TY - JOUR AU - del Olmo García,F. AU - Crecente Romero,F. AU - Pradillo Fernández,C. AU - Sarabia Alegría,M. KW - Carbon footprint KW - Environmental impacts KW - Financial ratios KW - Non-financial information KW - Sustainability T1 - Carbon footprint and firm performance: evidence from Spanish companies LA - eng PY - 2026/03/24/ SP - 281 EP - 302 T2 - Journal of Risk Finance SN - 2331-2947 VL - 27 IS - 2 PB - Emerald Publishing AB - Purpose – The objective of this research is to determine whether there is a positive relationship between the transparency of information on a company's environmental impacts and its main economic-financial ratios, such as profitability or leverage, for a sample of 1, 170 Spanish companies, 585 of which submit detailed non-financial reports on their carbon footprint emissions and the other 585 do not report, assuming a control sample. Design/methodology/approach – The methodology employed uses a counterfactual analysis to help determine the existence of significant differences between the different samples, as well as several regression models to explain the relationship between carbon footprint and financial ratios. In this way, it can be tested whether the greater the transparency of information on the ecological footprint, the better the business performance and, within the companies that report their carbon footprint, whether the lower the emissions, the higher the return on assets. Findings – The results indicate that the impact of carbon footprint disclosure is not identical across sectors. Thus, industries with high emissions, such as energy and manufacturing, show stronger relationships between environmental transparency and financial performance, due to the influence of sector-specific regulations on the matter. On the other hand, large companies are subject to greater control by public authorities, as well as by different interest groups or stakeholders. Originality/value – The value is that companies that opt for greater transparency in the disclosure of their non-financial carbon footprint information tend to gain competitive advantages in financial terms. These companies demonstrate that sustainability can not only be environmentally friendly, but also lead to better economic and financial performance. DO - 10.1108/JRF-05-2025-0238 UR - https://portalcientifico.uah.es/documentos/69a3b251c355ec16584b8f05 DP - Dialnet - Portal de la Investigación ER -