Thi Thuy Trang Nguyen, Eric Owusu Boahen, Cuong Nguyen
While prior studies have investigated climate risks in supply chains, customer ESG pressures, and shared climate exposure, this paper is, to the best of our knowledge, the first to provide direct empirical evidence on the relationship between climate change risks and firms' customer concentration. We argue that firms mitigate the financial impacts of climate change risks by reducing their dependence on a few major customers, thereby decreasing customer concentration. Analyzing a sample of US‐listed firms, we find a negative link between climate change risks and customer concentration. A series of endogeneity and robustness tests, including entropy balancing and instrumental variable regressions, suggest that the relationship is more likely to be causal, with climate change risks driving customer concentration. Additional analyses provide collaborating evidence that the impact of climate change risks on customer concentration is more pronounced for (i) firms with greater corporate social responsibility performance, (ii) firms with greater corporate innovation, (iii) firms with higher fixed asset intensity, and (iv) firms not operating in environmentally sensitive industries. Overall, we document the importance of addressing climate change risks, thus informing policy decision making for firms operating in regions with high climate change risks.
{"title":"Climate Change Risks and Customer Concentration: Evidence From US‐Listed Firms","authors":"Thi Thuy Trang Nguyen, Eric Owusu Boahen, Cuong Nguyen","doi":"10.1002/bse.70495","DOIUrl":"https://doi.org/10.1002/bse.70495","url":null,"abstract":"While prior studies have investigated climate risks in supply chains, customer ESG pressures, and shared climate exposure, this paper is, to the best of our knowledge, the first to provide direct empirical evidence on the relationship between climate change risks and firms' customer concentration. We argue that firms mitigate the financial impacts of climate change risks by reducing their dependence on a few major customers, thereby decreasing customer concentration. Analyzing a sample of US‐listed firms, we find a negative link between climate change risks and customer concentration. A series of endogeneity and robustness tests, including entropy balancing and instrumental variable regressions, suggest that the relationship is more likely to be causal, with climate change risks driving customer concentration. Additional analyses provide collaborating evidence that the impact of climate change risks on customer concentration is more pronounced for (i) firms with greater corporate social responsibility performance, (ii) firms with greater corporate innovation, (iii) firms with higher fixed asset intensity, and (iv) firms not operating in environmentally sensitive industries. Overall, we document the importance of addressing climate change risks, thus informing policy decision making for firms operating in regions with high climate change risks.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"4 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145937973","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Dario Cottafava, Francesco Marengo, Giuseppe Emiliano Di Martino, Laura Corazza
The growing urgency of climate change demands educational programs capable of triggering rapid and stable transformative actions, as well as impact accounting protocols capable of assessing their long‐term effects. This study, thus, introduces a novel social impact accounting methodological framework for sustainability education for climate action (SECA)— accounting for the loops —based on system dynamics. This research applies the novel framework to a participatory case study of a university‐led community garden to identify leverage points that may affect a SECA educational activity. It integrates semi‐structured interviews with participants and stakeholders, qualitative inductive coding to identify relevant variables, and a causal loop diagram based on the identified variables to point out main leverage points that can amplify the positive impacts. Findings from the case study reveal that a sense of belonging and personal recognition activate reinforcing loops, while, counterintuitively, project size and community autonomy trigger balancing loops, increasing bureaucratic obstacles and required institutional support, which negatively affect participant motivation. The proposed approach offers both conceptual and methodological advancements for evaluating and designing sustainable community programs.
