Over the past 10 years, the concepts and objectives of circular economy have been increasingly detailed and become strategic issues of international, European, and national policies. However, the transition towards circular production models continues to be affected by several barriers and critical factors that make the transition difficult to achieve. The paper tries to design a relationship between sustainable production and lean production, highlighting the opportunity to invest in reverse‐logistics and how Industry 4.0 system represents a breeding ground for circular economy targets application. The aim of the current study is to examine the relationships among sustainable production, lean production, and Industry 4.0 in order to evidence the need to adopt a lean methodology and Industry 4.0 technologies in a sustainable development perspective for companies. Following a holistic vision, the authors summarize the production principles and formulas, which, although in parallel, lead to similar results and therefore represent the pillars of a competitive and sustainable business. In conclusion, exploring the circular economy principles and production chain model, challenges, opportunities, and future outlooks are formulated.

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Environmental, Social, and Governance (ESG) factors have become essential considerations for stakeholders. Balancing external and internal performance is crucial. However, there are some constraints to implementing ESG at the cor­porate level, especially in Indonesia. This study aims to test the effect of ESG on corporate performance. The non-financial firms listed on Indonesia Stock Ex­change from 2016–2020 were used as a sample. Empirical evidence found the U-shaped effect of ESG rating on corporate performance. Further, robustness tests are conducted by dividing the sample annually and removing the 2020 pe­riod to show more robust evidence. In contrast, the results showed no evidence of a U-shaped effect. The robustness test showed that the ESG rating positively affected corporate performance in 2016–2019 and turned negative in 2020, the first time COVID-19 happened in Indonesia. This result indicated that in a crisis time, implementing ESG will be costly and reflected in financial performance. In contrast, during a non-crisis time, ESG positively impacts financial performance.