Centro Universitário FEI, Av. Humberto Alencar Castelo Branco, 3972, São Bernardo do Campo, SP 09850-901, Brazil.
Eval Program Plann. 2022 Jun;92:102069. doi: 10.1016/j.evalprogplan.2022.102069. Epub 2022 Mar 16.
The transition from linear to circular business models, in which companies match the financial return with positive socio-environmental impact, is increasing. From this perspective, investing in projects or organizations aligned with the principles of circularity can be characterized as impact investments. However, a challenge that emerges for these investments that is gaining increasing prominence in the academic and corporate environment is related to the development of an efficient evaluation model concerning its real impact on business. Based on the Theory of Change and in the context of circular business models, this paper aims at proposing an integrative tool to evaluate impact investments and applying it to a circular business of the home appliance segment. The articulation between the ToC and circular business models can support the structuring of an evaluation model on the production logic of the desired (economic, environmental, and social) impact. Results present that an integrative tool can provide a way for companies, institutions and investors to compare the impact investment opportunities related to Circular Business Model.
从线性商业模式向循环商业模式的转变正在增加，在这种商业模式中，公司将财务回报与积极的社会环境影响相匹配。从这个角度来看，投资于符合循环原则的项目或组织可以被称为影响力投资。然而，对于这些投资来说，一个正在出现的挑战是，如何为其对企业的真正影响开发一个有效的评估模型，这个挑战在学术和企业环境中越来越受到重视。基于变革理论，并在循环商业模式的背景下，本文旨在提出一个综合工具来评估影响力投资，并将其应用于家电行业的一个循环商业模式。变革理论与循环商业模式之间的联系可以支持在预期（经济、环境和社会）影响的生产逻辑上构建评估模型。研究结果表明，一个综合工具可以为公司、机构和投资者提供一种方法，来比较与循环商业模式相关的影响力投资机会。
