical app oach when analyzing he en i onmen al pe o mance o
companies in e ms o he CE, since his model includes ac ions ha a ec all he unc ional a eas o he
companies. Thus, he close ela ionship ha he CE has wi h eco-inno a ion is aken in o conside a ion.
A he mic o le el, p oac i e en i onmen al s a egies o enhance eco-inno a i e a i udes among
companies [
20
,
21
] and eco-inno a ion [
11
] ha e been widely s udied. Addi ionally, in e nal ac o s ha
in luence eco-inno a ion ha e also been analysed in he li e a u e [
22
–
25
]. Resou ces and capabili ies o
i ms a e demons a ed o be ele an o eco-inno a i e businesses wi hin he heo e ical amewo k o
he RBV [
26
–
28
] and he na u al esou ce-based iew [
29
]. When conside ed in he s udy o co po a e
inance, he RBV is applied o de ine esou ces ha a i m is able o con ol o eco-inno a e [
17
].
The RBV heo y has also been combined wi h ins i u ional o con ingency pe spec i es in o de o
accoun o ex e nal p essu es ha may a ec he en i onmen al s a egies adop ed by i ms and o
de e mine he speci ic ad an ages in he execu ion o hese s a egies [30].
Sus ainabili y 2019,11, 888 3 o 23
In his s udy RBV is conside ed as an adequa e heo e ical amewo k o unde s and whe he
speci ic esou ces applied o he CE by businesses a e ele an o closing p oduc ion loops wi hou
a ec ing he le el o compe i i eness. In pa icula , he main goals o his s udy a e o analyse he
inancial esou ces applied o he CE ac i i ies in he amewo k o he RBV and o enhance he
knowledge abou he inancial esou ces ha a e needed when he CE is adop ed by businesses.
The le el o CE achie ed by companies is measu ed h ough a wide numbe o in es men s and
ac i i ies ca ied ou by businesses. Fu he mo e, he cha ac e is ics o he applied esou ces a e also
explo ed o help indus ies o de elop speci ic esou ces in o de o inc ease hei scope in e ms o
he CE.
2.1. Financial Resou ces and he Ci cula Economy
While he bene i s o he CE a e inc easingly ecognised, he e a e s ill many ba ie s hinde ing
he ansi ion o a ci cula model in businesses. Some au ho s indica e ha he inadequa e inancial
scheme, he lack o inancial esou ces [
31
], and he lack o suppo om public ins i u ions [
16
,
32
,
33
]
cause he slowe adop ion o he CE. Insu icien in es men and he isks associa ed wi h ci cula
business a e conside ed o be obs acles o achie ing he ansi ion owa ds a CE, pa icula ly o small
and medium-sized en e p ises (SMEs) [34].
The isk o o ganiza ions o include he CE in hei ac ual p ac ices [
10
] is mainly due o new
in es men s in ecycling, eco e y in as uc u e and eco- echnologies o closing he loops. Insu icien
in es men s in hese ac i i ies and in as uc u e, as well as an insu icien le el o unds applied o
eco-inno a ion, a e conside ed ba ie s o he CE. I can be conside ed as accep ed ha in o de o
add ess he isks associa ed wi h ci cula business, i is necessa y o encou age lea ning and inno a ion,
ini ia e business s a egies and acili a e c oss-sec o collabo a ions [35].
A s udy o ba ie s o p omo ing clean echnology in Chinese SMEs e eals ha he ex e io
ba ie s o policy and inancing a e mo e ele an han he in e nal echnical and manage ial
ba ie s [
36
]. The e o e, he a ailabili y o unding, especially o in es men s in echnology, is c i ical
o i ms o implemen CE p ac ices. Shahbazi e al. [
37
] a i m ha limi ed inancial capabili y o
en i onmen al in es men s is a p ima y managemen issue. Sue e al. [
36
] show ha la ge inancial
esou ces need o be in es ed in CE pilo p ojec s. In pa icula , he new pe spec i e on selling se ices
a he han p oduc s implies ha businesses will no ecei e paymen a he beginning o he p oduc ’s
li e cycle, such ha he iming o cash low is e en mo e ele an in hese in es men s [
38
]. The e o e,
he e a e no doub s ha ci cula business models equi e adap ed inancial mechanisms.
An example o ad anced collabo a ion wi hin he CE is indus ial symbiosis [
39
,
40
].
Ghisellini e al. [41]
demons a e ha he easons o companies o be in ol ed in hese ad anced
solu ions o he CE a e o eco e he cos s in ol ed wi h en i onmen al in es men s. The ax cu s,
e und policies on esou ce use and inancial subsidies posi i ely s imula e he de elopmen o
indus ial symbiosis. Aid e al. [
42
] poin ou ha p oblems in inancing syne gy pa ne ships a e a
limi a ion o he de elopmen o eco-indus ial pa ks and hey discuss how axes and go e nmen
subsidies allow iable economies o scale. On a simila heme, Velen u [
43
] conside s ha
collabo a i e p ocesses omen ed h ough he CE in ol e s akeholde s o co-p oducing o co-deciding,
and also o inancing p ojec s.