{"title":"From Impact Accounting to Accounting for the Loops: Activating Sustainable Communities for Climate Action","authors":"Dario Cottafava, Francesco Marengo, Giuseppe Emiliano Di Martino, Laura Corazza","doi":"10.1002/bse.70513","DOIUrl":"https://doi.org/10.1002/bse.70513","url":null,"abstract":"The growing urgency of climate change demands educational programs capable of triggering rapid and stable transformative actions, as well as impact accounting protocols capable of assessing their long‐term effects. This study, thus, introduces a novel social impact accounting methodological framework for sustainability education for climate action (SECA)— <jats:italic>accounting for the loops</jats:italic> —based on system dynamics. This research applies the novel framework to a participatory case study of a university‐led community garden to identify leverage points that may affect a SECA educational activity. It integrates semi‐structured interviews with participants and stakeholders, qualitative inductive coding to identify relevant variables, and a causal loop diagram based on the identified variables to point out main leverage points that can amplify the positive impacts. Findings from the case study reveal that a sense of belonging and personal recognition activate reinforcing loops, while, counterintuitively, project size and community autonomy trigger balancing loops, increasing bureaucratic obstacles and required institutional support, which negatively affect participant motivation. The proposed approach offers both conceptual and methodological advancements for evaluating and designing sustainable community programs.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"4 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145937974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Surajit Bag, Gautam Srivastava, Susmi Routray, Andrea Chiarini
Despite growing enthusiasm for generative artificial intelligence (GenAI) in sustainability management, it remains unclear how such technologies translate vast ESG information into meaningful environmental outcomes. This study addresses this gap by investigating how ESG sensemaking capability mediates the relationship between GenAI integration and environmental performance, analyzing how sustainability information overload moderates the relationship between technological adoption and ESG sensemaking, and exploring the influence of regulatory uncertainty on the link between ESG sensemaking and environmental performance. Drawing upon organizational information processing theory (OIPT), the study develops and tests a conceptual framework using data collected from 610 firms. The results indicate that GenAI integration enhances environmental performance both directly and indirectly through improved ESG sensemaking. However, when sustainability‐related information becomes excessive, this positive effect weakens. In contrast, regulatory uncertainty amplifies the beneficial relationship between ESG sensemaking and environmental outcomes. These findings highlight that technology adoption alone does not guarantee sustainability gains; organizational interpretive capacity is important. This study extends OIPT by introducing ESG sensemaking capability as a distinct interpretive mechanism that bridges information‐processing fit and sustainability outcomes, distinguishing it from absorptive and dynamic capabilities. In addition to empirical evidence, we validate our findings through triangulation with real‐world use cases.
{"title":"Generative AI, ESG Sensemaking, and Environmental Performance: an OIPT Perspective","authors":"Surajit Bag, Gautam Srivastava, Susmi Routray, Andrea Chiarini","doi":"10.1002/bse.70520","DOIUrl":"https://doi.org/10.1002/bse.70520","url":null,"abstract":"Despite growing enthusiasm for generative artificial intelligence (GenAI) in sustainability management, it remains unclear how such technologies translate vast ESG information into meaningful environmental outcomes. This study addresses this gap by investigating how ESG sensemaking capability mediates the relationship between GenAI integration and environmental performance, analyzing how sustainability information overload moderates the relationship between technological adoption and ESG sensemaking, and exploring the influence of regulatory uncertainty on the link between ESG sensemaking and environmental performance. Drawing upon organizational information processing theory (OIPT), the study develops and tests a conceptual framework using data collected from 610 firms. The results indicate that GenAI integration enhances environmental performance both directly and indirectly through improved ESG sensemaking. However, when sustainability‐related information becomes excessive, this positive effect weakens. In contrast, regulatory uncertainty amplifies the beneficial relationship between ESG sensemaking and environmental outcomes. These findings highlight that technology adoption alone does not guarantee sustainability gains; organizational interpretive capacity is important. This study extends OIPT by introducing ESG sensemaking capability as a distinct interpretive mechanism that bridges information‐processing fit and sustainability outcomes, distinguishing it from absorptive and dynamic capabilities. In addition to empirical evidence, we validate our findings through triangulation with real‐world use cases.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"4 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145938017","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Companies are searching for ways to act sustainably while creating new business models focused on providing services via sustainable product–service systems (S.PSS). Yet, a considerable research gap persists regarding how B2B customers perceive and are willing to pay a price premium for S.PSS, influenced by operational and related costs. Utilizing structural equation modeling on data from 235 managers, this study finds that perceived benefits and supplier switching costs for S.PSS adoption indirectly affect customers' willingness to pay a premium, with customer attitudes serving as a mediator. Notably, corporate sustainability orientation affects attitudes solely through the perceived benefits of S.PSS. The results also confirm the direct effect of customer sustainability orientation on perceived benefits and attitude's direct effect on willingness to pay a price premium. The present study seeks to offer implications for both researchers and practitioners by advancing sustainability, servitization, and behavioral reasoning theory literature.
