Professional Documents
Culture Documents
An Undergraduate Thesis
Presented to the Faculty of the
COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTANCY
Eastern Samar State University
In Partial Fulfillment
of the Requirement for the Degree
BACHELOR OF SCIENCE IN ACCOUNTANCY
MAY 2018
TABLE OF CONTENTS
1 INTRODUCTION 2
3 METHODOLOGY 22
4 BIBLIOGRAPHY 26
5 APPENDICES 32
LIST OF FIGURES
1 Relationship of Environmental information and social responsiveness to Green Accounting . . . . . . . . 21
LIST OF APPENDICES
Appendix 1: Letter of Request . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
INTRODUCTION
Global warming, ozone depletion and environmental pollution are environmental concerns
that affect everyone (Ismael, 2017). In recent years, the negative environmental effect of economic
development has become a main concern of the public in the Philippines and all over the world.
Thus, these phenomenon alerts humans to the need to act responsibly with regard to the
environment because its gradual effect to the environment becomes more urgent concern on
The impact of any business activity in the environment is found in several forms: air, water,
underground pollution, drinking water, land and habitat for endangered and threatened species,
oceans, atmosphere, land mass etc (Yakon & Dorweiler, 2004). These are all accountable in every
business activity because it contributes to the adverse effect on the environment and its impact
needs to be considered and integrated into management decision and accounting reporting.
One of the industries that give greatest impact on the environment is the Gas and Oil
industry. According to the International Energy Agency, energy-related carbon dioxide (CO2)
emissions are the majority of global greenhouse gas (GHG) emissions, while oil and gas are the
largest source of fuel combustion emissions and responsible for approximately 53% of global
2
The overall environmental impact of its operations on natural environment is very high, as
the operations of this industry can cause air pollution and water pollution, both of which can be
detrimental to the natural environment. Several vital environmental incidents that occurred in the
oil and gas industry worldwide have revealed the significant impact of this industry’s activities on
the environment, which in turn have contributed to increasing concern of public and other
stakeholders regarding oil and gas companies’ environmental impacts. As a result, oil and gas
companies are facing increasing pressure to disclose information regarding their environmental
There can be adverse effects on the environmental at each stage of oil and gas development,
production, transportation, and refining. Several environmental risks are inherent to oil and gas
activity – natural resource depletion, air emissions, interference in the territories, biodiversity
impacts, and waste disposal, to name just a few. In addition, oil and gas activity has the potential
to endanger the occupational health and safety of the people engaged in such activities (Eltaib
Elzarrouk, 2012)
With these effects to the environment on the activities of the gas and oil industry, green
shortcoming. One of these issues is capturing all the information, both financial and non-financial,
which relates to the environmental problems (Steadman et al. 1995). Lee (2007) also states that
environmental damage is presented as one of the problematic concerns for the company itself,
specifically for oil and gas companies. He concluded that most problematic risks in the extractive
industry are those associated with the environmental impacts of the company’s operations.
3
The key role of environmental accounting is to facilitate disclosures regarding the
environmental responsiveness of the oil and gas industry. This is an important element which could
be used as a tool to influence society’s perception towards its operation. It is the reason why green
accounting has become the focus of the public and society. (Costosa, 2008)
reporting, accountants must not put down the lid on the effect of environmental issues on business
management, accounting, audit and disclosure system (Bassey, Effiok & Eton, 2013). They are
expected to take proactive role to protect the environment by accounting all business activity that
concerns the environment in conformity with the standards in accounting and reporting. At the
same time, the management of the company must take precautions in addressing these issues.
Borongan City being the capital in the Province of Eastern Samar has an increasing rate of
environmental issues such as the frequent devastation of typhoon and expected to multiply it in
the near future. It is indispensable for Gasoline and Oil industry to be socially responsible since it
is considered as one that has the greatest impact on the environment. For this reason, the practice
of green accounting is actually necessary for them to assess the effect of the environmental loss
the industry itself, but most especially to the society and environment at large. The negative impact
of this kind of industry has become controversial issues in the world particularly the operation for
this kind of industry is very pervasive to the environment and its different consequences would be
very dangerous to the human existence. Therefore, the top priority of this industry is to protect the
4
Consequently and corresponding to this increasing attention, the oil and gas sector have
profound production impact in the environment, the conduct of this study has explored to the
assessment of different gasoline and fuel industry whether they adopt green accounting and
whether they include relevant environmental information and if such have been implemented, the
effect of it to the decision making of the users. In general, this study determines the degree of
compliance of the Gas and Oil industry to environment accounting and the predictors that affects
their corporate social responsibilities to environment accounting. Also, the study will assess if
these industry are favourable to address the need for environment accounting and reporting to their
respective books and to determine the problem they encountered in environmental accounting and
reporting.
a. nature of business;
5
c. sustainable use of resources;
e. protection of biodiversity?