Masi e al. [
44
] highligh he impo ance o inancial suppo h ough subsidies and o he
incen i es in he ecycling indus y, in which he in es men suppo s o echnology de elopmen
a e belie ed o be i al [
45
]. Di e en s udies ha e also emphasised public subsidies as an elemen
ha acili a es esea ch, de elopmen and inno a ion ac i i ies [
46
]. Rega ding he en i onmen al
sphe e, Ti gue o e al. [
47
] and Ghise i and Rennings [
48
] poin ou he posi i e e ec o public
subsidies o adop ing en i onmen al inno a ion in companies. Mok adi e al. [
49
] demons a e ha
small companies need mo e suppo om go e nmen o he adop ion o sus ainable manu ac u ing
p ac ices because hey do no ha e su icien capi al.
Sus ainabili y 2019,11, 888 4 o 23
F om he ci ed au ho s, economic ins umen s—including iscal and inancial incen i es, di ec
unding, and public p ocu emen —ha e o be conside ed as ele an esou ces o omen he CE [
50
].
Howe e , he incipien s age o adop ion o a CE by businesses does no allow an in-dep h analysis o
li e a u e a ound speci ic inancial esou ces applied o he ci cula p ocesses in he amewo k o he
RBV. I has o be aken in o accoun ha he CE is a complex model ha includes di e en en i onmen al
issues and conce ns di e en a eas o in es men s, such as hose de o ed o he en i onmen al
imp o emen s o he company, eco-inno a ion o ene gy sa ing, and enewables. F om an analysis
o he li e a u e ega ding he CE, i could be assumed ha all hese a eas ep esen an adequa e
endowmen o esou ces and capabili ies o he companies o in es in new ac i i ies o closing
loops, and ha a highe le el o ela ed ac i i ies ca ied ou by businesses would suppose g ea e
en i onmen al pe o mance in e ms o he CE. Howe e , i should be no ed ha mos s udies a ailable
in his a ea e e o esou ces and in e nal capabili ies o companies ha a e no speci ically ela ed o
he CE [
17
,
51
–
53
]. Acco dingly, in his s udy, he inancial esou ces a e de ined and measu ed when
hey a e di ec ly ela ed o di e en ac i i ies o he CE: en i onmen al imp o emen s, eco-inno a ion,
eco-design o ci cula i y and esou ce sa ing. The e o e, he analysis o he backg ound has
been enhanced in ou s udy o also include p e ious li e a u e abou in es men s o imp o e he
en i onmen al pe o mance o businesses, he inancial aspec s o in es men s in ene gy sa ing and
enewables and he inancial esou ces applied o mo e gene al aspec s o en i onmen al inno a ion.
The insu icien in es men s and he isks associa ed wi h he imp o emen o he en i onmen al
pe o mance in businesses ha e been adi ionally pallia ed h ough di ec public unding, such as
g an s o R&D, pilo ing ac i i ies, esea ch in as uc u e, inno a ion ouche s, suppo ing inno a ion
incuba ion, e c. [
34
]. Likewise, ax educ ion o ecycled p oduc s has been p oposed o inc ease
hei consump ion and o p omo e he CE [
34
]. Few au ho s ha e del ed in o he analysis o hese
speci ic ac o s [
54
] gi en he g ea di icul y o di e en ia ing he speci ic esou ces and capabili ies
o companies applied o he en i onmen al in es men s by i ms. Some au ho s ocus hei in e es
speci ically on inancial esou ces [
55
–
57
], access o capi al, ei he h ough c edi ins i u ions o en u e
capi al, expansion o capi al and own unds, o he a ailabili y o public unds [58].
In he eco-inno a ion ield, he in luence o di e en pa ame e s inhe en o inancial esou ces
applied o eco-inno a i e in es men s has been conside ed in mo e dimensions [
47
,
59
–
62
]. Volume,
a ailabili y, quali a i e aspec s o inancing and he alloca ion o public subsidies o p omo e hese
in es men s ha e been analysed [
18
]. Howe e , he in-dep h s udy o he esou ces and capabili ies
ha enable en i onmen al pe o mance con inues o be a subjec o deba e wi h ega d o inancial
esou ces and hei applica ion o eco-inno a ion.
In p e ious s udies, o he aspec s ela ed o inancing, such as he le el and s uc u e o company
deb , ha e been conside ed as explana o y a iables o a company’s eco-inno a ion beha iou
h ough hei ela ionship wi h inancial pe o mance [
62
–
66
]. I has also been demons a ed ha
he associa ed unce ain y implies a highe le el o colla e al o he g an ing o loans ela ed o high
isk in es men s [
67
,
68
] and educes he low o unds owa ds his ype o in es men [
69
]. Thus,
he esul s ob ained in he eco-inno a ion ield we e aken in o accoun in his s udy o de ine how o
measu e he quan i y o unds alloca ed o CE ac i i ies by companies. The a ailabili y o inancial
esou ces and hei po en ial es ic ions a e also included in o he analysis as hey could a ec he
in es men s on CE [70,71].
