In recent years, corporate social responsibility has become the most outstanding challenges for firms and circular economy has emerged as an innovative business model able to transform corporate social responsibility into actions. Even if by adopting such a strategic model firms could enhance their performance, results continue to be mixed and unclear. The aim of the paper is twofold. First, the study investigates the effect of three circular economy practices (waste treatment, reduction and recycling), on brand reputation and financial performance. Second, the study tests the role of brand reputation in mediating the relationship between circular economy practices and financial performance. The findings highlight the crucial role of 3Rs practices and of brand reputation in enhancing firm performance. This paper contributes to a better understanding on the relationship between circular economy practices, as sustainable strategic and managerial practices, and firm performance, in both marketing and financial terms. Moreover, it sheds light on circular economy implementation and its effect at the firm level, by analyzing managers perceptions on how firms and policy makers have to incorporate the circular economy concept in their sustainability agenda.

中文翻译：

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循环经济实践会影响企业绩效吗？来自意大利大型制造企业的证据

近年来，企业社会责任已成为企业面临的最突出挑战，循环经济已成为一种能够将企业社会责任转化为行动的创新商业模式。即使通过采用这种战略模型，公司可以提高业绩，但结果仍然是喜忧参半和不清楚的。这篇论文的目的是双重的。首先，该研究调查了三种循环经济实践（废物处理、减少和回收）对品牌声誉和财务业绩的影响。其次，该研究检验了品牌声誉在循环经济实践和财务绩效之间的中介作用。调查结果强调了 3R 实践和品牌声誉在提高公司绩效方面的关键作用。本文有助于更好地理解循环经济实践（作为可持续战略和管理实践）与公司绩效在营销和财务方面的关系。此外，它通过分析管理者对企业和政策制定者如何将循环经济概念纳入其可持续发展议程的看法，阐明了循环经济的实施及其在企业层面的影响。