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Zahra Borghei

First Name: Zahra
Surname: Borghei-Ghomi
Department Dept of Accounting and Corporate Governance
Supervisor(s): Prof Philomena Leung ,

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Paper Title

Voluntary Greenhouse Gas Emissions Disclosure Impact on Accounting-Based and Market-Based Performance


The objective of this research is to investigate the effects of greenhouse gas emissions (hereafter, GHG) disclosure practice on market-based and accounting-based performance using a cost-benefit theoretical framework.

Key literature/theoretical perspective

While there have been several studies on the relation between GHG disclosure and firm-specific characteristics through the participation of Carbon Disclosure Project (CDP), there is very limited research on the direct interaction between voluntary GHG reports and firm performance (The CDP is an independent non-profit entity that collects carbon emission-related data). Studies such as Cho & Patten, (2007) that examine the incentives of disclosure ignore the distinctive perceptual opportunities of voluntary disclosure in GHG setting through public domain information. Current research is expected to fill these gaps.

Research limitations/implications

The lack of a long series of data is an obstacle for a broader analysis. The result of this research will provide evidence-based input in the development of GHG reporting standard. Examination of disclosures should be also beneficial for companies interested in knowing how others have estimated the cost-benefit trade-off associated with voluntary disclosures (Gray, Kouhy, & Lavers, 1995). Further professional members involved in corporate reporting might become more motivated to include GHG disclosure in their reports.


Voluntary Disclosure, National Greenhouse and Energy Reporting Act, Accounting-based performance, Market-based performance.