Advancing Circular Economy Through Supply Chain Learning: A Multi‐Moderator Analysis

ABSTRACT Circular economy (CE) is increasingly recognized as a key response to resource depletion in linear systems, yet the role of organizational learning in its implementation is still not well understood. Drawing on the dynamic capability view and the natural resource‐based view, we investigate how supply chain learning (SCL) drives CE practices among Ghanaian SMEs and examine the boundary condition roles of supply chain innovation (SCI) and supply chain ambidexterity (exploitation and exploration). Using data from 247 manufacturing SMEs analyzed with SPSS and AMOS, the results show that SCL significantly enhances CE adoption. However, only supply chain exploitation strengthens this relationship, while SCI and supply chain exploration are not significant moderators. The findings suggest that firms should prioritize leveraging existing capabilities and institutionalizing learning mechanisms to effectively implement CE practices, particularly in emerging market contexts.