AN EMPIRICAL EXAMINATION OF THE RELATIONSHIP BETWEEN ENVIRONMENTAL DISCLOSURE AND FINANCIAL PERFORMANCE IN MALAYSIA
Keywords:
Environmental reporting, Return on asset, Return on equity, Financial performanceAbstract
This paper aims to examine the link between environmental reporting practices and firm performance of Malaysia Public Listed Companies for the year 2009.By using content analysis, this study reveals that 68.1% of 299 companies provide environmental information in their annual reports with an average of 7.82 sentences and 18.3% of the companies have separate environmental section in their annual reports. Insignificant relationship is found between environmental reporting and return on assets but significant relationship between environmental reporting with return on equity is reported. Additionally, company size, leverage and industry sensitivity companies found to have significant relation with firm performance.
Downloads
Download data is not yet available.
References
ACCA (Association of Chartered Certified Accountants). (2004). Report Summary - The State of Corporate Environmental and Social Reporting in Malaysia 2004. London: ACCA.
ACCA (Association of Chartered Certified Accountants). (2002). The State of Corporate Environmental Reporting in Malaysia. London: ACCA.
Ahmad, Z., Hassan, S., and Mohammad, J. (2003). Determinants of Environmental Reporting in Malaysia. International Journal od Business Studies, 11 (1), 69–90.
Alrazi, B., Sulaiman, M., and Nik Ahmad, N. (2009). A Longitudinal Examination of Environmental Reporting Practices in Malaysia. Gadjah Mada International Journal of Business, 11 (1), 37–72.
Al-Tuwaijri, S. A., Christensen, T. E., and Huges II, K. E. (2004). The Relations Among Environmental Disclosure, Environmental performance, and Economic Performance: A Simultaneous Equations Approach. Accounting, Organizations, and Society, 29 (5‒6), 447‒471.
Andrew, B. H., Gul, F. A., Guthrie, J. E. and Teoh, H. Y. (1989). A note on corporate social disclosure practices in developing countries: the case of Malaysia and Singapore, British Accounting Review, 21, 371–6.
Anuar, H. A., Sulaiman, M. and Nik Ahmad, N.N (2009). Some evidence of environmental reporting by Shariah Compliant Companies in Malaysia. IIUM Journal of Economics and Management, 17(2), 177‒208.
Assaf, A. G., Josiassen, G. and Cvelbar, L. K. (2012). Does Triple Bottom Line reporting improve hotel performance? International Journal of Hospitality Management, 31, 596–600.
A.Manaf, N. A., Atan, R. and Mohamed, N. (2006). Environmentally sensitive companies social responsibility and reporting: a study of Malaysian companies. Website: http://www.victoria. ac.nz/sacl/about/events/pastconferences/csear2006/documents/manaf-atan-mohamed.pdf
Buniamin, S. (2010). The Quantity and Quality of Environmental Reporting in Annual Report of Public Listed Companies in Malaysia. Issues in Social and Environmental Accounting, 4(2), 115‒135.
Buniamin, S., Alrazi, B., Johari, N. H., and Abd Rahman, N. R. (2008). An Investigation of the Association between Corporate Governance and Environmental Reporting in Malaysia. Asian Journal of Business and Accounting, 1 (2), 65–88.
Buniamin, S., Alrazi, B., Johari, N. H., and Abd Rahman, N. R. (2011). Corporate Governance Practices and Environmental Reporting of Comapnies in Malaysia: Finding Possibilities if Double Thumbs Up. Jurnal Pengurusan, 32, 55‒71.
Buhr, N. (1998). Environmental performance, legislation and annual report disclosure: The case of acid rain and Falconbridge. Accounting, Auditing & Accountability Journal, 11 (2), 163–190.
Campbell, D. (2004). A longitudinal and cross sectional analysis of environmental disclosure in UK companies – A research note. The British Accounting Review, 36, 107‒117.
Clarkson, P. M., Li, Y., Richardson, G. D., and Vasvari, F. (2008). Revisiting the Relation between Environmental Performance and Environmental Disclosure: An Empirical Analysis. Accounting, Organizations and Society, 33 (4/5), 303–327.
Cooper, D. R. and Schindler, P. S. (2003). Business research methods. 8th Edition. New York: McGraw Hill.
