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Authors
Sustainable public policy instruments: revealing global interest
in circular economy and eco-innovations
Denis JURACKA1, Katarina VALASKOVA2, Elvira NICA3
Abstract: The concept of eco-innovation has become increasingly popular as the industrial
industry should move toward sustainability. For businesses to establish core competences in
the circular economy model, eco-innovation strategies are crucial components. Academicians
are now studying the information behind these corporate decisions, with a growing body of
work on the topic. The main goal of the study is to reveal and describe the development and
interest in the topic of ecological and environmental innovations through bibliometric
analysis. The bibliometric analysis is used to reveal the prevailing trends in the fields of
sustainability, sustainable development, green economy, and eco-innovations. The
fundamental techniques of comparison, induction, synthesis, analysis, and deduction are
applied. In addition, the authors focused on bibliometric analysis, as it allows the processing
of huge amounts of data and the creation of scientific maps.
The development process in various countries around the world is diverse. Environmental
and ecological innovations appear to present a substantial challenge. The prioritisation of the
circular economy is also observable in scientific publications and in the academic sphere.
Bibliometric analysis reveals the increasing popularity of the circular economy and eco-
innovations among authors, indicating the unavoidable need to tackle a more sustainable
approach to economic and production activities.
Keywords: circular economy, eco-innovations, sustainable public policies, sustainable
development.
JEL: Q56, Q57
DOI: https://doi.org/10.24818/amp/2024.43-01
1 PhD student, University of Zilina, Faculty of Operation and Economics of Transport and
Communications, Univerzitna 1, 010 26 Zilina, Slovakia, e-mail: denis.juracka@stud.
uniza.sk. https://orcid.org/0009-0005-5741-185X
2 Associate professor, University of Zilina, Faculty of Operation and Economics of Transport
and Communications, Univerzitna 1, 010 26 Zilina, Slovakia, e-mail: katarina.valaskova@
uniza.sk. https://orcid.org/0000-0003-4223-7519
3 Professor, Bucharest University of Economic Studies, Administration and Public Management
Faculty, Piața Romană 6, București 010374, Romania, e-mail: elvira.nica@man.ase.ro.
https://orcid.org/0000-0002-7383-2161
Juracka, D., Valaskova, K., and Nica, E. (2024).
Sustainable public policy instruments:
revealing global interest in circular economy and eco-innovations. Administratie si
Management Public, 43, 6-24. https://doi.org/10.24818/amp/2024.43-01
Sustainable public policy instruments:
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Introduction
Over the past few decades, the rapid advancement of environmental pollution,
resource scarcity, and irreversible climate change have become serious concerns for
civilisation. Businesses are mostly blamed for the current status of the environment,
particularly those in the pollution-intensive industries. Nonetheless, businesses are
being forced to be inventive in their business operations in order to achieve both
environmental and economic goals, thanks to market incentives and government
pressure (Djibo et al., 2022). Sustainable development is currently one of the primary
goals that producers, intermediaries, and distributors work toward along the value
chain. (Dabija et al., 2020). Public sector initiatives are essential because they have
the potential to enhance and develop the sustainability of individual enterprises and,
as a result, countries. In this context, the industrial sector, which is considered the
main source of pollution, demonstrates a unique requirement. Individual countries
are increasingly addressing the practical implementation of the circular economy in
their public policies, primarily through radical but also incremental eco-innovations,
in an effort to closer align with the objectives of sustainable development. This study
serves as evidence that environmental protection and consequent sustainable
production and consumption are of paramount importance.
Environmental innovation is sometimes substituted with other terminology, such as
ecological innovation, sustainable innovation, or ecological innovation. The
concept's participation in this area of management or economics is primarily what
makes it regarded as multidisciplinary (He et al., 2018; Bossle et al., 2016). Because
of the way the world is going these days, there is much discussion about the
sustainable development of EU regions (Vatamanescu et al., 2019). Economies are
driven to embrace ecological practices that can aid in resource conservation and
boost productivity in creating green ecosystems as part of the quest for green
development. Gaining access to innovative resources and improving skills through
ecological integration are the keys to achieving innovative performance and creating
a long-lasting competitive advantage (Loucanova et al., 2022).