F om ano he pe spec i e, enewables a e conside ed as a pilla o he CE. The aim o inc easing
he con ibu ion o enewable sou ces o he o al ene gy supply is o wo ldwide impo ance o mi iga e
he nega i e ene gy e ec s o clima e change [
72
]. Howe e , a la ge amoun o in es men is needed
o he ene gy ansi ion and a signi ican lack o in es men has been poin ed ou in he enewable
ene gy sec o in di e en geog aphic a eas [
73
,
74
]. The inancing gap o enewables when businesses
a e in ol ed in he CE p ocess could be amed wi hin he a ailabili y and he cos o capi al (and isk)
since hey in luence he a ac i eness o p ojec s o in es o s. In ac , enewable ene gy p ojec s a e
ypically inanced wi h a mix o equi y and deb [73].
Sus ainabili y 2019,11, 888 5 o 23
Financial cons ain s a e a pe inen ea u e o he ene gy indus y. Ekholm e al. [
74
] demons a e
ha ene gy p ojec s a e ypically capi al-in ensi e, la ge, lumpy and wi h long payback pe iods.
I insu icien capi al is mobilised owa ds hese p ojec s, unde -in es men will lead o ad e se
consequences, including om a CE pe spec i e. Speci ic unds ha e been c ea ed in a ious con ex s
in esponse o unde -in es men in clima e mi iga ion [
75
]. Addi ionally, i has o be aken in o
accoun ha mos elec ici y ma ke in es men has adi ionally come h ough a u ili y model,
based on low le els o isk and secu e e u ns [
76
]. I is ques ionable whe he his model would
wo k o enewables ha ha e o be implemen ed in a CE because such in es men s equi e mo e
di e se me hods o inancing. The a ailabili y o p i a e esou ces inc eases unde he es ablished
public–p i a e pa ne ship ag eemen s and opens new inancing channels ha can be a ailable in
a high g ow h o enewable ene gy sec o [77].
Sa a zy´nska and Van den Be gh [
78
] s a e ha an o e ly apid ansi ion o enewable ene gy
can pose a se ious bu den on he inancial sys em because in es men s in enewable ene gy inc ease
he p ice o elec ici y. The need o subsidies is also poin ed ou o enewables by F isa i and
S adelmann [
79
], who conside ha he high cos and pe cei ed isks ep esen signi ican ba ie s
o he deploymen o s able and clean ene gy in de eloping coun ies, and ha public inancing o
imp o e p ojec s’ inancial p o iles is equi ed.
In his con ex , inancial esou ces a e needed o pe o m a ci cula business model [
80
]; howe e ,
he in es iga ion o he di e en cha ac e is ics o inancial esou ces o he CE emains open. Thus,
in his s udy speci ic a iables ha e been de eloped and es ed in his s udy o measu e and de ine
he cha ac e is ics o inancial esou ces applied o he CE by companies. In summa y, Table 1shows
how inancial esou ces ha e been analysed in he gene al amewo k o en i onmen al pe o mance,
business eco-inno a ion and sus ainable ene gy
Table 1.
De ini ion o di e en cha ac e is ics o inancial esou ces applied o he ci cula economy
(CE) and au ho s ha ha e used simila a iables.
FINANCIAL RESOURCES Au ho s
“Quali y” o inancial esou ces o he Ci cula Economy (CE)
Colla e al (gua an ees) equi ed o he CE [18,67,69,73,81]
Cos s o he ex e nal unds o he CE [18,65,71,74,76,82–84]
“A ailabili y” o inancial esou ces o he CE
Capi al a ailabili y as a es ic ion [31,37]
Unce ain y abou he cash lows de i ed om
in es men s in he CE [42,83]
Sou ce o inancial esou ces o he CE
In es men s inanced wi h he company’s own unds.
(“equi y unds”) [77,85–90]
Incen i es and public unds, e c. [17,18,47,48,77,79,91–97]
In es men s in ene gy alo isa ion and enewables
Financial aspec s o in es men s in ene gy
alo isa ion and enewables [35,73,74,76,77]
In es men s in eco-inno a ion
In es men s in inno a i e solu ions o educe he
company’s en i onmen al impac . [17,18,98]
In es men s in en i onmen al R&D (in e nal o
ex e nal) o eco-inno a ion. [17,47,50,59–62,99,100]

Sus ainabili y 2019,11, 888 6 o 23
S udies on ba ie s and incen i es o he CE a e also included since hey conside inancial
esou ces, e en in e ms o he han hose co e ed by ou s udy.
