This paper investigates whether and to what extent circular economy performance affects the financial performance of a global sample of listed agri‐food firms. Furthermore, the potential moderating role of stakeholder engagement in empowering this relationship has been tested. A circular economy performance index has been developed based on Environmental Social and Governance scores reclassified in the light of the reuse, reduce, recovery and recycling (4R) paradigm. Then, a multivariate regression model from 2015 to 2022 has been carried out. A broader theoretical framework has been adopted, combining the natural resource‐based view and stakeholder theory. The results show a positive relationship between the circular economy performance, the financial performance and the boosting function played by stakeholder engagement. The study findings provide stimuli for academics and managers to reflect on the profitability of the circular economy and the pivotal role of stakeholder engagement in giving a significant impulse to the circular transition.

中文翻译：

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衡量循环经济绩效对财务绩效的影响：利益相关者参与的调节作用

本文研究了循环经济绩效是否以及在何种程度上影响全球上市农产品公司样本的财务绩效。此外，利益相关者参与在增强这种关系方面的潜在调节作用也得到了测试。根据再利用、减少、回收和再循环 (4R) 范式重新分类的环境、社会和治理分数，制定了循环经济绩效指数。然后，建立了2015年至2022年的多元回归模型。采用了更广泛的理论框架，结合了基于自然资源的观点和利益相关者理论。结果表明，循环经济绩效、财务绩效和利益相关者参与的推动作用之间存在正相关关系。研究结果促使学者和管理者反思循环经济的盈利能力以及利益相关者参与在推动循环转型方面的关键作用。