“…To ensure sustainable industrial development, it is important to understand the interdependencies between industry and the environment, economy, and society (Rajesh and Rajendran, 2020; Rajesh, 2020; van Loon and van Wassenhove, 2018; Zhu, 2016). Of these three major areas of impact (environmental, social, and economic), environmental issues have recently received more attention by practitioners and researchers (Acquaye et al, 2018; Caniato, Caridi, Crippa, & Moretto, 2012; Ding, Zhao, An, & Tang, 2016; Kalverkamp & Young, 2019; Koberg & Longoni, 2019). New concepts in business strategy development such as circular economy (CE) practices (Geissdoerfer, Savaget, Bocken, & Hultink, 2017; Lozowski, 2018) and industry 4.0 (Ding, 2018; Moktadir et al, 2018) have become increasingly popular in developed countries due to their positive impact on the environment.…”