2.2. Ci cula Economy Measu emen
In a CE, ma e ials ha can be e-ci cula ed a e injec ed back in o he economy as new aw ma e ials,
inc easing he secu i y o supply. These "seconda y aw ma e ials" can be aded and shipped jus like
p ima y aw ma e ials om adi ional ex ac i e esou ces [
101
]. Ma e ials om p oduc s a he end
o hei li ecycle a e eco e ed h ough disman ling and ecycling o educe en i onmen al impac s
and p oduc ion cos s. Recycling is he e o e a necessa y p econdi ion o a CE ha includes eco-design
o ecyclabili y, euse and o he en i onmen al managemen p ac ices, such as esou ce e iciency [
13
].
In o de o elabo a e on compa a i e assessmen s o CE pe o mance ac oss he Eu opean Union
(EU), da a om Eu os a , he Resou ce E iciency Sco eboa d and he Raw Ma e ials Sco eboa d a e
being used o acking p og ess in e ms o ci cula i y. Howe e , hese me ics a e no adequa e o
measu e he CE in i ms because hey a e mainly applied o measu e ma e ials and esou ce lows a he
e i o ial le el bu no in e nally in a company. Thus, i is impo an o ha e a se o eliable indica o s
speci ically designed o be applied o businesses. To his end, in his s udy, he main ac i i ies ca ied
ou wi hin he amewo k o he CE by businesses a e conside ed. Repai ing, eusing, e u bishing,
econdi ioning and ecycling [
102
] a e also aken in o conside a ion because hey a e ela ed o he CE.
Academics mos ly add ess he measu emen o he CE om he pe spec i es o esou ce sca ci y
i he esea ch opic is ene gy. C i icali y o ma e ials o esou ce p oduc i i y is measu ed om
he pe spec i e o he educ ion o solid was e, and he en i onmen al impac is aken in o accoun
i he goal is o educe emissions o pollu ion [
103
]. Bio-based and ecycled p oduc s made om
enewable biological esou ces and/o o ally ecycled ma e ials a e also conside ed as c ucial o a CE.
Mo eo e , i has been s a ed ha eco-inno a ion plays a ele an ole in ans o ming a linea sys em
in o a ci cula one [34].
In o de o measu e he CE, he ela ionship be ween he CE and indica o s applied o
eco-inno a ion measu emen has been poin ed ou by Smol e al. [
100
]. F om hese conside a ions,
was e eco e y, ac ions ela ed o ene gy e iciency and enewables, and eco-design and eco-inno a ion
ha e been conside ed as basic ac i i ies when he CE is measu ed.
2.3. Resea ch Ques ions
To he bes o ou knowledge, he e is a gap in he li e a u e as he ela ionship be ween he le el
o in es men and i ms’ ac i i ies wi hin he ci cula model has no been s udied in de ail. Wi hin he
amewo k o he RBV, ce ain esou ces and capabili ies a e pa icula ly ele an o companies o
imp o e hei compe i i e ad an age h ough eco-inno a ion.
In summa y, he RBV is applied in his s udy o expand he knowledge in he co po a e inance
ield o be e unde s and whe he he amoun o inancial esou ces d i es be e en i onmen al
pe o mance in e ms o he CE in businesses. The de ini ion and desc ip ion o speci ic inancial
esou ces applied o CE is also a goal o his s udy and he measu emen o he le el o CE achie ed by
companies allows us o enhance he knowledge abou he measu emen o he ci cula scope a he
mic o le el.
On his basis and ollowing he analysis o he li e a u e abou inancial esou ces ha can be
applied o he CE, he esea ch ques ions p oposed in his s udy a e as ollows:
R1: Does a highe le el o in es men mean a highe le el o CE in businesses?
R2: Wha cha ac e is ics o inancial esou ces a e ela ed o he le el o in es men in he CE?
R3: A e inancing decisions abou he na u e o esou ces ela ed o he le el o in es men in he CE?
R4: Which ac i i ies o en i onmen al imp o emen a e in luencing he ci cula scope o companies?
This s udy is ans e sal as i alls be ween he bodies o he measu emen o inancial esou ces
o en i onmen al in es men s and he CE ac i i ies ca ied ou a he mic o le el, excluding analyses
a he meso and mac o le els [104].
Sus ainabili y 2019,11, 888 7 o 23
3. Me hod and Sample
3.1. Sample and Da a Collec ion
The analysis was pe o med h ough su eys ha we e sen o companies ha we e collabo a ing
wi h an R&D p ojec in no h-eas e n Spain. Companies we e selec ed wi h mo e han 50 employees
because he size is a ac o ha acili a es eco-inno a i e p ocesses [
105
–
108
] and i was conside ed
as a ele an cha ac e is ic o i ms o he ansi ion om a linea model o a ci cula model.