A recent trend in the professional literature on entrepreneurship has been to examine
company strategies that prioritise sustainability in terms of the environment while
also considering its social and economic aspects (Mikusova, 2017). Another issue
that has to be addressed now is how to ensure that enterprises can survive into the
future. The goal of the European Union is to gather transparent, reliable, and
comparable data about the current state of the environmental impacts of
manufacturing and non-manufacturing enterprises, as well as the subsequent
adoption of green technologies and innovations that will enable these businesses to
grow sustainably in the future. A corporation needs to meet several requirements in
order to go green. For instance, they could involve managing or governing the full
value chain of a certain service to reduce its effects on the external environment,
substituting raw materials, altering production procedures, or introducing new
products through various technologies—eco-innovation (Domaracka et al., 2023;
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Koirala, 2019). These business models' foundations include innovation,
environmental responsibility, and long-term sustainability. In the fields of
information science, management, sustainability, and innovation studies, digital
transformation has grown in importance (Kochetkov, 2023). With the use of digital
and information communications technologies (ICTs), it transforms the ways
industries and organizations create value (Vial, 2019). Within the industry, digital
technologies drive digital revolutions and power Industry 4.0, the fourth industrial
revolution. Through digitisation, digitalization, and digital transformation, digital
technologies propel business model developments for companies (Nagy & Lazariou,
2022).
Understanding and analysing the ways in which the literature on eco-innovation has
been framed is essential. In view of the mentioned facts, the following research
questions were defined:
RQ1: Which publication categories predominate in the Web of Science database?
RQ2: Which countries, associations, and on what time horizon are they most
interested in the topic of circular economy and eco-innovations?
The paper is divided as follows: The literature review section presents the
importance of the eco-innovations in the context and emphasises the significance of
bibliometric analysis in this area, the circular economy concept. The methods used
for document selection and search, as well as the instruments utilised for quantitative
analysis, are described in the methodology section. The results section describes the
main findings made through the bibliometric analysis. This part focuses on the
analysis of the established research questions. The discussion section emphasises
similar research that has been done in this area. In order to identify similarities and
variations across the conducted investigations, the results are also compared in this
part with those from other studies. Important findings are mentioned in the
conclusion section, along with impending difficulties and limitations that affect the
research.
1. Literature review
Small and medium-sized enterprises (SMEs) play a crucial role in the economies of
all nations worldwide (Belas, 2023). Management can ensure that corporate financial
performance continues to progress by concentrating on a retrospective analysis of
the financial situation, which can help them learn from past mistakes (Gajdosikova
et al., 2024a). Corporate ethics, corporate governance, and corporate social
responsibility are the three fundamental pillars that are primarily designed to advance
business transparency (Prochazkova and Micak, 2023). The authors refer to the triple
bottom line as three primary areas within CSR: the economic area ("profit"), the
social area ("people"), and the environmental area ("planet"). CSR refers to the
responsibility of companies and business entities for their impact on society and the
environment (Betakova et al., 2023; Zvarikova et al., 2024; Nagy et al., 2022).
Enterprises operating in rapidly changing market sectors strive to respond to
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competition or established client demands by adjusting to new forces and
environmental influences (Gajdosikova et al., 2024b). The impact of corporate social
responsibility (CSR) policies on reputation and, consequently, on business
performance has made them increasingly important in corporate plans. Effective
communication of corporate social responsibility (CSR) initiatives is crucial and
must be handled in engagements with stakeholders (Crișan-Mitra et al., 2020).
Increasingly, the necessity for a comprehensive strategy that takes into account
social, ecological, and economic contexts has triggered a fundamental change in the
corporate sphere.
Customer service and process automation are becoming increasingly demanding in
the business sector, and there are numerous development opportunities associated
with them (Mariciuc, 2023). An alternative to the linear model is a closed-loop
system, which guarantees a continuous flow of materials. This framework introduces
the concept of a circular economy, connecting the disposal of refuse and resource
utilisation to transform the linear system into a circular one. Institutional, social,
organisational, and technological factors influence eco-innovation (EI). Carrillo-
Hermosilla and colleagues. Pan et al. (2015) said that EI is innovations that show
how environmental concerns are integrated into the innovation process. These
innovations require businesses to make changes to their organisational and technical
structures in order to lessen their environmental impacts. These changes are driven
by things such as environmental regulations and competition.
