HOW ARE BUSINESSES ADOPTING CIRCULAR PRACTICES -EMPIRICAL STUDY ON THE CASE OF GEORGIA AND SELECTED EASTERN EUROPEAN COUNTRIES

Abstract

The shift towards circular practices requires a variety of supportive actions from different parties, such as education from academic institutions, institutional support from government and policymakers, and financial aid. Our research aims to provide data on the adoption of circular practices in Georgia and selected Eastern European countries. The findings of the research summarize the trends of adoption of circular practices among firms in different economies. In today's rapidly changing business environment, companies are under increasing pressure to reduce their environmental impact and embrace sustainable practices. Circular economy is seen as a promising solution to these challenges, as it shifts the focus from linear models of production and consumption to a closed-loop system where waste is reduced and resources are conserved. The concept of circular economy has gained significant traction in recent years, as companies seek to reduce their environmental impact and achieve long-term sustainability. By adopting circular practices, companies can reduce the cost of goods sold, improve resource efficiency, and promote a cleaner environment. However, the adoption of circular practices requires a significant change in organizational culture, which can be challenging for many businesses. Our research aims to provide practical information for policymakers and stakeholders from the private sector on the adoption of circular practices in Georgia and selected Eastern European countries. The results of the research will provide valuable insights into the trends of adoption of circular practices among firms in different economies and highlight the benefits of embracing circular economy. In conclusion, the transition to circular practices is a highly sought-after trend for businesses seeking to reduce their cost of goods sold, promote sustainability, and benefit from a cleaner environment. The adoption of circular practices requires a significant change in organizational culture, which can be challenging for many businesses. Our HOW ARE BUSINESSES ADOPTING CIRCULAR PRACTICES-EMPIRICAL STUDY ON THE CASE OF GEORGIA AND SELECTED EASTERN EUROPEAN COUNTRIES 136 research aims to provide practical information for policymakers and stakeholders from the private sector on the adoption of circular practices in Georgia and selected Eastern European countries and summarize the trends of adoption of circular practices among firms in different economies.

Full text

AGORA International Journal of Economical Sciences, http://univagora.ro/jour/index.php/aijes
ISSN 2067-3310, E-ISSN 2067-7669
No. 1 (2023), pp. 135-144
135
HOW ARE BUSINESSES ADOPTING CIRCULAR PRACTICES – EMPIRICAL
STUDY ON THE CASE OF GEORGIA AND SELECTED EASTERN EUROPEAN
COUNTRIES
T. ZHGHENTI, V. CHKAREULI, M. R. DE HARO, V. M. MORENO, D. ATSTAJA
Tsotne Zhghenti¹, Vakhtang Chkareuli², Manuel Rios de Haroº, Valentin Molina
Morenoºº, Dzintra Atstaja³
Business and Technology University, Georgia
¹ orcid.org/0000-0002-6779-172X, E-mail: tsotne.zhghenti@btu.edu.ge
² orcid.org/0000-0001-9484-2484
University of Granada, Spain
º orcid.org/0000-0002-4329-370X
ºº orcid.org/0000-0003-2679-3195
BA School of Business and Finance, Latvia
³ orcid.org/0000-0002-9411-7212
Abstract. The shift towards circular practices requires a variety of supportive
actions from different parties, such as education from academic institutions,
institutional support from government and policymakers, and financial aid. Our
research aims to provide data on the adoption of circular practices in Georgia and
selected Eastern European countries. The findings of the research summarize the trends
of adoption of circular practices among firms in different economies.
In today's rapidly changing business environment, companies are under increasing
pressure to reduce their environmental impact and embrace sustainable practices.
Circular economy is seen as a promising solution to these challenges, as it shifts the
focus from linear models of production and consumption to a closed-loop system where
waste is reduced and resources are conserved.
The concept of circular economy has gained significant traction in recent years, as
companies seek to reduce their environmental impact and achieve long-term
sustainability. By adopting circular practices, companies can reduce the cost of goods
sold, improve resource efficiency, and promote a cleaner environment. However, the
adoption of circular practices requires a significant change in organizational culture,
which can be challenging for many businesses.
Our research aims to provide practical information for policymakers and
stakeholders from the private sector on the adoption of circular practices in Georgia
and selected Eastern European countries. The results of the research will provide
valuable insights into the trends of adoption of circular practices among firms in
different economies and highlight the benefits of embracing circular economy.
In conclusion, the transition to circular practices is a highly sought-after trend for
businesses seeking to reduce their cost of goods sold, promote sustainability, and benefit
from a cleaner environment. The adoption of circular practices requires a significant
change in organizational culture, which can be challenging for many businesses. Our

