Circular economy in business, management, and accounting: A bibliometric study of the construct

Abstract

Context. Studying and applying the Circular Economy (CE) is becoming a trend and its presence is increasing as a business model that can balance achieving business objectives and preserving the well-being of future generations through the company's positive impact on the environment. Problem. This study is crucial for understanding the global landscape of CE research, pinpointing influential factors in highly cited works, and guiding future research initiatives. The findings will contribute to shaping the direction of academic endeavors in Circular Economy and supporting informed decision-making for researchers, policymakers, and practitioners invested in sustainable practices. The research aims to investigate the evolution of CE research in key geographic regions, understand the pivotal drivers and performance measures influencing the most cited research articles in this domain, and identify crucial future research directions. "The research problem aims to investigate a central question and its specific dimensions. The primary inquiry is: 'How has the field of Circular Economy (CE) evolved and become more significant, particularly about business models and increasing environmental awareness?' This general question is then broken down into three specific research questions: How has the volume of CE research evolved based on key geographic regions? What types of key CE drivers and performance measures relate to the most cited research articles? What are the most important future research directions in the field of CE research? Purpose. The main purpose of this research was to further examine the study methods of the Circular Economy, specifically within the fields of business, management, and accounting. The goal was to highlight the current trends and directions of research related to the CE. This information is intended to guide current and future research on key issues in corporate sustainability. Methodology. The process used as a method is through a bibliometric review of scientific articles on CE published in the Scopus database, analyzing the period from 2008 to 2023. Co-occurrence maps of circular economy keywords, titles and summaries were created. Representation networks were carried out with the bibliometric analysis software VOSviewer, version 1.6.8 (Van & Waltman, 2018). Theoretical and Practical Findings. The main theoretical contribution revealed a significant and steadily accelerating volume of academic interest in the field of CE and its relevance on business contexts. And, as a practical contribution, it was found that future research should focus not only on quantitative bibliometric analysis but also on the qualitative aspects to fully comprehend the development and direction of this crucial field. Transdisciplinary and sustainable innovation originality. The proposed research is valuable and innovative because it acknowledges that the discourse on CE is not a static field but an evolving conversation. This evolution is shaped by the ongoing interaction of research, business practices, policy-making, and societal needs. Recognizing the dynamic nature of the CE conversation, the proposed research aims to make a significant contribution by monitoring and analyzing emerging trends. The ability to adapt and respond to the ongoing interactions between research, business practices, policies, and societal needs ensures that the findings of this research are relevant and applicable in a constantly changing context. Furthermore, the research goes beyond merely analyzing the evolution of the CE conversation; it also seeks to identify the key factors driving it. By highlighting these fundamental drivers, the research can shed light on critical areas that require attention and guide the future development of the CE. Conclusions and limitations. Therefore, the increasing pace of publications and citations signals not only the growth of the field but also the increasing urgency and significance of transitioning towards a CE in a world grappling with the dual challenge of economic development and environmental sustainability.