The concept was also of interest to politicians who influenced local, regional,
national, and international administrations, as well as intergovernmental
organisations. Globalisation, excessive consumption, industrialisation, mass
production, and consumer society have all had significant negative effects on the
environment. The global and ecological disaster stems directly from the pursuit of
social progress and ever-increasing profit, as demonstrated by the growing waste of
energy and resources and the accumulation of large amounts of waste. Milanovic
and Eric (2024) state that there are several methods to observe the impact, such as
the continuous loss of natural capital as a result of waste, the contamination of natural
capital by trash, and the general deterioration of the ecosystem. More precisely, the
linear economy can be illustrated by the transformation of natural resources into
garbage. The circular economy aims to achieve equilibrium between environmental
preservation, resource sustainability, and economic development (Lazaroiu et al.,
2020).
The circular economy model, which provides a workable transition from a linear to
a sustainable economic model, is one of the main tactics for creating a sustainable
future. The circular economy model aims to promote production and consumption
with as minimal loss in renewable energy, materials, and other inputs as feasible in
order to accomplish product reuse. Reuse is made easier by successful recovery,
product and service recovery, recycling, consumption with minimal material and
energy losses, and recycling (Kirchherr et al., 2017; Elia et al., 2017). Researchers
and practitioners are delving more and deeper into the circular economy paradigm
(Schroeder et al., 2019). Among the traits of the circular economy are
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regenerativeness, intensification of natural capital, optimisation of stocks and
resource production, and potential for innovation, job creation, and economic growth
(Drejerska et al., 2020). When establishing sustainable directives, the European
Union serves as a model. For example, Poland has regulations to adopt a circular
economy, although it faces a lack of organisational and financial solutions. The
Netherlands, for example, has promoted subsidies for product design and innovation;
Belgium has adopted subsidies to encourage packaging recycling. Austria has used
subsidies to reduce pollution and waste.
The circular economy emerged as a theoretical framework in the early 21st century.
It was a breakthrough in understanding because this model of the economy is also
referred to as an agreement on the prioritisation of those parameters of the economic
environment that should lead to the efficient use of raw materials and the creation of
repeated and new production cycles (Barreiro‐Gen & Lozano, 2020). The circular
economy represents an approach to industrial ecology, which is taken as a scientific
approach dealing with material and energy flow with the aim of creating processes
that minimise the negative impact on the environment, including the most important
component, which is the minimisation of waste. The concept of a circular economy
has garnered significant scholarly interest. The traditional linear economic models
are replaced by this relatively new idea. To achieve the highest levels of circular
economy, however, is a complex undertaking that requires understanding of certain
aspects. This will help ensure a smoother and more effective transition to a circular
economy (Skvarciany et al., 2021; Razmiene, 2019). In addition, the organisation
configures and coordinates production, logistics, IT, marketing, investment, and
customer service departments to close material and energy loops for maximum
efficiency and performance. Companies in both developing and developed countries
are under pressure due to a growing awareness of the environmental impact of
production (Amin et al., 2024). It is obvious that the sustainable behaviour of
companies leads to an increase in added value, since in the current environment it is
necessary to consider not only profit maximisation as the primary goal but also
production that minimises the negative impact on the environment.
The circular economy, as a comprehensive approach and concept, can bring benefits
not only to society but also to individual countries and companies that carry out their
activities there. This can lead to environmental, economic, and social benefits. These
facts lead to the knowledge that the implementation of the circular economy is an
attractive option, which, however, is only in the beginning of its development in
many countries. However, this model has enormous potential (Bocken et al., 2016;
Geissdoerfer et al., 2017).
In a linear economy model, natural resources and any other materials are processed
to produce a product that is consumed and discarded if the product's value runs out.
These models focus only on the fulfilment of human desires without paying much
attention to nature, which gives us many benefits that we can take as the main
ingredient for most production activities. Initially, the linear economy was
introduced in the industrial revolution and spread throughout the world. However,
there are many disadvantages that lead to social, economic, and environmental
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problems compared to the advantages that are linear (Neves and Marques, 2022;
Upadhayay and Alqassimi, 2018; Heshmati, 2017). The reduction of environmental
impact is the main objective of environmental sustainability, which is achieved
through the prevention of pollution and the efficient use of natural resources and
materials (Odiachi et al., 2023).
