International Journal of Energy Economics and

Policy
ISSN: 2146-4553

available at http: www.econjournals.com

The Analysis of Green Accounting Cost Impact on Corporations

Hosam Alden Riyadh1*, Maher A. Al-Shmam2, Henry Hongren Huang3, Barbara Gunawan4,
Salsabila Aisyah Alfaiza5

Universitas Muhammadiyah Yogyakarta, Indonesia, 2University of Mosul, Iraq, 3National Central University, Taiwan, 4Universitas
1

Muhammadiyah Yogyakarta, Indonesia, 5University of Airlangga, Indonesia. *Email: [email protected]

Received: 16 January 2020 Accepted: 13 August 2020 DOI: https://doi.org/10.32479/ijeep.9238

ABSTRACT
This research aimed to analyze the green accounting (GA) impact on financial performance (FP). The research question pertaining to this research will
answer empirical investigation and analysis in the top 100 multinationals corporations. The research seeks to answer the questions: Does green accounting
cost have an impact on financial performance in the top 100 multinationals corporations? Thus, secondary data and multiple regression analysis were
employed in this research, such as CSR reports, sustainability reports, and financial statements. The selected corporations were 100 largest multinational
corporations in the year 2018. Then, the green accounting used a proxy of the environmental cost (EC), while financial performance employed a proxy
of Return on Capital Employed (ROCE). The finding of autonomous Green Accounting costs on financial performance has a negative relationship.
Keywords: Green Accounting, Environmental Cost, Financial Performance
JEL Classifications: О14, D24, С41

1. INTRODUCTION needs to make sure that the economy has a good level of efficiency
for its environmental preservation activities and the company’s
The impact of environmental problems on business management overall business operations (Kundu and Hauff, 2009). Accounting
issues, auditing, accounting, and disclosure systems must of environmental management is contained in the environmental
inevitably be considered by accountants as the principal accounting. In environmental management accounting, this
custodians and mild bearers of financial development. At present, accounting is converged like material, aspects of energy stability,
environmental protection and the potential involvement of and the information of environmental cost. This accounting is
accountants is a popular issue among accountants throughout the included in the environmental accounting segment, which is
world (Pramanik et al., 2007). Thus, accountants for now and in the an internal environmental accounting instrument, for carrying
future are predicted to take on the cost function of environmental out investment activities or projects related to environmental
safety technique with the liberalization, by getting rid of exchange conservation during all operating tactics, as well as estimating
boundaries. It becomes logical that the environmental degradation environmental impact for a specific duration (Gray et al., 1996).
costs are due to industry matters that must be internalized in the
company’s account as far as possible. For this reason, the reporting Moreover, Eco Balance is a branch of environmental accounting
and accounting of the environment are critical at this time. and classified under environmental management. It is considered an
internal environmental accounting instrument to reinforce actions
The ultimate goal of green accounting or environmental accounting and activities for the management of sustainable environmental.
at any organizational level is aimed to determine the organization’s Then, accounting of corporate environmental, which is an

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 Riyadh, et al.: The Analysis of Green Accounting Cost Impact on Corporations Financial Performance

instrument to tell the community of related information, is arranged scrutinize the environmental accounting costs impact on financial
accordingly. It can be stated as corporate environmental reporting. performance. This research aims to fill this gap by exploring
Thus, consequently, from environmental conservation activities this issue by developing a framework that can be employed to
in monetary amounts and values, it utilizes costs and effects. The explain the environmental accounting costs impact and financial
second form of environmental accounting, according to Kundu performance. This framework will be built by using previous
and Hauff (2009), concentrates on the costs of environmental studies, legitimacy theory and stakeholder theory. These are the
liability and other substantial environmental expenses reporting. gaps in the research that wants to be bridged.

