Antecedents, Mediators, Moderators and Outcomes of Circular Business Models: A Systematic Literature Review

ABSTRACT

Circular business models (CBMs) have gained increasing scholarly attention as organisations seek to transition toward more sustainable and regenerative economic systems. Despite this growing body of research, the literature remains fragmented across disciplines and lacks an integrated understanding of the drivers, mechanisms, contextual conditions and outcomes associated with CBM implementation. To address this gap, this study conducts a systematic literature review of 477 peer‐reviewed articles published between 2017 and 2024 spanning business, management, environmental science and sustainability disciplines. Through an inductive synthesis of recurring patterns, four higher‐order dimensions were identified: antecedents, mediators, moderators and outcomes. These dimensions form the basis of the AMMO framework, a causal model that links organisational and ecosystem‐level drivers to sustainability outcomes through mediating mechanisms and moderating contextual conditions. By consolidating dispersed insights into a coherent explanatory model, this study advances CBM theorising, outlines a structured research agenda for future research and provides practical guidance for managers and policymakers seeking to identify key drivers, mechanisms and boundary conditions for circular transitions.