EuroEconomica, Vol 36, No 2 (2017)

Determining the Business Case for Environmental Management Accounting (EMA) Practices among Listed Firms in Nigeria: The Stewardship Approach

Iredele Oluwamayowa Olalekan, Omowunmi Jumoke Ogunleye, Okwy Peter Okpala


This study investigated thebusiness case for environmental management accounting (EMA) practices in financial terms among listed firms in Nigeria in line with

stewardship theory. The population of the study comprised of all 170 non-financial listed firms in Nigeria as at 31st December, 2015 but a sample of 22 firms that were purposively selected based on the impacts of their activities on the environment. Primary data on EMA practices were obtained through the aid of a structured questionnaire as well as secondary data on financial variables such as Return on Equity (ROE), size, leverage and growth through content analysis of annual reports. Descriptive statistics such as mean score, frequencies, and inferential statistics (regression analysis) were used to analyse the data. Findings showed that the level of EMA practice in Nigeria is low and has no significant effect on the financial performance of sampled firms. This implies that there is no business case for EMA practice in Nigeria at the moment. The study therefore recommends that relevant stakeholders enforce environmental regulations so as to promote widespread adoption of EMA practicessuch that, thepossible numerous benefits there from can be enjoyed by listed firms in Nigeria. 




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