Addi ionally, companies we e selec ed i hey ope a e in sec o s wi h po en ial engagemen wi h
he CE. Fo his s udy, hose sec o s ela ed o echnologies included in he "Bes A ailable Techniques",
he so called “BREFs”, we e conside ed: indus ial, anspo and logis ics, was e, ex ac i e indus y,
manu ac u ing indus y, elec ici y, gas, s eam and ai condi ioning supply; wa e supply, sewe age,
was e managemen , anspo and s o age. In hese sec o s he in oduc ion o CE p inciples is bo h,
necessa y and echnologically easible [
109
]. Finally, 87 alid answe s we e ob ained om a popula ion
o app oxima ely 1000 companies ha we e iden i ied wi h hei co esponding alue added ax
iden i ica ion numbe (VAT numbe ). Table 2summa izes he p o ile o he sample.
Table 2. P o ile o sample.
To al Asse s
( housand eu os)
To al Tu no e
( housand eu os)
Numbe o
Employees Re u n on Asse s
Means
De ia ion
903,181.3
5,426,286
298,140.3
1,084,284
558.1
1700.53
0.063
0.125
Minimum
Maximum
1362.613
48,300,000
3952.4
8,597,300
50
14,106
−0.39
0.56
The sample is in eg a ed by medium businesses (66.67% ha e less han 250 employees),
manu ac u ing i ms (39.08%) and i ms ha a e ope a ing in he ene gy sec o (26.44%).
3.2. Measu emen and Va iables
Speci ic a iables we e designed o measu e he le el o in es men s and he cha ac e is ics o
he inancial esou ces applied o CE- ela ed ac i i ies. Va iables used in o he s udies we e aken as
a s a ing poin and speci ic a iables we e also de eloped o his s udy. Table 3p o ides he i ems o
he cons uc elabo a ed om he su eyed companies o he measu emen o in es men s ela ed o
CE ac i i ies. Company size was conside ed as a con ol a iable [110].
Table 3.
Cons uc s, i ems and selec ed a iables used o measu e he inancial esou ces applied
by businesses.
Cons uc /I ems Desc ip ion
Measu emen o In es men in Ac i i ies Rela ed o he CE
Cons uc : FR Financial Resou ces
FR-Q Cons uc “FR-Q”: Financial Resou ces – Quali y
FR1
Le el o colla e al (gua an ees) equi ed o he company o inance
eco-design/eco-inno a ion/en i onmen al imp o emen s compa ed o ha equi ed o o he
in es men s
FR2
Le el o cos s o ex e nal unds o eco-design/eco-inno a ion/en i onmen al imp o emen s
highe han hose necessa y o he company’s o he in es men s
FR-A Cons uc “FR-A”: Financial Resou ces – A ailabili y
FR3 Le el o which he capi al a ailabili y o he company’s inancial esou ces de e mines he
in es men s
FR4
Le el o which unce ain y abou he cash lows de i ed om he in es men s in
eco-design/eco-inno a ion/en i onmen al imp o emen s hampe he decision-making
p ocess
Sus ainabili y 2019,11, 888 8 o 23
Table 3. Con .
Cons uc /I ems Desc ip ion
Measu emen o In es men in Ac i i ies Rela ed o he CE
Cons uc : SF Sou ce o Financing
SF1 % o in es men s in en i onmen al R&D, eco-design o simila ha a e inanced wi h he
company’s own unds (“equi y unds”)
Cons uc : FR Financial Resou ces
SF2
% o en i onmen al R&D in es men s, eco-design o simila ha a e inanced h ough public
unds (“public g an s”— subsidies, ax deduc ions, incen i es, bonuses, e c.)
SF3 % o en i onmen al R&D in es men s ha a e inanced h ough o eign unds (“ o eign
unds”)
Cons uc : ICA In es men in Ac i i ies Rela ed o he CE
CER Cons uc “CER”: Ene gy Valo isa ion and Renewables (Ci cula In es men s)
ICA1 % o o al e enues in es ed in ene gy alo isa ion o was e
ICA2 % o o al e enues in es ed in enewables
CECOi Cons uc “CECOi”: Eco-Inno a ion
ICA3
% o he company’s o al e enues in es ed in inno a i e equipmen /machines o educe he
company’s en i onmen al impac
ICA4 % o he company’s o al e enues in es ed in en i onmen al R&D (in e nal o ex e nal) o
eco-inno a ing
Cons uc : S Size o Companies
S1 To al asse s ( housand eu os)
S2 To al u no e ( housand eu os)
S3 To al employees (numbe o employees)
Thus, he possibili y o ex end a sys em o measu ing eco-inno a ions and combine i wi h CE
p inciples o e ed a se o anspa en and accessible indica o s ha ha e al eady been es ed and
ep esen s a simple and quick ins umen o assessing he le el o CE eco-inno a ion in a g oup o
indus ies [
100
]. To de ine he scope o CE hough he ac i i ies pe o med by he i ms, he a iables
desc ibed in Table 4we e selec ed.
