Previous empirical studies on market reactions to environmental and carbon disclosure
| Authors | Underling framework | Methods and measurement | Units of analysis and coverage | Markets/indexes/currencies | Countries |
|---|---|---|---|---|---|
| Carnevale et al. (2012) | Value relevance | Value relevance analysis | Social reports [2002-2008] | Banking | Europe |
| Sullivan and Gouldson (2012) | Case study | Corporate responsibility reports, the supplementary corporate responsibility and climate change-related information provided on company websites and on responses to the CDP [2010] | Retail | UK | |
| Griffin and Sun (2013) | Voluntary disclosure theory | Four-factor model | CSR “greenhouse gas emission” releases in www.csrwire.com [2000-2010] | Energy, materials, industrials, consumer discretionary, consumer staples, health care, financials, information technology, telecommunication, utilities | USA |
| Matsumura et al. (2014) | Value relevance Voluntary disclosure theory Economic theory | Ohlson valuation model | Firms’ responses to CDP questionnaire [2006-2008] | Classified as subject to the Environmental Protection Agency’s greenhouse gas mandatory reporting rule or not | USA |
| Mohamed and Faouzi (2014) | Financial theory Legitimacy theory Behavioural theory | Econometric approach | Corporate social disclosure, market value and social reputation [1997-2008] | n.a. | USA |
| Clarkson et al. (2015) | Economic theory | Ohlson valuation model (modified) Carbon disclosure leadership index | Installations in the EU ETS [2006-2009] | Oil and gas, basic metals, industrials, consumer goods, health care, consumer services, utilities, financials, technology | Europe |
| Plumlee et al. (2015) | Traditional economic theory | Disclosure index | Stand-alone or annual reports [2000-2005] | Oil and gas, chemical, food/beverage, pharmaceutical and electric utilities | USA |
| de Villiers and Marques (2016) | Legitimacy theory Agency theory | CSR disclosure measure | CSR reports (if available, otherwise annual reports) [2007-2010] | Non-financial companies | Europe |
| Martínez‐Ferrero et al. (2016) | Information asymmetry theory Institutional theory | Triangulation of discourse analysis and indices that measure the standardisation of disclosure of CSR information in relation to GRI guidelines | CSR reports [2003-2009] | Non-financial | USA, UK, Europe |
| Omar and Zallom (2016) | Social impact theory Supply and demand theory Liberal theory Cost-benefit theory | Multiple regression analysis model CSR index | Annual reports [2006-2010] | Chemical, food and beverage, pharmaceutical and medical | Jordan |
| Griffin et al. (2017) | Voluntary disclosure theory | Ohlson valuation model (extended) Event study | annual S&P 500 reports published by the CDP [2006-2012] 8‐K filings [2005-2010] | Utilities, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecommunications | USA |
| Authors | Underling framework | Methods and measurement | Units of analysis and coverage | Markets/indexes/currencies | Countries |
|---|---|---|---|---|---|
| Value relevance | Value relevance analysis | Social reports | Banking | Europe | |
| Case study | Corporate responsibility reports, the supplementary corporate responsibility and climate change-related information provided on company websites and on responses to the CDP | Retail | UK | ||
| Voluntary disclosure theory | Four-factor model | CSR “greenhouse gas emission” releases in | Energy, materials, industrials, consumer discretionary, consumer staples, health care, financials, information technology, telecommunication, utilities | USA | |
| Value relevance | Ohlson valuation model | Firms’ responses to CDP questionnaire | Classified as subject to the Environmental Protection Agency’s greenhouse gas mandatory reporting rule or not | USA | |
| Financial theory | Econometric approach | Corporate social disclosure, market | USA | ||
| Economic theory | Ohlson valuation model (modified) | Installations in the EU ETS | Oil and gas, basic metals, industrials, consumer goods, health care, consumer services, utilities, financials, technology | Europe | |
| Traditional economic theory | Disclosure index | Stand-alone or annual reports | Oil and gas, chemical, food/beverage, pharmaceutical and electric utilities | USA | |
| Legitimacy theory | CSR disclosure measure | CSR reports (if available, otherwise annual reports) | Non-financial companies | Europe | |
| Information asymmetry theory | Triangulation of discourse analysis and indices that measure the standardisation of disclosure of CSR information in relation to GRI guidelines | CSR reports | Non-financial | USA, UK, Europe | |
| Social impact theory | Multiple regression analysis model | Annual reports | Chemical, food and beverage, pharmaceutical and medical | Jordan | |
| Voluntary disclosure theory | Ohlson valuation model (extended) | annual S&P 500 reports published by the CDP | Utilities, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, telecommunications | USA |