A REVIEW ON GREEN ACCOUNTING PRACTICES AND

SUSTAINABLE FINANCIAL PERFORMANCE

Adula Harif V 1, Dr. Natasha P2
1
Department of Commerce and Management Studies, University of Calicut
Thenhippalam, Malappuram, Mail id: [email protected]
2
Assistant professor
Department of Commerce and Management studies, University of Calicut
Thenhippalam, Malappuram, Mail id: [email protected]

ABSTRACT : Sustainability is a broad concept that refers to the ability to meet the needs of the present
without compromising the ability of future generations to meet their own needs. It comprises three
dimensions: environmental, social, and economic sustainability. Sustainable development and practices
take into account these dimensions with the goal of creating a better and more equitable world for present
and future generations. The ability of a corporation to create long-term financial success while also taking
into account and addressing ESG factors is referred to as sustainable financial performance. In this context,
green accounting plays a major role. This study aims to provide an understanding of the importance of
sustainability in business, green accounting, and the relationship between sustainability and financial
performance. Some studies reveal that the relationship between sustainability practices and financial
performance is confusing or contradictory, showing positive and occasionally negative outcomes. Even
though in some cases it shows a negative relationship, every organisation must adopt sustainable practices,
because, it helps the organizations gain a competitive advantage in the marketplace, attract a broader
customer base, and adapt more readily to changing market dynamics. Sustainability is positioned as not
merely a choice but a requirement for a better, more equitable future, and businesses are encouraged to
navigate this intersection for the benefit of both society and the environment.
KEYWORDS: ESG factors, financial performance, green accounting, Sustainability, Sustainable
development.

1. INTRODUCTION environmental and social regulations is essential

to avoid legal penalties, reputational damage,
A company's primary goal is to maximize and operational disruptions. Sustainable
revenues for its owners, but in today's practices, such as energy efficiency and
competitive environment, it's challenging to responsible sourcing, secure long-term resource
achieve both profit and owner value. access and reduce costs. Consumers are
Sustainability is crucial for businesses to address increasingly concerned about environmental and
economic, environmental, social, and ethical social impacts, and companies that prioritize
factors. Climate change, resource depletion, sustainability are more attractive to ESG-focused
pollution, and habitat destruction are major investors. Sustainability drives innovation in
environmental challenges that businesses product design, manufacturing processes, and
contribute to and impact. Sustainability practices supply chain optimization, leading to cost
help reduce an organization's negative savings, increased efficiency, and new revenue
environmental footprint and promote responsible streams.
resource management. Compliance with stricter

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 and sustainable financial performance,
highlighting the ambiguity in existing literature.
It highlights the challenges organizations face in
2. STATEMENT OF PROBLEM adopting green accounting practices, such as lack
of standardized reporting frameworks, high
The study on green accounting techniques and implementation costs, and limited awareness of
their effect on sustainable financial performance benefits. The research aims to unravel these
illustrates important issues that require careful complexities, identify factors contributing to
consideration in the context of sustainable ambiguity, and propose strategies to improve
business practices. The study explores the green accounting adoption for long-term
relationship between green accounting practices financial success aligned with environmental,
social, and economic sustainability goals.
3. OBJECTIVES OF THE STUDY while sustainable development focuses on
infrastructural development and environmental
The objectives of the study are: cleanliness, while sustainability aims to sustain
1. To explore the concept of sustainability lifestyles while limiting carbon footprints.
and green accounting. (Admin, 2012).
2. To examine the relationship between The United Nations' Sustainable Development
Sustainability and Financial Goals (SDGs) guide global development until
Performance. 2030, aiming to improve businesses'
3. To identify challenges and importance communication, loyalty, and transparency by
of Green Accounting. setting 17 objectives and 169 indicators. (Inna
Makarenko, 2017). Sustainable development
4. METHODOLOGY was initiated as a human environment agenda at
the UNCHE in 1972 and became an international
The research design followed for this study is agenda in 1987 (Putu Sudana, 2014).
descriptive in nature. This review paper employs
a systematic and comprehensive approach to 6. FINANCIAL PERFORMANCE AND
analyse existing literature on green accounting SUSTAINABILITY PRACTICE.
practices and sustainable financial performance. Financial performance refers to the extent to
which financial objectives are or have been met.
It is the process of determining the monetary
5. SUSTAINABILITY VS. SUSTAINABLE value of a company's policies and operations. It
DEVELOPMENT is used to assess a company's overall financial
health over time and can also be used to compare
Understanding sustainability and sustainable similar enterprises within the same industry or to
development is crucial for comprehending the compare industries or sectors in aggregate
interplay between finance, economy, society, and (Verma, 2023). It gives decision-makers the
environment (Saputra, 2022). The Brundtland information they need to implement intentional
Commission in 1987 defines sustainable and focused improvements and grow their
development as: “Sustainable development is business (Luther, 2023)
development that meets the needs of the present
without compromising the ability of future Sustainable financial performance refers to a
generations to meet their own needs.” corporation's ability to achieve long-term
Sustainability is a future paradigm that balances financial success while addressing ESG factors,
environmental, societal, and economic factors to including climate change mitigation, human
enhance quality of life(Jeronen, 2013). rights, consumer protection, and governance
Sustainability is about long-term survival; practices. It prioritizes long-term wealth creation
environmentally, socially and economically. over short-term gains (Bakken, 2021).
Sustainability is thought to have an economic, a
social and an environmental component. All
three overlap, and they interact (MacGillivray,
2001).
Sustainability focuses on enduring growth
without compromising future generations' needs,

