Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria

Adebayo Kajogbade Kameel; Adegbie Folajimi Festus

doi:doi:10.11648/j.jfa.20231104.18

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Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria

Adebayo Kajogbade Kameel, Adegbie Folajimi Festus

Published in Journal of Finance and Accounting (Volume 11, Issue 4)

Received: 22 July 2023 Accepted: 11 August 2023 Published: 28 August 2023

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Abstract

Globally, environmental accounting and reporting practices as a branch of accounting has been significantly accepted to improve organizational financial performance as a result of both financial and non-financial disclosure on the usage of key natural resources. Multiple uncoordinated legislations by several environmental agencies and lack of technical monitoring devices are responsible for partial compliant with these regulations. Evidence from literature showed that it has improved community and organizational relationship. Nigeria Deposit Money Banks, as a subset of global corporate bodies were reviewed in this study for complete adherence to the Global Reporting Initiative (GRI) requirements and identify any challenges for non-compliant with environmental regulations. Ex-post facto research design was employed by the study. Sample of fourteen listed banks were selected out of the population of twenty two banks using purposive sampling technique. Secondary data were obtained from the annual reports and accounts of fourteen listed deposit money banks as at December 31, 2019. Data obtained were reviewed along the adapted environmental reporting indicators and previous research works conducted by earlier researchers. Contents analysis approach was adopted. The study revealed that Nigeria deposit money banks do not strictly adhere to global reporting initiative requirements since environmental reporting is at voluntary stage in Nigeria; Inadequate monitoring by the environmental agencies and regulatory auditors and non-inclusion of EA & RP in their annual reports and accounts. Challenges identified for non-compliant were categorized three main groups namely; legal frameworks, DMBs related problems and Staff / Individual related problems. The study concluded that environmental accounting and reporting practices is positively significant to the corporate performance reporting; and its inclusion of non-financial reporting has significantly improved corporate decision. Nigerian deposit money banks have identified its relevance to their global acceptance by foreign investors and stakeholders. The study recommended that regulators and accounting professional bodies should make environmental accounting and reporting practices mandatory and its preparation and presentation should be uniform for easy understanding and analysis. Legal framework and policies should be enhanced by governments and agencies while auditors should be mandated to include EA & RP on their checklists.

Published in	Journal of Finance and Accounting (Volume 11, Issue 4)
DOI	10.11648/j.jfa.20231104.18
Page(s)	134-142
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Corporate Responsibilities, Environmental Accounting, Reporting Practices, Sustainability

References

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[3]	ADEGBIE, F. F. (2023). ENVIRONMENTAL DISCLOSURE ASPECT AS PER GRI. BABCOCK UNIVERSITY PHD LECTURE NOTE UNPUBLISHED, 1-13.
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[5]	ALAWODE, O., & ADEGBIE, F. F. (2020). ENVIRONMENTAL ACCOUNTING AND REPORTING PRACTICES: SIGNIFICANCE AND ISSUES AND JOURNEY AHEAD IN NIGERIA CORPORATE ORGANISATION. European Journal of Accounting, Auditing and Finance Research, 87 - 98.
[6]	OJO, O. O., & BALOGUN, S. B. (2019). ENVIRONMENTAL ACCOUNTING DISCLOSURE AND FIRMS PROFITABILITY IN NIGERIA. Ilaro Journal of Environmental Research & Development, 80-93.
[7]	Yaakoo, P. D., Ibanichuka, E., & Ofurum, C. (2021). Environmental Accounting Practices and Return on Asset. International Journal of Innovative Finance and Economics Research, 7-17.
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[9]	SANDA, A., MIKAILU, A., & GARBA, T. (2005). CORPORATE GOVERNANCE MECHANISMS AND FIRM FINANCIAL PERFORMANCE IN NIGERIA. NAIROBI: AFRICAN ECONOMIC RESEARCH CONSORTIUM AERC.
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[14]	DOWLING, J., & PFEFFER, J. (1975). ORGANIZATIONAL LEGITIMACY: SOCIAL VALUES AND ORGANIZATIONAL BEHAVIOR. THE PACIFIC SOCIOLOGICAL REVIEW, 122-126.
[15]	Guthrie, J. and Ward, L. (2006). Legitimacy Theory: A story of reporting social and environmental matters within the Australian food and beverages industry. http://ssm.com Accessed April 30, 2015.
[16]	SUCHMAN, M. (1995). MANAGING LEGITIMACY: STRATEGIC AND INSTITUTIONAL APPROACHES. ACAD, 571-610.
[17]	SOBHANI, F., ARMAN, A., & ZIANUDDIN, U. (2015). Revisiting the Practices of Corporate Social and Environmental Disclosure in Bangladesh. Corp. Soc. Responsibilities Environ. Manag., 167-183.
[18]	COMYNS, B. (2015). Determinants of GHG Reporting: An analysis of global oil and gas companies. J. Bus Ethics, 1-10.
[19]	Musa, S. J., Peter, T., & Bukar, M. (2015). Environmental Accounting Disclosure Practice of Nigerian. Research Journal of Finance and Accounting, 31-37.
[20]	ONIPE, A. Y. (2018). ENVIRONMENTAL REPORTING PRACTICES AND FINANCIAL PERFORMANCE OF LISTED ENVIRONMENTALLY-SENSITIVE FIRMS IN NIGERIA. NIGERIA DEFENCE ACADEMY, 1-12.
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APA Style

