Failure is an inseparable part and probably the most likely outcome of entrepreneurial activity. Fear of failure is among the key factors that hinder individual entry to the entrepreneurial path. While entrepreneurship literature mostly deals with its consequences, considerably lower attention has been paid to understanding its drivers. This is especially true in the Central European region, Slovakia not being exempt. Thus, our paper aims to fill this gap by analysing factors driving the entrepreneurial fear of failure among non-entrepreneur individuals in Slovakia. In doing so, we rely on the 2019 Global Entrepreneurship Monitor data for Slovakia and employ the ordinal logistic regression to test the hypothesised drivers of fear of failure among non-entrepreneur individuals. Our findings suggest that perceived entrepreneurial self-confidence and perceived ease of starting a business significantly reduce fear of failure. These factors are rather of an intrinsic and individual nature (the ‘I can do it’ factors). Further, in the case of non-entrepreneurs, these self-assessments usually result from expectations rather than from their own actual experience. Yet, the expectations themselves seem to be strong enough to affect the perceived level of fear of failure. We attribute this effect to the so-called failure feedback – an indication of a potential failure. Implications for Central European audience: Our study contributes to the debate on drivers of individual involvement in entrepreneurship and their specificity in the Central European context. We shed more light on factors influencing the fear of failure – one of the strongest barriers hindering individuals from starting a business. Despite focusing on Slovakia only, our study brings this topic to the table in the region. We contribute to the body of knowledge by suggesting potential patterns behind the fear of failure formation among the non-entrepreneur population, encouraging further investigation in the region and beyond, and proposing the practical implications for entrepreneurship policy, education, and training.
{"title":"Who Feels No Fear? Exploring The Drivers of Entrepreneurial Fear of Failure Among Non-Entrepreneurs in Slovakia","authors":"Marian Holienka, Diana Suchankova, P. Pšenák","doi":"10.18267/j.cebr.287","DOIUrl":"https://doi.org/10.18267/j.cebr.287","url":null,"abstract":"Failure is an inseparable part and probably the most likely outcome of entrepreneurial activity. Fear of failure is among the key factors that hinder individual entry to the entrepreneurial path. While entrepreneurship literature mostly deals with its consequences, considerably lower attention has been paid to understanding its drivers. This is especially true in the Central European region, Slovakia not being exempt. Thus, our paper aims to fill this gap by analysing factors driving the entrepreneurial fear of failure among non-entrepreneur individuals in Slovakia. In doing so, we rely on the 2019 Global Entrepreneurship Monitor data for Slovakia and employ the ordinal logistic regression to test the hypothesised drivers of fear of failure among non-entrepreneur individuals. Our findings suggest that perceived entrepreneurial self-confidence and perceived ease of starting a business significantly reduce fear of failure. These factors are rather of an intrinsic and individual nature (the ‘I can do it’ factors). Further, in the case of non-entrepreneurs, these self-assessments usually result from expectations rather than from their own actual experience. Yet, the expectations themselves seem to be strong enough to affect the perceived level of fear of failure. We attribute this effect to the so-called failure feedback – an indication of a potential failure. Implications for Central European audience: Our study contributes to the debate on drivers of individual involvement in entrepreneurship and their specificity in the Central European context. We shed more light on factors influencing the fear of failure – one of the strongest barriers hindering individuals from starting a business. Despite focusing on Slovakia only, our study brings this topic to the table in the region. We contribute to the body of knowledge by suggesting potential patterns behind the fear of failure formation among the non-entrepreneur population, encouraging further investigation in the region and beyond, and proposing the practical implications for entrepreneurship policy, education, and training.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41793090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this research is to investigate the relationship between the institutional environment of the studied countries and the Coface Country Risk Assessment. To meet this object, we used quantitative methods in the form of descriptive and regression analysis. The result was an evaluation of the actual Coface Country Risk Assessment and its value prediction for chosen countries. The authors quantified the impact of the institutional environment using The Heritage Index of Economic Freedom subindexes on the risk assessment indicator of the major private insurance company Coface, which is not so often used in the scientific sphere and is regularly updated. The results suggest a positive correlation between the Coface Country Risk Assessment and Government Integrity, Fiscal Health, Financial Freedom and Property Rights. Although Tax Burden is a statistically significant factor, its parameter was detected with an unexpected sign. For this reason, authors abstracted from it. Subindexes Government Spending, Business Freedom, Monetary Freedom, Trade Freedom, and Investment Freedom were statistically insignificant. Control variable Public Debt as a share of gross domestic product was insignificant as well. Implications for Central European audience: The article applies the Coface Country Risk Assessment, which has so far been rarely used in the scientific literature. We present the current and predicted values of the Central European Countries, but also the countries interesting from their point of view due to trade and investment opportunities. Many countries, including those in Central Europe, show differences between actual and predicted values.
