Beyond ESG Disclosure: Circular Economy Practices and Corporate Financial Performance Across Global Sectors
ESG開示を超えて：サーキュラーエコノミー実践とグローバルセクターにおける企業財務パフォーマンス (AI 翻訳)
N. Teixeira
🤖 gxceed AI 要約
日本語
本研究は、ESG開示を超えたサーキュラーエコノミーの実践が企業の財務パフォーマンスに与える影響を、2015～2024年のグローバル企業パネルデータを用いて分析。サーキュラーエコノミーの採用度が高い企業ほど時価総額やROA、ROEが高い一方、ESGスコアは弱いまたは負の関連を示した。ESG評価では捉えきれない運用面の持続可能性の重要性を実証している。
English
Using a balanced panel of global firms from 2015-2024, this study finds that circular economy practices are positively associated with market capitalization and profitability (ROA/ROE), while ESG scores show weaker or negative associations. This suggests that operational circularity captures sustainability dimensions not fully reflected in ESG ratings, offering insights for managers and investors.
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
日本のSSBJ開示基準はESG情報の開示に焦点を当てるが、本論文は開示を超えた運用面のサーキュラーエコノミーが実際の財務価値に結びつく可能性を示す。日本企業がESGスコアの改善だけでなく、資源循環の実践を重視する政策的後押しとなり得る。
In the global GX context
Globally, this paper contributes to the debate on the effectiveness of ESG ratings by highlighting that circular economy practices—a more operational sustainability dimension—are linked to superior financial performance. It suggests that investors and policymakers should look beyond disclosure-based ESG scores and incorporate circularity metrics into assessment frameworks like ISSB or CSRD.
👥 読者別の含意
🔬研究者:Provides empirical evidence distinguishing circular economy from ESG disclosure effects on financial performance, inviting further research on measurement and causality.
🏢実務担当者:Managers can use circular economy adoption as a strategic lever to enhance financial returns and potentially improve ESG ratings indirectly.
🏛政策担当者:Suggests that policy incentives for circular economy practices may be more value-relevant than mandatory ESG disclosure alone.
📄 Abstract（原文）
The growing prominence of environmental, social and governance (ESG) metrics has reshaped how corporate sustainability is assessed, yet these indicators often prioritise disclosure over operational transformation. This study examines whether circular economy practices, conceptualised as an operational dimension of corporate social responsibility, are associated with corporate financial performance beyond conventional ESG scores. Using a balanced panel of leading global firms across four sectors over the period 2015–2024, the analysis explores the relationship between the degree of circular economy adoption, market valuation and profitability indicators. The results indicate that firms with higher levels of circular economy adoption tend to have higher market capitalisation and superior financial returns (measured by ROA and ROE), while ESG scores display a weaker and, in some cases, negative association with valuation. These findings suggest that circular economy practices capture dimensions of sustainability performance not fully reflected in ESG ratings. By empirically distinguishing between sustainability disclosure and operational circularity, this study contributes to the corporate social responsibility and sustainability strategy literature and offers practical insights for managers, investors, and policymakers seeking to align sustainability initiatives with long‐term value creation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70555first seen 2026-07-18 07:41:21
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gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。