2. Research methodology
The fundamental techniques of synthesis, analysis, induction, deduction, and
comparison were employed by the writers to accomplish the paper's primary goal.
Furthermore, give the bibliometric analysis more attention in order to display the
outcomes. Information and communication technologies have sparked interest in
bibliometric research because they make it possible to process vast volumes of data
and produce complex scientific maps, which are frequently used to display the
findings (Durana et al., 2020). Researchers use bibliometric analysis for a variety of
reasons, such as identifying new trends. Therefore, properly conducted bibliometric
studies can create a solid foundation in various fields (Donthu et al., 2021). A
conceptualisation that reveals trends and structural composition in the field of
scientific research is the basis of bibliometric analysis. This review is exhaustive in
terms of co-authorship patterns, intellectual structure, and various patterns. This
approach is particularly well-suited for the analysis of large volumes of data. It is
particularly effective in the mapping of the research area and the identification of
key publications, authors, and journals that have influenced the debate in general. A
bibliometric study involves quantitative content analysis using a variety of metrics,
including h-index and citation count (Passas, 2024).
Using all the considered articles that were downloaded from the journals, the VOS
viewer was then used to build the term/bibliometric maps based on the co-occurrence
frequencies of words, which are a commonly used measure of the relatedness of
terms (Van Eck et al., 2010). The concept of VOS ("visualisation of similarities")
was introduced less than two decades ago to facilitate the analysis. Subsequently, the
VOS concept was transformed into a bibliometric analysis program known as
VOSviewer, which is now extensively employed in bibliometric and citation studies
to generate and display bibliometric networks that include journals, researchers, or
individual publications (Van Eck et al., 2010; Bukar et al., 2023). In the visualisation
of a map, items with a higher weight are shown more prominently than items with a
lower weight. The links attribute and the overall link strength attribute are the two
common weight attributes. The links and total link strength properties for a particular
item show how many links it has with other items and how strong those links are
overall. The terms in the same cluster have stronger relationships than terms in other
clusters. An item can only be a part of one cluster. In the VOS viewer, items can
have a variety of properties. Item labels and default circles are used to represent
items in the network visualisation. An item's colour is defined by the cluster to which
it belongs. Links are shown as lines between things. The stronger the relationship
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between the objects, the bolder the line. According to Garcia-Machado (2018), the
VOS viewer is a fantastic resource for creating author and journal maps based on co-
citation information or keywords. Due to its overall sophistication and user-
friendliness, VOSviewer was implemented in this investigation. It is also readily
accessible to scientists as open-access software. In fact, a comparative analysis with
multidimensional scaling techniques indicates that VOSviewer may have some
advantages (Kovac et al., 2024).
The databases utilised for searching and compiling the record bank in this study were
Scopus and the Web of Science (WoS). These databases were selected for their
compatibility with bibliometric analysis tools, academic emphasis, and their utility
in creating search equations. The title, authors, affiliations, keywords, and all citation
information for each paper are included in each exported entry. The data were
subsequently transferred to the VOSviewer software.
Table 1. Searched keywords in WoS database
Key search terms related to
circular economy and
environmental pillar of CSR
“circular economy” OR “environmental pillar of
corporate social responsibility” OR “environmental
pillar of CSR”
Key search terms related to
ecological and environmental
innovations
“eco-innovation” OR “eco-innovations” OR
“ecoinnovation” OR “ecoinnovations” OR
“ecological innovation” OR “ecological
innovations”
Source: own processing
The database information was compiled using VOSviewer and Bibliometrix,
implemented in R version 4.3.3, respectively. The bibliometrix R-package provides
a set of tools for quantitative research in bibliometrics and scientometrics. In contrast
to the majority of free software (VOSviewer), Bibliometrix prioritises the accuracy
and statistical completeness of its findings in addition to data visualisation. For
instance, VOSviewer exclusively permits the visualisation of networks, but it does
not permit the analysis of the collection in accordance with the various levels of
analysis (such as source impact, source dynamics, document analysis, word analysis,
and so forth) as outlined in Biblioshiny. Biblioshiny provides an interactive web
interface that enables users to conduct pertinent bibliometric and visual analyses
(Aria and Cuccurullo, 2017; Dervis, 2019; Giannetti et al., 2023). Over the course of
this procedure, redundant documents were eliminated. When documents were found
in both Scopus and WoS, the WoS citation was selected.
