Voluntary Disclosure and Information Intermediaries: Evidence from the Carbon Disclosure Project

2016 ◽  
Vol 2016 (1) ◽  
pp. 15005
Author(s):  
Kira Fabrizio ◽  
Eun-Hee Kim
Keyword(s):  
Voluntary Disclosure ◽  
Carbon Disclosure Project ◽  
Information Intermediaries

scholarly journals Determinants of Voluntary Greenhouse Gas Emission Disclosure: An Empirical Investigation on Turkish Firms

2018 ◽  
Vol 11 (1) ◽  
pp. 107 ◽  
Author(s):  
Halil Akbaş ◽  
Seda Canikli
Keyword(s):  
Greenhouse Gas ◽  
Firm Size ◽  
Voluntary Disclosure ◽  
Greenhouse Gas Emission ◽  
Ghg Emissions ◽  
Institutional Ownership ◽  
Developed Countries ◽  
Logistic Regression Models ◽  
Carbon Disclosure Project ◽  
Financial Characteristics

Firms worldwide have been facing an increasing pressure to disclose their Greenhouse Gas (GHG) emissions since GHG emissions are seen as the main source of global warming which is one of the most challenging problems that the world is faced with. For this reason, voluntary GHG disclosure represents a growing area of research interest. However, the existing research generally focuses on developed countries. In this sense, the present paper aims to contribute to the existing GHG disclosure literature by analyzing the determinants of voluntary disclosure of firms operating in a developing country, Turkey. The effects of both financial characteristics and board structures of firms on voluntary disclosure decisions are analyzed as the possible determinants of GHG disclosures of Turkish firms. We use two proxies for assessing the firms’ GHG disclosures. The first proxy, “sensitiveness tendency”, indicates the response behavior of firms to the Carbon Disclosure Project (CDP) survey. The second proxy, namely, “transparence tendency”, represents the disclosure behavior of firms. Using logistic regression models with a sample of 84 listed Turkish companies which were included in the Carbon Disclosure Project survey in 2014, 2015 and 2016, we find that firm size, institutional ownership and market value are positively related to the sensitivity of sampled firms, while board size is negatively related. On the other hand, our results indicate that firm size, profitability and institutional ownership have positive impacts on the transparency of Turkish listed firms.

Firm-Value Effects of Carbon Emissions and Carbon Disclosures

2013 ◽  
Vol 89 (2) ◽  
pp. 695-724 ◽  
Author(s):  
Ella Mae Matsumura ◽  
Rachna Prakash ◽  
Sandra C. Vera-Muñoz
Keyword(s):  
Selection Bias ◽  
Capital Markets ◽  
Carbon Emissions ◽  
Voluntary Disclosure ◽  
Firm Value ◽  
Data Availability ◽  
Carbon Disclosure Project ◽  
Self Selection ◽  
Jel Classifications

ABSTRACT Using hand-collected carbon emissions data for 2006 to 2008 that were voluntarily disclosed to the Carbon Disclosure Project by S&P 500 firms, we examine the effects on firm value of carbon emissions and of the act of voluntarily disclosing carbon emissions. Correcting for self-selection bias from managers' decisions to disclose carbon emissions, we find that, on average, for every additional thousand metric tons of carbon emissions, firm value decreases by $212,000, where the median emissions for the disclosing firms in our sample are 1.07 million metric tons. We also examine the firm-value effects of managers' decisions to disclose carbon emissions. We find that the median value of firms that disclose their carbon emissions is about $2.3 billion higher than that of comparable non-disclosing firms. Our results indicate that the markets penalize all firms for their carbon emissions, but a further penalty is imposed on firms that do not disclose emissions information. The results are consistent with the argument that capital markets impound both carbon emissions and the act of voluntary disclosure of this information in firm valuations. JEL Classifications: G14, Q51, M14. Data Availability: Data are available from the sources identified in the study.

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