Carbon disclosure by country and sector Panel A of Table II shows carbon disclosure by country. The USA, Japan and the UK had the most observations, accounting for 20.49, 19.90 and 11.78 per cent of the sample, respectively. Canada (53.52 per cent), the USA (52.74 per cent) and the UK (52.7 per cent) had the highest percentage of disclosure firms, followed by The Netherlands (52.38 per cent); China and Russia had the lowest percentages (8.97 and 12.20 per cent, respectively). Overall, only 41.12 per cent of firms had publicly disclosed carbon related data in the CDP, which is not satisfactory, given that these firms represent the largest companies in each country. In untabulated results, we found that 20 per cent of firms in developing countries made public disclosures of their green activities, compared to 45.1 per cent in developed countries. Using both a two-tailed t-test and the Wilcoxon rank-sum test, the difference between the two groups is statistically significant at the 0.01 level. This initial result is consistent with our hypothesis. Panel B of Table II shows carbon disclosure by GICS sector. Companies from the utilities sector (which is carbon-intensive) exhibited the highest tendency (62 per cent) to disclose, followed by firms in telecommunication services (54.90 per cent) and information technology (46.73 per cent).