PurposeThis study aims to extend our knowledge of environmental accounting practices related to the circular economy (CE). This study expands knowledge of environmental accounting practices related to the CE, a topic still in its early stages of research from a stakeholders' perspective.Design/methodology/approachThirty-one Spanish waste companies are surveyed on their circular accounting practices associated with CE activities and the influence of relevant stakeholders. Partial least squares structural equation modeling is used to analyze the relationships among these main constructs.FindingsUsing unpublished definitions of a set of accounting practices related to the CE and an analysis of their company implementation, this study empirically demonstrates the central role of stakeholders in both the adoption of the CE and the development of circular accounting practices.Practical implicationsThis study provides a novel definition and measurement of accounting practices for the CE in the waste sector, along with key accountability indicators. Practitioners can align sustainability accounting with sector-specific circular actions and stakeholder expectations. Accountants, chief financial officers and managers can apply the results to measure and report CE-related impacts in alignment with primary stakeholders.Social implicationsCircular accounting enhances transparency, accountability and stakeholder trust, thereby reinforcing the role of waste management companies in promoting a more sustainable and equitable economic model.Originality/valueThe results prompt debate on the impact of CE on the transformation of accounting systems in companies adopting circular practices or principles, especially during their initial CE implementation. Notably, this study offers novel insights from an underresearched yet critical sector and national context, drawing on survey data to illustrate how accounting systems are only being partially adapted to emerging circularity and sustainability reporting requirements.

The study examines circular reporting practices and their determinants that lead to different levels of circular accountability, such as the quality of being transparent and exhaustive, to give an account of the companies' circular economy-related activities. A dual methodological approach is adopted, combining statistical-descriptive and qualitative methods to analyze data from 145 Spanish waste-sector companies from 2018 to 2023. Findings highlight that most waste companies disseminate sustainability, general circular economy principles, and waste recovery information. The main results significantly contribute to accounting practitioners' circular reporting, pointing out that a specific disclosure of circular impacts and collaborative models in the value chain is needed to improve higher levels of disclosure in the waste sector. Companies in the sector tend to achieve a higher level of circular accountability as they grow larger or older. Given the application of the European Union sustainability disclosure rules, the study contributes to the research debate on circular accounting and reporting. If policymakers aim to increase circular reporting, specific monitoring should be targeted to waste sector disclosure practices, particularly inter-company and collaborative items for circular waste.

Changes in international and European Union standards for drastic waste reduction make it essential for companies to implement accounting mechanisms to adapt to circular economy models in a "zero waste" context. Faced with this challenge, it is necessary to expand the knowledge available in the academic literature regarding the internal accounting processes for waste characterization, separate accounting, and measurement and valuation for subsequent reporting. Within this framework, this paper presents the results of research conducted using a qualitative methodology applied to 100 hybrid interviews with auditors in Spain. These interviews offer insight into the primary environmental accounting practices and their applications in reporting for a "zero waste" scenario. The results provide both an unpublished definition of the main waste accounting practices related to the CE, as well as the metrics for measuring and reporting waste and circular achievements within the framework of sustainability reporting. Our study also highlights that, in the current development phase, the main stakeholders driving internal measurement are public administrations, as well as sectoral organizations, and international standards.

Los cambios en los estándares internacionales y en la Unión Europea para la reducción drástica de residuos hacen imprescindible la aplicación de mecanismos contables en las empresas para adaptarse a los modelos de economía circular en un contexto de “residuos cero”. Ante este desafío, resulta necesario ampliar el conocimiento para la literatura académica en lo referente a los procesos contables internos para la caracterización, contabilización diferenciada y medición de residuos y su valoración, y su posterior reporting. En este marco, en este artículo se presentan los resultados de la investigación llevada a cabo a través de una metodología cualitativa aplicada a 100 entrevistas híbridas a auditores de cuentas en España, que proporcionan información acerca de las principales prácticas de contabilidad medioambiental y sus aplicaciones para el reporting en un escenario de “residuos cero”. Los resultados proporcionan tanto una definición inédita de las principales prácticas contables inherentes a residuos y la EC, como las métricas para su medición y reporting en el marco de los informes de sostenibilidad. Asimismo, se pone de relieve que en la actual fase de desarrollo los principales grupos de interés que impulsan la medición interna son las administraciones públicas, además de los organismos sectoriales y a través de estándares internacionales.