In the database, the study examines the behaviour of trends, concepts, and challenges
related to the circular economy and eco-innovation. In this study, the Web of Science
(WoS) database was used to search and compile records. Considering the importance
of environmental friendliness nowadays, it is crucial to develop knowledge in this
area, while at the same time we try to implement more and more efficient processes
from an economic and environmental point of view. In this study, the following
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criteria were considered for the document sample selection based on the identified
knowledge gaps:
• Duplicate documents were deleted.
• The study contains only scientific articles.
For the procedure of selecting individual studies, the authors used the diagram,
which serves to clarify the entire process of selecting relevant studies. The whole
process is shown in Figure 1. In the database, the authors searched only for research
articles because they represent the most comprehensive and relevant source of data.
The investigated period of years is set in the time horizon of 2006 to 2024, because
it is from year 2006, that it is possible to observe research articles devoted not only
to the theorem of the circular economy and eco-innovations, but also to practical use
in business practice. A total of 24,529 articles were viewed in the database. Of this
total number, 7,844 were excluded as they were not scientific articles.
Figure 1. Selection process of included studies
Source: own processing
In total, the authors included 16,685 scientific articles in the bibliometric analysis,
which represents a strong basis for further research. The concentration on scientific
articles is evident, as these publications are the only sources of pertinent and practical
information regarding the subject matter under investigation (Figure 1).
3. Results
The topic of circular economy and eco-innovation is a current topic in various areas
and countries. It is for this reason that a bibliometric analysis is performed. In this
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context, it is essential to examine specifically the fundamental principles pertinent
to the topic area. Keywords are processed in VOSviewer. Figure 2 is focused on the
keywords that are closely linked to the issue of sharing or the collaborative economy.
Of the 8,331 keywords, 176 met the threshold of the minimum number of
occurrences of a keyword, which was set at 15. This analysis produces five clusters.
Cluster 1 (red colour) and Cluster 2 (red colour) summarise the basic principles of
eco-innovation management, and these clusters also contain a key concept that is
directly related to this analysis (the concept of sustainability) in connection with the
circular economy system as a basis for the successful implementation of ecological
and environmental innovations. Cluster 3 (blue colour) with key terms related to
production, empirical evidence, and terms related to environmental regulation also
has a large representation. Cluster 4 (yellow colour) already contains more specific
concepts related to ecological innovations. Terms such as CO2 emissions and
renewable energy are already present in Cluster 4. Cluster 5 (purple colour) is the
least represented, with terms related to small and medium-sized enterprises (SMEs)
and eco-innovation drivers.
Figure 2. Bibliometric map of keywords connected to eco-innovation
Source: own processing in VOSviewer software
Figure 3 is focused on the keywords that are closely linked to the issue of sharing or
the collaborative economy. Of the 13,331 keywords, 207 met the threshold of the
minimum number of occurrences of a keyword, which was set at 15. In contrast to
the previous figure, in this case, it is possible to observe six clusters created. Cluster
1 (red colour) contains the largest number of items (up to 54 in total) with a
significant representation of terms such as environmental performance, industry 4.0,
ecology, and other terms directly related to the circular economy. The green cluster,
with 50 keywords, is the second most represented cluster. This cluster contains more
specific terms related to the circular economy. Zero waste, renewable energy,
bioenergy, life-cycle assessment, and others are examples. The other clusters already
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contain a smaller number of keywords related to the circular economy, but they are
also important.
Figure 3. Bibliometric map of keywords related to the circular economy system
Source: own processing in VOSviewer software
For in-depth bibliometric analysis, the authors also used the R programming
language, specifically the web interface of the Bibliometrix application
(Biblioshiny). The concept of eco-innovations and circular economy has been
examined from several viewpoints. Several of these viewpoints are illustrated in the
three-field plot shown in Figure 4. An interconnected and interdependent network of
countries, authors, and sources is depicted in a Sankey diagram-based three-field
plot.
