Although stakeholder theory and slack resources theory are widely explored and supported in environmental disclosure research, empirical evidence about the role of stakeholders in firms’ voluntary carbon disclosure is still scarce, and slack resources theory are inconsistent with the effect of the environmental disclosure . Therefore, the present research focuses on influential factors that affect companies’ participation in voluntary Carbon Disclosure Project (CDP). The sample comprises firms listed in the CDP S&P 500 reports with the data of 2,483 firm-year observations (from 2008 to 2015). Panel data Tobit regressions are utilized to analyze the relationships between major stakeholders (i.e., institutional investors and creditors), green strategy (i.e., environmental expenditures and eco-efficiency), industry characteristics (i.e., environmental sensitivity and profit), and carbon disclosure scores. The results show that major stakeholders and eco-efficiency are significantly positively related to carbon disclosure scores. In addition, we observe different influences between period of financial crisis(2008 to 2010) and economic stability(2011 to 2015). We found there was inconsistency among the institutional investors in relation to carbon disclosure score influence; in the period of financial crisis it was significantly negative, and in both periods of economic stability it was significantly positive. Under the conditions of profit, when the company size is bigger, there is a more significantly positive relation to the carbon disclosure score, and the current study can complement previous empirical studies discussing how stakeholder theory and slack resource theory are applied in the examination of firms’ voluntary carbon disclosure.