Sus ainabili y 2019,11, 888 9 o 23
Table 4.
Cons uc s, i ems and selec ed a iables used o measu e he scope in e ms o CE achie ed
by businesses.
Cons uc /I ems Desc ip ion
Measu emen o Ci cula Scope
Cons uc CS Ci cula Scope
CW Cons uc “CW”: Was e Reco e y
CW1 % o ecycling was e wi hin he company i sel ( ea men o be ecycled)
CW2 % o was e eco e y wi hin he company and euse
DR Cons uc “DR”: Dema e ializa ion and Recycled Ma e ials
DR1 % o esou ce ha has been eplaced by o he ully ecycled ma e ials o manu ac u e
p oduc s o o p o ide se ices
DR2 % o he p oduc s’ design o se ices ha ha e been modi ied o educe he esou ce
in ensi y
CSE Cons uc “CSE”: Ci cula Eco-Design
CSE1 % o he p oduc s’ design o se ices ha has been modi ied o inc ease hei unc ions
(mul i unc ion)
CSE2 % o he p oduc s’ design o se ices ha has been modi ied o ex end hei du abili y
CSE3
% o he p oduc s’ design o se ices ha has been modi ied o inc ease hei ecyclabili y
(was e p e en ion)
SR Cons uc “SR”: Resou ce Sa ing and E iciency
SR1 % o equipmen o acili ies ha has been eplaced and/o imp o ed o educe ene gy
consump ion
SR2
% o p ocesses o ope a ing p ocedu es ha has been eplaced and/o imp o ed o educe
ene gy consump ion o o exploi enewables
SR3 % o componen s o he p oduc o se ice ha has been eplaced by inno a i e
componen s o comply wi h en i onmen al egula ions
In summa y, a iables we e designed o measu e he sa ings in emissions and esou ces,
he eplacemen o aw ma e ials and componen s and he in es men s made o dec ease he
en i onmen al impac o p oduc s and companies, eco-design o he CE, was e alo isa ion and
o he ela ed a iables.
3.3. S a is ical Analysis
To es he esea ch ques ions, we used PLS-SEM. Ou objec i es we e o p edic he CE le el
o ac i i y ca ied ou by a company in he amewo k o he RBV o iden i y he key d i e s ha
explain he speci ic cha ac e is ics o hose unds in es ed in CE- ela ed ac i i ies o make a i m mo e
ci cula . PLS is ecommended when he esea ch objec i e has p edic i e pu poses [
111
–
114
] and
explana o y pu poses [
115
]. Mo eo e , he use o PLS-SEM is also ecommended when he esea ch is
ying o iden i y he key a ge cons uc s [
116
]. The applica ion o a mul iple indica o s and mul iple
causes (MIMIC) app oach in CB-SEM could mean cons ain s on he model ha o en con adic
he heo e ical assump ions. This concep ualisa ion and hese condi ions ha e been ound in ou
model. We applied his s a is ical app oach since i enabled us o es ima e a complex model wi h many
cons uc s, indica o a iables and s uc u al pa hs wi hou imposing es ic ions on dis ibu ional
assump ions and size on da a [117].
The PLS-SEM me hod is cu en ly being subjec ed o deba e abou i s p os and cons. The
main c i icisms o his me hodology ha e been summa ised by Rönkkö and E e mann [
118
] and
Rönkkö e al. [119]
. These au ho s a gue ha he use o PLS weigh s and many ules o humb ha a e
commonly employed wi h PLS a e unjus i iable. In esponses o he c i icisms, di e en imp o emen s
and ex ensions o he me hod ha e been in oduced by some au ho s [
120
,
121
]. Hai e al. 2018 [
117
]
and Pe e [
122
] ecen ly demons a e he alue o PLS as an SEM echnique. Cu en ly, his me hod is
widely applied by academics in he en i onmen al inno a ion ield [123–125].
PLS can be used wi h small sample sizes [
117
]; howe e , he na u e o he popula ion also
de e mines he si ua ions in which small sample sizes a e accep able [
117
,
126
]. Kock and Hadaya [
127
]
demons a e ha he powe o PLS-SEM is consis en wi h wha one would expec om o dina y leas
Sus ainabili y 2019,11, 888 16 o 23
F om he ob ained esul s, we can a i m ha he le el o in es men is ela ed o he scope o CE
achie ed by companies (R1). These esul s allow us o make in e ences in a line o inqui y ha is, hus
a , li le explo ed due o he ini ial s age o he CE ac i i ies implemen ed by he companies. To he
bes o ou knowledge, simila s udies do no cu en ly exis ha could be discussed.
The a ailabili y o unds and, in pa icula , he quali y o inancial esou ces, a e also ela ed o
he le el o in es men in he CE. The a ailabili y o esou ces, especially a an adequa e cos , a e
shown as ele an ac o s in he de elopmen o di e se ci cula ac i i ies ca ied ou by companies.