{"title":"Investigating Price Premiums for Sustainable Product–Service Systems: A Behavioral Reasoning Perspective on the Perceived Benefits and Switching Costs","authors":"Rıfgı Buğra Bağcı","doi":"10.1002/bse.70540","DOIUrl":"https://doi.org/10.1002/bse.70540","url":null,"abstract":"Companies are searching for ways to act sustainably while creating new business models focused on providing services via sustainable product–service systems (S.PSS). Yet, a considerable research gap persists regarding how B2B customers perceive and are willing to pay a price premium for S.PSS, influenced by operational and related costs. Utilizing structural equation modeling on data from 235 managers, this study finds that perceived benefits and supplier switching costs for S.PSS adoption indirectly affect customers' willingness to pay a premium, with customer attitudes serving as a mediator. Notably, corporate sustainability orientation affects attitudes solely through the perceived benefits of S.PSS. The results also confirm the direct effect of customer sustainability orientation on perceived benefits and attitude's direct effect on willingness to pay a price premium. The present study seeks to offer implications for both researchers and practitioners by advancing sustainability, servitization, and behavioral reasoning theory literature.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"29 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145938018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Ashutosh Singh, Rsha Alghafes, Judit Petra Koltai, Sushant Kumar Vishnoi
Generative artificial intelligence is playing a significant role in the transformation of digital ecosystems by reinventing the processes of content generation, process automation, product innovation and customer experience. At the same time that these technologies are becoming more integrated into routine operations, the focus has shifted to the ethical and environmental consequences associated with their widespread application. An investigation of the operational sustainability associated with the generative artificial intelligence systems would be crucial, as it would provide information about how these systems match ideals such as efficiency, circularity and environmental responsibility. We explore how users understand and engage with sustainability principles, specifically lean, circular and green operational frameworks within generative artificial intelligence environments. We collect user reviews of 72 recently launched generative AI platforms from 2022 to 2024 and utilise advanced machine learning methods, including Word2Vec modelling, sentiment and regression analysis, to reveal how text datasets reflect customer perceptions. We find that the lean theme is the most prominent feature of operational sustainability, with the highest sentiment score, followed by the green and circular themes. Our findings show that there is a growing respect among the general public for artificial intelligence systems that exhibit responsible and efficient design.
{"title":"Harnessing Generative AI for Sustainable Supply Chains: Lean, Circular and Green Perspectives","authors":"Ashutosh Singh, Rsha Alghafes, Judit Petra Koltai, Sushant Kumar Vishnoi","doi":"10.1002/bse.70515","DOIUrl":"https://doi.org/10.1002/bse.70515","url":null,"abstract":"Generative artificial intelligence is playing a significant role in the transformation of digital ecosystems by reinventing the processes of content generation, process automation, product innovation and customer experience. At the same time that these technologies are becoming more integrated into routine operations, the focus has shifted to the ethical and environmental consequences associated with their widespread application. An investigation of the operational sustainability associated with the generative artificial intelligence systems would be crucial, as it would provide information about how these systems match ideals such as efficiency, circularity and environmental responsibility. We explore how users understand and engage with sustainability principles, specifically lean, circular and green operational frameworks within generative artificial intelligence environments. We collect user reviews of 72 recently launched generative AI platforms from 2022 to 2024 and utilise advanced machine learning methods, including Word2Vec modelling, sentiment and regression analysis, to reveal how text datasets reflect customer perceptions. We find that the lean theme is the most prominent feature of operational sustainability, with the highest sentiment score, followed by the green and circular themes. Our findings show that there is a growing respect among the general public for artificial intelligence systems that exhibit responsible and efficient design.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"182 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145937544","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Krishnendu Saha, Narain Gupta, Deniz E. Yoruk, Vikas Kumar