The implication or connections of concepts enable the identification of subjects or
domains that have been previously investigated and are still being investigated in the
present. The left column refers to keywords related to eco-innovations. Examples of
such terms include sustainability, eco-innovation drivers, environmental
innovations, impact, and performance. These concepts are connected to the middle
column, where it is possible to see the strength of this connection through the
illustrated lines. The middle column thus represents the most important affiliations
that deal with the topic of eco-innovations. The analysis shows the 10 most important
affiliations. Among them are, for example, Universidade do Porto, Seoul National
University, the Chinese Academy of Sciences, and others. The third column, which
displays connections with individual countries, indicates that Korean affiliations
account for the largest number. This list also includes Korea, Portugal, Spain, and
China.
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Figure 4. Three-Field plot in eco-innovation sphere
Source: own processing in Biblioshiny
Analysing the concept of circular economy requires a similar approach to that of eco-
innovations. Again, the authors performed this analysis using Biblioshiny, with a
three-field plot rendering. This analysis reveals a significant number of keywords,
with the concept of the circular economy dominating the most. This fact is also
supported by the column's width for this term. Terms such as waste, sustainability,
sustainable development, and others are directly related to the circular economy.
Affiliates from Italy, India, Brazil, the United Kingdom, and China have a strong
presence in this area (Figure 5).
Figure 5. Three-Field plot in circular economy sphere
Source: own processing in Biblioshiny
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For illustrative purposes, the authors also rendered the world map according to the
number of scientific publications. Based on Figure 6 it is clear, by the darkest blue
colour, that China dominates the publications. Among the European countries, Italy,
the United Kingdom, Portugal, and Spain are the most concerned with publications
on the circular economy and eco-innovations.
Figure 6. The world map of scientific publications
in the field of circular economy and eco-innovations
Source: own processing in Biblioshiny
The demonstrable impact of the circular economy is undeniable. The practical
introduction of the principles of sustainable development and the circular economy
system is crucial not only for companies but also for individual countries, because
based on the positive effects of the introduction of this system, countries can not only
compare the achieved results, but above all introduce the same or similar activities
aimed at reducing material use, redesigns materials and products to be less resource
intensive, and many others.
4. Discussions
The global demand for green innovation management is increasing, prompting
businesses to continue implementing green innovation strategies and managing their
green potential in order to enhance organisational performance and safeguard the
environment (Wasiq et al., 2023). The concept of sustainable company performance
has garnered significant attention in the highly competitive business environment.
Industries have significantly increased their adoption and implementation of circular
economy strategies. A business may accelerate the attainment of sustainable
corporate performance by implementing a well-established circular economy
strategy. Businesses that implement eco-innovation are more adept at capitalising on
emerging development opportunities and achieving a higher level of consumer
satisfaction. Consequently, eco-innovation is a powerful instrument for
environmental protection that also benefits society and the economy (Domaracka et
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al., 2023). Research generally indicates that engaging in partnerships with external
entities can result in internal efficiency and resource optimisation, ultimately
reducing expenses and enhancing the competitive advantage of the organisation
(Klewitz et al., 2012). Multiple authors in recent years have demonstrated that green
collaboration exerts a substantial effect on eco-innovation (Aboelmaged and
Hashem, 2019) and offers favourable outcomes on green patenting activities, as well
as the overall innovative capability of the companies (Moro et al., 2019).
Business administration and management, green technology, eco-design, circular
economy, environmental effect, and product performance seem to be the strongest
trends according to the results. Among the most significant results are those related
to economic aspects and cost compensation, which help to enable the shift toward
environmentally friendly industry innovation? One useful concept for inspiring
environmental solutions is the circular economy (Paipa-Sanabria et al., 2024).
According to the study Sumakaris et al. (2020), and in light of the dynamics in
economic, ecological, and social contexts, we contend that there exists a strong
correlation between eco-innovations and internationalisation. In addition, there is a
continuous growth in research trends exploring the interrelationships between these
two study areas. This is substantiated by the fact that scientific papers on chosen
subjects see exponential increases annually. Nevertheless, the industrialised
countries, namely the USA and the United Kingdom, exert the greatest influence on
research into these subjects. Evidently, these countries are implementing the most
substantial measures at both the political and corporate levels to promote sustainable
development. Nevertheless, the next analysis must also consider developing nations.