A zero-emissions scenario entails new energy systems minimizing short and medium-term carbon emissions and transitioning to renewable sources in the long term. In the face of these challenges, information about investments in sustainable energy technologies has to be considered a priority issue for many industry organizations, as it is still an incipient topic in academic literature. In this scenario, this study considers and prioritizes the financial resources mobilized for investments in power-to-gas technologies because they contribute to producing clean and efficient fuels from renewables or carbon-neutral sources. This process typically involves electrolysis to produce hydrogen converted to synthetic gas, which is used as a storable form of renewable energy. This study is essentially qualitative and exploratory, based on semi-structured interviews with experts to help define and classify the financial resources that investments require for these technologies in Spain. We study the institutional influence on the power-to-gas deployment and reflect on how the mobilization of specific resources can contribute to these zero-emission technologies and the related social metrics for reporting sustainable investments, also from the perspective of a Spanish financial institution as an exploratory case study. This study provides theoretical and practical insights regarding the current and future mobilization of financial resources for investments in power-to-gas technologies and energy utilities’ sustainable finance policies in a zero-emissions scenario.

Investments in circular eco-innovation projects require rigorous measurement and management accounting to assess environmental performance and enable circular economy reporting. Using a double-focused theoretical framework, a methodology is proposed to classify five circular eco-innovation projects in Spanish manufacturing companies. Projects are assessed at implementation under the prism of the resource-based view theory and over time to examine their disclosure in the stakeholder’s theoretical framework. The findings show that companies consistently report sustainability issues and circular economy principles. Specific project information is disseminated punctually, but declines significantly over time, revealing different levels of accountability throughout the lifecycle of circular eco-innovation investments. This study advances circular accounting and the eco-innovation literature by equipping practitioners with tools to compare heterogeneous projects, even during budgeting, and introducing a novel temporal perspective on circular reporting. Given the application of the European Union sustainability disclosure regulations, it also informs the debate on circular accounting and reporting. Policymakers seeking to enhance circular reporting should prioritize monitoring disclosure practices, especially for inter-company and collaborative investments. This paper first introduces the research context, followed by a description of the qualitative research methodology, the main findings, and the conclusions, where the study’s contributions and limitations are discussed.

Los actuales escenarios económicos y sociales y la aparición de diversas iniciativas institucionales como los Objetivos de Desarrollo Sostenible, hacen necesario adaptar los actuales planes de estudio incorporando el análisis y el estudio de aspectos relacionados con la sostenibilidad. Para ello, se han diseñado un conjunto de prácticas y actividades relacionadas con la sostenibilidad con un enfoque interdisciplinar, a lo largo de diferentes planes de estudios, complementando así la visión aislada y optativa que se está ofreciendo en este momento. En total se prevé llegar a más de 1.600 alumnos de 7 titulaciones y 6 centros, aprovechando a su vez metodologías y herramientas de e-learning para actualizar el proceso de aprendizaje. El proyecto, pretende incorporar experiencia adicional sobre el uso de distintas metodologías docentes que ayuden a incorporar la perspectiva de sostenibilidad como capacidad transversal para el estudiantado.

Achieving sustainable development is today a basic premise for all companies and governments. The 2030 Agenda has outlined an action plan focused on all areas and interest groups. Achieving economic growth and technological progress, social development, peace, justice, environmental protection, inclusion and prosperity represent the main areas to achieve social change. Furthermore, the circular economy is capable of improving the efficiency of products and resources, and can contribute to this social change, but there is a gap in the literature regarding whether the orientation of the companies in their circular economy strategy can lead to the achievement of the sustainable development goals. The objective of this study is to develop an initial circular economy-sustainable development goals (CE-SDGs) framework that considers the circular economy as the precedent and sustainable development goals as a consequence of implementing a circular economy. With respect to the methodology, the literature linking the relationship between the circular economy and sustainable development goals was reviewed first. A Structural Equation Model with the Partial Least Squares technique was also employed, analyzing two complementary models in enterprises involved in the Social Economy in the Autonomous Community of Extremadura (Spain). Regarding the results obtained, a link has been observed between professional profiles and training in people-oriented activities. The same does not occur for activities oriented toward the planet. Moreover, the existence of corporate reports that obtain data on circular activities is crucial to achieving orientation toward the sustainable development goals, for activities oriented toward both people and the planet. Finally, the results confirm that the existence of barriers and incentives determines the observed results, being aware that the lack of specialized training in human resources always has a significant incidence. Using resource and capability and dynamic capabilities theories, this study contributes with an initial framework by joining two lines of research and analyzing the CE-SDGs link in SE enterprises. Future research and empirical validations could contribute more deeply to the literature. As key recommendations, social economy managers must be committed to introducing circular economy practices to achieve people- and planet-oriented objectives, being proactive in fostering CE-SDGs frameworks.