3. What are the factors that predicts the corporate social responsibility (CSR) of the
d. profitability; and
e. financial leverage
5. What is the respondents’ opinion on the need for environmental accounting and reporting
practices?
6. What are the problems encountered in environment accounting and reporting practices?
3. To determine the factors that predicts the corporate social responsibility of the respondents
to environmental accounting.
6
5. To determine the respondents’ opinion on the need for environmental accounting and
reporting practices?
In general, the study will help promote social responsibility among Gasoline and Oil
The result of the study will be beneficial to the Philippine Accounting and Reporting
information disclosures and to account for an allocated cost to restore or minimize environmental
It will also be helpful to Gasoline and Oil industry to include as their corporate social
This study will also be used as reference by the Bachelor of Science in Accountancy
Aside from the above mentioned significance, this study will also be very useful for
environmentally conscious general public to determine which gasoline stations are ethically
7
and to institutions like Eastern Samar State University as data gathered can be incorporated to
classroom discussions.
The study focused on assessing the degree of social responsiveness of gasoline and oil
industry with respect to disclosures in their financial statements and compliance to green
accounting.
The sample selected for the study suffers from many constraints. Sample was selected
within the geographical area of Borongan City. The selection of respondents was based on their
willingness to participate.
Definition of Terms
The following terms are functionally defined to help in the understanding of the study:
Gasoline and Oil industry. This will particularly refer to the businesses that are engaged
in trading fuels, gasoline, oil and lubricants for all type of vehicles.
8
Social responsiveness or Corporate Social Responsibility (CSR). Operationally, this
refers to the actions and/or methods adopted by the gasoline and oil industries in response to green
or environmental accounting
Social Responsibility disclosure. In this study, it refers to the reports presented by the
Gasoline and Oil Industry in their financial statements pertaining to the different
9
CHAPTER II
Today firms have proactively integrated concerns about the natural environment into their
business strategies. The need for Environmental Accounting has become the concern and focus of
nations and responsible corporate managements, it became one of the foremost issues on the
agenda of nations and businesses earlier in the 1990s and the reasons for this were various
emanating from both within and outside of the firm and particularly at the global level.
Among these businesses Hasan and Hakan (2012) said that oil companies nowadays cause
a lot of environmental problems because of profit maximization, the endless needs, rapidly
execute their operations. At first glance, these efforts in order to remove environmental pollution
mean additional cost to companies in the short term; nevertheless they can have a chance of cost
minimization in medium and long term and even additional income in this process.
On the other hand, despite its potential threats to the environment, the oil industry plays a
positive role in society as well, creating many jobs and generating a significant volume of tax
designed to measure the impact of human activity on the earth's ecological systems and resources.
Such methodologies can be collectively described as green accounting, and categorized in three
10
different ways; first, by whose actions are being accounted for; second, by the time period being
considered; third, by how environment impacts are measured. Current practice tends to focus on
parallel reporting with financial accounting still having greater importance. Green accounting
remains largely voluntary and unaudited. The key challenges for green accounting can be
summarized as first to determining the scale of change in human activity required to prevent
environmental degradation and incorporating some reference to these limits within its metrics, and
second to be effective in prompting the necessary behavioral change within the necessary
Eze, Nweze and Enekwe (2016) states, that environmental accounting is an inclusive aspect
of accounting. They define environmental accounting as, it generates reports for both internal uses,
overhead, budgeting and pricing and external use, disclosing environmental information of interest
to the government, public and to the financial community. The need to account for environmental
information in the book of accounts is the primary purpose of green accounting. It enables the
Similarly, Stanko et al. (2006) said that ‘environmental accounting is the identification,
measurement and allocation of environmental costs, the integration of these environmental costs
into business decisions, and the subsequent communication of the information to the stakeholders.’
