Addressing Symbolic Versus Substantive Disclosures Under CSRD/ESRS E5 in the Circular Economy Disclosure of the Automotive Industry
研究分析了53份欧洲汽车企业报告，发现循环经济披露以象征性合规和废物管理为主，缺乏对再利用、再制造等实质性策略的深入披露，揭示了行业对欧盟新报告框架准备不足。
ABSTRACT This study examines how European automotive companies disclose circular economy (CE) information in light of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) E5. Using a mixed‐methods, data‐driven approach that combines keyword analysis and latent Dirichlet allocation (LDA) topic modelling on 53 corporate sustainability reports, the research identifies the main CE disclosure themes and evaluates their alignment with ESRS E5 requirements. Results reveal a strong dominance of symbolic communication, focused on compliance rhetoric and waste management, over substantive disclosures that reflect genuine engagement with circular strategies such as reuse, remanufacturing or regeneration. The findings expose the sector's limited preparedness for the new EU sustainability reporting framework and highlight a persistent reliance on linear production models. The study offers empirical evidence on the symbolic–substantive dichotomy in CE reporting and provides actionable insights for policymakers, regulators and firms aiming to strengthen substantive sustainability disclosure.