Tools as material flows cost accounting contribute to the introduction of the circular economy in companies, but praxis of these tools adapted to circular environments are scarce and the lack of accounting references makes its application difficult, particularly in SMEs. In addition, the circular economy requires of specific dynamic capabilities for environmental accounting practices to reflect the different alternatives for closing materials, stocks, and resources loops. To address the dimensioning of circular flows and their relative costs, this study offers a simplified application at a small scale of material flows cost accounting methodology based on the results of an agri-food case study in Spain using a dual approach, Ultimately, the accounting implications derived from the introduction of circular models are defined in this study to analyze firms' specific circular accounting capabilities applied by small companies to less complex processes than those usually studied in the previous literature.

Different types of organizations use certifications to reduce information asymmetry in an extensive range of business activities. In some cases, the widespread use of certifications can lead to multiple competing and overlapping standards. Some organizations also obtain similar certifications in a process defined as over-certification, which is understudied in the literature. The primary objective of this study is to identify the determinants of the over-certification process, specifically regarding the influence of stakeholders that motivate organizations to engage in over-certification. Grounded in both signaling and stakeholder theories, this study confirms the isomorphic effect of stakeholders' pressures that creates different motivations for using different (but similar) certifications. An empirical analysis of a sample of 418 European organizations highlights that the decoupling in the interest in certifications is the main antecedent of over-certification in relation to corporate social responsibility-related certifications. Our results also show that the occurrence of over-certification in organizations is mainly due to its ability to impact corporate reputation, confirming the signaling value of different (but similar) certifications.

This study mainly aims to analyse whether innovation related to the circular economy's principles, defined as ‘circular innovation’, is closely linked to environmental disclosure and contributes to the generation of improvements in environmental performance. The article also aims to test whether waste patents, as a specific indicator of circular innovation, are more valuable assets that need specific strategic management due to their level of novelty, complexity, and radicalness being higher than other green or conventional innovations. The empirical analysis uses a rich firm‐level dataset of worldwide companies for the 2011–2015 period, with 1330 observations to show that environmental disclosure and environmental performance are positively associated with circular innovation. This innovation is in fact, more intensive in patent claims and patent citation generation, indicating a higher economic value for companies. The article contributes to this new line of inquiry on defining circular innovation, as well as providing some environmental determinants and consequences from the stakeholders' perspective in relation to circular business models.

This study investigates the intangible assets related to the circular economy, defined as 'circular patents', that are classified and measured to be bundled into the innovation capabilities of a firm. The impact of a business's capabilities on its level of circular patent activism is empirically analysed in this study in a theoretical framework of dynamic capabilities. To this end, a model of the cause-and-effect relationship between the circular patents held by firms and their capabilities is designed using partial least squares structural equation modelling (PLS-SEM) and is tested using a sample of 120,406 patents in 2216 Spanish companies. In this analysis, patents that can foster the sharing economy and the circular economy in sensu latu are also considered circular patents, in addition to waste patents and other green patents, offering an enhanced measurement of the intangible assets related to the circular economy. Based on these results, this study provides new insight of how accounting can enable or constrain the transition to a circular economy business model through the measurement and valuation of related intangible assets and the specific business' capabilities in an environmental management framework.

