The impact of government policies and steel recycling companies' performance on sustainable management in a circular economy

Abstract

The purpose of this study was to determine how government policies affect the sustainable management in a circular economy in steel recycling manufacturing companies using Thailand as a case study. To develop and examine a structural equation model, a set of management sustainability indicators from previous studies was used. The study target's (steel recycling manufacturers) behavior was quantitatively analyzed using questionnaire-based surveys. The literature has rarely seen interactions between disparate research structures as a means of integrating circular economics, such as the intricate relationship between government policy and longer product life cycles, steel recycling, and sustainable circular economy management research. In the absence of the ability to regulate government benefits through businesses, businesses will speak to influence policy. It was found that broad enablers such as financial assistance, logistics, and fundraising guidance significantly influenced government policy solutions in the steel sector. Government policies promoting direct and indirect investment as a result of the adoption of the circular economy also heavily rely on infrastructure. Understanding how this policy affects customer perceptions and behavior enables businesses to continue advocating for the positive impact of policymaking on governments, industries, and customers. There is still room for additional research to examine the implications of various policies in different regions in order to determine those policies that are most likely to succeed.