{"title":"The Impact of Institutional Environment on Risk Assessment","authors":"D. Steinhauser, Z. Borovská","doi":"10.18267/j.cebr.288","DOIUrl":"https://doi.org/10.18267/j.cebr.288","url":null,"abstract":"The purpose of this research is to investigate the relationship between the institutional environment of the studied countries and the Coface Country Risk Assessment. To meet this object, we used quantitative methods in the form of descriptive and regression analysis. The result was an evaluation of the actual Coface Country Risk Assessment and its value prediction for chosen countries. The authors quantified the impact of the institutional environment using The Heritage Index of Economic Freedom subindexes on the risk assessment indicator of the major private insurance company Coface, which is not so often used in the scientific sphere and is regularly updated. The results suggest a positive correlation between the Coface Country Risk Assessment and Government Integrity, Fiscal Health, Financial Freedom and Property Rights. Although Tax Burden is a statistically significant factor, its parameter was detected with an unexpected sign. For this reason, authors abstracted from it. Subindexes Government Spending, Business Freedom, Monetary Freedom, Trade Freedom, and Investment Freedom were statistically insignificant. Control variable Public Debt as a share of gross domestic product was insignificant as well. Implications for Central European audience: The article applies the Coface Country Risk Assessment, which has so far been rarely used in the scientific literature. We present the current and predicted values of the Central European Countries, but also the countries interesting from their point of view due to trade and investment opportunities. Many countries, including those in Central Europe, show differences between actual and predicted values.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47610778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
M. Sedliačiková, Mária Moresová, J. Drabek, V. Kupčák
Globalisation and increasing competition affect all existing enterprises, as well as those in emerging economies. For this reason, enterprises continuously improve their own management systems and try to gain a competitive advantage in the market in addition to eliminating shortcomings. In emerging economies in Central Europe, including Slovakia, there are still not well-established tools to support management decisions that could reveal reserves, identify deviations from the required state and reflect all these attributes in the system of motivation, evaluation, and remuneration of employees. Controlling is such a tool, the implementation of which is a prerequisite for growth in performance and market value of the enterprise. The aim of the paper is to identify and present the optimal software support for controlling for the given segment of enterprises based on the mapping of the current state of using Business Intelligence to support controlling in micro and small enterprises (MSEs) in the conditions of the specific emerging economy, namely Slovakia. This information system will allow MSEs to respond flexibly to market changes, offer alternative options to support managerial decisions and can simulate the impact of any change in the plan on business management. Within empirical research, a questionnaire was used as a method to survey the given problem in the business practice of micro and small enterprises in Slovakia. The questionnaire was sent to 2,415 MSEs, with the research sample consisting of 421 respondents, i.e. of 17.43%. The survey meets the condition of a minimum sample size. We focused on groups of micro and small enterprises, as these represent 99% of the country’s market potential. While the introduction of the controlling module into the basic information systems of the company or Business Intelligence are investment-intensive for MSEs, as a real option, affordable software support for controlling based on the MS Excel programme was identified in practice. In view of the above, a prototype of a controlling information system called ‘SOFIN-KA’ was designed and successfully tested in the practice of the Slovak Republic in an MS Excel programme, which is customisable to each MSEs.