Adebayo Kajogbade Kameel, Adegbie Folajimi Festus. (2023). Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria. Journal of Finance and Accounting, 11(4), 134-142. https://doi.org/10.11648/j.jfa.20231104.18

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ACS Style

Adebayo Kajogbade Kameel; Adegbie Folajimi Festus. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria. J. Finance Account. 2023, 11(4), 134-142. doi: 10.11648/j.jfa.20231104.18

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AMA Style

Adebayo Kajogbade Kameel, Adegbie Folajimi Festus. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria. J Finance Account. 2023;11(4):134-142. doi: 10.11648/j.jfa.20231104.18

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@article{10.11648/j.jfa.20231104.18,
  author = {Adebayo Kajogbade Kameel and Adegbie Folajimi Festus},
  title = {Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria},
  journal = {Journal of Finance and Accounting},
  volume = {11},
  number = {4},
  pages = {134-142},
  doi = {10.11648/j.jfa.20231104.18},
  url = {https://doi.org/10.11648/j.jfa.20231104.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20231104.18},
  abstract = {Globally, environmental accounting and reporting practices as a branch of accounting has been significantly accepted to improve organizational financial performance as a result of both financial and non-financial disclosure on the usage of key natural resources. Multiple uncoordinated legislations by several environmental agencies and lack of technical monitoring devices are responsible for partial compliant with these regulations. Evidence from literature showed that it has improved community and organizational relationship. Nigeria Deposit Money Banks, as a subset of global corporate bodies were reviewed in this study for complete adherence to the Global Reporting Initiative (GRI) requirements and identify any challenges for non-compliant with environmental regulations. Ex-post facto research design was employed by the study. Sample of fourteen listed banks were selected out of the population of twenty two banks using purposive sampling technique. Secondary data were obtained from the annual reports and accounts of fourteen listed deposit money banks as at December 31, 2019. Data obtained were reviewed along the adapted environmental reporting indicators and previous research works conducted by earlier researchers. Contents analysis approach was adopted. The study revealed that Nigeria deposit money banks do not strictly adhere to global reporting initiative requirements since environmental reporting is at voluntary stage in Nigeria; Inadequate monitoring by the environmental agencies and regulatory auditors and non-inclusion of EA & RP in their annual reports and accounts. Challenges identified for non-compliant were categorized three main groups namely; legal frameworks, DMBs related problems and Staff / Individual related problems. The study concluded that environmental accounting and reporting practices is positively significant to the corporate performance reporting; and its inclusion of non-financial reporting has significantly improved corporate decision. Nigerian deposit money banks have identified its relevance to their global acceptance by foreign investors and stakeholders. The study recommended that regulators and accounting professional bodies should make environmental accounting and reporting practices mandatory and its preparation and presentation should be uniform for easy understanding and analysis. Legal framework and policies should be enhanced by governments and agencies while auditors should be mandated to include EA & RP on their checklists.},
 year = {2023}
}

