Creating shared value in the circular economy of Finland: A quadruple helix perspective

Abstract

Creating shared value (CSV) refers to strategies that improve the competitiveness of a company while simultaneously advancing the welfare of the society. This research adopts the three ways to achieve CSV in the context of the circular economy and aims to understand whether and how the government, including cities and municipalities, university, hybrid organizations, industry and the society, which are the key actors in the quadruple helix model, are involved in CSV initiatives in Finland’s transition to the circular economy. Results suggest that circular economy demands a systematic approach, and not only companies, as stipulated in the original version of the CSV concept, but all actors in the quadruple helix model can contribute to realize CSV directly or indirectly. This finding contributes to theory by expanding the borders of CSV from a narrow focus on companies to a broader focus including also the government, university, and society. A second contribution is the identification of a fourth type of CSV by the society that is specific to the circular economy. The contribution to practice lies in the presentation of exemplary CSV practices from one of the world’s leading countries in the circular economy.