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<p>This article examines whether circular economy (CE) strategies enhance firm resilience after systemic shocks. Building on the natural resource-based view, we argue that CE investments made before COVID-19 can strengthen resilience by converting sustainability-oriented capabilities into absorptive and adaptive capabilities. Yet this conversion is not automatic: it depends on firms’ ability to manage three tensions between efficiency and redundancy, continuity and reconfiguration, and strategic flexibility and coordinated commitment. We test these arguments using survey data on Italian firms matched with administrative financial records and estimate ordered probit models of post-shock recovery. The results show that pre-pandemic CE investments are positively associated with firm resilience. This relationship is strongest among multinational enterprises, weaker among other firms engaged in international activities, and not statistically significant among domestic firms. We also find that upstream CE strategies are more strongly associated with resilience than downstream strategies, particularly for multinational enterprises. Overall, the findings suggest that CE contributes to resilience when firms possess the organizational and international capabilities needed to govern, integrate, and reconfigure circular practices under disruption.</p>

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The green frontier: circular economy and firm resilience in multinational enterprises and internationally engaged firms

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2026年8月5日

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  • Ibrahim Shaheen,
  • Francesco Devicienti,
  • Alessandro Manello,
  • Davide Vannoni

摘要

This article examines whether circular economy (CE) strategies enhance firm resilience after systemic shocks. Building on the natural resource-based view, we argue that CE investments made before COVID-19 can strengthen resilience by converting sustainability-oriented capabilities into absorptive and adaptive capabilities. Yet this conversion is not automatic: it depends on firms’ ability to manage three tensions between efficiency and redundancy, continuity and reconfiguration, and strategic flexibility and coordinated commitment. We test these arguments using survey data on Italian firms matched with administrative financial records and estimate ordered probit models of post-shock recovery. The results show that pre-pandemic CE investments are positively associated with firm resilience. This relationship is strongest among multinational enterprises, weaker among other firms engaged in international activities, and not statistically significant among domestic firms. We also find that upstream CE strategies are more strongly associated with resilience than downstream strategies, particularly for multinational enterprises. Overall, the findings suggest that CE contributes to resilience when firms possess the organizational and international capabilities needed to govern, integrate, and reconfigure circular practices under disruption.