We introduce the decomposition of carbon emissions into an expected and an unexpected component and analyze the association between these components and firm value. The expected component captures a firm's average carbon emissions inherent to its business model and operating environment. The...

Based on data that S&P 500 firms voluntarily disclose to the CDP, we investigate the effectiveness of organizational incentive systems in improving carbon performance, an important non-financial dimension of organizational performance. Firms rely on both financial and non-financial...

We examine whether mandatory climate reporting leads to changes in firms’ carbon emissions. Using propensity score matching and a difference-in-differences design, we assess the effects of the Greenhouse Gas Reporting Program (GHGRP), introduced by the Environmental Protection Agency (EPA) in...

The paper focuses on the reporting of climate change-related physical risks. Drawing on data from the CDP questionnaire for 717 European companies over three years (2011–13) we find that information asymmetry is generally smaller when firms report about their physical risks. Furthermore, we...

The debate surrounding climate change often centers on companies' contributions to global warming, which has led to an increase in the importance of carbon disclosure. We evaluate the current state of related research and identify its trends, coherences, and caveats via a systematic literature...

Earnings quality is a central issue in accounting research, but reporting quality is not yet in the focus of environmental disclosure research. This is a noteworthy gap because the voluntary character of environmental disclosure and the different ways to measure and report quantitative...