Empirical Evidence on Carbon-Emissions Disclosure Quality (CDQ) and Its Drivers in Emerging Markets: A Case Study of Egypt

This study assesses carbon-emissions disclosure quality (CDQ) and its drivers among Egyptian-listed firms. Using longitudinal content analysis, we examine EGX100 companies from 2020 to 2024, comprising an unbalanced panel of 442 firm-year observations and 112 unique firms. A 15-item Carbon Disclosure Quality Index (CDQI), covering Transparency, Comparability, and Reliability, is scored on a 0–2 rubric based on GRI 305, TCFD/IFRS S2, and SASB guidance. Intercoder reliability reached κ = 0.86. We test determinants of CDQI using pooled OLS with year fixed effects, firm-level controls, and firm-clustered standard errors. The findings show a clear upward trajectory in CDQI through 2024, while overall disclosure quality remains weak to moderate. Transparency recorded the greatest improvement, while Comparability remained the weakest dimension and Reliability continued to be constrained by limited assurance and methodological disclosure. Petrochemicals, Energy, Cement, and Basic Materials achieved the highest 2024 scores. Regression results indicate that environmental sensitivity, internationalization, dual listing, firm size, and later reporting years are positively associated with CDQI. The study provides evidence on multidimensional disclosure quality in an emerging market and proposes a practical roadmap for standardization, data governance, sector-specific reporting, and phased external assurance.