HOW ARE BUSINESSES ADOPTING CIRCULAR PRACTICES – EMPIRICAL STUDY ON
THE CASE OF GEORGIA AND SELECTED EASTERN EUROPEAN COUNTRIES
136
research aims to provide practical information for policymakers and stakeholders from
the private sector on the adoption of circular practices in Georgia and selected Eastern
European countries and summarize the trends of adoption of circular practices among
firms in different economies.
Keywords: circular business, circular economy, Georgia, CE business models, EBRD-
EIB-WBG enterprises survey.
INTRODUCTION
In a modern era, scarcity has become a major research dimension for many
economists, which is basically linked to the limited resources on the one hand and limitless
wants of people on the other. Governments, policymakers, scientists and the businesses
are rethinking the traditional paradigm of economics, which is based on a linear approach
(take-make-dispose) and should be changed towards the circularity. In this sense,
circularity means to redesign operations on various levels, so that processes become more
sustainable and eco-friendlier. By managing finite resources, a circular economy promotes
a continual positive development cycle that maintains and increases natural capital,
optimizes resource yields, and reduces system risks.
Most fundamental incentives for the companies to transform linear business
operations to circular ones, still lays in the willingness to reduce negative environmental
impacts. On top of that, businesses are seeing the potential fruits of improving resource-
usage efficiency, thus reducing cost of goods sold, increasing competitive advantages and
easing access to new markets. Also, environmental regulations and institutional incentives
provided by policy-makers and governments, especially in developed countries are
pushing companies to seek for alternative ways of doing business to reduce emissions and
negative impact environment. In some cases, besides restrictions governments are
providing subsidies and tax deductions to support circular business models.
Activities from Circular economy, which covers almost all industrial sectors, is
increasing in terms of generating new revenues, reducing costs, and encouraging
innovation. This growth is driven by shifts in regulation and evolving consumer attitudes.
The topic is getting very actual in Georgian Economic policy too. However, there is
a lack of relevant local academic publications and related business statistics. For this
reason, the research is using database from EBRD-EIB-WBG survey to calculate and
provide detailed numbers on usage of circular practices in Georgian firms and to analyze
general trends between other economies in the survey. Furthermore, the research can also
dive deeper into exploring the challenges and opportunities that Georgian firms face in
implementing circular economy practices, as well as identifying potential gaps in current
policies and regulations that may be hindering the development of a circular economy in
the country. Additionally, research can investigate on the potential benefits of a circular
economy for the country's economy, environment and society, and how it can contribute
to achieving sustainable development goals.
Within the framework of the research, one of the factors is the assessment of
developed countries with certain indicators, which is an important point for the
implementation of additional analysis.

