Circular economy and firm-specific risks: A risk management perspective
研究了欧盟非金融企业减少、再利用和回收三种循环经济实践对特质风险和违约风险的单独及交互影响，发现三者共同实施能显著降低风险，但单独看回收无效，且两两之间存在替代效应。
For the first time in the literature, this paper studies the individual and interactive effects of circular economy practices, i.e., reducing, reusing, and recycling, on idiosyncratic and default risks from a risk management perspective. We use a sample of 1150 listed EU non-financial companies over the period 2010–2022. We find that reducing, reusing, and recycling, implemented together, significantly decrease idiosyncratic and default risks. However, considering the three circular economy practices individually, only reducing and reusing have an impact on these risks, while recycling does not. Moreover, when applied pairwise, reducing, reusing, and recycling have a substitutive effect in decreasing idiosyncratic and default risks.