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Several studies have shown the positive and employing accounting practises with an
negative impact of sustainability on financial emphasis on sustainability. It is the result of
performance. The impact of sustainability can be accounting combined with sustainability. (Dr.
measured by; Firm growth, company’s ability to Ranpreet Kaur, 2019). It reflects CSR,
survive, an acceptable overall level of earnings environmental spending and reporting, corporate
risk exposure, and an attractive earnings risk governance as well as natural resources and
profile (Werner,2022). environmental management (Muhaiminul Islam,
2022). It is very significant in a firm's corporate
Researchers use accounting and market-based social responsibility and also plays a critical role
indicators to assess organizations' performance. in the firm's decision making regarding the
Accounting measures like ROA, ROE, and profit approaches or procedure used and also the
margin assess short-term performance, while profitability of the firm (Agarwal Varsha, 2018).
market-based metrics like Tobin's Q and stock Green accountancy focuses on enhancing
returns assess long-term growth (Duc Cuong corporate social responsibility, environmental
Pham, 2021). These ratios help investors predict cost reporting, and sustainable governance in all
profitability, financial stability, and the firm's countries worldwide, ensuring environmental
bottom line (Parvez Khan, 2022). sound management and administrative systems
(Yeasin, 2021).
7. GREEN ACCOUNTING
The phrase "green accounting" was coined in the Raju (2018) in his study identified steps in green
1980s by economist and Professor Peter Wood. accounting. They are as follows: identifying and
Green accounting is often known as establishing environmental reporting
Environmental accounting. It is also referred to requirements; describing the environmental goals
as resource accounting, or integrated accounting that must be met; and make an attempt to
(Matthew N. O. Sadiku, 2021). It is a valuable develop environmental performance indicators.
tool for weighing the costs and benefits of Make a list of environmental performance
initiatives in relation to their environmental indicators and report on the environmental
impact. Green accounting (also known as performance findings. According to Rewadikar
sustainable accounting) emerged as a measure of (2014), the forms of green accounting are
sustainable income level that can be provided Environmental Financial Accounting,
without depleting the stock of natural assets. Environmental Management Accounting,
Norway was among the first to implement Green Environmental Cost Accounting, Ecological
Accounting. Netherlands was a pioneer in the Accounting and Natural Resource Accounting.
creation and implementation of environmental Life cycle costing, full cost accounting, benefit
accounting. In the 1980s, France was the third assessment, and strategic planning for
early user of Green Accounting (Mr. environmental management are all examples of
Shashidhara, 2019). green accounting (Krishna Moorthy, 2013).

Green accounting helps organizations identify 8. IMPORTANCE OF GREEN

operational costs, conduct cost-benefit analyses, ACCOUNTING
and track the ecosystem's benefits and costs,
Green accounting discloses how much a
enabling a thorough understanding of
company or organisation contributes to the
environmental concerns (Swetha, 2008). Green quality of life and the environment, both
accounting combines environmental and positively and negatively (Suharsono, 2022).
economic accounting at national and corporate Ramu (2018) claimed that acceptance of green
levels, promoting sustainable futures through accounting as a Generally Accepted Accounting
green buying and R&D. It focuses on the 3 P's: Principles (GAAP) is laying the groundwork for
People, Probability, and Planet, fostering a future generations' sustainable growth. Poor
sustainable future (Gupta M, 2022). Green environmental behaviour can have a negative
accounting has emerged as a subset of impact on an organization's image, leading to a
accounting that deals with activities, methods loss of sales if people boycott the organization's
and systems used to record, analyse and report
product (N Anil Kumar). Green accounting
which concerns green disclosure (Chude, 2022).
enhances financial performance by boosting
It is used in business to become Sustainability
efficiency, minimizing liabilities, and creating
Accounting, which is a technique employed by
entry barriers for competitors. It boosts
organisations to become more sustainable. (Luh stakeholder trust, resulting in maximum firm
Putu Puji Trisnawati, 2022). It is a method in profitability and improved social trust (I Dewa