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I. Literature Review
It was already mentioned in the introduction that local academic publications related to
concept of circular economy are extremely rare in Georgia. However, several authors are
discussing the general landscape of establishing circular economy in Georgia (Gubeladze &
Pavliashvili, 2020; Pavliashvili, & Prasek, 2020; Jishkariani, et. al.; 2021; Buachidze et. al.;
2021). Additionally, some publications discussing the green economy opportunities from
finance industry (Aslanishvili, & Omadze, 2019) or from the perspective of investemt sector
(Verulidze & Miceikienė, 2021).
Another study (Chachkhiani et al., 2022) provides a qualitative and quantitative evaluation
of the solid waste management system in Kutaisi, Georgia and the Imereti region. It reveals
that share of recyclables is higher in urban areas and commercial centres.
On the other hand, there are plenty of academic publications which analysing circular
business models or generally circular practices in firms from Eastern European countries
(Malinauskaite et al., 2017; Muizniece et al., 2019), especially discussing challanges for
circular business models in Baltic countries (Rizos et al., 2016; Uvarova et al., 2020, Atstja et
al., 2021).
Accordingly, the research has focus on international publications which can provides
useful insights or methodological notes to explore relevant data to analyse the current state of
usage circular practices in local companies in Georgia. The few modern studies have used the
green module from EBRD-EIB-WBG Enterprise Surveys to analyze green and circular
economy trends in business for selected countries.
A study conducted by Kalantzis et al. (2022) is analyzing green management and green
investments of firms and distinguish capital intensive or non-capital-intensive investments. The
results are provided on regional level. The paper uses data from EBRD-EIB-WBG Enterprise
Surveys to examine the determinants of green investment strategies in firms. It also uses
logistic IV regression to analyze the data and finds that financially constrained firms pursue
fewer mitigation measures while more climate-aware firms pursue more mitigation measures.
Whether, other publication has focus on levels of green management practices by country
(Martin et al. 2022). That research used three different data sets including data set was from
the EBRD-EIB-WB Enterprise Surveys, which provided information on firms' credit
constraints, green management, and green investments. The purpose of this analysis was to
understand the relationship between credit constraints, green management, and green
investments and their impact on pollution and greenhouse gas emissions.
Another research is measuring losses from extreme events based on the green module
(Benincasa et al. 2022).
The one recent publication used that survey for arguing that green management positively
impacts on labor productivity, sales, and innovation (Fernandez, V. 2022). This study also finds
that green management practices are influenced by various factors such as peer effects,
management quality, customer requirements, and foreign ownership.
However, previous studies did not displaying the specific rates of adoption the different
green/circular practices by firms for country level. Additionally, none of them has focus on
insights of Georgia which is our priority research example. Furthermore, the literature review
is showing that there is a lack of research that is exploring the circular economy from the

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consumer's perspective. Therefore, the current study aims to fill this gap by exploring the
sharing economy characteristics from the consumers' perspective in Georgia. The research will
underline and understand the current problems to prepare recommendations for the upcoming
challenges. The quantitative and qualitative findings from the paper can be source material for
future researchers in this field in Georgia.
II. Methodology
The primary source of our research is the database by EBRD-EIB-WBG Enterprise
Surveys, which was conducted between 2018 and 2020. This database covers approximately
28,000 enterprises in 41 economies of the European Union, Eastern Europe, Central Asia, and
the Middle East and North Africa. These economies include Albania, Armenia, Azerbaijan,
Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Czech Republic, Egypt, Estonia,
Georgia, Greece, Hungary, Italy, Jordan, Kazakhstan, Kosovo, Kyrgyz Republic, Latvia,
Lebanon, Lithuania, Malta, Moldova, Mongolia, Montenegro, Morocco, North Macedonia,
Poland, Portugal, Romania, Russia, Serbia, Slovak Republic, Slovenia, Tajikistan, Tunisia,
Turkey, Ukraine, Uzbekistan, and the West Bank and Gaza.
Our research focuses on a special module of the survey, the Green Economy module,
which covers basic green management practices and green investments. For the purposes of
our research, we have selected 10 questions for further analysis and discussion. These questions
(BMGC23A-BMGC23J) are related to a firm's recent experience (over the last 3 years) of
adopting circular measures (practices or technologies). The research calculates the share of
firms (on a country level) that have adopted these circular measures. It uses weights according
to the median eligibility from the Enterprise Surveys database.
The following 10 indicators were calculated according to this methodology: Share of firms
that had adopted specific practices over the last three years:
 Heating and Cooling Improvements
 More Climate-Friendly Energy Generation on Site
 Machinery Upgrades
 Energy Management
 Waste Minimization, Recycling, and Waste Management
 Air Pollution Control Measures
 Water Management
 Upgrades of Vehicles, Vessels, and Aircraft in The Fleet
 Improvement of Lighting Systems
 Other Pollution Control Measures
The data for the research was collected from eligible firms, who were asked a set of
questions with three possible answers: "Yes," "No," or "Do Not Know." To calculate the value
for each question, the sum of the weights of the "Yes" answers was divided by the total weight
of all eligible enterprises for that specific question. This provided an overall understanding of
the situation, but to gain a more in-depth insight, the research also analyzed the data in a more
granular manner by breaking it down into regions and industries, with a focus on Georgia. By
doing this, the research was able to provide a more comprehensive picture of the situation in
the state, including specific trends and patterns at the regional and industry levels.

