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The Value of Climate Change Reporting of Firms: The Spanish Case

Author

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  • Constancio Zamora-Ramirez

    (University of Seville, Seville, Spain)

  • Jose M. Gonzalez-Gonzalez

    (University of Seville, Seville, Spain)

Abstract

Existing literature has not yet provided fully conclusive evidence on the relationship between the level of companies' carbon disclosure, as one type of environmental information disclosure, and their financial performance. This paper studies carbon disclosure through the Carbon Disclosure Project (CDP) and observes its effect on financial performance by means of a test double carried out in the Spanish financial market. Market response to the publication of CDP reports was monitored through an event study and studying how the CDP score impacts companies' share price using a model based in Ohlson, (1995) and developing a panel data analysis. The results confirm that the market responds to the disclosure of environmental information with an incremental effect on financial performance, which furthermore corroborates the fact that companies with better environmental performance have higher levels of environmental information disclosure, as predicted by the voluntary disclosure theory.

Suggested Citation

  • Constancio Zamora-Ramirez & Jose M. Gonzalez-Gonzalez, 2015. "The Value of Climate Change Reporting of Firms: The Spanish Case," International Journal of Social Ecology and Sustainable Development (IJSESD), IGI Global, vol. 6(4), pages 90-103, October.
    • Handle: RePEc:igg:jsesd0:v:6:y:2015:i:4:p:90-103
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    Cited by:

    1. Caroline Flammer & Michael W. Toffel & Kala Viswanathan, 2021. "Shareholder activism and firms' voluntary disclosure of climate change risks," Strategic Management Journal, Wiley Blackwell, vol. 42(10), pages 1850-1879, October.

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