According to Banerjee (2001), there is a need for green accounting It is essential, in this context, that there is an empirical correlation
at the level of corporate, for example, green accounting at the between firm environmental accounting costs and financial
corporate level that assists the management in understanding performance. In particular, a finding of a positive connection
whether or not the organization has been on the right path for between the two factors could be deduced as offering help for the
responsibilities towards sustainable development with business ‘win-win’ contention. Indeed, many of these research experienced
objectives. On the other hand, environmental issues could affect limited data and/or model specification errors although previous
financial statements arranged on an accrual basis in several empirical research in the two fields have found different results.
ways. At the corporate level, environmental accounting is To date, in the literature, specific gaps exist, namely the fact
needed, according to Banerjee (2001). For example, it is to assist that very few studies that control dynamic impacts or company
understanding of management, whether or not the sustainable heterogeneity in financial performance and environmental
development responsibilities with the business goals of the accounting costs. As a result, this study analyzes the relationship
organization have been on the right path. On the other hand, between the environmental accounting costs impact on financial
financial statements can be affected by environmental problems performance.
in many ways, which are arranged on an accrual basis. Several
standards of international accounting state the general principles for Moreover, this research expects to have several theoretical
measurement, disclosure of environmental issues, and recognition contributions, first, it expecting to expend environmental
in statements of financial (IAS-39), such as International Financial accounting literature by coming up with a theoretical framework
Reporting Standard (IFRS), Financial Accounting Standard Board that helps explains a dearth of environmental accounting utilization.
(FASB), and International Accounting Standard Board (IASB). A Second, it is expecting to provide a new insight interpretation
commitment to recognizing assets impairments could be involved to developing a scientific model by giving accounting-based
in the environment associated laws introduction and result in recommendations of environmental accounting that can hold a
requirements for writing down the carrying amount. The need for better effect.
workers to redress costs, compensation, or legal costs, is a result
of failure to adjust legal requirements regarding environmental The practical contribution presents recommendations that can
issues, such as waste disposal and emissions (Rahman, 1999). The aid corporations in grasping several types of environmental
author pinpoints that companies can risk fines or penalties if they accounting. An overview of the previous literature has indicated
fail to meet legal requirements related to pollution management. a dearth in research on environmental accounting status in
Some annual costs related to the natural environment, for example, multinationals corporations, and specifically, multinationals
energy costs, need to be considered at the level of association of corporations should have ideal practices as notable that past
environmental values due to fossil fuels use that can be a supply studies with regards to the environmental issues only focused on
of pollution and dioxide. descriptions disclosures, and not on the effect of environmental
accounting cost or practices (Abdulhamid et al., 2005a; Ahmad
In addition, small part profits for the company themselves accrued et al., 2004; Bayoud and Kavanagh, 2012). Therefore, this study
from the environmental performance have been stated by the provides comprehension enhancement of the status and the impacts
traditional economic debate view, and as a result, companies of environmental accounting in multinationals corporations. In
have incentives to implement and under-adopt in environmental addition, this research may help to generate or improves the
accounting. On the other hand, the interference of the government awareness and consciousness of the decision-makers overworld
to impose the standard of environmental will consequence in towards environmental accounting topics in enhancing both
the transaction between costs to the firm (from lower profits) the economic and environmental performance and achieving
and benefits to society (from improvements in environmental sustainable financial performance.
measures). On the contrary, tighter regulations might offer a
broad performance boost for company profitability, as claimed
by several authors such as (Porter and van der Linde, 1995), by 2. THEORETICAL REVIEW AND
directing them to emphasize on increasing customer satisfaction EMPIRICAL REVIEW
and sales, as well as reducing production costs. Therefore, to date,
in the literature, specific gaps exist, namely the fact that very few 2.1. Theoretical Review
studies that control dynamic impacts or company heterogeneity are 2.1.1. Stakeholders theory
considered in financial performance and environmental accounting The fundamental and essential recommendation of the
costs. Besides, a significant body of literature has observed that the stakeholders’ theory that the company’s accomplishment depends
green accounting technique is very limited attention has been set to upon the viable and effective administration of the considerable

