JEFMS Journal

ABSTRACT:

Purpose:

The Building and Public Works sector is experiencing remarkable growth due to the increase in infrastructure needs. Because it is one of the most waste-generating sectors. This growth will explode in the coming years, especially with a linear economy model. Thus, the transition to a circular economic model is necessary and financial communication practices must be aligned with it. Under this objective, this paper seeks to explore the financial communication practices of listed companies in terms of circular economy.

The annual reports of seven (7) Moroccan construction companies listed on the Casablanca Stock Exchange were analyzed and discussed in the light of theoretically approved circularity indicators.

The content disseminated by the listed construction companies through their annual reports in relation to the circular economy is often limited to the description of broader actions. Some listed companies communicate numerical indicators particularly in relation to energy and water consumption, recycling and recovery of waste, substitution of natural resources by alternative materials.

This paper is a benchmarking tool for listed and unlisted companies in the construction sector, with the aim of improving the quality of the indicators disseminated and increasing the environmental performance of companies.

KEYWORDS:

Circular economy; Circularity indicators; Construction; financial communication; listed companies

REFERENCES:

1) Assemblée Nationale Française. (2015, August 17). Loi sur la transition énergétique et la croissance verte, France (NOR : DEVX1413992L). COBATY. (2018). L’économie circulaire dans le BTP, FRANCE (Report No 12)

2) de Oliveira, C. T., Dantas, T. E. T., & Soares, S. R. (2021). Nano and micro level circular economy indicators: Assisting decision-makers in circularity assessments. Sustainable Production and Consumption, 26, 455–468. https://doi.org/10.1016/j.spc.2020.11.024

3) Fořt, J., & Černý, R. (2020). Transition to circular economy in the construction industry: Environmental aspects of waste brick recycling scenarios. Waste Management, 118, 510–520. https://doi.org/10.1016/j.wasman.2020.09.004

4) Horckmans, L., Nielsen, P., Dierckx, P., & Ducastel, A. (2019). Recycling of refractory bricks used in basic steelmaking: A review. Resources, Conservation and Recycling, 140(August 2018), 297–304.

5) https://doi.org/10.1016/j.resconrec.2018.09.025

6) Howard, M., Hopkinson, P., & Miemczyk, J. (2019). The regenerative supply chain: a framework for developing circular economy indicators. International Journal of Production Research, 57(23), 7300–7318.

7) https://doi.org/10.1080/00207543.2018.1524166

8) Ministère de l'Energie, des Mines et de l'Environnement (2006, November 22). La loi n° 28-00 relative à la gestion des déchets et à leur élimination (Dahir n° 106-153).

9) Ministère de l'Energie, des Mines et de l'Environnement (2015). Programme National de Valorisation des Déchets (PNVD).

10) Ministère français de l'Ecologie, du Développement Durable et de l'Energie, intitulé: (2014, November). L'économie circulaire: Etats des lieux et perspectives (Rapport numéro 009548-06)

11) Nuñez-Cacho, P., Górecki, J., Molina-Moreno, V., & Corpas-Iglesias, F. A. (2018). What gets measured, gets done: Development of a Circular Economy measurement scale for building industry. Sustainability (Switzerland), 10(7). https://doi.org/10.3390/su10072340

12) Saidani, M., Yannou, B., Leroy, Y., & Cluzel, F. (2019). Des indicateurs catalyseurs de l’économie circulaire? Technologie et Innovation, 4(2). https://doi.org/10.21494/iste.op.2019.0346

13) Saidani, M., Yannou, B., Leroy, Y., Cluzel, F., & Kendall, A. (2018). A taxonomy of circular economy indicators. Journal of Cleaner Production. https://doi.org/10.1016/j.jclepro.2018.10.014

14) The 2019 Annual report of JET CONTRACTORS

15) The 2019 Annual report of AFRIC INDUSTRIES

16) The 2019 Annual report of ALUMINUIM DU MAROC

17) The 2019 Annual report of CIMENT DU MAROC

18) The 2019 Annual report of COLORADO

19) The 2019 Annual report of LAFARGE-HOLCIM

20) The 2019 Annual report of SONADIS

21) Vanegas, P., Peeters, J. R., Cattrysse, D., Tecchio, P., Ardente, F., Mathieux, F., Dewulf, W., & Duflou, J. R. (2018). Ease of disassembly of products to support circular economy strategies. Resources, Conservation and Recycling, 135(June), 323– 334. https://doi.org/10.1016/j.resconrec.2017.06.022

22) World Business Council for Sustainable Development (WBCSD), 2018.

23) Circular met- ric landscape analysis.

24) Zhang, L. W., Sojobi, A. O., Kodur, V. K. R., & Liew, K. M. (2019). Effective utilization and recycling of mixed recycled aggregates for a greener environment. Journal of Cleaner Production, 236. https://doi.org/10.1016/j.jclepro.2019.07.075