11
Meanwhile, Gray and Bebbington (2006) emphasized that environmental accounting is not
only about accounting for the environment; rather it is also to the extent that environmental issues
can be reflected in conventional accounting practice. This is with the view of improving the
condition of the natural world such as reduced land degradation and pollution abatement which
Eyo Bassey, Sunday O. Effiok and Okon E. Eton (2013) said that Environmental accounting would
aid the discharge of the organizations accountability and increase its environmental transparency,
it helps negotiation of the concept of environment and determines the company’s relationship with
the society in general and the environmental pressure group in particular. This helps an
organization seeking to strategically manage a new and emerging issue with its stakeholders.
Yokhou and Dorweiler (2004) stresses that providing environmental reports, can be an effective
factor for internal and external users. The environmental information is used by internal users for
decision making, controlling overhead and capital budgeting: also environmental accounting could
be used to disclose the information externally to the public and financial communities.
There is really a need to adopt environmental accounting not only because these industries
are being publicly pressured to adopt environmental initiatives, Bassey Eyo Bassey, Sunday O.
Effiok and Okon E. Eton (2013) said that, ‘companies engaged in environmentally unfriendly
industries arose strong public emotion. There is a strong environmental lobby against these
industries. Green reporting may be used to combat potentially negative public opinions.’, but
simple because they are major contributors to the increasing environmental problems faced by the
12
entire world. ‘Oil and gas industry is one of the 5 most environmentally sensitive industries, and
And therefore it is only reasonable that they actively participate in different environmental
initiatives. As what Abdullah Hamoud Ismail, PhD (2017) said, ‘It is generally recognized that
environmental reporting for the petroleum industry is important because oil and gas activity has a
mean additional costs to these businesses, equal amount of benefits can also be expected from
adopting or exercising it to the organization itself and the society where it operates, as Rahaleh
(2004) said ‘the primary benefit to the organization is that, by improving the company’s
the company becomes more attractive to investors’ Similarly Toms (2002) said that environmental
accounting ‘helps the organization to improve its competitive advantage by enhancing the
Bassey Eyo Bassey, Sunday O. Effiok, and Okon E. Eton states in their journal that ‘it has
been revealed that environmental accounting and reporting enhances organizational performance
of the selected oil company, that those environmentally friendly organizations who voluntary
13
Social Responsibility Disclosures
Kaya (2016) mentioned that social and environmental reporting issues are often referred to
Environmental Accounting Disclosure according to Van de Burgwal and Vieira (2014) can
be defined as ‘public reports by companies to provide internal and external stakeholders with a
picture of corporate position and activities on economic, environmental and social dimensions.
In other words these are reports that contain or illustrate the entity’s contribution towards
sustainable development.’
Simply stated Andria Perciaccante Community Manager at Optimy (2016) said, ‘Social
responsibility disclosure refers to the argument that corporate or business organisations are obliged
to contribute and solve the many social and environmental issues that affect the world.’
According to the study of Cho, Chen and Roberts (2008) environmental disclosure is a key step in
applying environmental accounting and mentioned some criteria which are important for
environmental disclosure. These criteria are the organizations have to disclose financial
information such as compliance costs, contingent liabilities and lawsuits, and nonfinancial
information, which relate to the environmental issues such as sculpture dioxide emissions or toxic
chemical spill.
Smith (2003) said that ‘once environmental risks have been identified, the auditor must
14
Every organization has to provide information to various users whether they are internal
users such as employees or external users such as government. This information could be
classified into two types, mandatory and voluntary. Mandatory information is that which appears
in the director’s report in accordance with the requirements of corporation’s law. On the other
hand, voluntary environmental disclosures are those appearing in sections other than the directors’
report, the voluntary sections of the report permit a greater amount of discretion to the organization
in relation to the content of material included, as they are not mandatory (Cowan & Gadenne,
2005: 167).
