The green frontier: circular economy and firm resilience in multinational enterprises and internationally engaged firms

• 成果类型: Article; Early Access
• 署名作者: Shaheen, Ibrahim; Devicienti, Francesco; Manello, Alessandro; Vannoni, Davide
• 署名单位: University of Turin; University of Turin; University of Turin
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-026-00893-4
• 发表日期: 2026
• 关键词: RESOURCE-BASED VIEW; BUSINESS; chain; WILL

摘要

This article examines whether circular economy (CE) strategies enhance firm resilience after systemic shocks. Building on the natural resource-based view, we argue that CE investments made before COVID-19 can strengthen resilience by converting sustainability-oriented capabilities into absorptive and adaptive capabilities. Yet this conversion is not automatic: it depends on firms' ability to manage three tensions between efficiency and redundancy, continuity and reconfiguration, and strategic flexibility and coordinated commitment. We test these arguments using survey data on Italian firms matched with administrative financial records and estimate ordered probit models of post-shock recovery. The results show that pre-pandemic CE investments are positively associated with firm resilience. This relationship is strongest among multinational enterprises, weaker among other firms engaged in international activities, and not statistically significant among domestic firms. We also find that upstream CE strategies are more strongly associated with resilience than downstream strategies, particularly for multinational enterprises. Overall, the findings suggest that CE contributes to resilience when firms possess the organizational and international capabilities needed to govern, integrate, and reconfigure circular practices under disruption. Cet article examine si les strat & eacute;gies d'& eacute;conomie circulaire (EC) renforcent la r & eacute;silience des entreprises apr & egrave;s des chocs syst & eacute;miques. Nous appuyant sur la th & eacute;orie des ressources naturelles, nous argumentons que les investissements dans l'EC r & eacute;alis & eacute;s avant la pand & eacute;mie de COVID-19 peuvent renforcer la r & eacute;silience en transformant les capacit & eacute;s orient & eacute;es vers la durabilit & eacute; en capacit & eacute;s d'absorption et d'adaptation. Cependant, cette transformation n'est pas automatique : elle d & eacute;pend de la capacit & eacute; des entreprises & agrave; g & eacute;rer trois tensions entre efficience et redondance, continuit & eacute; et reconfiguration, ainsi que flexibilit & eacute; strat & eacute;gique et engagement coordonn & eacute;. Nous testons ces arguments en utilisant des donn & eacute;es d'enqu & ecirc;te sur des entreprises italiennes, associ & eacute;es & agrave; des registres financiers administratifs, et nous estimons des mod & egrave;les probit ordonn & eacute;s d & eacute;crivant la reprise apr & egrave;s un choc. Les r & eacute;sultats montrent que les investissements dans l'EC r & eacute;alis & eacute;s avant la pand & eacute;mie sont positivement associ & eacute;s & agrave; la r & eacute;silience des entreprises. Cette relation est la plus forte parmi les entreprises multinationales, plus faible parmi les autres entreprises engag & eacute;es dans des activit & eacute;s internationales, et n'est pas statistiquement significative parmi les entreprises domestiques. Nous constatons & eacute;galement que les strat & eacute;gies d'EC en amont sont plus fortement associ & eacute;es & agrave; la r & eacute;silience que les strat & eacute;gies en aval, en particulier pour les entreprises multinationales. Dans l'ensemble, les r & eacute;sultats sugg & egrave;rent que l'EC contribue & agrave; la r & eacute;silience lorsque les entreprises poss & egrave;dent les capacit & eacute;s organisationnelles et internationales n & eacute;cessaires pour gouverner, int & eacute;grer et reconfigurer les pratiques circulaires en p & eacute;riode de perturbation. Este art & iacute;culo examina si las