Literatur zu den verschiedenen Konsequenzen. Kapitel 3 ist daher in zwei Unterkapitel gegliedert, wobei in jedem Unterkapitel zwei Auswirkungen betrachtet werden. Im letzten Kapitel folgt eine Zusammenfassung der wichtigsten Ergebnisse. Diese werden kritisch gewürdigt und es werden Implikationen für die zukünftige Forschung aufgezeigt (Kapitel 4). This paper aims to give an overview of the current state of research, which examines the consequences of nonfinancial disclosures. More specifically, its objective is to show the impact of CSR-disclosure both on the capital market and on the companies themselves. Therefore, 29 international paper were analyzed. Current literature finds that the disclosure of nonfinancial information plays an important role in communicating with investors, analysts and other market participants. Hence, it can lead to consequences on the capital market (e.g. changes in information asymmetry and stock market) and have a direct impact on companies (e.g. changes in cost of capital, effect on firm value). The effects vary, depending on whether the information is voluntary disclosed or due to regulatory requirements as well as published separated or integrated in the annual report. Even though it can be generally concluded that information gaps between stakeholders and managers can be reduced, it remains uncertain whether positive market reactions can be attributed to the nonfinancial disclosures or arise from different methods of measurement.