Although a substantial body of literature has analysed the potential benefits of the circular economy, empirical evidence on the relationship between circular economy-related activities and firm performance is scarce. Rather than analysing only the effect of the circular economy on firm performance, we empirically examine the effects of the different phases of the adoption process of the circular economy on firm performance. Therefore, in this paper, a multiphase framework of circular economy adoption is developed. Employing a propensity-score-matching model on the sample of more than 4000 European SMEs, we show that the adoption of circular economy activities improves firm performance as measured by productivity. In addition, our findings reveal that the impact of circular economy activities on firm performance is dependent on the different phases of the adoption process. Taken together, this study enriches current research on the circular economy by contributing to a more nuanced understanding on the relationship between the different phases of the adoption process and firm performance.

Background: The tourism cluster-approach is considered to be an appropriate strategy in emerging economies and less developed areas. Due to scarce resources and a great number of structural problems of rural areas in Montenegro, uniting all stakeholders and attractions into a competitive tourism cluster would ensure that the area could operate and become an effective and efficient rural tourism destination. Objectives: The objective of this paper is to highlight the key challenges of rural tourism clustering and provide new data and a wider understanding of the tourism-cluster approach in Montenegrin rural areas. Methods: Using the extensive literature, available secondary data from government bodies, NGOs, foreign development agencies, relevant international organisations and primary data collected from rural tourism operators in Montenegro, the paper investigates key challenges and factors associated with (in)efficiency of Montenegrin theme trails. Results: Several management and marketing issues are identified regarding the cluster approach implementation. Special importance and significance of information technologies and intelligent systems have been recognized in sense of cost-effective marketing implementation. Most Montenegrin trails are still in the first phase of cluster development, whereas just two of them have experienced a significant improvement in cooperative behaviour. Conclusions: Key benefits of the cluster approach are noted and clearly defined, but in the case of the Montenegrin rural tourism sector, these potentials are still, to a large extent, underused.

Purpose: Contemporary tourism product, in terms of its systemic understanding, consists of tangible and intangible elements. These two elements lead to the increase of tourist satisfaction in a way to provide tourism products and services that match tourist expectations. Finally, tourist satisfaction is considered as a key factor influencing repeat visit intention. In line with mentioned, this study aims to empirically test a model linking tangible and intangible elements, tourist satisfaction and revisit intention. Design/methodology/approach: Using data from the Montenegrin survey called Guest Survey 2010, structural equations modelling has been used to determine the impact of tangible and intangible constructs on tourist satisfaction and tourist repeat visit intention in Montenegro. Findings: Working on a sample of 740 tourists, the results reveal that both tangible and intangible elements improve tourist satisfaction that influences tourist repeat visit intention. Noteworthy, the findings indicate that intangible elements have a stronger impact on tourist satisfaction than tangible elements have. Practical implications: Tangible and intangible elements as factors of satisfaction are analysed and evaluated so that they could be improved in a way that provides superior experience to tourists, which hopefully could result in repeat visitation that is considered as a tool for boosting destination competitiveness, thus indicating the need for the systemic approach to tourism management. Originality/value: This paper extends earlier tourism research by empirically analysing separately both tangible and intangible elements and their association with repeat visitation that is mediated by the tourist satisfaction. Therefore, a more holistic approach relating the antecedents of tourist repeat visit intention is proposed.

Background: Cultural tourism in Montenegro is growing, mostly due to the integral growth and development of tourism products. However, an in-depth insight into the relationship between cultural tourism and community engagement is missing. Objectives: The paper aims to examine the relationship between cultural tourism development and community engagement in Montenegro. Methods/Approach: Using the extensive literature, available secondary data, and an analysis of relevant policies, the paper explores new possibilities for diversifying tourism offer at heritage sites, by engaging volunteers, enhancing understanding of the socio-historical background, promoting the usage of digital tools, partnering with relevant stakeholders, introducing innovative funding tools and schemes. Results: Several management issues associated with heritage tourism and community participation are acknowledged. Conclusions: Key findings indicate the need for a systemic, dynamic, and innovative framework for sustainable and highly impactful heritage tourism in Montenegro, which policymakers, heritage ventures, and other stakeholders might use to strengthen community engagement and development at the heritage sites.

Rural tourism is widely promoted as an efficient means of counteracting the social, economic and environmental challenges facing rural areas, primarily those associated with the decline of traditional agrarian industries. In line with this, the objective of this paper is to investigate the role and key challenges of rural tourism development in Montenegro as typical transitional economy. Using the extensive literature, available secondary and primary data collected from rural tourism operators, this paper throws light on the main components and issues about current situation in rural areas and rural tourism in Montenegro. Key findings indicate that three key factors of future success should be pulled out, as follows: support from government and international and/or national bodies/organizations, development of new and diversification of present tourist offers in rural areas and enhancement of government policy in the area of entrepreneurship and starting-up of new businesses in rural areas. Regarding practical implications, this paper provide the guidance and ideas for further rural and tourism development in Montenegro.