TRASCENDER, CONTABILIDAD Y GESTIÓN

In addition to variables of financial performance andcost of capital of companies, carbon disclosure alsoinfluences the asymmetry of information between agentsand stakeholders. The CD is of great importance forfinancial markets since reporting on carbon emissionsreduces the volatility of the price of companies' shares;Similarly, reporting such information with quality isclosely related to an increase in the liquidity of the stockmarket (Borghei et al., 2018; Krishnamurti &Velayutham, 2018).

Conclusions

Focus on carbon disclosure for business scholars hasbeen increasing in the last twelve years starting in 2008when the first publication about carbon disclosure wasregistered in social science, especially for business,economics, administration, and ethics. Till 2020, theywere 178 articles published in different WOS journals,with an average of almost 15 papers per year,accompanied by a citation average per article of 19.91.This shows the gradual growth of the term in the socialsciences. The leading journals for this topic wereBusiness Strategy and The Environment, BritishAccounting Review and Corporate Social Responsibilityand Environmental, covering 19.6%, 12.07% and10.05% of the total cites. This shows about where themain knowledge about carbon disclosure is supported.

Through a bibliometric analysis and a literature reviewwe could observe some of the latest advances in theknowledge of carbon disclosure. This analysis revealshow despite of the little attention that researchers havebeen given to the definition of carbon disclosure, there isa consensus about the term with only three definitions.As an integral definition we can say that carbondisclosure is the corporate practice of systematicallycollect data, measure direct and indirect emissions

(carbon performance) and assess carbon risk withfinancial implications to communicate strategies andoutlooks to their stakeholders to provide guidance on thematter with the only purpose of contributing with theeconomy decarbonization.

Nevertheless, there is an issue arising around the topicof CD due to some other concepts have been related andused indistinctly with carbon disclosure. For example,there are at least three concepts make it difficult to beclear about carbon disclosure. These are carbonaccounting, carbon performance, and carbon reporting(Kolk et al., 2008; Pattberg, 2017; Velte et al., 2020). Itwill be important for the advancement in knowledge onissues related to corporate carbon to learn todifferentiate the terms mentioned above.

Finally, we highlight the conceptualization of Borghei(2021) as one of the main advances in the literature ofcarbon disclosure, where she finds six key researchfields: i. Strategic climate response, ii. Determinants ofcarbon disclosure, iii. Carbon accounting, iv. Carbondisclosure assurance, v. Quality Carbon disclosure, andvi. Consequences of Carbon Disclosure. We believe thatadvances in future lines of research should focus onthese components of carbon disclosure, especially whenanalyzing three of the six key areas.

The first one, when analyzing the strategic climateresponses of different industries and different contextssince they can vary greatly in both scenarios. Thesecond of these that has emerged in the last couple ofyears is on the assurance of carbon disclosure byaccounting and non-accounting companies and seeing ifit meets its objective of providing credibility andtransparency for the contexts where it can be applied.Finally, the quality of carbon disclosure is an importantissue in most countries, as carbon disclosure continues

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

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

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DOI: https://doi.org/10.36791/tcg.v7i21sept-dic.178Pp. 143-165