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 Riyadh, et al.: The Analysis of Green Accounting Cost Impact on Corporations Financial Performance

number of connections that an organization owns with its partners. 2.2. Empirical Review and Hypothesis Development
Stakeholders’ theory, a term initially presented by Stanford 2.2.1. Green accounting and financial performance
Research Institute (SRI) (SRI), highlighted that stakeholders Green accounting is a wide field of accounting used at different
are those groups without whose help the association would accounting levels, such as the national accounting level, financial
stop to exist (Freeman, 1983). In building up the stakeholder accounting level, and management accounting level (Boyd, 1998).
theory, it fuses the stakeholder’s idea into classifications (i) a Green Accounting or Environmental accounting in the broader
business policy model and planning, and (ii) a corporate social term aims to provide environmental information to both external
responsibility model of stakeholder management. In the first and internal stakeholders (Ditz et al., 1995). Environmental
model, stakeholder evaluation emphasizes making and assessing accounting could be employed to reveal the potential benefits
the agreed choice of company approach by using groups whose of environmental investments to generate profits, and avoid
assistance is needed for company sustainability. Despite the environmental liabilities (Beer and Friend, 2006).
fact that these companies are not adverbial in nature, their
perchance contradictory conduct is viewed as a steady on the In this regard, Gray and Bebbington (2001, p. 7) describe that green
technique created by the management to top-notch coordinate accounting covers several aspects which include evaluating potential
their company’s assets with the environment  (Deegan and environment-related liabilities; re-evaluating environment-related
Gordon, 1966). assets and capital projections; developing accounting information
systems in order to include different environmental performance
Consistently, in the second model, corporate analysis and planning aspects; evaluating investments in environmental terms; analyzing
comprise external effects that can conflict with the company. These costs in several areas, for example, environment protection,
hostile teams could exemplify the limited reformers as well as wastes, and energy; developing new accounting techniques that
intrigue groups associated with social issues (Guthrie and parker, express environment-related assets, costs and liabilities in both
1990). The second model causes accountants and managers need non-financial and financial terms, and assessing environmental
to anticipate a versatile strategic arrangement to differ inside the programs in terms of expenses and benefits.
social requests of the non-traditional stakeholder team.
The main aim of green accounting is providing information about
Stakeholder theory suggests multiple stages of environmental environment-related activities in addition to information generated
recognition that causes the group’s need to extend their company by conventional accounting. In fact, several and varied definitions
planning to comprise non-traditional stakeholders, such as business of environmental accounting were drawn up by several researchers,
hostility regulations to alter the social needs changes (Trotman, that defined environmental accounting as the field that comprises
1999) cited in (Bassey et al., 2013). The core worry of stakeholder three distinctive contexts: Financial accounting, management
theory in accounting establishing is to look at the components accounting and national income accounting at several levels at
of environmental values and valuations, and include them in the national, regional and firm levels, and applicable to a product line,
money statements. The management (agent) company would a facility, an activity, or a system (Bennett and James, 1998; Graff
higher perceive the inner state of a corporation compared with et al., 1998; Gray and Bebbington, 2000; Schaltegger and Burritt,
the owner (principal). Such conditions would trigger the potential 2006). The research focuses on the impacts of environmental
for fraud management to satisfy personal interests. One sort of accounting in firms at level or subsets of environmental
fraud that presents info that does not correspond to the particular accounting as environmental, and financial accounting focuses
condition of the corporate. This spatial property could result in a on disclosing information related to environment, such as costs
misallocation of capital. linked to environmental liabilities and other costs associated with
environment.
2.1.2. Legitimacy theory
This theory has been ensuing from the social science paradigm Continuously, the final measure of financial performance, how
and emphasizes this supposition that a company should reserve well the firm usage its resources to get profits. It had been
its social function by meeting to social needs and contributing measured by exploitation accounting measures of profit. Dunk
the community a higher image. The companies increasingly (2002) examines the degree to which the quality of product and
try and show their positive operations to social activities the application of environmental accounting positively affect
unusually, to attain legitimacy, and show a favorable image of quality performance. He recommended that the coordination of
their corporation. In earlier times, profit maximization was an environmental problems into the financial decision process by
honest benchmark for the legitimacy of any organization, but utilizing environmental accounting would add to improving the
given dynamical expectations in societies in recent decades, the quality and overall performance of the company. Extensively,
quality of legitimacy in organizations is that they avoid harming environmental accounting involves identifying, measuring and
the atmosphere or compensate incoming harm. This theory allocating environmental costs, integrating these costs into
is extensively wont to clarify social and environmental info business, identifying environmental obligations, if any, and finally
reportage motivations. Moreover, the social compression on firms, communicating this information to company stakeholders as a
additional, they have to allow their activities legitimacy ahead of component of general-purpose of financial statements.
society and additional they use such instruments as a social and
environmental info speech act by Ali Khani et al., 2014. second According to Adediran and Alade, in 2013, they investigated
citation in (Noodezh and Moghimi, 2015). the environmental accounting impact on the performance