{"title":"The Significance of Controlling in Enterprises in Emerging Economies","authors":"M. Sedliačiková, Mária Moresová, J. Drabek, V. Kupčák","doi":"10.18267/j.cebr.289","DOIUrl":"https://doi.org/10.18267/j.cebr.289","url":null,"abstract":"Globalisation and increasing competition affect all existing enterprises, as well as those in emerging economies. For this reason, enterprises continuously improve their own management systems and try to gain a competitive advantage in the market in addition to eliminating shortcomings. In emerging economies in Central Europe, including Slovakia, there are still not well-established tools to support management decisions that could reveal reserves, identify deviations from the required state and reflect all these attributes in the system of motivation, evaluation, and remuneration of employees. Controlling is such a tool, the implementation of which is a prerequisite for growth in performance and market value of the enterprise. The aim of the paper is to identify and present the optimal software support for controlling for the given segment of enterprises based on the mapping of the current state of using Business Intelligence to support controlling in micro and small enterprises (MSEs) in the conditions of the specific emerging economy, namely Slovakia. This information system will allow MSEs to respond flexibly to market changes, offer alternative options to support managerial decisions and can simulate the impact of any change in the plan on business management. Within empirical research, a questionnaire was used as a method to survey the given problem in the business practice of micro and small enterprises in Slovakia. The questionnaire was sent to 2,415 MSEs, with the research sample consisting of 421 respondents, i.e. of 17.43%. The survey meets the condition of a minimum sample size. We focused on groups of micro and small enterprises, as these represent 99% of the country’s market potential. While the introduction of the controlling module into the basic information systems of the company or Business Intelligence are investment-intensive for MSEs, as a real option, affordable software support for controlling based on the MS Excel programme was identified in practice. In view of the above, a prototype of a controlling information system called ‘SOFIN-KA’ was designed and successfully tested in the practice of the Slovak Republic in an MS Excel programme, which is customisable to each MSEs.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45393944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tax avoidance became a frequently observed practice in a global business environment. Multinational enterprises (MNEs) employ differences between statutory tax rates of their home countries and countries of their subsidiaries, aiming to achieve the effective tax rate being lower than the statutory one. MNEs enable tax avoidance practices via multiple channels, transfer pricing and debt shifting being among the most popular among them. The goal of this article is to evaluate if MNEs operating in Lithuania, a small open economy of Central and Eastern Europe (CEE), are engaging in tax avoidance practices, and if yes, what channel debt shifting profit shifting or both are employed. Our research is built on the data for the years 2010–2018 and analyses 3,563 MNEs and local companies operating in Lithuania. Results of the conducted regression analysis rejected the impact of differences in tax rates between MNEs and their subsidiaries in Lithuania on their leverage. Therefore debt shifting across the sample companies was not evident. On the contrary, analysis of profit shifting evidence among sample companies proved the significant influence of transfer mispricing practices on earnings of Lithuanian subsidiaries of MNEs’. Such results may imply that in Lithuania, corporate tax avoidance of MNEs occurs via the channel of profit shifting rather than debt shifting. We suggest that this is related to the specifics of small economies commonly characterised by lower tax rates, underdeveloped financial markets and lower tax avoidance costs. Implications for Central European audience: Previous tax avoidance and profit shifting research mainly analysed the United Kingdom, Germany and other large countries in Europe, leaving a gap in research on small economies, especially those in CEE. Lithuania, similar to the other CEE open economies, is competing for attracting foreign investment, which makes it relevant to understand if and how the country’s tax system is exploited in the corporate governance practices of MNEs.
{"title":"Debt or Profit Shifting? Assessment of Corporate Tax Avoidance Practices Across Lithuanian Companies","authors":"Egidijus Kundelis, Renata Legenzova, Julijonas Kartanas","doi":"10.18267/j.cebr.290","DOIUrl":"https://doi.org/10.18267/j.cebr.290","url":null,"abstract":"Tax avoidance became a frequently observed practice in a global business environment. Multinational enterprises (MNEs) employ differences between statutory tax rates of their home countries and countries of their subsidiaries, aiming to achieve the effective tax rate being lower than the statutory one. MNEs enable tax avoidance practices via multiple channels, transfer pricing and debt shifting being among the most popular among them. The goal of this article is to evaluate if MNEs operating in Lithuania, a small open economy of Central and Eastern Europe (CEE), are engaging in tax avoidance practices, and if yes, what channel debt shifting profit shifting or both are employed. Our research is built on the data for the years 2010–2018 and analyses 3,563 MNEs and local companies operating in Lithuania. Results of the conducted regression analysis rejected the impact of differences in tax rates between MNEs and their subsidiaries in Lithuania on their leverage. Therefore debt shifting across the sample companies was not evident. On the contrary, analysis of profit shifting evidence among sample companies proved the significant influence of transfer mispricing practices on earnings of Lithuanian subsidiaries of MNEs’. Such results may imply that in Lithuania, corporate tax avoidance of MNEs occurs via the channel of profit shifting rather than debt shifting. We suggest that this is related to the specifics of small economies commonly characterised by lower tax rates, underdeveloped financial markets and lower tax avoidance costs. Implications for Central European audience: Previous tax avoidance and profit shifting research mainly analysed the United Kingdom, Germany and other large countries in Europe, leaving a gap in research on small economies, especially those in CEE. Lithuania, similar to the other CEE open economies, is competing for attracting foreign investment, which makes it relevant to understand if and how the country’s tax system is exploited in the corporate governance practices of MNEs.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49330828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Particularly in depressed regions, politicians often use unemployment as the main argument for investment incentives provided to MNCs. This paper applies Dunning’s OLI Framework to the relationship between FDI and employment, assuming that political negotiation between MNCs and the host government might have a zero or negative effect on employment. Since the last letter of OLI, internalisation, suggests that MNCs optimise all production factors available to them and “subsidies” provided to MNCs by governments decrease the relative price of capital, MNCs may use more labour-saving techniques. Two hypotheses are tested using the dynamic panel model (DPD) and Granger causality tests for 193 countries from 1985–2019, where the first is supported with no strong relationship between the variables. Implications for Central European audience: The paper results suggest the importance of a critical debate on the efficiency of investment incentives. This paper is among the first trying to disentangle the rather complex issue of FDI and employment on a theoretical and econometric level.