Cormier D. and M. Magnan. (2007). The revisited contribution of environmental reporting to investors‘ valuation of a firm‘s earnings : An international perspective, ecological economics, 62 (3-4), 613-626.
De Vaus, D. (2002). Analyzing social science data. London: SAGE Publications Ltd.
Deegan, C. & Rankin, M. (1996). Do Australian companies report environmental new objectively? An analysis of environmental disclosures by firm prosecuted successfully by the Environmental Protection Authority. Accounting, Auditing & Accountability Journal, (2), 50-‒67.
Deegan, C. and Rankin, M. (1997). The materiality of environmental information to users of annual reports. Accounting Auditing and Accountability Journal, 10 (4), 562–583.
Department of Environment. (2002). Malaysia environmental quality report 2002, Malaysia:
Dixon, R., Mousa, G.A. and Woodhead, A. (2005). The role of environmental initiative in encouraging companies to engage in environmental reporting. European Management Journal, 23 (6), 702‒716.
Elijido-Ten, E. (2009). Voluntary environmental disclosures of Malaysian listed companies: An application of stakeholder theory.Paper presented to the Accounting and Finance Association of Australia and New Zealand (AFAANZ) Annual Conference in Adelaide, Australia. Website: http://www.afaanz.org/openconf/2009/modules/request.php?module=oc_program&action=view.php&id=268
Field, A. (2000). Discovering Statistics Using SPSS for Windows. London: SAGE Publications Ltd.
Freedman, M., and Jaggi, B. (1982). Pullution Disclosure, Pollution Performance and Economic Performance. Omega, 10, 167-176.
Gray, R., Kouhy, R. and Levers, S. (1995a). Corporate social and environmental reporting- A review of the literature and longitudinal study of UK disclosure. Accounting Auditing and Accountability Journal, 8 (2), 47-77.
Gray, R., Kouhy, R. and Levers, S. (1995b). Methodology themes-constructing a research database of corporate social and environmental reporting by UK companies. Accounting, Auditing & Accountability Journal, 8 (2), 78-101.
Gu, Z. (1993). Debt use and profitability: A reality check for the restaurant industry, Journal ofFoodservice Systems, (7), 135-147.
Guthrie, J. and Parker, L.D. (1990). Corporate social disclosure practice: A comparative international analysis. Advances in Public Interest Accounting, 3, 159-175.
Hackston, D., and Milne, M. J. (1996). Some Determinants of Social and Environmental Disclosures in New Zealand Companies. Accounting, Auditing and Accountability Journal, 9 (1), 77 – 108.
Haj, M. B., and Aaydi, S. D. (2011). Financial Performance, Environmental Performance and Environmental Disclosure: The Case of Tunisian Firms. Afro-Asian J. Finance and Accounting,2(3), 248-269.
Htay, S.N.N., Ab. Rashid, A.H., Adnan, M.A. and Mydin Meera, A.K. (2012). Impact of Corporate Governance on Social and Environmental Information Disclosure of Malaysian Listed Banks: Panel Data Analysis. Asian Journal of Finance & Accounting, 4(1),
Ingram, R.W. and Frazier, K.B. (1980). Environmental performance and corporate disclosure. Journal of Accounting Research, 18 (2), 614-622.
Jaffar, R. (2006). The Environmental Reporting Practice of ‘Environmentally Problematic Companies’ in Malaysia. The International Journal of Accounting, Governance & Society,1, 37-47.
Jaffar, R., Iskandar, T.M and Muhammad, N. (2002) An investigation of environmental disclosure: Evidence from selected industries in Malaysia. International Journal of Business and Society, 3 (2), 55-68.
Jaffar, R., Jamaludin, S. and Che Abdul Rahman, M.R. (2007). Determinant factors affecting quality of reporting in annual report of Malaysian companies. Malaysian Accounting Review, 6(2), 19-42.
Jaffar, R., Mohd. Iskandar, T., and Muhamad, I. (2002). Investigation of Environmental Disclosures: Evidence from Selected Industries in Malaysia. International Journal of Business and Society, 3, 55-68
Kim, W.Y. and Kim, E.K. (2009). Does Firm Size Matter in Explaining Firm Performance?:The Case of Korean SMEs in an Open Economy. Website: http://sbaer.uca.edu/research/icsb/2009/paper154.pdf
Kuasirikun, N. and Sherer, M. (2004). Corporate social accounting disclosure in Thailand. Accounting, Auditing & Accountability Journal, 17 (4), 629-660.
