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IMPACT OF CULTURAL DIVERSITY FACTORS ON CIRCULAR ECONOMY IMPLEMENTATION: EVIDENCE FROM EUROPEAN COUNTRIES
Circular economy (CE) delves into the environmental factor of ESG, creating a more eco-friendly and responsible way to deal with environmental problems. The current study examines the relationships between CE implementation levels and national cultural diversities expressed via 6 Hofstede cultural dimensions. The study is based on data covering 28 European countries and the observation period of 2010-2019. The finding demonstrates the relationship between national cultural diversity and CE implementation degree in European countries. The results obtained through multiple linear regression with the usage of fully standardised variables have identified the existence of positive relation between PDI, UAI, IDV, LTO and CE, and the negative one between MAS and CE, consequently indicating the existence of a consistent link between the two covered concepts.