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TY  - JOUR
T1  - Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria
AU  - Adebayo Kajogbade Kameel
AU  - Adegbie Folajimi Festus
Y1  - 2023/08/28
PY  - 2023
N1  - https://doi.org/10.11648/j.jfa.20231104.18
DO  - 10.11648/j.jfa.20231104.18
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 134
EP  - 142
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20231104.18
AB  - Globally, environmental accounting and reporting practices as a branch of accounting has been significantly accepted to improve organizational financial performance as a result of both financial and non-financial disclosure on the usage of key natural resources. Multiple uncoordinated legislations by several environmental agencies and lack of technical monitoring devices are responsible for partial compliant with these regulations. Evidence from literature showed that it has improved community and organizational relationship. Nigeria Deposit Money Banks, as a subset of global corporate bodies were reviewed in this study for complete adherence to the Global Reporting Initiative (GRI) requirements and identify any challenges for non-compliant with environmental regulations. Ex-post facto research design was employed by the study. Sample of fourteen listed banks were selected out of the population of twenty two banks using purposive sampling technique. Secondary data were obtained from the annual reports and accounts of fourteen listed deposit money banks as at December 31, 2019. Data obtained were reviewed along the adapted environmental reporting indicators and previous research works conducted by earlier researchers. Contents analysis approach was adopted. The study revealed that Nigeria deposit money banks do not strictly adhere to global reporting initiative requirements since environmental reporting is at voluntary stage in Nigeria; Inadequate monitoring by the environmental agencies and regulatory auditors and non-inclusion of EA & RP in their annual reports and accounts. Challenges identified for non-compliant were categorized three main groups namely; legal frameworks, DMBs related problems and Staff / Individual related problems. The study concluded that environmental accounting and reporting practices is positively significant to the corporate performance reporting; and its inclusion of non-financial reporting has significantly improved corporate decision. Nigerian deposit money banks have identified its relevance to their global acceptance by foreign investors and stakeholders. The study recommended that regulators and accounting professional bodies should make environmental accounting and reporting practices mandatory and its preparation and presentation should be uniform for easy understanding and analysis. Legal framework and policies should be enhanced by governments and agencies while auditors should be mandated to include EA & RP on their checklists.
VL  - 11
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Author Information

Adebayo Kajogbade Kameel

Department of Accounting, Babcock University, Ilisan Remo, Nigeria
Adegbie Folajimi Festus

Department of Accounting, Babcock University, Ilisan Remo, Nigeria

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APA Style

Adebayo Kajogbade Kameel, Adegbie Folajimi Festus. (2023). Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria. Journal of Finance and Accounting, 11(4), 134-142. https://doi.org/10.11648/j.jfa.20231104.18

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ACS Style

Adebayo Kajogbade Kameel; Adegbie Folajimi Festus. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria. J. Finance Account. 2023, 11(4), 134-142. doi: 10.11648/j.jfa.20231104.18

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AMA Style

Adebayo Kajogbade Kameel, Adegbie Folajimi Festus. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria. J Finance Account. 2023;11(4):134-142. doi: 10.11648/j.jfa.20231104.18