3
ENDIANA, 2020). As corporate citizens, company that does not engage in sustainability
businesses have a moral obligation to help reporting may be seen to be striving for
decrease the environmental damage they cause unsustainable development (Ezeokafor, 2019).
(Harsh, 2020). The World Bank urges Sustainability reporting is the disclosure of a
governments to adopt green accounting, a company's social responsibilities, ESG goals, and
standardized system developed by the financial performance. It is also known as triple
Commission on Statistics to measure national bottom line reporting, environmental, social, and
accounts, revealing a company's contribution to governance (ESG) reporting, corporate
the environment and quality of life (Suharsono, responsibility reporting, and corporate social
2022). responsibility reporting (Lusher, 2012). CSR
reporting and triple bottom line accounting are
9. CHALLENGES OF GREEN the most regularly used methodologies for
ACCOUNTING measuring sustainability accounting (Dr. Snehal
The absence of accounting standards for Maheshkar, 2023).
environmental reporting from regulatory bodies Companies are required to disclose information
can create confusion. Companies might oppose about their social activities or corporate social
green accounting if there's no clear framework or responsibility as is the case with company
guidelines for them to follow. (SEBASTIAN, financial disclosures. Good environmental
2022). High cost of incorporating green accounts information disclosure can affect the survival of
into financial statements or lack of knowledge of the surrounding community, the prevention of
the benefits of following them might be the environmental damage, and the company's
reasons for not following green accounting future. As a result, businesses have begun to
(Aarathi B, 2018). Inadequate data availability embrace green accounting, which will improve
prevents green accounting implementation. businesses' ability to mitigate environmental
Because data on environmental impacts is scarce, challenges. This is aimed, in addition to
it is difficult to accurately measure and report the minimising environmental concerns and
environmental impacts of economic activity expenses, to offer a positive image of the firm to
(Tater, 2022). According to (SHAIK, 2014), the surrounding area, particularly in which the
Comparing two countries or firms is impractical company operates (Wenni Anggita, 2022).
if their accounting methods are significantly Companies should increase their investment in
different. Green accounting is not widely social and environmental problems, in addition
accepted, and many companies believe it is a to ensuring proper disclosure in their annual
burden on their earnings rather than a benefit financial or sustainability report. (Okafor, 2020).
(Sinha, 2021). O. Florence Osemene (2016) Environmental disclosure via the internet would
claimed that there are additional costs associated be the future of scientific reporting (Dr. Preeti
with sustainability and environmental Malik, 2015).
accounting, which reduces the profitability of the
affected organisation. 11. THE GLOBAL REPORTING
INITIATIVE (GRI)
10. SUSTAINABILITY REPORTING
GRI standards are a widely used framework for
Sustainability reporting is an important reporting on the triple bottom line, promoting
communication tool that allows businesses to responsibility, reducing environmental risk, and
communicate their commitment to sustainable enabling organizations to capitalize on market
development to a wide range of stakeholders opportunities (Abhishek N, 2018). GRI aids
(Mostafa, 2023). It comprises a company's businesses, governments, and organizations in
ethical, economic, social, and environmental understanding and communicating
obligations to its stakeholders (Asogwa, 2017). It environmental, governance, human rights, and
is previously known as corporate social corruption impacts through sustainable reporting
responsibility. It includes all aspects of social, frameworks and standards (Wan Adibah Wan
environmental, and economic reporting in a far Ismail, 2022). It has improved reporting, and the
broader sense than its predecessor, "Corporate updated advice of the sustainability reporting
Social Responsibility”. Transparency and guidelines has formed the foundation for
accurate reporting, in alignment with relevant reporting sustainability performance by
regulations, can help to achieve the goals while organisations globally. (Heba Y. M. Abdel-
also building trust and accountability within the Rahim). According to the study of (Dr. Rajani B
organization (Martina Vallesi, 2012). Any Bhat, 2018), 92% of the world's top 250 firms

