By considering the theoretical association between corporate transparency, information asymmetry and firm risk, this paper investigates the relationship between corporate carbon disclosure and firm risk in the UK context. Using a sample of FTSE350 firms with Carbon Disclosure Project based year-observations from 2007 to 2015, we find that enhanced voluntary carbon disclosure reduces a firm’s total, systematic, and idiosyncratic risks. We also find that this negative association is driven mainly by carbon-intensive industries. Additional tests show that carbon disclosure was not a significant determinant of a firm’s risk until after the global financial crisis of 2007–2008. Our findings are of interest to stakeholders, including business managers and investors as they have considerable interest in assessing firms’ survival and sustainability.

通过考虑企业透明度、信息不对称和企业风险之间的理论关联，本文研究了英国背景下企业碳披露与企业风险之间的关系。使用基于 2007 年至 2015 年碳披露项目的年度观察的 FTSE350 公司样本，我们发现增强的自愿碳披露降低了公司的总体、系统和特殊风险。我们还发现这种负面关联主要是由碳密集型行业驱动的。其他测试表明，直到 2007-2008 年全球金融危机之后，碳披露才成为公司风险的重要决定因素。我们的发现对利益相关者很感兴趣，包括业务经理和投资者，因为他们对评估公司的生存和可持续性非常感兴趣。