Carbon Emissions Disclosure and Firm Value: A Systematic Literature Review and Future Research Agenda

This study provides a systematic literature review (SLR) of prior research examining the relationship between carbon emissions disclosure (CED) and firm value. Using the PRISMA framework, 33 Scopus-indexed journal articles published between 2011 and 2025 were systematically identified, screened, and analyzed. The review documents a sharp increase in scholarly attention in recent years, with research concentrated in emerging and developed market contexts. The findings reveal that empirical evidence on the CED–firm value relationship remains mixed and highly context-dependent. While many studies report a positive association, others find insignificant or negative effects due to disclosure costs, credibility concerns, and greenwashing risks. Stakeholder, legitimacy, and signaling theories emerge as the dominant theoretical lenses. The review further highlights that the valuation effects of CED are largely contingent on institutional, governance, and information environments and are transmitted through mediating mechanisms such as corporate reputation, information asymmetry, cost of equity, and financial performance. By synthesizing theoretical perspectives, measurement approaches, and moderating and mediating factors, this study clarifies boundary conditions in the literature and proposes directions for future research on carbon disclosure and firm value.