Circular Economy Disclosure and ESG Performance: Signal, Substance, or Symbol?
循環経済開示とESGパフォーマンス：シグナル、実質、それとも象徴？ (AI 翻訳)
Chiara Leggerini, Martina Percuoco, Irene Ricciardi, Anna Prisco
🤖 gxceed AI 要約
日本語
本研究は、循環経済（CE）開示がESGパフォーマンスの向上につながるのか、それともグリーンウォッシングのための象徴的行為かを検証。欧州1247社のデータ分析により、CE開示とESGパフォーマンスの正の関連を確認。外部監査はエネルギー・排出開示の効果を強化するが、水関連開示では効果を弱める可能性があり、状況に応じた保証戦略の重要性を示唆。
English
This study examines whether circular economy disclosures lead to genuine ESG improvements or serve greenwashing purposes. Analyzing 1,247 European firms, it finds positive associations between CE disclosures and ESG performance. External audits strengthen the effect of energy and emission disclosures but may weaken water-related disclosures, highlighting the need for context-specific assurance strategies.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本企業にとって、外部監査が開示の信頼性に与える影響を示す本知見は、SSBJや統合報告書における保証戦略に示唆を与える。
In the global GX context
Globally, this contributes to the greenwashing debate and shows that external verification can enhance or weaken disclosure effectiveness depending on the area, informing ISSB and CSRD assurance requirements.
👥 読者別の含意
🔬研究者:This paper adds nuance to the CE disclosure–ESG performance link and the role of external audits.
🏢実務担当者:Corporate sustainability teams can use these findings to prioritize audit efforts on energy and emission disclosures.
🏛政策担当者:Regulators may consider context-specific assurance standards for different disclosure categories.
📄 Abstract（原文）
ABSTRACT The study examines whether circular economy (CE) disclosures lead to tangible environmental improvements reflected in ESG performance or primarily serve reputational objectives linked to greenwashing. It investigates how disclosures on energy efficiency, resource reduction, water efficiency, and emission reduction influence ESG performance and whether external audits enhance disclosure credibility. Using a quantitative design, the analysis covers 1247 European firms (2015–2024) with data from Thomson Reuters, sustainability reports, and Orbis. Multiple regression models assess the relationship between CE disclosures and ESG performance, considering the moderating role of external audits. CE disclosures are positively associated with ESG performance, with energy efficiency and resource reduction showing the strongest effects. Water and emission disclosures also yield positive impacts, though the former is weakened when paired with external audits. Overall, external audits are positively related to ESG performance and strengthen the effect of energy and emission disclosures but may reduce the effectiveness of water‐related disclosures, highlighting the need for context‐specific assurance strategies. This study contributes to the debate on greenwashing by showing that external verification can strengthen the effectiveness of CE disclosures in improving ESG performance. It underscores the importance of transparent and verifiable reporting for corporate governance, investment decisions, and policy frameworks promoting genuine environmental progress.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1002/bse.70334first seen 2026-05-05 19:08:31
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