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 Riyadh, et al.: The Analysis of Green Accounting Cost Impact on Corporations Financial Performance

of a company in the Republic of Nigeria. It investigates the Based on Sarumpaet’s (2005) study, entitled “the relationship
relationship among return on capital employed (ROCE) and between environmental performance and financial performance
environmental accounting; earnings per share (EPS) and net in Indonesian,” it concluded that, in Indonesia, environmental
profit margin (NPM) dividends per share (DPS), as secondary performance is not significantly correlated with financial
knowledge obtained from the annual report and account of performance. The data were collected from 252 companies;
the fourteen (14), voluntary selected companies quoted in the however, the result revealed that financial performance is not
Nigerian securities market for the year 2010. The information significantly correlated with environmental performance and
was then examined mistreatment multivariate analysis. The company size; while stock exchange listing and ISO 14001 are
result referred that environmental accounting incorporates an significantly related to environmental performance.
essential relationship with the assorted variables utilized in
activity company performance. In addition, over that general The issues of politics and socioeconomics are assumed to be
image that arises from recent reportage since the revelations of essential by the environment throughout the world. According to
environmental info measures voluntarily, there is a diversity of Pandey (2016), the study mainly seeks to prove whether there is
observations. Giant corporations tend to report much setting info a significant correlation between environmental costs experienced
in their annual reports compared to the medium-scale businesses. by companies and profitability. This study utilized secondary
Therefore, even though there is a significant correlation between data obtained from company annual reports for a 5-year period
company performance and environmental accounting, the speech that was from 2010-2011 to 2014-2015 and various web sources.
act tends to be a lot of qualitative than quantitative. NTPC, NHPC, Hindalco, TATA Steel, and NMDC were chosen
to reveal the environmental expenditure effect on company
According to Makori and Jagongo in 2013, they describe financial performance. The environmental costs for the dependent
environmental accounting as the skill to produce correct information variable and EPS, P/E ratios and ROCE (a good indicator of
in monetary statements. It is related to the calculated social value financial performance) data for the independent variable. Each
caused by the externalities of the surrounding assembly. It is the annual report of company was for the data of environmental
way that many intentional intervention values have been issued costs, while the company’s website and database provided data
to connect the gap between marginal social values. Therefore, the for independent variables and control variables. This examination
marginal personal value of a company supports their research that joins organization size (as far as market capitalization) and the
examines the correlation between environmental accounting and proportion of price value to books as a control variable. This
the profits of designated companies registered in Asian countries. study employed a regression analysis based on the sample data
It was a study of information gathered from accounts of fourteen and analysis, which found that there was no critical connection
randomly selected company and annual reports quotes on the between the company’s environmental expenditure and its
Mumbai stock market in an Asian country. The information was financial performance. Furthermore, it was also discovered that
analyzed exploitation, multiple correlation models. The findings of organizations with greater market capitalization spent more on
his research showed that there is a significant negative relationship environmental problems. Based on the arguments above, this leads
between environmental accounting and come on capital utilized to investigate and formulate the following proposition:
(ROCE) and earnings per share (EPS) and a significant positive
relationship between environmental accounting and profits margin Ho: There is a positive relationship between green accounting and
and dividend per share. Supporting this research, it has been return on capital employed
suggested that the government ought to provide a step-down for
companies that accommodate their environmental laws, which 3. RESEARCH METHOD
environmental news must be made compulsory in Asian countries,
thereby improving organizational performance and therefore the 3.1. Research Design
nation as a whole. Many scholars have termed the research design. Beck (2003)
describes research design as an arrangement to find solutions to
The study (Bassey et al., 2013) scrutinized the effect of reporting the inquiries being examined and for dealing with some issues
and accounting of environment on organizational performance with experienced during the examination process. To seek out the
specific reference to oil and gas companies operating in Nigeria. impact between totally different variables, it can be analyzed the
This research was conducted using the Pearson product-moment data using exploitation multiple regression analyses through the
correlation coefficient. Unfortunately, environmental costs have a employment of the economic model, which means that economics
significant relationship with company profits. This study concludes models square measure applied mathematics models employed in
that environmental cost management thoroughly influences economic science.
company profits and improves organizational performance,
so many companies report and disclose environmental related 3.2. Research Variables and Measurements
information. In addition, environmentally friendly organizations 3.2.1. Environmental accounting
enjoy a high level of company amenability. Finally, the scarcity Green accounting is a cost issue related to the environment that is
of environmental reporting and disclosure standards significantly more transparent with company accounting reports and systems. In
influences the uniformity of reportage and the revelation of other words, it is a system that tries to make the best quantitative
information related to the environment in annual reports, money judgment possible. The measurement in this study would utilize
reports, and accounts. the sum consumed by each corporation as their environmental costs

