Historically, management theory has ignored the constraints imposed by the biophysical (natural) environment. Building upon resource-based theory, this article attempts to fill this void by proposing a natural-resource-based view of the firm—a theory of competitive advantage based upon the firm's relationship to the natural environment. It is composed of three interconnected strategies: pollution prevention, product stewardship, and sustainable development. Propositions are advanced for each of these strategies regarding key resource requirements and their contributions to sustained competitive advantage.

A natural resource-based view of the firm

Directive (eu) 2017/1371 of the european parliament and of the council

The circular economy has become a topic of increasing relevance in the scientific field, and the literature on it has developed considerably in recent years. Therefore, a review is needed to contribute to the understanding of this term, which is under constant debate. This article aims to analyze scientific articles from qualitative and quantitative research approaches on the circular economy. The methodology used was a systematic review of scientific literature from Scopus and Web of Science; 67 scientific articles were systematized under inclusion and exclusion criteria related to the specific objectives sought. The results showed that there is still a long way to go in developing a theoretical framework that can be put into practice due to the divergence of existing perspectives or approaches, although its application to different fields of study is being considered. Likewise, its complex character is highlighted, while driving or limiting factors are observed. This research provides a theoretical contribution aimed at elucidating which implications of the circular economy need to be addressed in order to build a universal or flexible theory to understand what it means to plan for the implementation of the circular economy. In this way, it hopes to strengthen its practical application, which implies the need to create an overarching framework that can be adapted to different contexts and provide clear guidance on how to be part of the circular economy.

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Circular Economy: Approaches and Perspectives of a Variable with a Growing Trend in the Scientific World—A Systematic Review of the Last 5 Years

Do circular economy practices matter for financial growth? An empirical study in China

The lack of a focused study on the nexus of research and development (R&D) intensity, eco-friendly practices, firm value in the energy sector, and the stakeholders' concerns for ecology motivated us to realize this study. The study sample covers the period from 2002 to 2019, resulting in 4016 firm-year observations affiliated with 43 countries. The data were retrieved from the Thomson Reuters Eikon, and a country-year fixed-effects regression analysis was executed. Our empirical findings are threefold. First, the results show that energy firms' R&D intensity spurs eco-friendly practices in three dimensions, namely, resource consumption reduction, emissions reduction, and eco-innovation. Second, our study revealed that corporate environmental performance could induce greater firm value, implying a positive shareholders' reaction to the environmental engagement. Third, moderation analysis revealed that while R&D intensity's interaction with eco-innovation is value-enhancing, its interaction with resource consumption reduction and emissions reduction is not. The results are largely robust to alternative sampling, endogeneity concerns, and alternative variables measurements. The findings suggest implications for energy firms, R&D activities, and capital markets. 

Research and development intensity, environmental performance, and firm value: Unraveling the nexus in the energy sector worldwide

Although the literature on eco-friendly strategies followed by firms is abundant, the focus on the reduce, reuse, and recycle (3Rs) policies as the cornerstone of environmental sustainability is scarce. This study examines the 3Rs environmental strategy among 143 large organizations in the hospitality industry. We use the resource-based view (RBV) of the firm theory to test the strategy's determinants and its impact on business performance on a suggested conceptualization level. As hypothesized, green corporate governance and environmental management systems, along with slack financial resources, were found to positively influence the adoption of a 3Rs environmental strategy. In turn, the implementation of the latter leads to superior business performance, measured in terms of operating profits and Tobin's Q. The study has several implications on a theoretical, managerial, and public policy level where intriguing directions for future research are provided.

https://onlinelibrary.wiley.com/doi/pdf/10.1002/bse.2809

Zhiteng Feng

Papers

Applying the reduce, reuse, and recycle principle in the hospitality sector: Its antecedents and performance implications