Measuring the impact of circular economy performance on financial performance: The moderating role of stakeholder engagement
研究了全球上市农业食品企业的循环经济绩效如何影响财务绩效，并发现利益相关者参与能增强这种正向关系，对学者和管理者思考循环经济的盈利性有启发。
Abstract This paper investigates whether and to what extent circular economy performance affects the financial performance of a global sample of listed agri‐food firms. Furthermore, the potential moderating role of stakeholder engagement in empowering this relationship has been tested. A circular economy performance index has been developed based on Environmental Social and Governance scores reclassified in the light of the reuse, reduce, recovery and recycling (4R) paradigm. Then, a multivariate regression model from 2015 to 2022 has been carried out. A broader theoretical framework has been adopted, combining the natural resource‐based view and stakeholder theory. The results show a positive relationship between the circular economy performance, the financial performance and the boosting function played by stakeholder engagement. The study findings provide stimuli for academics and managers to reflect on the profitability of the circular economy and the pivotal role of stakeholder engagement in giving a significant impulse to the circular transition.