McGuire, J., Sundgren, A., and Schneeweis, T., (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31 (4), 854-872.
Milne. M.J. and Adler, R.W. (1999). Exploring the reliability of social and environmental analysis. Accounting, Auditing & Accountability Journal, 12 (2), 237-256.
Mohd Ghazali, N.A. and Weetman, P. (2006). Perpetuating traditional influences: Voluntary disclosure in Malaysia following the economic crisis. Journal of International Accounting, Auditing and Taxation, 15, 226–248.
Moneva, J. and Cuellar, B> (2009). Website: “http://ideas.repec.org/a/kap/enreec/ v44y2009i3p441-456.html “The Value Relevance of Financial and Non-Financial Environmental Reporting “. Website: “http://ideas.repec.org/s/kap/enreec.html”
Environmental & Resource Economics , European Association of Environmental and Resource Economists, 44 (3), 441‒456.
Murray, A., Sinclair, D., Power, D. and Gray,R. (2006). Do financial markets care about social and environmental disclosure? Further evidence and exploration from the UK. Accounting, Auditing & Accountability Journal, 19(2), 228–255.
Neu, D., Warsame, H. and Pedwell, K. (1998). Managing public impression: Environment disclosures in annual reports. Accounting, Organizations and Society, 23 (30), 265‒282.
Nik Ahmad, N. N., and Sulaiman, M. (2004). Environmental Disclosures in Malaysian Annual Reports: A Legitimacy Theory Perspective. International Journal of Commerce and Management, 14 (1), 44–58.
Nishitani, K., Kaneko, S., Fujii, H. and Komatsu, S. (2012). Are firms’ voluntary environmental management activities beneficial for the environment and business? An empirical study focusing on Japanese manufacturing firmsJournal of Environmental Management,105,121-130.
O’Donovan, G. (2002). Environmental disclosure in annual report- Extending the applicability and predictive power o legitimacy theory. Accounting Auditing and Accountability Journal,15 (3), 334‒371
Patten, D.M. (1992). Intra-industry environmental disclosures in response to the Alaskan Oil Spill. A note on legitimacy theory. Accounting, Organizations and Society, 17 (50), 471–475.
Patten, D.M. (2002). The relation between environmental performance and environmental disclosure: a research note’, Accounting, Organizations and Society, 27, 763–773.
Pava, M.L. and Krausz, J. (1996). The association between corporate social-responsibility and financial performance: the paradox of social cost. Journal of Business Ethics, 15(3), 321–357.
Richardson, A. and Welker, M. (2001). Social disclosure, financial disclosure and the cost of quity capital. Accounting, Organizations and Society. 26(7/8), 597‒616.
Saleh, M., Zulkifli, n. and muhamad, r. (n.d). An empirical examination of the relationship between corporate social responsibility disclosure and financial performance in an emerging market. http://www.pbfeam2008.bus.qut.edu.au.
Smith, M., Yahya, K., and Amiruddin, A. M. (2007). Environmental Disclosures and Performance Reporting in Malaysia. Asian Review of Accounting, 15 (2), 158–199.
Stanwick, S.D. and Stanwick, P.A. (1998). The relation between corporate social performance and organizational size, financial performance, and environmental performance: an empirical examination’. Journal of Business Ethics, 17(2), 195–204.
Stanwick, S. D., and Stanwick, P. A. (2000). The Relationship between Environmental Disclosures and Financial Performance: An Empirical Study of US Firms. Eco-Management and Auditing, 7 (4), 155‒164.
Sueyoshi, T. and Goto, M. (2009). Can Environmental Investment and Expenditure Enhance Financial Performance of US Electric Utility Firms under the Clean Air Act Amendment of 1990? Energy Policy, 37, 4819–4826.
Sumiani, Y., Haslinda, Y., and Lehman, G. (2007). Environmental Reporting in a Developing Country: A Case Study on Status and Implementation in Malaysia. Journal of Cleaner Production, 15, 895-901.
Tilt, C.A. (1994). The influence of external pressure groups on corporate disclosure. Some empirical evidence. Accounting Auditing & Accountability Journal, 7(4), 47–72.
