The growing societal focus on addressing environmental and social issues has spurred a shift towards circular production and consumption models. In this scenario, the implementation of circular economy (CE) practices has attracted the attention of scholars, professionals and institutions. The relevance of the CE has shed light on the importance of communicating efforts and achievements in relation to the implementation of circular models. Therefore, from an academic point of view, several scholars have started to explore some aspects related to CE disclosure (CED). Despite this, a relatively unexplored trend pertains to the effects of the CED, especially regarding the use of social media to disseminate information. In order to fill the gap, this study aims to investigate the effect of the dissemination of CE information via Twitter on the cost of debt. To this end, a dictionary-based content analysis is employed to quantify the amount of CE information disseminated via Twitter. Additionally, a panel regression analysis is conducted to test the impact of the CED on the cost of debt across a sample of 378 observations (an unbalanced panel of 132 firms for the period 2019–2021). The results indicate the presence of a negative relationship between the level of the CED and the cost of debt.

中文翻译：

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检验循环经济披露对债务成本的影响：通过社交媒体的信号理论方法

社会对解决环境和社会问题的日益关注促使人们转向循环生产和消费模式。在此背景下，循环经济（CE）实践的实施引起了学者、专业人士和机构的关注。 CE 的相关性揭示了交流与实施循环模型相关的努力和成就的重要性。因此，从学术角度来看，一些学者开始探讨CE披露（CED）相关的一些方面。尽管如此，一个相对未经探索的趋势与 CED 的影响有关，特别是在使用社交媒体传播信息方面。为了填补这一空白，本研究旨在调查通过 Twitter 传播 CE 信息对债务成本的影响。为此，采用基于词典的内容分析来量化通过 Twitter 传播的 CE 信息量。此外，还进行了面板回归分析，以通过 378 个观察样本（2019-2021 年期间由 132 家公司组成的不平衡面板）来测试 CED 对债务成本的影响。结果表明，CED 水平与债务成本之间存在负相关关系。