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Value creation in circular economy business for sustainability: A stakeholder relationship perspective
Abstract
A circular economy (CE) requires companies to rethink their value creation and stakeholder relationships. While value creation in a CE business is typically understood from a company‐centric perspective, this article utilises stakeholder theory to conceptualise value creation as a relational, systemic activity involving multiple stakeholder relationships. We conduct a case study of the CE business development of a Finnish energy company and offer novel insights by identifying five joint value creation activities: sharing the CE story, co‐constructing knowledge for political decision‐making, developing the industry, creating local CE ecosystems and refining the business model. Additionally, we define the concept of multidimensional value, which acknowledges multifaceted, subjective stakeholder value expectations and enables the engagement of stakeholders in joint value creation activities. We conclude that the stakeholder relationship perspective on CE business value creation allows for the creation of the synergy necessary to advance CE business and sustainability.
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“In line with Tapaninaho and Heikkinen (2022) as well as Marjamaa et al. (2021), this paper acknowledges that this widely shared goal may be realized through extensive stakeholder collaborations guided by innovative governance.”
From Stakeholder governance to facilitate collaboration for a systemic circular economy transition: A qualitative study in the European chemicals and plastics industry (2024) · cites this paper as Tapaninaho and Heikkinen, 2022
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“Most relevant to the CE context, Tapaninaho and Heikkinen (2022, p. 2) argue that stakeholder relationships in a CE imply a mode of value creation that goes ' beyond the traditional and dominant focus on a single company and on firm profitability and competitiveness, '”
From Stakeholder governance to facilitate collaboration for a systemic circular economy transition: A qualitative study in the European chemicals and plastics industry (2024) · cites this paper as Tapaninaho and Heikkinen, 2022
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Cites
Conceptualizing the circular economy: An analysis of 114 definitions
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Cited by
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Schultz, F. C., Valentinov, V., Kirchherr, J., Reinhardt, R. J., & Pies, I. (2024) · Business Strategy and the Environment · doi:10.1002/bse.3592 · Cited by 82
Rittershaus, P., Aryan, V., Sánchez, D., Renner, M., & Poeppelbuss, J. (2026) · Business Strategy and the Environment · doi:10.1002/bse.70271 · Cited by 3
Metadata
- Authors
- Tapaninaho, R., & Heikkinen, A.
- Affiliations
- Faculty of Management and Business Tampere University Tampere Finland
- Venue
- Business Strategy and the Environment
- Publisher
- Wiley
- Published
- 2022-01-27
- Volume
- 31
- Issue
- 6
- Pages
- 2728-2740
- ISSN
- 0964-4733
- 1099-0836
- Cited by
- 205
- References
- 2
- Language
- en
- Funders
- Strategic Research Council (320194, 320206)
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