The transition to a circular economy (CE) in the textile and clothing (TC) industry is frequently attributed to sustainability‐oriented innovation (SOI), yet empirical understanding of the systemic conditions under which SOI enables CE remains underdeveloped. This study addresses the gap by offering a novel, context‐specific analysis of how consumer behaviour and institutional quality shape the effectiveness of SOI in a high‐consumption, developed economy context. Drawing on survey data from 280 UK‐based textile and clothing firms and employing rigorous partial least squares‐structural equation modelling (PLS‐SEM), this study provides robust evidence that SOI has a significant positive influence on circular economy transitions (CET). However, this effect is contingent: it is strengthened by consumer willingness to buy and weakened by institutional voids. Notably, regulatory compliance, often assumed to drive sustainability, does not significantly moderate the relationship between the SOI and CET. These findings challenge linear models of innovation diffusion and reinforce a more relational, system‐aware understanding of circular transitions. The study makes an original theoretical contribution by modelling SOI as a second‐order construct and CET as a multidimensional outcome. It offers actionable insights for firms and policymakers by exposing the limitations of compliance‐led strategies and calling for more integrated, behaviourally informed approaches to managing innovation for sustainability.
{"title":"Sustainability‐Oriented Innovation and Circular Economy Transitions: Evidence From the UK Textile and Clothing Industry","authors":"Krishnendu Saha, Narain Gupta, Deniz E. Yoruk, Vikas Kumar","doi":"10.1002/bse.70518","DOIUrl":"https://doi.org/10.1002/bse.70518","url":null,"abstract":"The transition to a circular economy (CE) in the textile and clothing (TC) industry is frequently attributed to sustainability‐oriented innovation (SOI), yet empirical understanding of the systemic conditions under which SOI enables CE remains underdeveloped. This study addresses the gap by offering a novel, context‐specific analysis of how consumer behaviour and institutional quality shape the effectiveness of SOI in a high‐consumption, developed economy context. Drawing on survey data from 280 UK‐based textile and clothing firms and employing rigorous partial least squares‐structural equation modelling (PLS‐SEM), this study provides robust evidence that SOI has a significant positive influence on circular economy transitions (CET). However, this effect is contingent: it is strengthened by consumer willingness to buy and weakened by institutional voids. Notably, regulatory compliance, often assumed to drive sustainability, does not significantly moderate the relationship between the SOI and CET. These findings challenge linear models of innovation diffusion and reinforce a more relational, system‐aware understanding of circular transitions. The study makes an original theoretical contribution by modelling SOI as a second‐order construct and CET as a multidimensional outcome. It offers actionable insights for firms and policymakers by exposing the limitations of compliance‐led strategies and calling for more integrated, behaviourally informed approaches to managing innovation for sustainability.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"25 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145920495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Faisal Rasool, Marco Greco, Maria Chiara Di Guardo
Circular economy (CE) has become a crucial paradigm in sustainable business models, driving the shift from linear processes to closed‐loop systems. While CE practices focus on sustainability by eliminating waste and reusing resources, their role in fostering collaboration between firms and driving the adoption of digital technologies remains underexplored. Through qualitative analysis of expert interviews across various industries, this research uncovers how CE activities catalyse resource‐sharing, joint ventures and strategic alliances. Additionally, it is reported that integrating digital tools is crucial for the successful implementation of CE. Finally, the study reveals that regulations can both facilitate and hinder the adoption of CE practice, presenting a critical insight for policymakers. As a result, the findings highlight a synergistic relationship between CE practices, collaboration and digitalisation, providing valuable insights for firms, academia and policymakers aiming to achieve sustainability and improve firm performance through CE initiatives.