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@article{10.11648/j.jfa.20231104.18,
  author = {Adebayo Kajogbade Kameel and Adegbie Folajimi Festus},
  title = {Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria},
  journal = {Journal of Finance and Accounting},
  volume = {11},
  number = {4},
  pages = {134-142},
  doi = {10.11648/j.jfa.20231104.18},
  url = {https://doi.org/10.11648/j.jfa.20231104.18},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20231104.18},
  abstract = {Globally, environmental accounting and reporting practices as a branch of accounting has been significantly accepted to improve organizational financial performance as a result of both financial and non-financial disclosure on the usage of key natural resources. Multiple uncoordinated legislations by several environmental agencies and lack of technical monitoring devices are responsible for partial compliant with these regulations. Evidence from literature showed that it has improved community and organizational relationship. Nigeria Deposit Money Banks, as a subset of global corporate bodies were reviewed in this study for complete adherence to the Global Reporting Initiative (GRI) requirements and identify any challenges for non-compliant with environmental regulations. Ex-post facto research design was employed by the study. Sample of fourteen listed banks were selected out of the population of twenty two banks using purposive sampling technique. Secondary data were obtained from the annual reports and accounts of fourteen listed deposit money banks as at December 31, 2019. Data obtained were reviewed along the adapted environmental reporting indicators and previous research works conducted by earlier researchers. Contents analysis approach was adopted. The study revealed that Nigeria deposit money banks do not strictly adhere to global reporting initiative requirements since environmental reporting is at voluntary stage in Nigeria; Inadequate monitoring by the environmental agencies and regulatory auditors and non-inclusion of EA & RP in their annual reports and accounts. Challenges identified for non-compliant were categorized three main groups namely; legal frameworks, DMBs related problems and Staff / Individual related problems. The study concluded that environmental accounting and reporting practices is positively significant to the corporate performance reporting; and its inclusion of non-financial reporting has significantly improved corporate decision. Nigerian deposit money banks have identified its relevance to their global acceptance by foreign investors and stakeholders. The study recommended that regulators and accounting professional bodies should make environmental accounting and reporting practices mandatory and its preparation and presentation should be uniform for easy understanding and analysis. Legal framework and policies should be enhanced by governments and agencies while auditors should be mandated to include EA & RP on their checklists.},
 year = {2023}
}

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TY  - JOUR
T1  - Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Nigeria
AU  - Adebayo Kajogbade Kameel
AU  - Adegbie Folajimi Festus
Y1  - 2023/08/28
PY  - 2023
N1  - https://doi.org/10.11648/j.jfa.20231104.18
DO  - 10.11648/j.jfa.20231104.18
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 134
EP  - 142
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20231104.18
AB  - Globally, environmental accounting and reporting practices as a branch of accounting has been significantly accepted to improve organizational financial performance as a result of both financial and non-financial disclosure on the usage of key natural resources. Multiple uncoordinated legislations by several environmental agencies and lack of technical monitoring devices are responsible for partial compliant with these regulations. Evidence from literature showed that it has improved community and organizational relationship. Nigeria Deposit Money Banks, as a subset of global corporate bodies were reviewed in this study for complete adherence to the Global Reporting Initiative (GRI) requirements and identify any challenges for non-compliant with environmental regulations. Ex-post facto research design was employed by the study. Sample of fourteen listed banks were selected out of the population of twenty two banks using purposive sampling technique. Secondary data were obtained from the annual reports and accounts of fourteen listed deposit money banks as at December 31, 2019. Data obtained were reviewed along the adapted environmental reporting indicators and previous research works conducted by earlier researchers. Contents analysis approach was adopted. The study revealed that Nigeria deposit money banks do not strictly adhere to global reporting initiative requirements since environmental reporting is at voluntary stage in Nigeria; Inadequate monitoring by the environmental agencies and regulatory auditors and non-inclusion of EA & RP in their annual reports and accounts. Challenges identified for non-compliant were categorized three main groups namely; legal frameworks, DMBs related problems and Staff / Individual related problems. The study concluded that environmental accounting and reporting practices is positively significant to the corporate performance reporting; and its inclusion of non-financial reporting has significantly improved corporate decision. Nigerian deposit money banks have identified its relevance to their global acceptance by foreign investors and stakeholders. The study recommended that regulators and accounting professional bodies should make environmental accounting and reporting practices mandatory and its preparation and presentation should be uniform for easy understanding and analysis. Legal framework and policies should be enhanced by governments and agencies while auditors should be mandated to include EA & RP on their checklists.
VL  - 11
IS  - 4
ER  -

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