TRR 266 · Working Paper No. 144 ● Interactive edition
Accounting for Transparency

Climate Disclosure in Financial Statements

An interactive walkthrough of the empirical pipeline — from the raw filing text to the evidence on whether financial statements reflect firms' climate exposure.

Maximilian A. Müller
University of Cologne
Gaizka Ormazabal
IESE Business School · ECGI · CEPR
Thorsten Sellhorn
LMU Munich · TRR 266
Victor Wagner
LMU Munich · TRR 266
Posted
March 2024 · rev. May 2025
Length
75 pages
Method
Textual analysis
DOI
10.2139/ssrn.4763140
01

Does the bedrock of corporate reporting see the climate?

Climate exposure is increasingly recognized as a driver of firm value. Firms discuss it freely in ESG reports — but do the financial statements, where it would carry audit and enforcement weight, reflect it at all?

This is the interactive companion to the working paper. Each tab walks through one step of the empirical pipeline — from raw filing text to the summary evidence — so the analysis can be read as a sequence rather than a static PDF.

Three sets of findings

Finding 1 — Prevalence
Finding 2 — Determinants
Finding 3 — Value relevance