424 International Journal of Energy Economics and Policy | Vol 10 • Issue 6 • 2020
 Riyadh, et al.: The Analysis of Green Accounting Cost Impact on Corporations Financial Performance

are operated as an intermediary for environmental accounting on costs is a negative 8939618, which is represented by (ENVC) as
return on capital employed (ROCE). observed using the variation coefficient from the above model.
As a result, a unit change (ENVC) will cause a negative change
3.2.2. Financial performance of around 29863504 units in the ROCE minus the autonomous
Financial performance is how well a company could employ component provided that other variables remain constant.
resources from its primary business mode and create incomes.
This term is additionally utilized as a general proportion of the
4. CONCLUSION
company’s overall financial wellbeing over a period and can be
employed to compare similar companies in the same industry.
Green accounting include all expenses gained related to
Financial performance is uncovered by the later markers: added
environmental protection, such as the treatment of emissions as
value or profit; budget, costs, sales; expenses or costs; indicators of
wasted material, labor, and capital, which is thus referred to as
the stock market (e.g., stock prices); and autonomy. Intermediaries
“non-product output,” caused by inefficient production activities.
for financial performance additionally incorporate the measures
Completely different thoroughly companies might contemplate
of performance accounting, return on assets (ROA), and return on
different parts into environmental prices; however, it is necessary
equity (ROE). The financial performance features to be measured
that each one important and relevant price square measure
are ordered into four indicators: net profit margins (NPM), return
incorporated for sound deciding purpose. The final picture,
on assets (ROA), and earnings per share (EPS). Then, this research
which arises from current reporting, is that since disclosure of
would be ROA.
environmental information units is voluntary, there has been a
Variable name, indicators and measurement variety of reporting actions. In addition, giant corporations tend
Variables Indicators Measurements to report much setting info in their annual reports compared to
Green Environmental Amount of money by USD the medium-scale businesses. Therefore, even though there is a
accounting cost spent on ‑ environmental significant correlation between green accounting and company
protection reduce emission performance, the speech act tends to be a lot of qualitative than
Financial Return on capital quantitative.
performance employed

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