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Overall, this research provides valuable insights into the adoption of circular measures by
companies in a diverse range of economies. By focusing on a specific set of questions related
to circular measures, the research is able to provide detailed information on which practices are
being adopted most frequently and in which countries. Additionally, the use of weights based
on median eligibility ensures that the results accurately reflect the experiences of the surveyed
companies.
III. Results and Discussion
Figure 1 presents the results of an analysis of the share of enterprises that have
implemented selected circular practices in Georgia over the last three years. The data was
obtained from the EBRD-EIB-WBG Enterprise Surveys, which were conducted between 2018
and 2020. The survey covered a sample of enterprises in Georgia, and included a special
module on green economy practices, from which the data for this analysis was extracted.
The results of the analysis indicate that the highest adoption rates among the selected
circular practices were for machinery upgrades (43.0%), improvement of lighting systems
(42.0%), and upgrades of vehicles, vessels, and aircraft in the fleet (37.1%). Heating and
cooling improvements were also relatively frequent among Georgian enterprises, with an
adoption rate of 34.6%. However, practices related to recycling and waste reduction had
significantly lower adoption rates, with only 20.9% of firms reporting having implemented
these practices.
The data also reveals that the adoption of other circular approaches related to pollution
reduction or climate-friendly initiatives was relatively low among Georgian enterprises. Only
13% of firms reported having implemented air pollution control measures, and 8.5% reported
having implemented other pollution control measures. Additionally, only 6.2% of firms
reported having adopted more climate-friendly energy generation on-site. The adoption of
practices related to energy management and water management was also relatively low, with
17.1% and 16.0% of firms reporting having implemented these practices over the last three
years, respectively.
Figure 1: Share of firms which adopted specific measure over last 3 years in Georgia
source: Author’s own calculations on database of EBRD-EIB-WBG Enterprise Surveys
conducted in 2018-2020.

HOW ARE BUSINESSES ADOPTING CIRCULAR PRACTICES – EMPIRICAL STUDY ON
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The results of our research on the adoption of circular practices in Georgia found that the
capital city of Tbilisi has a higher share of firms implementing these practices (7.4% vs 9.9%)
compared to other regions. Out of the 10 indicators analyzed, Tbilisi had higher adoption rates
for 9 of them, with the only exception being "Other Pollution Control Measures". The study
also revealed that large-size enterprises (47.25%) were more likely to adopt circular practices
compared to medium (29.4%) and small enterprises (19.7%). These findings highlight the
importance of creating an enabling environment for circular practices, particularly in regions
outside of Tbilisi, to encourage more widespread adoption. Additionally, there is a need to
develop support mechanisms for medium and small enterprises to adopt circular practices and
contribute to a more sustainable future.
It should be noted that these findings are consistent with the results from the survey of all
41 economies included in the EBRD-EIB-WBG Enterprise Surveys. The highest average
indicator among all economies surveyed was for machinery upgrades (41.0%), which is also
the most frequent circular practice adopted by Georgian enterprises (43.0%).
Another research finding is that most of the indicators for Georgia are close to the average
numbers for all the countries surveyed in the EBRD-EIB-WBG Enterprise Surveys. However,
there is a significant gap in the adoption of "Waste Minimization, Recycling and Waste
Management" practices, which are adopted by only 20.9% of Georgian enterprises, while this
indicator is significantly higher in most of the other countries surveyed (average value 36.0%).
This can be seen in Figure 2, which displays the share of firms that have adopted waste
management practices for selected Eastern European and Baltic countries. The rate is notably
higher in EU countries, and Georgia's score is lower than that of Moldova or Ukraine. It has
been also noticed that the rate of waste management in businesses of varying sizes in the state
of Georgia is significantly lower in comparison to other regions. This lack of proper waste
management practices can have adverse effects on the environment and public health. It is
crucial that firms in Georgia make an effort to improve their waste management processes to
ensure a cleaner and safer future for all.
Figure 2: Share of firms which adopted waste management measures over last 3 years in
selected countries
source: Author’s own calculations on database of EBRD-EIB-WBG Enterprise Surveys
conducted in 2018-2020