According to the Code Grenelle II (Kaya, 2016), environmental information must reflect
the company’s general environmental policy, pollution and waste management, sustainable use of
resources, action against the climate changes and actions to protect the biodiversity. The table
below shows the relevant environmental information and the topics to be disclosed:
Information Topics
a. General environmental Company efforts to take into account environmental
policy issues and, where appropriate,
assessments or environmental certifications
Employee training programs on environmental
protection
Resources devoted to prevention of environmental
risks and pollution
Financial provisions for environmental risks
15
b. Pollution and waste Measures to prevent, reduce, or compensate for air,
management water, and soil emissions severely
affecting the environment
Measures to prevent, recycle, and dispose of waste
Taking into account noise and other forms of pollution
c. Sustainable use of Water use and water supply based on local constraints
resources The consumption of raw materials and measures taken
to improve their efficiency
Energy consumption, measures to improve energy
efficiency, and percentage of renewable
energy used
Land use
d. Climate change Greenhouse gas emissions
Adaptation to climate change impacts
e. Protection of Measures taken to preserve or enhance biodiversity
biodiversity
According to Cowan and Gadenne (2005), the mandatory information provides users of the
annual report with a factual account of the organization's compliance with regulations during the
period of reporting. Also they state that the mandatory disclosures will place reporting companies
several user groups. ‘Organizations provide voluntary disclosure not only as a means to satisfy the
user’s right to know, but also as a way in which the organization would be deemed legitimate by
society and subsequently reap the rewards of such legitimacy’ (Eltaib, 2012: 31). This constitutes
an effort on the management accountant’s behalf to portray the most suitable information. Thus,
16
according to (Lee, 2005) ‘managerial accounting can help organizational managers determine how
to approach environmental reporting’ (Lee, 2005: 8). Management accounting can be useful in the
environmental issues and useful for decision–making. Furthermore, Lee (2005) concludes that
‘managerial accounting is the best way to reach the peak firm performance.’. "An environmental
management system is a management system that aims to encourage an organization to control its
environmental impacts and reduce such impacts continuously" (Lee, 2005: 10). This implies that
voluntary social reporting included in the financial statement. According to many scholars, the
concept of CSR refers to ‘the social and ethical responsibilities that companies are expected to
undertake toward societies. Many parties have put pressure on apparel companies to behave more
responsibility toward the environment by adopting more eco-friendly production methods.’ Social
responsiveness on the other hand, ‘refers to the way that companies interact with societies’
pressure and expectations regarding its social or environmental responsibilities.’ The concept of
programs that aim to minimize the harm on the environment and the natural resources.’ (Sultan
Alahmar, 2016).
The growing concern over the social and environmental impact of business and the impact
of social and environmental issues has lead companies to actively account for and manage their
17
sustainability footprint (Adams and Frost, 2008). One way of addressing to this issue directed
towards establishing integration between the ethical, social, environmental and economic
According to Guller and Crowher (2008), there are four principles of good corporate
governance namely: (1) transparency, (2) accountability, (3) responsibility and (4) fairness. They
believed that to address these points of sustainable value creation, achieving the firm’s goals and
keeping a balance between economic and social benefit. Although there were rebuttable issues
regarding the relevance of CSR disclosures in annual report, some studies focused on the
relationship between firms’ characteristics and disclosure (Güler and Crowther, 2008; Chiang and
Kuo, 2006; Janggu, Joseph, and Madi, 2007) while others focused on the benefits of CSR
disclosure (Said, Zainuddin, and Haron, 2009) which in turn in argued to be directly related to the
A study conducted in Malaysia revealed that relationship between CSR and corporate
governance characteristics (Said et. al., 2009). The corporate governance characteristics are
attributed as to: board size, board ownership, board professionalism, board independence, board
designation and members of the board. Based on the study, they concluded that government
ownership and audit committee were found to have a positive and significant relationship with the
level of CSR disclosures. With regards to directors’ ownership as measured by the percentage of
shares held by the executive directors, findings from prior literature were mixed. Zahra (1989)
found a negative association with CSR practices in Malaysia, while Ghazali and Weetman, (2006)
18
found a strong effect on voluntary disclosure. However, Said et al. (2009) found no such
relationship.
However, the relationship between board size and CSR was inconclusive. Jensen (1993)
concluded that larger board is less effective in coordinating communication and decision making
and is more likely to be controlled by the CEO. On the other hand, board size was found to be
negatively related with firm value (Naveen Kumar and Singh, 2013; Ujunwa, 2012) but was
statistically rejected by Said et al. (2009) with regards to CSR performance in Malaysia.
