Quality, determinants and financial consequences of climate change disclosures: a structured review

Recent years have seen rapid growth in research on climate-related disclosures, yet existing reviews mainly focus on carbon and GHG reporting through the Carbon Disclosure Project (CDP), overlooking the broader framework introduced by the Task Force on Climate-related Financial Disclosures (TCFD). This study conducts a structured review of 134 peer-reviewed articles (2010–2025), all published in journals ranked 2* or higher according to the ABS 2024 Journal Guide, to integrate insights from both CDP and TCFD perspectives. The review makes three key contributions over past studies. First, it provides a structured and integrative synthesis to date by bridging CDP and TCFD based disclosure research, while prior reviews largely examined carbon disclosure in isolation. Second, it develops a thematic framework encompassing disclosure characteristics, quality and compliance, determinants, financial consequences and greenwashing, dimensions that earlier reviews treated separately. Finally, it advances the methodological rigor of prior reviews on climate related disclosures by applying a structured review and by identifying underexplored empirical gaps to guide future research. The findings offer actionable insights for regulators, investors and firms aiming to strengthen the quality, comparability and credibility of climate-related disclosures.