The impact of climate risk disclosure on corporate valuation and investor behavior: an economic study using global regulatory data

We investigate the impact of climate risk disclosure on corporate valuation and investor behavior, using a difference-in-differences framework on a 2015-2025 panel of 456 firm-year observations from 128 unique firms from Uzbekistan and Central Asian peers. Leveraging TCFD-aligned regulatory data from Refinitiv and Compustat, we find disclosing firms experience a robust 15-18% Tobin’s Q premium post-mandate, with high-quality reports yielding 2.5% cumulative abnormal returns (CARs). Such effects are stronger in climate-exposed sectors, reducing cost of capital by 9% and elevating institutional ownership. The results of our study advocate mandatory disclosures to enhance market efficiency and attract sustainable capital in transitioning economies like Uzbekistan.

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