The existence of such a committee would lead to an increasing importance given to these
particular aspects of the governance system, and as a result, an increase in the information related
to the social and environmental performance of the company. Firms with an environmental
committee are also more likely to publicly disclose their emissions levels and present a more
credible disclosure, on a voluntary basis, in order to indicate to climate change. It is believed that
the commitment committee, however, shows evidence that proactive corporate governance is used
to guide the organizational long-term strategy towards a more carbon constrained future Rankin et
al., 2011.
Lastly, Junaina and Ahmad (2008) identified the main determinants of environmental
reporting to include: (1) Company size; (2) Financial leverage; (3) Profitability; (4) Effective tax
rates; (5) Industrial membership; and (6) audit firm. Bassey, Sunday and Effiok (2013) concluded
that, voluntary disclosure of environmental information in the annual report is positively related
to firm’s size. This is supported by Jensen and Meckling (1976) when they found a positive
19
association between size and voluntary social responsibility disclosure; they argue that firms which
are more visible in the public eyes are likely to have voluntary disclosure information to enhance
Theoretical Framework
Agency theory, the company is accountable for the decision to report environmental
information, decision made by the management in order to serve the interests of the shareholders
Buniamin et al., 2011. Kolk (2006), considering that for increasing the shareholders insight and
for influencing the corporate behavior, emphasis should be made on the internal context.
support and approval. Bassey, et. al. (2013) highlighted that stakeholders are groups which are
influenced by the corporate activities or which can affect the corporation. This approach is
right of the stakeholders. It further states that, the more powerful the stakeholders are the more the
are desirable, proper, or appropriate within some socially constructed system of norms, values and
definitions (Suchman, 1995). According to Tilling (2008), legitimacy theory offers a powerful
20
corporations, and that this understanding would provide a vehicle for engaging in critical public
debate.
Positive Accounting Theory. This theory suggests and explains why firms make voluntary
social disclosures. Based on the original work of Watts and Zimmerman 919986), the positive
accounting theory have directly sought to establish evidence for the political cost hypothesis as an
Conceptual Framework
Figure 1 shows the relationship between the environmental information and the social
21
CHAPTER III
METHODOLOGY
Research Design
prescribing some theory describing the same population (Dressos, 2014). Simply stated, it
describes the situations and is concerned with the present condition and its relationship to a
particular phenomenon.
Descriptive researches are valuable in: (1) providing facts on which scientific judgment
may be based (2) essential knowledge about the nature of objects and persons (3) for clear
observation into the practices, behaviour, methods and procedures (4) playing a large part in the
development of instrument for the measurement of many things, and (5) formulating of policies in
In view of these, the study will use the descriptive type of research. A questionnaire is
provided for each respondent to gather data and evaluate their social responsiveness to Green
Accounting.
Research Locale
The study will be conducted in the City of Borongan, Eastern Samar, Philippines. It is a
component city and the provincial capital of the province of Eastern Samar.
22
Research Respondent
The respondents of this study are the Gasoline and Fuel stations situated within the limits
of Borongan City. From Jidcar Gasoline Stations situated in Brgy. Can-abong to Galaxy Fuels
Sampling
The data gathered from the Department of Trade and Industry (DTI) provides that there are
only nine (9) registered stations in Borongan City, Eastern Samar. Hence, total sampling is used
in this study.
Research Instrument
The researchers of this study used a self-made survey questionnaire to obtain relevant
data’s from the respondents that are to be used in this study. The self-made survey questionnaire
The first section determines the profile of the respondents in terms of the nature of its
business, position of the responsible person for environmental accounting and reporting,
checklist type of questions wherein answers are provided for the respondents to choose from.
23
The second section pertains to the level of compliance of the respondents to green
accounting. It contains a checklist of responses of the respondents whether they are 5 – Extremely
The third section contains questions aimed to identify the factors affecting the corporate
social responsibility of the respondents to environmental accounting. The respondents will check
on their responses as to: 5 – Strongly agree; 4- Agree; 3 – Neutral; 2 - Disagree agree and 1 –
Strongly Disagree.