{"title":"How Do Circular Economy Practices Drive Interfirm Collaboration and Digitalisation?","authors":"Faisal Rasool, Marco Greco, Maria Chiara Di Guardo","doi":"10.1002/bse.70527","DOIUrl":"https://doi.org/10.1002/bse.70527","url":null,"abstract":"Circular economy (CE) has become a crucial paradigm in sustainable business models, driving the shift from linear processes to closed‐loop systems. While CE practices focus on sustainability by eliminating waste and reusing resources, their role in fostering collaboration between firms and driving the adoption of digital technologies remains underexplored. Through qualitative analysis of expert interviews across various industries, this research uncovers how CE activities catalyse resource‐sharing, joint ventures and strategic alliances. Additionally, it is reported that integrating digital tools is crucial for the successful implementation of CE. Finally, the study reveals that regulations can both facilitate and hinder the adoption of CE practice, presenting a critical insight for policymakers. As a result, the findings highlight a synergistic relationship between CE practices, collaboration and digitalisation, providing valuable insights for firms, academia and policymakers aiming to achieve sustainability and improve firm performance through CE initiatives.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"26 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145937529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
David Flore, Corinna Vera Hedwig Schmidt, Steffen Strese
Environmentally oriented ventures pursue a dual mission: to create both environmental and financial value. This dual mission adds complexity and can influence ventures' funding prospects, as investors mostly pursue financial motivations. However, the environmental entrepreneurship literature is undecided on whether this relationship is positive or negative, with the latter view prevailing. We draw on signaling theory and analyze our model using a large dataset comprising 5020 unique ventures based in the United States and Europe, along with information on their investors. We find support for the minority view showing a positive relationship between venture‐initiated signals of environmental orientation and venture funding. Two contextual factors, investor environmental orientation and country‐level emissions, enhance this positive relationship. We contribute to signaling theory and environmental entrepreneurship literature.
{"title":"Venture Funding: Signals of Environmental Orientation and Their Interplay With Investor‐ and Country‐Level Characteristics","authors":"David Flore, Corinna Vera Hedwig Schmidt, Steffen Strese","doi":"10.1002/bse.70529","DOIUrl":"https://doi.org/10.1002/bse.70529","url":null,"abstract":"Environmentally oriented ventures pursue a dual mission: to create both environmental and financial value. This dual mission adds complexity and can influence ventures' funding prospects, as investors mostly pursue financial motivations. However, the environmental entrepreneurship literature is undecided on whether this relationship is positive or negative, with the latter view prevailing. We draw on signaling theory and analyze our model using a large dataset comprising 5020 unique ventures based in the United States and Europe, along with information on their investors. We find support for the minority view showing a positive relationship between venture‐initiated signals of environmental orientation and venture funding. Two contextual factors, investor environmental orientation and country‐level emissions, enhance this positive relationship. We contribute to signaling theory and environmental entrepreneurship literature.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"41 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145908090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Julia Martínez‐Cabrera, Merlin Schirmer, Francisco López‐del‐Pino
This study addresses circular solution business model patterns (CSBMPs) as vital elements for transitioning businesses to a circular economy ( CE ), providing a systematic classification of CSBMPs and contextualising them through start‐up cases. Twenty‐one CSBMPs are consolidated via a systematic literature review. Subsequently, a qualitative analysis of 692 circular start‐up cases confirms the previously identified CSBMPs and reveals four additional and underexplored CSBMPs: excess inventory management , material composition transparency , incentivising circular consumer behaviour and responsible offsetting . These 25 CSBMPs are presented in the Alexandrian form to clearly define the problem–solution pair of each pattern. The findings contribute to the understanding of dynamic capabilities and their microfoundations in the context of CE , shedding light on the potential of CSBMPs to contribute to sensing, seizing and reconfiguring capabilities. By mapping CSBMPs to the business model canvas and to circular start‐up archetypes, the research provides practical insights for companies to leverage these patterns in CBMI processes.
