Means and Meanings in Circular Economy: An MDA-Based Exploratory Analysis

Federico Barnabè () and Riccardo Santoni
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Federico Barnabè: Department of Business and Law, University of Siena, 53100 Siena, Italy
Riccardo Santoni: Department of Business and Law, University of Siena, 53100 Siena, Italy

Sustainability, 2025, vol. 17, issue 17, 1-25

Abstract: This study aims to examine how organizations disclose Circular Economy (CE) information through multimodal communication. While conventional reporting often fails to capture the complexity of CE, we adopt a Multi-Discourse Analysis (MDA) framework that integrates textual, numerical, visual, spatial, and sensory dimensions. The methodology involves a qualitative content analysis of non-financial reports from 13 Italian electronics firms, a sector with a high environmental impact and low circularity. Key findings show a dominance of textual narratives and increasing use of numerical indicators aligned with the European Union Taxonomy. Visual elements are underutilized and largely symbolic, reflecting a product-centric rather than systemic view of circularity. The spatial dimension, operationalized through ESRS E5 categories, reveals fragmented CE integration and limited forward-looking financial disclosures. The sensory dimension, assessed via integrated thinking, highlights a polarization between firms that embed CE into strategy and those that do not. Recommendations are provided to enhance the clarity, comparability, and strategic relevance of CE disclosures, with implications for corporate practice, regulatory development, and future research. Overall, this study advances the understanding of CE by applying MDA to reveal the interplay of communicative modes, the gaps in systemic representation, and the degree of strategic integration in sustainability reporting.

Keywords: circular economy (CE); financial and non-financial reporting; multimodal discourse analysis (MDA); means of communication; corporate sustainability disclosure; electronics sector (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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