The fourth section contains the opinion of the respondents as to the need for an
environmental accounting and reporting practices. The respondents will check on their responses
as to: Highly Essential, Essential, Neutral, Not Essential and Not at all Essential.
Lastly, the fifth section contains the problems encountered in environmental accounting
The questionnaires will be distributed personally to the respondents in which they are
expected to answer honestly. The researchers will adhere to some ethical requirement especially
on confidentiality aspect because some of the data or information will require disclosures from
After which the respondent will collect it immediately for data analysis.
24
Data Analysis
After data gathering, answers will be examined for correctness and completeness, and will
statistics such as mean and percentage count were employed to summarize all responses of the
Gasoline and Oil industries in Borongan City. All descriptive statistics were made to display results
Frequency and Percentage Count is the rate of occurrence for each intention is determined
by dividing the number of occurrence by the total numbers of respondents. It is used to determine
the percentage of response. This statistical tool will be used to determine the profile of the
respondents, opinion of the respondents to the need of environmental accounting and reporting
Mean is a point between extremes, it is a value that is computed by dividing the sum of a
set of terms by the number of terms. The mean will be used in the study to quantify the results on
the level of compliance to voluntary disclosure to environmental information and the factors that
Step-wise regression analysis will be used to analyze the relationship between the level of
25
BIBLIOGRAPHY
Abdullah Hamoud Ismail, PhD, (2017) Oil and Gas companies adopting policies aimed at
http://www.ogfj.com/articles/print/volume-14/issue-3/features/environmental-accounting-
and- reporting.html
https://www.ncbi.nlm.nih.gov/books/NBK53982/
Cho, Chen and Roberts, (2008) Corporate Charitable Contributions: A Corporate Social
https://link.springer.com/article/10.1007/s10551-007-9567- 1
Costosa, (2008) Accounting for Sustainability: Guidance for Higher Education Institutions.
Retrieved from
https://www.forumforthefuture.org/sites/default/files/project/downloads/accounting-
sustainability.pdf
Cowan & Gadenne, (2005) The Role of Environmental Accounting Disclosure to Reduce
https://zancojournals.su.edu.krd/index.php/JPAS/article/viewFile/1269/735
26
Deegan and Gordon ,(1996) A Study of the Environmental Disclosure Practices of Australian
http://www.tandfonline.com/doi/abs/10.1080/00014788.1996.9729510
Eltaib Elzarrouk, (2012) Safety Hazards Associated with Oil and Gas Extraction Activities.
Eltaib, (2012) The Role of Environmental Accounting Disclosure to reduce harmful emissions
http://www.academia.edu/32873988/The_Role_of_Environmental_Accounting_Disclosu
re_to_R educe_Harmful_Emissions_of_Oil_Refining_Companies
Emilio Lèbre La Rovere, (2014) Balance between Industry and Environment – A case study
Is the planet safe in the hands of business and accounting? Retrieved from
https://cgi.st- andrews.ac.uk/media/csear/discussion-papers/CSEAR_dps-sustain-
envaccman.pdf
27
Hasan and Hakan, (2012) Effect of Sustainability Environmental Cost Accounting on
https://www.researchgate.net/profile/Raymond_Ezejiofor/publication/306095549_Effect_
of_Sustainability_Environmental_Cost_Accounting_on_Financial_Performance_of_Niger
ian_Corporate _Organizations/links/58e8a8fd0f7e9b978f7f5c06/Effect-of-Sustainability-
Environmental-Cost- Accounting-on-Financial-Performance-of-Nigerian-Corporate-
Organizations.pdf
Jędrzej George Frynas, (2009) Beyond Corporate Social Responsibility: Oil Multinationals
https://books.google.com.ph/books/about/Beyond_Corporate_Social_Responsibility.html
?id=Hc EQKGRCBP0C&redir_esc=y
Jewell, T. (2007). Global Warming and Ozone Layer Depletion: STS Issues for Social Studies
http://www.socialstudies.org/sites/default/files/publications/se/6502/650202.html
Lee, (2007) Drilling in the Arctic - what is the environmental impact? Retrieved from
https://www.theguardian.com/environment/2013/oct/02/drilling-arctic-environmental-
impact- greenpeace-piracy
from https://sustainabledevelopment.un.org/content/documents/policiesandlinkages.pdf
28
Smith, (2003) Environmental Accounting and Reporting in Fossil Fuel Sector : A Study on
https://mpra.ub.uni- muenchen.de/7995/1/Sudipta-1.pdf
Stanko et al., (2006) Environmental costs, Social Responsibility and Corporate Financial
4002103391/environmental-costs- social-responsibility-and-corporate
Steadman et al. (1995) Turning questions into answers environmental issues and annual
/media/corporate/files/technical/sustainability/environmental-issues-and-annual-financial-
reporting-2009.ashx
Taro Tsubogo, (2004) Metro Manila Air Quality Improvement Sector Development Program.
