Figure 2
The diagram illustrates the empirical model and key results for the sector as an institutional boundary condition. It includes three main antecedent dimensions of Circular Intellectual Capital (CIC): Circular Human Capital (CHC), Circular Structural Capital (CSC), and Circular Relational Capital (CRC). CHC is measured by items B3, B4, and B7, focusing on diversity initiatives, inclusion values, and female leadership. CSC is measured by items B5 and B10, focusing on inclusive organizational processes and fair wage governance. CRC is measured by items B8, B9, and B14, focusing on disability/neurodiversity, parenting, and DEI incentives. The diagram shows the relationships between these dimensions and Circular Disclosure Capital (CDC), which is measured by items B1, B2, B11, and B13, focusing on DEI strategy, committee, certifications, and impact. The hypotheses H1, H2, and H3 are depicted with their respective beta values and significance levels.Empirical model and key results: sector as institutional boundary condition. Note: H1 is supported in the full model (β = 0.726, p < 0.001). H2 and H3 are not independently supported in the full specification; however, CSC is positive and significant in selected robustness models (M4 and M5). Sector is included as a control and is significant under the broader services classification, although this result remains provisional. The second-stage analysis is exploratory and associative only and does not provide causal evidence for H4. CDC and CIC are operationalized through strictly separate item sets. Source: Authors’ own work