In corporate boardrooms around the world, climate change has quickly risen to become a major issue, matching public concern. Recently, corporate management has encountered stakeholder pressure to disclose more information about their carbon profile and their plans to improve it. They have also been challenged to find the appropriate strategy for carbon disclosures, requiring an understanding of the costs and benefits of both carbon improvement initiatives and the reporting of them.

Using a unique data set that contains firms listed on the FTSE 350 index on the London Stock Exchange market from 2009 to 2015, we apply the event study method to examine market reaction to carbon disclosures. The results show that investors respond significantly negatively to carbon disclosure announcements via Carbon Disclosure Project (CDP) of FTSE 350 firms. Moreover, for firms working in carbon-intensive industries, investors react to carbon disclosure announcements in a more significantly negative way compared with the main sample. We also find that the study's main findings are driven by the smaller FTSE 350 firms. Furthermore, a subsample of observations for the financial crisis period of 2007–2008 was analyzed to explore the examined relationship during the crisis. In contrast, a significant positive market reaction to carbon disclosure was found for the 2007–2008 crisis period. Our study's findings offer fresh insight and updated policy implications for investors, management and sustainability institutions. We recommend management accompanies their carbon disclosures with more explicit statements of reasons for carbon initiatives and the benefits arising from them.

在世界各地的公司董事会中，气候变化已迅速成为一个重大问题，引起了公众的关注。最近，公司管理层遇到了利益相关者的压力，要求他们披露有关其碳排放量及其改善计划的更多信息。他们也面临着寻找合适的碳披露策略的挑战，要求了解碳改善计划的成本和收益以及它们的报告。

我们使用包含2009年至2015年在伦敦证券交易所市场上FTSE 350指数中列出的公司的独特数据集，将事件研究方法应用于调查市场对碳披露的反应。结果表明，投资者通过FTSE 350公司的碳披露项目（CDP）对碳披露公告做出了明显的负面反应。此外，对于从事碳密集型行业的公司而言，与主要样本相比，投资者对碳披露公告的反应更为消极。我们还发现，该研究的主要发现是由较小的FTSE 350公司驱动的。此外，还对2007-2008年金融危机期间的观察结果子样本进行了分析，以探讨危机期间的考察关系。相反，在2007年至2008年的危机期间，发现市场对碳披露有积极的积极反应。我们的研究结果为投资者，管理和可持续发展机构提供了新的见识和最新的政策含义。我们建议管理层在碳信息披露的同时，更明确地说明碳倡议的原因以及由此产生的收益。