4
report on their sustainability performance, and existence of the environmental disclosure
74% adopt GRI Standards. GRI is used in the practices and financial performance. there is a
sustainability policy of 35 nations throughout the significant relationship between total
world. Its reporting standards are the most environmental disclosure and profit margin.
utilised sustainability reporting standards in the other three variables which are ROA, ROE, and
world. EPS showed no significant relationship between
total environmental disclosures. Parvez
There are many other international accounting Khan(2022) and M. Victoria López (2007) study
standards, such as International Financial showed negative significance of social SDGs on
Reporting Standard (IFRS), Financial firms’ financial performance.
Accounting Standard Board (FASB), and
International Accounting Standard Board According to Sanna Bäckström (2015),
(IASB), state the general principles for Greenwashing actions are possible in businesses.
measurement, disclosure of environmental Thus, in order to establish the quality of
issues, and recognition in financial statements sustainability financial performance, a
(IAS-39). (Riyadh, Al-Shmam, & Huang, 2020). performance index comprised of both qualitative
and quantitative indicators should be developed
12. FINDINGS AND DISCUSSION and confirmed by a third party. Ismail Alhassan
Most research findings on sustainability (2021), in his study said that Companies should
reporting and financial performance are be ranked using a standardized sustainability
confusing or contradictory, showing positive and index. This will help to put pressure on
occasionally negative outcomes. Study of O. companies to pay more attention to the
Florence Osemene(2016), Egbunike(2018), environment and to take the issues of sustainable
Ezeokafor(2019), Nandini E.S(2020), development more seriously. (Asogwa, 2017)
Christopher Thomas (2021), Arsala Khan (2021), Recommend that sustainability reporting be
Saputra (2022), Okafor (2022), Ezekwesili made a legal mandate for corporate enterprises,
(2022) and Israel S. Akinadewo (2023) showed a with government backing at all levels
positive relationship between sustainability and In the study of Navodya Sandamini (2022),
firm financial performance such as, ROA, ROE Interviewees expressed burden in sustainable
and Tobin’s Q (TQ). The study of ABM Fazle development reporting, negotiating Triple
Rahi (2022) revealed that the governance Bottom Line Reporting and Global Reporting
dimension was found to have a positive Initiatives, and stating it is a part of their current
relationship with ROA, indicating that solid job responsibilities. Edward Botchwey’s (2022)
governance practices can enhance profitability. study suggests that businesses can now provide
This aligns with the idea that proper governance sustainability information through social media
is crucial for financial firms. Study of platforms like Facebook, Twitter, Instagram, and
Alphasyah Sidarta (2023) resulted positive YouTube, enabling real-time stakeholder
impact of green accounting and environmental engagement at no cost. Low environmental and
performance on company profitability. In the social disclosures among developing-country
study of Raj (2018), it is found that the most enterprises pose a significant challenge to
favoured technique of green accounting was achieving the UN's sustainable development
cost-benefit analysis, followed by managing goals by 2030(Aifuwa, 2020).
environmental expenses, life cycle costing, flow
cost accounting, overall quality environmental 13. CONCLUSION
management, and carbon credit computation.
Companies with stronger green accounting Environmental protection actions will produce a
practices may perform better in terms of new and distinct environmental profile, resulting
Economic Value Added and it seems that green in cost savings and increased market potential
accounting positively affects this financial (Navodya Sandamini, 2022). Companies that
metrics (Al-Dhaimesh, 2020). embrace sustainability may gain a competitive
advantage in the marketplace. They can
Study of Tensie Whelan(2021) analysed 1000 differentiate themselves from competitors, attract
research publications from 2015 to 2020. The a broader customer base, and adapt more readily
association between ESG and financial to changing market dynamics
performance was determined to be 58% positive,
13% neutral, and 21% mixed. Norhasimah Md Sustainability is not an abstract concept; it is a
(2016) study reveals mixed results between the responsibility that rests on the shoulders of every
individual, community, business, and

5
government. The urgency of addressing increasingly viewed as a smart business strategy
sustainability issues has never been greater. Our that can boost profitability, minimise risk, and
planet's ecosystems are under threat, and foster resilience in a fast-changing world. It
inequalities persist on a massive scale. The acknowledges that corporations can no longer
imperatives of environmental, social, and operate in isolation from the environmental and
economic sustainability demand our attention social concerns we confront. Inaction is no
and concerted efforts. Incorporating longer an option. Sustainability is not a choice,
sustainability into financial performance is more but rather a requirement, a blueprint for a better
than simply an ethical consideration; it is and more equal future.

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