Relationship Between dynamic capability and financial performance in circular economy practices in manufacturing companies of Aguascalientes

Authors

DOI:

https://doi.org/10.24215/23143738e155

Keywords:

circular economy, financial performance, dynamic capabilities, manufacturing, sustainability

Abstract

This study aims to analyze the relationship between circular economy criteria practices, dynamic capabilities, and the financial performance of manufacturing companies in Aguascalientes. The research is correlational, non-experimental, and cross-sectional, as the data was collected over a six-month period from a total of 33 companies through convenience sampling, without considering historical or future data. The population under study consists of manufacturing companies in the state of Aguascalientes, as they are not only of greater economic importance to the state but also contribute significantly to global pollution. Financial performance and dynamic capabilities were studied as dependent variables, while circular economy practices served as the independent variable. The results showed an acceptable relationship between the variables, with the highest level of correlation observed between circular economy practices and dynamic capabilities.

Downloads

Download data is not yet available.

Author Biographies

  • Luisa Fernanda Espinosa Méndez, Tecnológico Nacional de México, Instituto Tecnológico de Aguascalientes, México

    Maestrante de la Maestría en Gestión Administrativa en el Tecnológico Nacional de México/Instituto Tecnológico de Aguascalientes, Licenciatura en Administración Financiera por parte de la Universidad Autónoma de Aguascalientes.

    Participación en eventos de innovación tecnológica a nivel estatal y regional. Participación en eventos de emprendedores a nivel nacional con fines de innovación socioambiental.  Reconocimiento de investigación de educación superior a nivel regional.

  • Josefina Muñoz Macías, Tecnológico Nacional de México, Instituto Tecnológico de Aguascalientes, México

    Docente titular del Departamento Ciencias Económicas y Administrativas del Tecnológico Nacional de México/Instituto Tecnológico de Aguascalientes, Economista, Máster en Evaluación y Administración de Proyectos de Inversión por la Universidad Panamericana. Candidata a Doctora en Administración por la Universidad de Innovación para la Excelencia Profesional IEXPRO.

    Autora de artículos científicos referentes al tema de la investigación, ha dirigido tesis de pregrado y posgrado relacionados con Negocios y Gestión Administrativa.

  • Javier Vega Martínez, Universidad Autónoma de Aguascalientes, México

    Profesor Investigador de la Universidad Autónoma de Aguascalientes, México., específicamente en el centro de ciencias empresariales. Es Doctor en Ciencias Administrativas, enfoca sus investigaciones en orientaciones y capacidades estratégicas de las organizaciones, así como innovación y sustentabilidad de las mismas. Siendo Autor de diferentes libros científicos, así como de artículos en revistas científicas internacionales con los más altos estándares de indexación.

References

Acuña-Opazo, C. y Contreras González, O. (2021). The impacts of intellectual capital on financial performance and value-added of the production evidence from Chile. Journal of Economics, Finance and Administrative Science, 26(51), 127-142. https://doi.org/10.1108/JEFAS-08-2019-0178

Alvarez-Aros, E. L., Bernal-Torres, C. A. y Sánchez-Tovar, Y. (2022). External collaboration of open innovation and financial performance of SMES in Tamaulipas, Mexico. Journal of Business Management, 62(3), e2020-0483. https://doi.org/10.1590/S0034-759020220301

Bai, C., Sarkis, J., Yin, F. y Dou, Y. (2020). Sustainable supply chain flexibility and its relationship to circular economy-target performance. International Journal of Production Research, 58(19), 5893-5910. https://doi.org/10.1080/00207543.2019.1661532

Birkinshaw, J., Zimmermann, A. y Raisch, S. (2016). How do firms adapt to discontinuous change? Bridging the dynamic capabilities and ambidexterity perspectives. California Management Review, 58(4), 36-58. https://doi.org/10.1525/cmr.2016.58.4.36

Bocken, N. M. P., De Pauw, I., Bakker, C. y van der Grinten, B. (2016). Product design and business model strategies for a circular economy. Journal of Industrial and Production Engineering, 33(5), 308-320. https://doi.org/10.1080/21681015.2016.1172124

Bocken, N. M. P., Short, S. W., Rana, P. y Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner Production, 65(15), 42-56. https://doi.org/10.1016/j.jclepro.2013.11.039

Cepeda, G. y Vera, D. (2007). Dynamic capabilities and operational capabilities: A knowledge management perspective. Journal of Business Research, 60(5), 426-437. https://doi.org/10.1016/j.jbusres.2007.01.013