estrategias de econom & iacute;a circular (EC) mejoran la resiliencia empresarial tras choques sist & eacute;micos. Bas & aacute;ndonos en la perspectiva basada en los recursos naturales (natural resource-based view), argumentamos que las inversiones en econom & iacute;a circular realizadas antes de la COVID-19 pueden fortalecer la resiliencia al convertir capacidades orientadas a la sostenibilidad en capacidades de absorci & oacute;n y adaptaci & oacute;n. Sin embargo, esta conversi & oacute;n no es autom & aacute;tica: depende de la capacidad de las empresas para gestionar tres tensiones entre eficiencia y redundancia, continuidad y reconfiguraci & oacute;n, y flexibilidad estrat & eacute;gica y compromiso organizacional coordinado. Probamos estos argumentos utilizando datos de encuestas sobre empresas italianas combinados con registros financieros administrativos y estimamos modelos probit ordenados de recuperaci & oacute;n posterior al choque. Los resultados muestran que las inversiones en econom & iacute;a circular realizadas antes de la pandemia est & aacute;n positivamente asociadas con la resiliencia de las empresas. Esta relaci & oacute;n es m & aacute;s fuerte entre las empresas multinacionales, m & aacute;s d & eacute;bil entre otras empresas involucradas en actividades internacionales, y no es estad & iacute;sticamente significativa entre las empresas que operan & uacute;nicamente en el mercado dom & eacute;stico. Tambi & eacute;n encontramos que las estrategias de econom & iacute;a circular orientadas a etapas iniciales de la cadena de valor (aguas arriba) est & aacute;n m & aacute;s fuertemente asociadas con la resiliencia que las estrategias aguas abajo, particularmente en el caso de las empresas multinacionales. En general, los hallazgos sugieren que la econom & iacute;a circular contribuye a la resiliencia cuando las empresas poseen las capacidades organizativas e internacionales necesarias para gobernar, integrar y reconfigurar pr & aacute;cticas circulares en contextos de disrupci & oacute;n. Este artigo examina se as estrat & eacute;gias de economia circular (CE) aumentam a resili & ecirc;ncia das empresas ap & oacute;s choques sist & ecirc;micos. Com base na vis & atilde;o baseada em recursos naturais, argumentamos que os investimentos em CE realizados antes da COVID-19 podem fortalecer a resili & ecirc;ncia ao converter capacidades orientadas para a sustentabilidade em capacidades de absor & ccedil;& atilde;o e adapta & ccedil;& atilde;o. No entanto, essa convers & atilde;o n & atilde;o & eacute; autom & aacute;tica: depende da capacidade das empresas de gerenciar tr & ecirc;s tens & otilde;es entre efici & ecirc;ncia e redund & acirc;ncia, continuidade e reconfigura & ccedil;& atilde;o, e flexibilidade estrat & eacute;gica e compromisso coordenado. Testamos esses argumentos utilizando dados de pesquisa sobre empresas italianas, combinados com registros financeiros e administrativos, e estimamos modelos probit ordenados de recupera & ccedil;& atilde;o p & oacute;s-choque. Os resultados mostram que investimentos em CE pr & eacute;-pandemia est & atilde;o positivamente associados & agrave; resili & ecirc;ncia das empresas. Essa rela & ccedil;& atilde;o & eacute; mais forte entre empresas multinacionais, mais fraca entre outras empresas envolvidas em atividades internacionais e n & atilde;o & eacute; estatisticamente significativa entre empresas dom & eacute;sticas. Tamb & eacute;m descobrimos que as estrat & eacute;gias de CE a montante est & atilde;o mais fortemente associadas & agrave; resili & ecirc;ncia do que as a jusante, particularmente no caso de empresas multinacionais. De forma geral, os resultados sugerem que CE contribui para a resili & ecirc;ncia quando as empresas disp & otilde;em das capacidades organizacionais e internacionais necess & aacute;rias para governar, integrar e reconfigurar pr & aacute;ticas circulares em situa & ccedil;& otilde;es de disrup & ccedil;& atilde;o. 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