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This paper aims to identify managerial implications for multinational corporations (MNCs) with regard to circular economy (CE) by using data on corporate social responsibility (CSR) perception in different types of market economies owing to diverse institutional contexts. These managerial implications can contribute to the linking of CSR and CE strategies for MNCs.

This is an empirical study with a mixed-methods approach using both quantitative and qualitative research elements. The varieties of capitalism (VOC) approach with its two kinds of market economies – liberal market economy (LME) and coordinated market economy (CME) – builds the theoretical foundation.

All three guiding hypotheses of the quantitative research part are confirmed, which are: there is a differing perception of CSR in the two kinds of VOC; LME corporations adopt a shareholder value …