Several institutions pointed out the need to jointly reconsider ecosystem limits within the framework of ecological transition and economic inequalities to promote fairer, more equitable and democratic economic models. In this context, the social economy and the circular economy (CE) relationship and synergies must be analysed as an economic model for ecological sustainability Different areas and institutions have promoted the CEs as an alternative to the linear model based on extracting, producing, using and throwing away, particularly in the European Union (EU) (Camilleri, 2020). The fundamental fulcrum of this economic model is to adapt current models to an economy of zero emissions. This model, which pursues the material loops closing, is being introduced both at the macroeconomic level and in companies and organisations that are increasingly adopting CE principles in the production and provision of services at a micro-level (Arandapurpouses of the CE, the analysis of its complementarities with the social economy has been barely addressed in recent years, and it

SIMULATION VS CASE STUDIES: MAXIMIZING THE IMPACT OF INCLUDING ETHICAL ISSUES IN THE HIGHER EDUCATION CURRICULA FROM AN INTEGRATIVE POINT OF VIEW

Appears in: INTED2023 Proceedings Publication year: 2023Pages: 859-864ISBN: 978-84-09-49026-4ISSN: 2340-1079doi: 10.21125/inted.2023.0267Conference name: 17th International Technology, Education and Development ConferenceDates: 6-8 March, 2023Location: Valencia, Spain

This study presents a model to measure Circular Economy (CE) in businesses from the point of view of both the range of activities and the intensity with which they are implemented to close material circles. The scope of CE is analysed from an environmental accounting approach with the aim of knowing the degree of implementation of the CE and increasing our understanding of the relationship between the implementation of CE in firms and environmental management accounting and reporting practices (EMAR) developed.The results of an empirical survey conducted on a sample of Spanish companies will be used to examine environmental accounting and reporting practices that can be related to the implementation and measurement of CE and also to the progress being made by these companies in closing material and resource circles. The principal results show that CE activities are generally adopted without thinking in an integrated view of CE principles. Furthermore, there is a moderate correlation between the level of circularity of companies and the development of EMAR practices. This correlation is higher the greater the number of EMAR practices that have been developed, especially the implementation of environmental management systems or the development of transparency and reporting policies. Although firms are progressively adopting practices related to CE, the lack of specific indicators does not allow firms to specifically account for their effect on the closing of material loops. Este trabajo presenta un modelo para medir la Economía Circular (CE) en las empresas desde la perspectiva del rango de actividades y de la intensidad con que son implementadas para el cierre de círculos de materiales. El alcance de CE ha sido analizado desde un enfoque de la contabilidad medioambiental con el objetivo de saber el grado de implantación de la CE y aumentar la comprensión de la relación entre la implementación de la CE en las empresas y el desarrollo de prácticas de contabilidad e información de gestión medioambiental (EMAR).Los resultados de una encuesta dirigida a una muestra de empresas españolas han sido utilizados para analizar las prácticas de contabilidad e información medioambiental que pueden estar relacionadas con la implementación y medición de la CE, y con el progreso realizado por dichas compañías en el cierre de círculos de materiales y recursos. Los resultados principales muestran que las actividades de CE son generalmente adoptadas sin tener una visión global e integrada de los principios de la CE. Además, existe una correlación moderada entre el nivel de circularidad de las empresas y el desarrollo de las prácticas EMAR. Esta correlación es mayor cuanto mayor número de actividades de EMAR se han desarrollado, especialmente la implementación de sistemas de gestión ambiental o el desarrollo de políticas de transparencia y de información de sostenibilidad. Las empresas están adoptando progresivamente prácticas que están relacionadas con la CE, pero la falta de indicadores específicos no permite que las empresas contabilicen específicamente su efecto en el cierre de círculos.

