What question did this study set out to answer?

This study aims to explore how ESG disclosure and circular economy practices affect firm performance and the role of regulatory strength in this relationship.

March 10, 2026Business Strategy and the Environment

Green Strategies and Firm Performance in the SAGE‐G20 Economies: ESG Disclosure, Circular Economy, and Regulatory Strength

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Authors

ZLZhaoyang LuSouthwest University of Political Science & Law MSMartijn SanderAmsterdam Institute for Global Health and Development

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Implication

This analysis reveals a positive link between ESG disclosure, circular economy practices, and firm performance, suggesting enhanced sustainability strategies under strong regulations.

Key Points

This study aims to explore how ESG disclosure and circular economy practices affect firm performance and the role of regulatory strength in this relationship.
Examined ESG disclosure and circular economy practices in eight G20 economies from 2015 to 2023
Analyzed a firm-level panel dataset containing 2880 observations
Utilized cross-sectionally augmented autoregressive distributed lag (CS-ARDL) model and system generalized method of moments (GMM) for econometric analysis
ESG disclosure positively impacts firm performance, with a 1% increase leading to a 1% rise in performance
Adoption of circular economy practices results in a 0.18% increase in firm performance
Regulatory strength enhances the positive effects of sustainability strategies on firm performance
Observed bidirectional causality between sustainability practices and firm performance, indicating a self-reinforcing relationship

Cite This Study

Lu et al. (2026) studied this question.

synapsesocial.com/papers/69af958570916d39fea4d204 https://doi.org/10.1002/bse.70658

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Implication

This analysis reveals a positive link between ESG disclosure, circular economy practices, and firm performance, suggesting enhanced sustainability strategies under strong regulations.

Green Strategies and Firm Performance in the SAGE‐G20 Economies: ESG Disclosure, Circular Economy, and Regulatory Strength

Discussion

Member takes

Implication

Key Points

Cite This Study

Green Strategies and Firm Performance in the SAGE‐G20 Economies: ESG Disclosure, Circular Economy, and Regulatory Strength

Discussion

Member takes

Implication

Key Points

Cite This Study

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