Espinoza, A. (2023). Economía Circular: una aproximación a su origen, evolución e importancia como modelo de desarrollo sostenible. Revista de Economía Institucional, 25(49), 109-134. https://doi.org/10.18601/01245996.v25n49.06

Ghisellini, P., Cialani, C. y Ulgiati, S. (2016). A review on circular economy: The expected transition to a balanced interplay of environmental and economic systems. Journal of Cleaner Production, 114, 11-32. https://doi.org/10.1016/j.jclepro.2015.09.007

Ghisetti, C. y Montresor, S. (2020). On the adoption of circular economy practices by small and medium-size enterprises (SMEs): does “financing-as-usual” still matter? Journal of Evolutionary Economics, 30(2), 559-586. https://doi.org/10.1007/s00191-019-00651-w

Hernández-Sampieri, R., Fernández-Collado, C. y Baptista-Lucio, M. del P. (2014). Metodología de la Investigación. (6ª ed.). Mc Graw Hill Education.

Hrabec, D., Kůdela, J., Šomplák, R., Nevrlý, V. y Popela, P. (2020). Circular economy implementation in waste management network design problem: a case study. Central European Journal of Operations Research, 28, 1441-1458. https://doi.org/10.1007/s10100-019-00626-z

Khan, O., Daddi, T. y Iraldo, F. (2020). The role of dynamic capabilities in circular economy implementation and performance of companies. Corporate Social Responsibility and Environmental Management, 27(6), 3018-3033. https://doi.org/10.1002/csr.2020

Malagueño, R., Lopez-Valeiras, E. y Gomez-Conde, J. (2018). Balanced scorecard in SMEs: effects on innovation and financial performance. Small Business Economics, 51, 221-244. https://doi.org/10.1007/s11187-017-9921-3

Manea, C., Ignat, G. y Semenescu, A. (2021). Perspectives on the management and financial performance of SMEs in the context of the circular economy and the crisis generated by COVID-19 in the European Union. Review of Management and Economic Engineering, 20(4), 299-305.

Martínez-Ortega, M. R., Tuya-Pendás, L., Martínez-Ortega, M., Pérez-Abreu, A. y Cánovas, A. M. (2009). El coeficiente de correlación de los rangos de spearman. Caracterización. Revista Habanera de Ciencias Médicas, 8(2).

Ministerio para la Transición Ecológica y el Reto Demográfico. (2021). Catálogo de buenas prácticas de economía circular.

Pavlou, P. A. y El Sawy, O. A. (2011). Understanding the elusive black box of dynamic capabilities. Decision Sciences, 42(1), 239-273. https://doi.org/10.1111/j.1540-5915.2010.00287.x

Quelhas, F. de C. (2021). The effect of innovation on the financial performance and export intensity of firms in emerging countries. Revista de Administração Da UFSM, 14, 1259-1279. https://doi.org/10.5902/1983465938078

Raes, J. (2020). Financiando la circularidad: Desmitificando las finanzas para economías circulares. Programa de las Naciones Unidas para el Medio Ambiente.

Rivera-Godoy, J. A., Torres Duque, A. y García Muñoz, J. (2020). Análisis del desempeño financiero de la industria de bebidas no alcohólicas en Colombia. Economía Coyuntural, 5(4), 123-160.

Teece, D. J. (2007). Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319-1350. https://doi.org/10.1002/smj.640

Teece, D. J., Pisano, G. y Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509-533.

Uhrenholt, J. N., Kristensen, J. H., Rincón, M. C., Jensen, S. F. y Waehrens, B. V. (2022). Circular economy: Factors affecting the financial performance of product take-back systems. Journal of Cleaner Production, 335, 130319. https://doi.org/10.1016/j.jclepro.2021.130319

Yuan, Z., Bi, J. y Moriguichi, Y. (2006). The circular economy: A new development strategy in China. Journal of Industrial Ecology, 10(1–2), 4-8. https://doi.org/10.1162/108819806775545321

Published

2025-06-25

Issue

Section

Scientific Articles

How to Cite

Espinosa Méndez, L. F., Muñoz Macías, J., & Vega Martínez, J. (2025). Relationship Between dynamic capability and financial performance in circular economy practices in manufacturing companies of Aguascalientes. Ciencias Administrativas, 26, 155. https://doi.org/10.24215/23143738e155