Among the most common determinants found in theliterature for carbon disclosure can be found economic /financial determinants and governance determinants(Velte et al., 2020). Regarding the economic / financialdeterminants, the most studied have been financialperformance, leverage, cost of capital, market-bookratio, information asymmetry and growth (Hahn et al.,2015; He et al., 2021).

On the other hand, the governance-relateddeterminants most seen in the carbon disclosureliterature can be broken down into three: i. Composition

Figure 4

Framework of determinants of carbon disclosure

and characteristics of the Board of Directors (diversity,independence, size, duality of the CEO, among others),ii. Ownership structure (institutional ownership,managerial ownership, state ownership, among others),iii. Pressure from stakeholders (environmentalassurance, media coverage, external audit, amongothers) (He et al., 2021; Velte et al., 2020). Otherdeterminants of CD can be those related to theenvironment (emissions, carbon intensity industries) andregulatory (Kyoto Protocol, another specific regulationtowards GHGs) (Hahn et al., 2015).

Source: Figure adapted from He et al. (2021); Luo et al. (2013); Velte et al. (2020).

Carbon Accounting

As mentioned at the beginning of this section, the termcarbon accounting has been used interchangeably whenreferring to carbon disclosure. Its conceptualization, aswell as its definition, were discussed in the subsectionabove called 'Carbon related concepts'.

Carbon Disclosure Assurance

Carbon assurance is an emerging practice within thebusiness world, which, according to Datt et al. (2019),emanates as a dimension of the sustainability assuranceand can be defined as:

Cumpean, J., Briseño, A., y Zorrilla Del Castillo, A. L.

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Vol. 7, núm. 21 / septiembre – diciembre del 2022