The circular economy is increasingly establishing itself as a model capable of overcoming the current linear economy of production and consumption recognized as unsustainable by society. Its relevance has also attracted the attention of academics, interested not only in the implementation methods of the circular economy, but also in the ways in which companies communicate information about them. However, although in recent years some scholars have begun to investigate the circular economy disclosure (CED), research on this topic is still in an embryonic state. In fact, in the academic literature there are only a few studies related to the CED and its drivers. This study aims to fill this gap by investigating, under the lens of stakeholder theory, the effect of firm characteristics on the level of CED. To this end, it firstly involves the use of a manual content analysis of the sustainability reports drawn up by 88 international companies to measure the level of CED and, secondly, a regression model to test the impact of the firm characteristics. Empirical results demonstrate a positive effect of firm size, financial leverage and firm profitability on the level of CED. The results have important practical implications for firms and policymakers.

In recent years, the airport industry is facing the effects of the growing pressure towards sustainability. In fact, airports have often been accused of having strong environmental and social impacts. This circumstance shed light on the need for airports to provide stakeholders with precise information about the social and environmental effects of their activities. The importance of sustainability disclosure in the airport industry is also attracting the interest of academics. However, studies are still limited and there is a lack of contributions aimed at identifying the drivers of sustainability disclosure in the airport industry. This work aims to fill this gap by analyzing, under the lens of legitimacy theory, the impact of business size, business complexity and corporate visibility on the level of sustainability information disseminated by airports. To this end, a manual content analysis is performed on a sample composed by 145 large European airports to measure the level of sustainability information disseminated. Furthermore, a multiple regression analysis is performed to examine the role played by business size, business complexity and corporate visibility on the level of sustainability disclosure. The results show that the number of passengers, the cargo quantity, the number of terminals and gates and the level of social media exposure represent positive drivers of the sustainability disclosure of the European airports. This study contributes to enriching the academic literature in several ways and offers important managerial implications.

In recent years, to solve the problems related to sustainability, there is an increasing need for a transition from linear production and consumption systems to new models oriented toward reusing, reducing and recycling. In the academic field, several scholars have turned their attention to the adoption by companies of the new circular economy (CE) models. Due to the interest of a large number of stakeholders in issues related to the CE, several scholars have begun to explore the CE disclosure (CED) practices of companies. Despite this, studies on the topic are still limited. This study, under the lens of communication and stakeholder theories, aims, first, to examine the level of CE information disseminated by companies via Twitter and, second, to explore the impact of some firm characteristics on the level of CED. The econometric analysis, conducted on a sample of 141 companies belonging to the S&P 500 index, shows that the most profitable and most indebted companies disclose a greater amount of CE information through their official Twitter accounts. Furthermore, it demonstrates a lower propensity by energy companies to disclose CE information via Twitter compared to firms operating in other highly polluting sectors.