{"title":"Bridging Theory and Practice: Circular Solution Business Model Patterns From Literature and Start‐Up Cases","authors":"Julia Martínez‐Cabrera, Merlin Schirmer, Francisco López‐del‐Pino","doi":"10.1002/bse.70424","DOIUrl":"https://doi.org/10.1002/bse.70424","url":null,"abstract":"This study addresses circular solution business model patterns (CSBMPs) as vital elements for transitioning businesses to a circular economy ( <jats:sc>CE</jats:sc> ), providing a systematic classification of CSBMPs and contextualising them through start‐up cases. Twenty‐one CSBMPs are consolidated via a systematic literature review. Subsequently, a qualitative analysis of 692 circular start‐up cases confirms the previously identified CSBMPs and reveals four additional and underexplored CSBMPs: <jats:italic>excess inventory management</jats:italic> , <jats:italic>material composition transparency</jats:italic> , <jats:italic>incentivising circular consumer behaviour</jats:italic> and <jats:italic>responsible offsetting</jats:italic> . These 25 CSBMPs are presented in the Alexandrian form to clearly define the problem–solution pair of each pattern. The findings contribute to the understanding of dynamic capabilities and their microfoundations in the context of <jats:sc>CE</jats:sc> , shedding light on the potential of CSBMPs to contribute to sensing, seizing and reconfiguring capabilities. By mapping CSBMPs to the business model canvas and to circular start‐up archetypes, the research provides practical insights for companies to leverage these patterns in CBMI processes.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"125 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145908093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fabio Rizzato, Simona Fiandrino, Alberto Tonelli, Giorgia La Barbera
This study assesses the degree of alignment with and eligibility to the EU Taxonomy of non‐financial firms and investigates its relationship with their Cost of Debt (CoD). The empirical analysis is based on a sample of 306 non‐financial firms listed on the Stoxx Europe 600 Index across 15 European countries. Taxonomy‐related data were manually collected from firms' 2023 annual reports to develop novel EU Taxonomy‐weighted indices capturing both alignment and eligibility across Turnover, capital expenditure (CapEx), and operational expenditure (OpEx). Results reveal that, on average, firms align only a limited portion of their economic activities with the EU Taxonomy's requirements. Initiatives implementing the EU Taxonomy have primarily concentrated on climate change mitigation, while progress on adaptation and other environmental objectives has remained considerably limited. The findings also show that firms with a higher proportion of the EU Taxonomy‐aligned Turnover benefit from lower borrowing costs, suggesting that financial markets perceive these firms as less risky and more transition‐ready.
{"title":"Climate Change Mitigation Takes the Lead: EU Taxonomy‐Aligned and Eligible Activities in Relation to Debt Financing","authors":"Fabio Rizzato, Simona Fiandrino, Alberto Tonelli, Giorgia La Barbera","doi":"10.1002/bse.70493","DOIUrl":"https://doi.org/10.1002/bse.70493","url":null,"abstract":"This study assesses the degree of alignment with and eligibility to the EU Taxonomy of non‐financial firms and investigates its relationship with their Cost of Debt (CoD). The empirical analysis is based on a sample of 306 non‐financial firms listed on the Stoxx Europe 600 Index across 15 European countries. Taxonomy‐related data were manually collected from firms' 2023 annual reports to develop novel EU Taxonomy‐weighted indices capturing both alignment and eligibility across Turnover, capital expenditure (CapEx), and operational expenditure (OpEx). Results reveal that, on average, firms align only a limited portion of their economic activities with the EU Taxonomy's requirements. Initiatives implementing the EU Taxonomy have primarily concentrated on climate change mitigation, while progress on adaptation and other environmental objectives has remained considerably limited. The findings also show that firms with a higher proportion of the EU Taxonomy‐aligned Turnover benefit from lower borrowing costs, suggesting that financial markets perceive these firms as less risky and more transition‐ready.","PeriodicalId":9518,"journal":{"name":"Business Strategy and The Environment","volume":"44 1","pages":""},"PeriodicalIF":13.4,"publicationDate":"2026-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145908091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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