Drivers and barriers of circular economy business models: Where we are now, and where we are heading

Abstract

Literature on the circular economy business model (CEBM) has witnessed a sharp upsurge in recent years. Although scholars have investigated CEBM from several perspectives, including the green business model, waste management, digital technology, the supply chain, and the financial impact of CEBM, critical analysis of the extant literature has not attracted scholarly attention. The current systematic literature review (SLR) on CEBM is an attempt to critically analyse and appraise the prior findings by following robust research protocols. We analysed a pool of 126 studies to identify the thematic research areas, recognise the research gaps and present future research agendas. Subsequently, we classified the research themes, namely the drivers of and barriers to CEBM. The paper thus provides a comprehensive assessment of the current state of the art on the drivers and barriers involved in executing CEBM. By identifying existing research gaps and presenting avenues for future research, the SLR illuminates the nuances of CEBM implementation. Moreover, we propose an actor-network theory-based conceptual framework for CEBM implementation for further investigation. We conclude the study by providing the theoretical and practical implications for those attempting to overcome the barriers and address the challenges involved in CEBM implementation.