Tsotne ZHGHENTI, Vakhtang CHKAREULI, Manuel Rios DE HARO, Valentin Molina
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Additionally, Georgian enterprises have lower ranks in terms of introducing energy or
water management measures. This can be seen in Figure 3, which displays the adoption rates
for selected indicators in Eastern European and Baltic countries. Estonia and Latvia are the
leaders in terms of average adoption rates for the 10 indicators analyzed. Based on the data
provided, it is evident that the Baltic countries, specifically Estonia and Latvia, have higher
adoption rates for circular economy practices compared to Georgia. These countries have
consistently higher rates in various indicators such as machinery upgrades, waste management,
energy management, water management and lighting improvements. For instance, Estonia has
an average adoption rate of 69.8% for machinery upgrades, which is significantly higher than
Georgia's rate of 43%. This trend can also be observed in other indicators such as green energy
generation, where Estonia has an average of 11% and Latvia has an average of 9.7% which is
relatively higher than the 6.2% in Georgia.
Overall, the research provides valuable insights into the adoption of circular practices by
firms in Georgia and can be used to compare the country's achievements with those of other
economies surveyed. It highlights the areas in which enterprises in Georgia have made the most
progress in terms of circular adoption, as well as areas where there is room for improvement.
Additionally, the findings of this research can inform the development of policies and
initiatives aimed at promoting the adoption of circular practices among Georgian enterprises,
particularly in smaller and medium-sized enterprises and other regions of the country.
Figure 3: Share of firms which adopted energy or water management measures over last
3 years in selected countries
Source: Author’s own calculations on database of EBRD-EIB-WBG Enterprise Surveys
conducted in 2018-2020
CONCLUSION AND RECOMMENDATIONS
The adoption of circular practices by enterprises in developing countries, including
Georgia, is still relatively low. Despite the recognized potential for circular economy (CE) to
promote sustainability and reduce waste, many companies are not yet investing in or
considering the implementation of circular approaches in their business operations. The
transition to circular business models can be a challenging process, with various obstacles that

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companies of different sizes and industries may face.
One of the most significant obstacles is the lack of financial capability, as implementing
circular practices often requires investments in new technologies and equipment. This is
particularly challenging for small and medium-sized enterprises (SMEs) that may not have the
resources to make these investments. Additionally, economic policies in many developing
countries still tend to favor linear business models, providing little incentive for companies to
adopt circular practices.
Another obstacle that companies may face is a lack of knowledge about CE business
models and the current state of the circular economy. Despite the growing interest in the topic,
many companies still lack an understanding of the benefits and potential challenges of
implementing circular practices. This lack of knowledge can make it difficult for companies to
identify opportunities for circular practices in their operations and to develop effective
strategies for their implementation.
In such developed countries, as we identified in the part of the research by the principle of
random selection, there are also many challenges in the way of implementing the circular
economy, therefore a developing country like Georgia must definitely develop its own way in
terms of the development of circular processes.
To overcome these obstacles, it is essential to create and distribute knowledge about CE
business models, the current state of the circular economy, and the potential challenges that
companies may face. This can be done through various means, such as training and education
programs, workshops, and networking events. Additionally, targeted support and funding for
SMEs to implement circular practices can help to overcome financial barriers and encourage
the adoption of circular practices. Furthermore, the economic policies should be adjusted to
support and encourage the implementation of circular economy in the country.
In conclusion, the adoption of circular practices by enterprises in developing countries,
including Georgia, is still relatively low. The transition to circular business models can be a
challenging process, with various obstacles that companies of different sizes and industries
may face. However, by creating and distributing knowledge about CE business models and
providing support and funding to overcome financial barriers, we can encourage the adoption
of circular practices and promote sustainable and circular economic growth in developing
countries. Additionally, economic policies should be adjusted to support and encourage the
implementation of circular economy in the country, which will help to overcome the lack of
knowledge of the circular economy among companies and promote sustainable business
models. Overall, a concerted effort is needed to support the transition to circular economy and
promote sustainable business practices in developing countries.
Acknowledgement
This work was prepared at Business and Technology University, Georgia.
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