{"title":"Can Investment Incentives Cause Unemployment? An Empirical Analysis of The Relationship Between FDI and Employment Based on The OLI Framework","authors":"T. Evan, I. Bolotov","doi":"10.18267/j.cebr.291","DOIUrl":"https://doi.org/10.18267/j.cebr.291","url":null,"abstract":"Particularly in depressed regions, politicians often use unemployment as the main argument for investment incentives provided to MNCs. This paper applies Dunning’s OLI Framework to the relationship between FDI and employment, assuming that political negotiation between MNCs and the host government might have a zero or negative effect on employment. Since the last letter of OLI, internalisation, suggests that MNCs optimise all production factors available to them and “subsidies” provided to MNCs by governments decrease the relative price of capital, MNCs may use more labour-saving techniques. Two hypotheses are tested using the dynamic panel model (DPD) and Granger causality tests for 193 countries from 1985–2019, where the first is supported with no strong relationship between the variables. Implications for Central European audience: The paper results suggest the importance of a critical debate on the efficiency of investment incentives. This paper is among the first trying to disentangle the rather complex issue of FDI and employment on a theoretical and econometric level.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67799675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Reliance of the Czech Economy on its Automotive Sector","authors":"D. Mares, M. Janíčko","doi":"10.18267/j.cebr.285","DOIUrl":"https://doi.org/10.18267/j.cebr.285","url":null,"abstract":"","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43853638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article aims to investigate the impact of training perception on work engagement. In addition, self-efficacy and organisational based self-esteem are hypothesised as mediators of the above relationship. Data were collected from employees in Vietnam using a selfadministered questionnaire survey. Path analyses with Structural Equation Modelling (SEM) were used to verify the proposed relationships. The results show that both perceived training benefits and transfer of training significantly and positively influence work engagement. In addition, organisational based self-esteem partially mediates the impact of perceived training benefit on work engagement. Self-efficacy mediates a portion of the effects of the transfer of training on work engagement. The results add to the existing literature on the determinants of work engagement and on the consequences of the transfer of training. The findings also provide insight into the conditions for effective training in organisations. Implications for Central European audience: Developing an engaged workforce is a vital task to all organisations. However, data showed that the work engagement level in Europe is low, especially in Central Europe. The results of the study provide insight into the determinants of employee engagement at work. In addition, like Vietnam, most countries in Central Europe have been in transition from former central-command systems to market economies. The application of contemporary Western human resource practices needs special consideration to ensure its effectiveness. The current study may supply some empirical implications for both academics and practitioners.