In pa icula , he quali y o esou ces should be no ed as he le el o colla e al (gua an ees) equi ed
o a company o inance ac i i ies in he amewo k o CE was highe han he le el equi ed o o he
in es men s. A simila obse a ion was made wi h espec o he highe le el o cos s o he ex e nal
unds equi ed o hese ac i i ies (R2). Thus, he ob ained esul s endo se and expand he s udies ha
iden i y he quan i y and a ailabili y o inancial esou ces as one o he ba ie s o he CE [31,37,44].
Ano he line o esea ch conce ns he ele ance o he inancing decisions on he na u e o
esou ces (R3). The esul s ob ained in his s udy bea ou he ole o public unds and subsidies as
d i e s o he p omo ion o he CE [
44
,
45
]. The lack o inancial esou ces is also conside ed as a ba ie
o eco-inno a ion [
68
]. Likewise, he a ailabili y o public unds (subsidies) o inance en i onmen al
R&D in es men s also a ec s he le el o CE ac i i ies implemen ed by i ms. These esul s a e in line
wi h he conclusions ga he ed in s udies ocused on eco-inno a ion [
18
]. Public incen i es and he
a ailabili y o inancial esou ces and hei quali y in luence a highe le el o eco-inno a ion.
In he same line o enqui y, Cece e e al. [
68
] iden i y access o public unds and ax incen i es as
elemen s ha p opel he de elopmen o eco-inno a ion. In he CE, O mazabal e al. [
31
] s a e ha
a lack o inancial esou ces is a ba ie ha limi s he implemen a ion o he CE in companies and
highligh he need o ha e public ins i u ional suppo o Spanish SMEs ha equi e di e en s a egies,
namely, inancial s imula ion and echnological mode niza ion, bo h o which a e connec ed o he
lack o inancial esou ces. Mo e speci ically, o eco-inno a ion, Sca pellini a al. [
18
] demons a e
wi h a speci ic analysis o his sample ha he a ailabili y and quali y o inancial esou ces and public
incen i es lead o a highe le el o eco-inno a ion in o de o de ine and measu e di e en inancial
esou ces wi hin he RBV amewo k.
The esul s o his s udy also sugges ha access o public unds and iscal incen i es may
accele a e he de elopmen o eco-inno a ions, and ha hei e ec i eness in e ac s, in pa icula ,
wi h i ms’ a ailabili y o ex e nal inancing, in line wi h Cece e e al. [
68
]. Empi ical esul s ega ding
he e ec i eness o subsidies (and ax incen i es) o p omo e eco-inno a ion a e no absolu ely
conclusi e [
135
,
136
], al hough some au ho s show ha public subsidies d i e he de elopmen o
eco-inno a ions [
92
,
137
–
140
]. F om ou analysis, he ela ionship be ween he CE and indica o s
applied o eco-inno a ion measu emen poin ed ou by Smol e al. [100] is endo sed.
5. Conclusions
The di e en cha ac e is ics o inancial esou ces applied o ci cula ac i i ies by i ms ha e
been analysed in his s udy o enhance he knowledge abou he in luence o businesses’ inancial
esou ces o achie e a mo e ad anced le el o CE. Public subsidies and he a ailabili y and quali y
o inance applied by i ms o ci cula ac i i ies ha e been measu ed using a no el app oach in he
amewo k o he RBV. These cha ac e is ics o inancial esou ces in luence he ac i i y’s de elopmen
and de e mine he choice o esou ces o inance he in es men s. The impo ance o public inancial
incen i es has also been demons a ed, as i allows a educ ion in isk exposu e, he inancial easibili y
and he p o ision o p o i abili y o he CE in es men p ojec s.
Al hough i canno be conclusi ely demons a ed ha he CE equi es exclusi e esou ces,
we obse ed ha some esou ces ha a e applied by businesses o in es men s ela ed o he CE,
such as he imp o emen o he en i onmen al pe o mance, eco-inno a ion, eco-design, esou ce
alo isa ion, ene gy e iciency o enewables, can be di e en ia ed om hose applied o o he p ocesses
by companies.

Sus ainabili y 2019,11, 888 17 o 23
In summa y, his pape ep esen s an expansion o he p e ious li e a u e by inc easing he
knowledge abou inancial esou ces as one o he ba ie s o he CE. Addi ionally, he ele ance o he
inancing decisions o he na u e o inancial esou ces has also been analysed, which is a no el y in his
ield. The esul s ob ained in his s udy bea ou he ole o public unds and subsidies as d i e s o
he p omo ion o he CE, and can be applied by public adminis a ions o p omo e ci cula businesses.
