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Determinants of Eco-innovation in the Change towards a Circular Economy: An Empirical Analysis of Spanish Firms

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  • Karen Hinojosa

Abstract

This paper provides an empirical approximation to the profile of eco-innovative Spanish companies and highlights some specificities in construction and manufacturing companies. The research is based on a probit model of 4518 firms from the Spanish Innovation Survey for the 2014-2016 period. Spanish companies that claimed to have at least one eco-innovation objective were mainly medium-sized and belonged to the manufacturing sector. Eco-innovation drivers in manufacturing and construction were similar and included expenditure on R&D, expenditure on machinery, and collaboration with stakeholders. The major obstacle for manufacturing companies was market uncertainty, while high investment costs, insufficient funds, and difficulty in accessing financing constituted the most significant barriers for construction companies. The results point to the importance of reinforcing public financing, technological capabilities, and collaboration channels between companies to encourage eco-innovation. The results also show that efforts towards a circular economy currently seem limited. JEL Codes: Q01, Q55, Q56, O31

Suggested Citation

  • Karen Hinojosa, 2022. "Determinants of Eco-innovation in the Change towards a Circular Economy: An Empirical Analysis of Spanish Firms," Journal of Innovation Economics, De Boeck Université, vol. 0(3), pages 105-139.
    • Handle: RePEc:cai:jiedbu:jie_pr1_0119
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    More about this item

    Keywords

    Eco-innovation; Circular Economy; Spanish Companies; Barriers; Drivers;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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