Circular Economy Orientation, Environmental Innovation, and Corporate Carbon Performance: Evidence from European Listed Firms
循環経済志向、環境イノベーション、および企業の炭素パフォーマンス：欧州上場企業からのエビデンス (AI 翻訳)
Chalak S, Sharifmoghadasi L
🤖 gxceed AI 要約
日本語
本研究は、欧州上場企業を対象に、環境イノベーションと循環経済志向が炭素パフォーマンスに与える影響を分析した。環境イノベーションは炭素強度の低下と強く関連する一方、循環経済志向は絶対排出量と強度で異なる結果を示した。指標の選択が企業の持続可能性評価に重要であることを強調している。
English
This study examines the relationships between environmental innovation, circular economy orientation, and corporate carbon performance using a sample of 1,468 European listed firms. It finds that environmental innovation is strongly associated with lower carbon intensity, while the effect of circular economy orientation depends on the metric (absolute vs intensity). The results highlight the critical role of measurement choice in evaluating corporate decarbonization.
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
本論文は、炭素パフォーマンス指標として絶対排出量と強度の違いが分析結果を変えることを示しており、日本のSSBJ開示基準や統合報告書において、企業の脱炭素化の進捗をどう評価するかという議論に示唆を与える。また、循環経済と環境イノベーションの区別は、日本企業の戦略立案にも有用。
In the global GX context
This paper provides empirical evidence on the interaction between circular economy strategy and carbon performance, informing global disclosure frameworks (ISSB, CSRD) about the importance of metric selection. It suggests that intensity-based targets may better capture operational efficiency gains than absolute emission reduction targets, which is relevant for transition finance and corporate climate reporting.
👥 読者別の含意
🔬研究者:Highlights the need to differentiate between aspirational strategy and realized performance, and the sensitivity of results to carbon metric choice.
🏢実務担当者:Managers should integrate measurable process innovation with circular economy initiatives to achieve genuine carbon intensity reduction.
🏛政策担当者:Policymakers should consider complementing absolute emission targets with intensity-based reporting to incentivize efficiency improvements.
📄 Abstract（原文）
<title>Abstract</title> <p> <bold>Purpose:</bold> This study investigates the complex interrelationships between environmental innovation, circular-economy orientation, and corporate carbon performance within a large cross-sectional sample of European listed firms. <bold>Design/methodology/approach:</bold> Using firm-level environmental, financial, and emissions data from Refinitiv/LSEG, we analyze a final estimation sample of 1,468 listed firms across 33 European countries. The study estimates heteroskedasticity-robust ordinary least squares models to examine the associations between strategic environmental variables and two carbon-performance metrics: absolute emissions and carbon intensity, while controlling for firm size, country effects, and sector heterogeneity. <bold>Findings:</bold> The empirical evidence demonstrates that environmental innovation is the most reliable negative correlate of carbon intensity, supporting its role in corporate decarbonization. Conversely, the association between circular-economy orientation and carbon performance is contingent on the metric used. While positively associated with absolute emissions in the pooled sample---reflecting scale and sector-composition effects---this relationship reverses when emissions are expressed in intensity terms. <bold>Originality/value:</bold> This research highlights the need to distinguish between a firm's aspirational transition orientation and its empirically realized environmental performance. It demonstrates that measurement choice fundamentally alters the interpretation of corporate sustainability efficacy. <bold>Practical implications:</bold> Managers are encouraged to align circular-economy strategies with measurable process innovation and rigorous carbon-accounting systems. Policymakers should complement waste-policy ambitions with reporting architectures that incentivize intensity reduction rather than scale alone. JEL Classification: Q56 , M14 , C21 , C23 </p>
🔗 Provenance — このレコードを発見したソース
- Research Square https://doi.org/10.21203/rs.3.rs-9646758/v1first seen 2026-07-10 04:39:55
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