The debate surrounding climate change often centers on companies' contributions to global warming, which has led to an increase in the importance of carbon disclosure. We evaluate the current state of related research and identify its trends, coherences, and caveats via a systematic literature review. Sociopolitical theories of disclosure, economic theories of disclosure, and institutional theory serve as the main theoretical anchors for our exploration. The existing research emphasizes the determinants and, to a lesser extent, effects of carbon disclosure, as well as the associated regulatory issues such as voluntary versus mandatory disclosure. Additionally, we discuss related topics, such as assurance and risks. We find that a large portion of scholarly work provides no link to theory, despite the fact that such links can be identified, for example, from the financial disclosure literature. Finally, we report on the established knowledge and examine the need for additional research.

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Organizational performance is a fundamental construct in strategic management. Recently, researchers proposed a framework for organizational performance that includes three dimensions: accounting returns, growth, and stock market performance. We test the construct validity of indicators of these dimensions by examining reliability, convergent validity, discriminant validity, and nomological validity. We conduct a confirmatory factor analysis with 19 analytically derived indicators on a sample of 37,262 firm-years for 4,868 listed U.S. organizations from 1990 to 2010. Our results provide evidence of four, rather than three, organizational performance dimensions. Stock market performance and growth are confirmed as separate dimensions, whereas accounting returns must be decomposed into profitability and liquidity dimensions. Robustness analyses indicate stability of our inferences for three dissimilar industries and for a period of 21 years but reveal that organizational performance dimensions underlie dynamics during years in which environmental instability is high. Our study provides an initial contribution to the clarification of the important organizational performance construct by defining four dimensions and validating indicators for each dimension. Thus, we provide essential groundwork for the measurement of organizational performance in future empirical studies.

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