{"title":"Training Perception and Work Engagement: The Mediating Role of Organisational-Based Self-Esteem and Self-Efficacy","authors":"Phuong Tran Huy, Thi Ngoc Quynh Dinh","doi":"10.18267/j.cebr.286","DOIUrl":"https://doi.org/10.18267/j.cebr.286","url":null,"abstract":"This article aims to investigate the impact of training perception on work engagement. In addition, self-efficacy and organisational based self-esteem are hypothesised as mediators of the above relationship. Data were collected from employees in Vietnam using a selfadministered questionnaire survey. Path analyses with Structural Equation Modelling (SEM) were used to verify the proposed relationships. The results show that both perceived training benefits and transfer of training significantly and positively influence work engagement. In addition, organisational based self-esteem partially mediates the impact of perceived training benefit on work engagement. Self-efficacy mediates a portion of the effects of the transfer of training on work engagement. The results add to the existing literature on the determinants of work engagement and on the consequences of the transfer of training. The findings also provide insight into the conditions for effective training in organisations. Implications for Central European audience: Developing an engaged workforce is a vital task to all organisations. However, data showed that the work engagement level in Europe is low, especially in Central Europe. The results of the study provide insight into the determinants of employee engagement at work. In addition, like Vietnam, most countries in Central Europe have been in transition from former central-command systems to market economies. The application of contemporary Western human resource practices needs special consideration to ensure its effectiveness. The current study may supply some empirical implications for both academics and practitioners.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42319027","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sonia Herrero-Luna, Marta Ferrer-Serrano, María Pilar Latorre-Martínez
The circular economy is presented as the sustainable solution as opposed to the current linear model of production and resource management, whose effects impact negatively on the economic, social and environmental dimensions. Through a systematic review of the literature, this article aims to unify and to uncover the available evidence on innovation in relation to the circular economy and to determine those aspects that remain unexplored or should be studied in more depth in order to be able to continue to make progress in this field. Thus, it was found that although the circular economy is at an early stage of implementation, both its benefits and drivers as well as its challenges and barriers to implementation have already been investigated. More importantly, it was found that ecological innovations, which reduce the environmental impact of production and consumption activities, are necessary for the research of new business models and new ways of operating in supply chains that allow closing the circle and taking advantage of all the waste, such as the system of products and services, dynamic capabilities, 3D printing, the biography of the product and the software recycling. To achieve this goal, the evidence shows that it is mandatory to raise awareness of the situation, especially through marketing actions, as well as for companies, including SMEs, to be willing to act together and to align their interests. Implications for Central European audience: The United Nations 2030 Agenda includes 17 Sustainable Development Goals (SDGs), according to which countries should implement the circular economy in order to move towards greater sustainability. In this context, European Union is key for this development, as it is one of the world’s major power. This article aims to unify and uncover the available evidence on innovation in relation to the circular economy and to determine those aspects that remain unexplored or should be studied in more depth. By doing so, it will be able to continue to make progress in the framework of the circular economy, enabling the achievement of the ODS. In addition, the majority of the articles reviewed take place in Europe.
{"title":"Circular Economy and Innovation: A Systematic Literature Review","authors":"Sonia Herrero-Luna, Marta Ferrer-Serrano, María Pilar Latorre-Martínez","doi":"10.18267/j.cebr.275","DOIUrl":"https://doi.org/10.18267/j.cebr.275","url":null,"abstract":"The circular economy is presented as the sustainable solution as opposed to the current linear model of production and resource management, whose effects impact negatively on the economic, social and environmental dimensions. Through a systematic review of the literature, this article aims to unify and to uncover the available evidence on innovation in relation to the circular economy and to determine those aspects that remain unexplored or should be studied in more depth in order to be able to continue to make progress in this field. Thus, it was found that although the circular economy is at an early stage of implementation, both its benefits and drivers as well as its challenges and barriers to implementation have already been investigated. More importantly, it was found that ecological innovations, which reduce the environmental impact of production and consumption activities, are necessary for the research of new business models and new ways of operating in supply chains that allow closing the circle and taking advantage of all the waste, such as the system of products and services, dynamic capabilities, 3D printing, the biography of the product and the software recycling. To achieve this goal, the evidence shows that it is mandatory to raise awareness of the situation, especially through marketing actions, as well as for companies, including SMEs, to be willing to act together and to align their interests. Implications for Central European audience: The United Nations 2030 Agenda includes 17 Sustainable Development Goals (SDGs), according to which countries should implement the circular economy in order to move towards greater sustainability. In this context, European Union is key for this development, as it is one of the world’s major power. This article aims to unify and uncover the available evidence on innovation in relation to the circular economy and to determine those aspects that remain unexplored or should be studied in more depth. By doing so, it will be able to continue to make progress in the framework of the circular economy, enabling the achievement of the ODS. In addition, the majority of the articles reviewed take place in Europe.","PeriodicalId":37276,"journal":{"name":"Central European Business Review","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46152671","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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