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• A theoretical framework is developed and consolidated for value creation in circular business models. • Social dimension of circular business model is perceived as crucial for value creation. • The contextual factors are found to be determining the nature of value creation. • The managerial practices are accounted for mediating the influence of the contextual factors on value creation. • Building sector provides robust opportunities for shared value co-creation. A circular business model represents a holistic system of co-evolving managerial practices for collective value creation, delivery and capture, which provide solutions for sustainable development. Previous research on circular business models aimed to understand value creation mostly in terms of a single managerial practice or in a relatively isolated manner. In particular, little is known regarding the system of managerial practices that creates value. Accordingly, this study proposes a theoretical framework characterized by a set of managerial practices in connection with relevant internal and external contextual factors for creating value within a circular business model. The framework was used in a specific case of a small medium-sized enterprise (SME) operating in building sector, which can be considered a great example of circular economy put into practice. Therefore, the explorative nature of the case allows for deep probing that helps consolidating the framework. Among the main results, essential outcomes included configuring and adapting the company's business model to particular internal and external contextual factors; valorization of local waste by harmonizing managerial practices, and socio-cultural and socio-economic settings, as well as sustainable behaviours among the actors of supply chain. This study contributes to the field of circular business models research by adopting a broader, interdisciplinary approach toward the concept of value creation. Further, it provides managers with a roadmap for creating value by enhancing the degree of circularity within a given context. [ABSTRACT FROM AUTHOR]

Abstract Consumers have been recognized as critical enablers of sustainable development as consumption behavior can also shape the way firms do business. Accordingly, many product sustainability indicators have been developed for consumers, yet which attributes the consumers value more in green purchasing remains unknown. By developing a novel scale of environmental and social practices, this research aims to analyze which sustainability information attributes of products are prioritized by consumers and how these attributes drive consumers' willingness to pay price premium. Given its significance for both economy and sustainable development, the Electric Vehicle Industry has been chosen for analysis with an online survey of 582 consumers. Through the structural equation modeling (SEM) technique, the results indicate that environmental impact information has significant influence on green purchasing while social impact does not. This finding contradicts the previous literature that posited that consumers scale products' social impact attributes as a priority. This means consumers are aware of the importance of a product's social sustainability performance, but such information does not contribute to their willingness to pay price premium. The scale of environmental and social attributes suggested in this research can be applied to other industries by guiding manufacturers to design business activities. Highlights • This study examines which sustainability information attributes of products are prioritized by consumers based on a survey. • This study analyzes how these attributes drive consumers' willingness to pay price premium (in the case of EVs). • The research considers not only the environmental impact but also the social impact of a product for consumers. • Environmental impact has been found to be critical for driving consumers' willingness to pay price premium. • Despite being aware, consumers do not intend to pay price premium for social impact of a product. [ABSTRACT FROM AUTHOR]