Research Handbook of Finance and Sustainability
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Research Handbook of Finance and Sustainability

Edited by Sabri Boubaker, Douglas Cumming and Duc K. Nguyen

The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
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Chapter 17: What explains voluntary corporate carbon disclosures in emerging markets?

Walid Ben-Amar, Philip McIlkenny and Karim Mhedhbi

Abstract

The main purpose of this chapter is to investigate the association between a firm’s voluntary carbon disclosures and the internal and external factors that influence this decision in the context of emerging countries. We rely on the Carbon Disclosure Project (CDP) annual survey to examine this research issue. Based on a sample of firms from four emerging economies (Brazil, India, Turkey and South Africa), our empirical analyses provide evidence that transparency at the country level has a positive effect on the propensity to provide voluntary carbon disclosures to the CDP. At the firm level, we find that financial performance and US cross-listing are positively associated with the likelihood of voluntary carbon disclosures while emerging markets firms with newer assets are more likely to respond to the CDP annual survey. We discuss the implications of our results to firms’ managers, investors as well as national and international regulators.

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