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The Impact of Digitalization in Supporting the Performance of Circular Economy: A Case Study of Greece

Author

Listed:
  • Stavros Kalogiannidis

    (Department of Business Administration, University of Western Macedonia, 51100 Grevena, Greece)

  • Dimitrios Kalfas

    (Department of Agriculture, Faculty of Agricultural Sciences, University of Western Macedonia, 53100 Florina, Greece)

  • Fotios Chatzitheodoridis

    (Department of Regional and Cross-Border Development, University of Western Macedonia, 50100 Kozani, Greece)

  • Stamatis Kontsas

    (Department of Business Administration, University of Western Macedonia, 51100 Grevena, Greece)

Abstract

Digitalization has the potential to hasten the economic transition towards a more resource-efficient as well as robust circular production system. However, there is a paucity of empirical research on the influence that digitalization has on the ability of a circular economy to function effectively. The objective of this study was to investigate the effect that digitalization has on the performance of the circular economy. The research was based on an empirical analysis of quantitative data obtained from a sample size of 200 investors and entrepreneurs in the financial sector of Kozani, Greece. Regression results showed that there is a positive relationship between digital practices and performance of a circular economy, and that digital business innovations have a positive effect on performance of a circular economy. Even while a sizeable proportion of Greek companies apply new business innovations to support the strategy of resource efficiency, it is abundantly obvious that this percentage is far higher among industrial organizations that place a heavy focus on digitalization. According to the findings of the research, there is a favorable correlation between the adoption of digital business practices and innovations and the success of circular economies. This demonstrates very clearly that digitalization has the potential to function as a driving force behind the development of circular business models.

Suggested Citation

  • Stavros Kalogiannidis & Dimitrios Kalfas & Fotios Chatzitheodoridis & Stamatis Kontsas, 2022. "The Impact of Digitalization in Supporting the Performance of Circular Economy: A Case Study of Greece," JRFM, MDPI, vol. 15(8), pages 1-18, August.
    • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:8:p:349-:d:882220
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    References listed on IDEAS

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    1. Holger Berg & Henning Wilts, 2019. "Digital platforms as market places for the circular economy—requirements and challenges [Voraussetzungen und Herausforderungen für Digitale Plattformen als Marktplätze der Kreislaufwirtschaft]," Sustainability Nexus Forum, Springer, vol. 27(1), pages 1-9, March.
    2. -, 2021. "Digital technologies for a new future," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 46817, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    Cited by:

    1. Andrey S. Vaulin, 2023. "Economic effect from digital integration: The case of a mechanical engineering enterprise," Journal of New Economy, Ural State University of Economics, vol. 24(3), pages 136-154, October.
    2. Stavros Kalogiannidis & Dimitrios Kalfas & Efstratios Loizou & Olympia Papaevangelou & Fotios Chatzitheodoridis, 2023. "Smart Sustainable Marketing and Emerging Technologies: Evidence from the Greek Business Market," Sustainability, MDPI, vol. 16(1), pages 1-21, December.
    3. Hongfeng Zhang & Xiangjiang Ding & Yue Liu, 2023. "The Impact of Low-Carbon Pilot Cities on the Development of Digital Economy: Empirical Evidence from 284 Cities in China," Sustainability, MDPI, vol. 15(13), pages 1-21, June.
    4. Yafeng Han & Tetiana Shevchenko & Bernard Yannou & Meisam Ranjbari & Zahra Shams Esfandabadi & Michael Saidani & Ghada Bouillass & Kseniia Bliumska-Danko & Guohou Li, 2023. "Exploring How Digital Technologies Enable a Circular Economy of Products," Sustainability, MDPI, vol. 15(3), pages 1-20, January.
    5. Muhammad Noman Shafique & Ammar Rashid & Sook Fern Yeo & Umar Adeel, 2023. "Transforming Supply Chains: Powering Circular Economy with Analytics, Integration and Flexibility Using Dual Theory and Deep Learning with PLS-SEM-ANN Analysis," Sustainability, MDPI, vol. 15(15), pages 1-23, August.
    6. Stavros Kalogiannidis & Dimitrios Kalfas & Fotios Chatzitheodoridis & Olympia Papaevangelou, 2022. "Role of Crop-Protection Technologies in Sustainable Agricultural Productivity and Management," Land, MDPI, vol. 11(10), pages 1-21, September.

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