Toms, (2002) Firm Resources, Quality Signals and the Determinants of Corporate
https://www.researchgate.net/publication/222835863_Firm_Resources_Quality_Signals_
and_the _Determinants_of_Corporate_Environmental_Reputation_Some_UK_Evidence
29
Tony Greenham, (2010) Green accounting: A conceptual framework. Retrieved from
https://www.researchgate.net/publication/227440712_Green_accounting_A_conceptual_f
ramewo rk
Van de Burgwal and Vieira, (2014) Environmental disclosure determinants in dutch listed
70772014000100006&script=sci_arttext&tlng=en
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df
Kamal Mehemed Eljayash, PhD, (2014) Environmental Disclosure Practices in National Oil
and Gas Corporations and International Oil and Gas Corporations perating in
content/uploads/2014/06/Environmental-Disclosure-Practices-In-National-Oil-And-Gas-
Corporations-And-International-Oil-And-Gas-Corporations-Operating-Kamal-Mehemed-
Eljayash-Marie-Kavanagh-Eric-Kong.pdf
30
Elena Barbu, (2011) Mandatory environmental disclosures by companies complying with
https://halshs.archives-ouvertes.fr/halshs- 00658734/document
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APPENDIX: SURVEY QUESTIONNAIRE
Thank you for your kind response and participation in this study!
Respectfully,
THE RESEARCHERS
32
I. PROFILE OF THE RESPONDENTS
Address: ___________________________________________
Sole Proprietorship
Franchise
Partnership
Corporation
2. Does your business have at least one person with explicit responsibility for environmental
concerns?
Yes
No
Senior management
Production/operations
Finance/accounting
Yes In progress No
33
If yes, has your facility acquired any of the following certifications in environmental
accounting?
Yes No Year
DENR _____
EMAS _____
ISO 14001 _____
1 – Not Compliant
2 – Fairly Compliant
3 – Compliant
4 – Highly Compliant
5 – Extremely Compliant
34
B. Pollution and Waste Management
1. Measures to prevent, reduce, or compensate for air,
water, and soil emissions severely affecting the
environment.
2. Measures to prevent, recycle, and dispose of waste.
3. Taking into account noise and other forms of
pollution.
C. Sustainable Use of Resources
1. Water use and water supply based on local
constraints.
2. The consumption of raw materials and measures
taken to improve their efficiency.
3. Energy consumption, measures to improve energy
efficiency and percentage of renewable energy
used.
4. Land use.
D. Climate Change
1. Greenhouse gas emissions.
2. Adaption of climate change impacts.
E. Protection of Biodiversity
1. Measures taken to preserve or enhance
biodiversity.
1 – Strongly Disagree
2 – Disagree
3 – Neutral
35
4 – Agree
5 – Strongly Agree
Predictors 5 4 3 2 1
A. Size and Existence of the Board of Directors
A larger board size can bring directors with experience
that may represent multitude of values in the board.
B. Existence of Safety and Social Responsibility
Committee
The existence of safety and social responsibility would
lead to an increasing importance given to these particular
aspects of the governance system, and as a result, an
increase in the information related to the social and
environmental performance of the company.
C. Profitability
More profitable firms are more likely to disclose more
while less profitable firms tend to more secretive.
E. Financial Leverage
Companies with high leverage may disclose more,
information to satisfy the needs of long-term creditors and
to remove suspicious of debt holders regarding wealth
transfer. Moreover, level of voluntary disclosure increases
as the leverage of firm grows.
1. What is your view regarding the need for Environmental Accounting and Reporting Practices?
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Need for Environmental Accounting
Need for Environmental Reporting
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