Growing environmental concerns and the need to address global challenges such as climate change and resource exploitation have highlighted the relevance of the circular economy (CE) and the importance for companies to communicate circular practices externally. While academic literature has examined the dissemination of CE information, the effects of CE disclosure (CED) remain underexplored. This study aims to fill this gap by exploring, through signaling theory, the influence of CED via social media on firm value. The econometric analysis, based on 366 observations (an unbalanced panel of 133 internationally listed companies for the period 2019–2021), demonstrates that CED via Twitter serves as a powerful market signal, positively influencing investor perception and increasing firm value. This study enlarges the literature relating to the association between non‐financial disclosure and firm value, and the effects of CED. Furthermore, it extends the debate on the use of social media as disclosure tools and broadens the scope of signaling theory.

中文翻译：

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培育企业价值：通过社交媒体揭示循环经济披露的影响


日益增长的环境问题以及应对气候变化和资源开发等全球挑战的需要凸显了循环经济 (CE) 的相关性以及企业对外交流循环实践的重要性。虽然学术文献已经研究了 CE 信息的传播，但 CE 披露 (CED) 的影响仍未得到充分研究。本研究旨在通过信号理论探索 CED 通过社交媒体对公司价值的影响来填补这一空白。基于 366 项观察（2019-2021 年期间 133 家国际上市公司的不平衡面板）的计量经济分析表明，通过 Twitter 发布的 CED 可以作为强大的市场信号，积极影响投资者的看法并增加公司价值。本研究扩大了与非财务披露与公司价值之间的关联以及 CED 的影响相关的文献。此外，它扩展了关于使用社交媒体作为披露工具的争论，并扩大了信号理论的范围。