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

Karen Hinojosa

Journal of Innovation Economics, 2022, vol. N° 39, issue 3, 105-139

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

Keywords: Eco-innovation; Circular Economy; Spanish Companies; Barriers; Drivers (search for similar items in EconPapers)
JEL-codes: O31 Q01 Q55 Q56 (search for similar items in EconPapers)
Date: 2022
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