The role of commercial banks and financial institutions has been described as crucial for the circular economy since they are key actors in financing companies and projects. The facilitating potential of some financial instruments managed by the financial sector has not been studied in connection to extending the circular economy in the environmental accounting framework. Particularly, the renting contracts service, which has been associated with more sustainable performance, shows interesting circular characteristics for servitization and the sharing economy. By studying the details of renting contracts of a financial institution over 18 years as a case study in Spain, this research demonstrates how this type of service, applied to vehicles, can render important benefits in terms of use of resources, environmental impact, energy efficiency and reduced carbon emissions. Measuring these quantitative impacts and reporting about them is important from an environmental accounting basis and in the framework of the European Union taxonomy for sustainable finance. The results obtained from the stakeholders’ perspective highlight the pivotal role of existing financial instruments and the need for new metrics for reporting linked to the servitization of the economy as a specific circular issue. This paper contributes to the academic literature by bringing empirical results to a still recent line of research. For practitioners, we provide innovative metrics for circular economy in the financial sector, and for policymakers, this research highlights the wider role of financial institutions in promoting circular economy within the sustainability framework. El papel de los bancos y las instituciones financieras ha sido calificado como crucial para la economía circular, como actores clave para financiar empresas y proyectos. El potencial facilitador de algunos instrumentos financieros gestionados por el sector financiero no ha sido estudiado en relación con el fomento de la economía circular en el marco de la contabilidad medioambiental. En particular, el servicio de renting, que se ha asociado a un rendimiento más sostenible, muestra interesantes características vinculadas a la economía circular y a la servitización de la economía. Analizando en detalle los contratos de renting de una entidad financiera durante 18 años como caso de estudio en España, este estudio demuestra cómo este tipo de servicios, aplicado a los vehículos, puede aportar importantes beneficios en cuanto al uso de recursos, impacto ambiental, eficiencia energética y reducción de emisiones de carbono. Medir cuantitativamente e informar acerca de estos impactos es relevante para la contabilidad medioambiental en el marco de la Taxonomía Europea de finanzas sostenibles. Los resultados obtenidos desde la perspectiva de los stakeholders destacan el papel fundamental de los instrumentos financieros existentes y la necesidad de nuevas métricas para el reporting vinculado a la servitización de la economía como un tema circular específico. Este trabajo contribuye a la literatura académica proporcionando resultados empíricos a una línea de investigación aún incipiente. Para los profesionales, se aportan métricas novedosas para la economía circular en el sector financiero, mientras que, para la definición de políticas de sostenibilidad, esta investigación pone de relieve el amplio papel de las instituciones financieras en la promoción de la economía circular.

The European sustainable finance taxonomy requires financial and nonfinancial companies to provide investors with information about the environmental performance of their assets and economic activities. For financial institutions, making socially and environmentally responsible investments visible through a common label that guarantees specific standards for the entire European Union is crucial. Against this background, this study analyzes the evolution of sustainability reporting practices and their assurance in a sample of European financial institutions. To this end, we used a double qualitative methodological approach, based on (a) an external analysis of nonfinancial information and its relationship with the main economic-financial variables of the sample companies, and (b) a case study of a bank carried out through semi-structured interviews. This study provides an external measurement analysis of nonfinancial information in entities from different countries, which can contribute to broadening the scope and level of sustainability and circular economy accountability.

Purpose This study aims to define and measure the capabilities applied by firms to waste-related patents and their relations with the businesses economic performance to support decision-making towards a circular economy (CE). Design/methodology/approach A model of cause-and-effect relationships between firms' waste-related patents and the firm' capabilities was defined within the dynamic capabilities' theoretical framework. Empirical results were obtained by applying partial least squares structural equation modelling to a sample of 2,216 Spanish firms that hold 120,406 patents. Findings Results revealed the importance of the innovation capabilities of firms related to patenting, such as collaborative innovation, persistence in patenting or the capabilities to collaborate with research institutes, as drivers of level of waste patents to improve the businesses economic performance. Research limitations/implications The systemic nature of the CE at the firm level suggests future research focused on the environmental divergence that appears when the innovation on waste fall outside the regular domain of its industry. Another topic to be investigated is related to the full text of patents that could improve the results of this study. Practical implications The definition of indicators to measure investments in the CE is complex, but it is necessary to assess progress in the closing of material loops at a micro level and to report the investments in waste-related patents in a circular model to the stakeholders involved in the economic management of the company. Originality/value Measuring CE-related patents and the specific capabilities needed for patenting in a circular framework is an understudied topic, and this study opens a specific line of inquiry enhancing the knowledge of CE within the dynamic capabilities' theoretical framework.

The introduction of the circular economy by firms entails, among other issues, an evolution in accounting and reporting since firms must implement specific activities to close the loops, are involved in collaborative solutions in the value chain of sharing economy and industrial symbiosis, and make decisions in a decoupling scenario. The adoption of a circular business model implies the need to properly account for the financial implications of the environmental investments, as well as to report exhaustively the environmental impacts avoided. In addition, to change from a linear economy to a circular one raises the need to measure and analyse activities and impacts other than those environmental and social ones that have yet to be included in sustainability accounting and disclosure. In this scenario, an outlined framework is provided in this paper to offer a better understanding of how the circular economy-related principles can be integrated into sustainability accounting given a strong approach to sustainability. An integrated analysis of the implications that the circular business model has for sustainability accounting is carried out to overlap the circular economy introduction at the micro level and to offer a new vision of the implication of the circular economy in businesses and society that remains underexplored in the literature.