In recent years, there has been an increase in the interest in sustainability and eco-
innovation strategies among academics, governments, and corporations, according
to the study conducted by. However, the study by Lopez-Perez et al. (2024)
demonstrates that despite the fact that researchers have not yet reached a consensus
regarding the impact of eco-innovation strategies on business performance, most of
them believe that the profitability of these companies will be positively impacted,
either in the short or long term. Conversely, some authors believe that the impact
will not be positive for their profitability but will be positive for their market value
(Hojnik et al., 2018; Liao, 2018). A circular economy can be a valuable instrument
for cooperatives to achieve the fundamental pillars of sustainability, as is already
apparent. Particularly in economically marginalised regions, cooperatives are
instrumental in the implementation of the circular economy by viewing it as a
catalyst for sustainable development. Some solutions for environmental
sustainability and decarbonisation are already in existence; however, they frequently
encounter constraints and substantial expenses (Guerreschi and Diaz Lopez, 2023).
In summary, the interconnection between digital transformation and eco-innovations
offers opportunities for businesses, governments, and society as a whole. This is due
to the fact that the adoption of digital technologies can facilitate the development
and deployment of eco-innovations, which can subsequently enhance environmental
sustainability and promote economic growth. Additionally, the success of this
integration is contingent on the establishment of effective policies, collaborations,
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and innovations that strike a balance between economic growth and environmental
sustainability. A collaborative effort from all stakeholders, including businesses,
governments, and individuals, is necessary to facilitate the transition to a more
sustainable and digital economy. It is essential to continue researching and
developing sustainable and innovative solutions that capitalise on the potential of
both eco-innovations and digital technologies as we progress toward a more
interconnected world (Dionisio & Paula, 2024).
The potential for advances in various areas, including resource optimisation, smart
decision making, predictive modelling, and innovation and design, is significant due
to the interconnectedness between AI (artificial intelligence) and eco-innovations
(Piccarozzi et al., 2022).
5. Conclusions
The world's countries are developing in different ways. These countries' economies
should reflect their activities in relation to many external factors. Through
application of different methods and software — graphs, bibliometric maps in
VOSviewer, and figures and maps in Biblioshiny — this study arrived at its findings.
Based on these findings, it is possible to declare that the set objective of the study
has been met. Bibliometric analysis revealed the fact that the topic of circular
economy and eco-innovations is increasingly popular among authors, which is
related to the inevitable need to solve a more sustainable way of economic and
production activities. Above all, interest in the topic of the circular economy is
constantly growing, and it is possible to assume that this trend will continue in the
coming years. In connection with the key terms, terms such as eco-innovation,
circular economy, performance, sustainability, sustainable development, and others,
which are directly related to the concept of the circular economy, were the most
frequent. It remains an intriguing finding that, in addition to Korea, China, selected
European countries (such as Italy or the UK) also deal with the topic the most. This
finding is a positive signal that can help other European countries become more
aware of the topic of circularity. This fact is also confirmed by the compiled three-
field plot, which ranked Italian affiliations as those that are most active in the
European area on the topic of circularity. The graphically compiled world map also
confirms this fact.
Future research can address several limitations of this study. Although the scientific
database Web of Science includes a substantial part of the world and relevant
scientific articles, there are also other scientific databases (such as Scopus) that could
expand this research and provide even more relevant results. One limitation of
bibliometric analysis is its primary focus on quantitative metrics, such as the number
of publications and their development.
The study's findings may be beneficial to the management of the countries in
determining the most effective approach to restructure their operations and
reevaluate their strategy. Undoubtedly, one of the potential research directions in the
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field of eco-innovation is the enhancement of collaboration among institutions
(businesses, industry, and research units). The authors of the study may incorporate
measures from other innovation reports in future research to more accurately
characterise the differences among individual categories of countries. Undoubtedly,
one of the potential research directions in the field of eco-innovation is to improve
collaboration among institutions. In future research, the authors of the study may
incorporate measures from other innovation reports to more accurately characterise
the differences among individual categories of countries. Such indexes can include,
for example, the Eco-innovation Index, the Global Innovation Index, or the European
Innovation Scoreboard, which also examines partial indicators of environmental
sustainability. These findings could help to understand regional differences and to
better understand the differences in barriers that are found in the implementation of
eco-innovations and circular economies.
Conflict of Interest Statement
The authors declare that the research was conducted without any commercial or
financial relationships that could be construed as a potential conflict of interest.
Acknowledgment
This research was financially supported by the Institutional Grant of the University
of Zilina 4/FPEDAS/2024 Analysis of the financial performance of European
companies in the context of smart industry and innovation support.
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