The measu emen o di e en ac i i ies ca ied ou by i ms ha a e ela ed o he ci cula
model p o ides a p elimina y ou look o p og ess owa ds he CE in businesses. Ac i i ies ha a e
in luencing he ci cula scope o companies ha e been de ined. These esul s launch a double line o
enqui y abou he measu emen o he ci cula scope o businesses, om one side, and he speci ic
in es men s ha mus be applied o he CE as unique and inimi able esou ces o each company in he
amewo k o he RBV, om ano he side.
In he academic ield, his s udy o e s inno a i e esul s in he co po a e inance amewo k o
he managemen o inancial esou ces. In he en i onmen al managemen accoun ing ield, his s udy
o e s speci ic knowledge o measu ing CE ac i i ies and p ocesses. Fo p ac i ione s, he ob ained
esul s p o ide a se o indica o s o CE measu emen a he indus y le el, allowing companies
a means o anspa ency and epo ing on hei ac i i y, co po a e social esponsibili y ela ed o he
CE, and en i onmen al pe o mance in closing he p oduc ion loops.
A limi a ion o his s udy is ela ed o he measu emen o he deg ee o ci cula i y, which only
accoun s o some o he ac i i ies ca ied ou by businesses. The use o o he indica o s ha also e lec
ma e ials embodied in ade could p o ide an addi ional pe spec i e. Howe e , his s udy does no
p o ide a de ailed analysis o he ela ionship be ween inancial esou ces and inancial pe o mance.
The ole o en u e capi al ope a ions o business-angels’ unds and he ole hey can play in he
de elopmen o in es men s in he CE a e also no add essed in his pape since his would equi e
mo e in-dep h analysis aking in o accoun a la ge se o indica o s.
Fu he mo e, i is impo an o also in es iga e ends in p og ess made o e a longe pe iod
in o de o ob ain longi udinal da a ela ing o cu en de elopmen ends in he CE. Reliable and
ele an da a a e essen ial in o de o moni o p og ess owa ds a ci cula economy and o analyse he
ole o eco-inno a ion in his p ocess.
The ob ained esul s a e ele an o he in e nal measu emen p ocesses ela ed o he CE.
One o he challenges o academics is o b ing he discussion a ound he CE o he i m le el.
In ou case, he con ibu ion o he deba e abou wha esou ces a e being applied by businesses o
close he loops o be mo e compe i i e in his new business model has been ocused on hose inancial
esou ces ha a e needed o in es in ci cula inno a i e solu ions.
Au ho Con ibu ions: All he au ho s con ibu ed subs an ially and equally o he wo k epo ed in his pape .
Funding:
This s udy was made possible owing o unding om he Minis y o Economy, Indus y and
Compe i i eness, p ojec “Con a-Ci cula ” ECO2016-74920-C2-1-R and was pa ially co- inanced by he Regional
Go e nmen o A agón in he amewo k o he Resea ch G oup Re .: S33_17R.
Acknowledgmen s:
The au ho s a e pa icula ly g a e ul o he con ibu ion o he companies ha pa icipa ed
in he p ojec ECO2013-45599-R and ha p o ided he necessa y da a o his esea ch. The cons uc i e
sugges ions o he anonymous e iewe s and he long s uggle owa ds he comple ion o he pape a e e y
g a e ully acknowledged.
Con lic s o In e es : The au ho s decla e no con lic o in e es .
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 148  De inición y medición de la adopción de la economía ci cula en emp esas
Con ibución de los es udios ealizados 149 
2.5 Dynamic capabili ies and he en i onmen al accoun ing o
he ci cula economy in businesses (A ículo 5)
ARTICULO 4: Sca pellini, S. Ma ín-Vinuesa, L.M., A anda-Usón, A., Po illo-Ta agona, P.
(2019) on-line. Dynamic capabili ies and en i onmen al accoun ing o he ci cula economy in
businesses. Sus ainabili y Accoun ing, Managemen and Policy Jou nal. in p ess doi
h ps://doi.o g/10.1108/SAMPJ-04-2019-0150 - IN PRESS
EDITORIAL: EMERALD GROUP PUBLISHING LTD - ISSN : 2040-8021
Publicación INDEXADA JCR SOCIAL Q2: ac o de impac o: 1.745 (2018)
Ca ego y Name
Impac Fac o (2018)
Qua ile Rank
Qua ile in Ca ego y
JCR SOCIAL – BUSINESS, FINANCE
1,745
43/103
Q2
JCR SOCIAL – MANAGEMENT
1,745
139/217
Q3
JCR SOCIAL– En i onmen al S udies
1,745
83/116
Q3
Apo ación inhe en e al á ea de conocimien o: medición de capacidades dinámicas y de la
con abilidad medioambien al: aplicación de nue os indicado es pa a modelos de economía
ci cula en emp esas pa a el con ol de ges ión y el epo ing.
Apo ación eó ica en el ma co de las Dynamic Capabili ies: de inición inédi a de
capacidades especí icas de con abilidad medioambien al de las emp esas.