Tilt, C.A. (2001). The content and disclosure of Australian corporate environmental policies. Accounting, Auditing & Accountability Journal, 14 (2), 190 – 212.
Thompson, P., and Zakaria, Z. (2004). Corporate Social Responsibility Reporting in Malaysia. The Journal of Corporate Citizenship (13), 125‒136.
Unerman, J. (2000). ‘Methodological issues: Reflections on quantification in corporate social reporting content analysis’. Accounting, Auditing and Accountability Journal,13(5), 667–680.
Wanderley, L.S.O., Lucian, R., Farache, F. and Filho, J-M.D-S. (2008). ‘CSR information disclosure on the web: a context-based approach analysing the influence of country of origin and industry sector’. Journal of Business Ethics, Vol. 82, 369–378.
Williams, S.M. (1999). Voluntary environmental and social accounting disclosures practices in the Asia-Pacific region: An international empirical test of political economy theory. The International Journal of Accounting, 34 (2), 209‒238.
Williams, S., and Ho, C. (1999). Corporate Social Disclosures by Listed Companies on heir Websites: An International Comparison. International Journal of Accounting, 34 (3),389–419.
Wilmshurst, T.D. and Frost, G.F. (2000). Corporate environmental reporting: a test of legitimacy theory. Accounting, Auditing and Accountability Journal, 13(1), 10–26.
Wiseman, J. (1982). An Evaluation of Environmental Disclosures Made in Corporate Annual Reports. Accounting, Organizations and Society, 7 (1), 53‒63.
Yoshikawa, T., and Phan, P.H., (2003). The performance implications of ownership-driven governance reform. European Management Journal, 21 (6), 698–706.
Yusoff, H. and Lehman,G. (2005). International differences on corporate environmental disclosure practices: a comparison between Malaysia and Australia, Website: http://
w3.unisa.edu.au/commerce/docs/international%20differences%20on%20corporate%20
environmental%20disclosure%20practices.pdf
Yusoff, H., Lehman, G. and Mohd Nasir, N. (2006). Environmental engagements through the lens of disclosure practices: A Malaysian story. Asian Review of Accounting, 14(1/2), 122-148.
Yusof, H., Yatim, M. and Mohd Nasir, N. (2004). Analysis on the development of environmental isclosure practices by selected Malaysian Companies from 1999 to 2002. Fourth Asia Pacific Interdisciplinary Research in Accounting Conference 4 to 6 July 2004 Singapore.
Yusoff, S., Yusoff, H. and Lehman, G. (2007). Environmental reporting in a developing country: case study on status and implementation in Malaysia. Journal of Cleaner Production,15(10) 895‒901
Zeghal, D. and Ahmed, S.A. (1990). Comparison of social responsibility information disclosure media used by Canadian companies. Accounting Auditing & Accountability Journal, 3(1),38–53.
Zhongfu, Y., Jianhui, J. and Pinglin, H. (2011). The Study on the Correlation between Environmental Information Disclosure and Economic Performance-With empirical data from the manufacturing industries at Shanghai Stock Exchange in China. Energy Procedia,5, 1218–1224.
ACCA (Association of Chartered Certified Accountants). (2002). The State of Corporate Environmental Reporting in Malaysia. London: ACCA.
Ahmad, Z., Hassan, S., and Mohammad, J. (2003). Determinants of Environmental Reporting in Malaysia. International Journal od Business Studies, 11 (1), 69–90.
Alrazi, B., Sulaiman, M., and Nik Ahmad, N. (2009). A Longitudinal Examination of Environmental Reporting Practices in Malaysia. Gadjah Mada International Journal of Business, 11 (1), 37–72.
Al-Tuwaijri, S. A., Christensen, T. E., and Huges II, K. E. (2004). The Relations Among Environmental Disclosure, Environmental performance, and Economic Performance: A Simultaneous Equations Approach. Accounting, Organizations, and Society, 29 (5‒6), 447‒471.
Andrew, B. H., Gul, F. A., Guthrie, J. E. and Teoh, H. Y. (1989). A note on corporate social disclosure practices in developing countries: the case of Malaysia and Singapore, British Accounting Review, 21, 371–6.
Anuar, H. A., Sulaiman, M. and Nik Ahmad, N.N (2009). Some evidence of environmental reporting by Shariah Compliant Companies in Malaysia. IIUM Journal of Economics and Management, 17(2), 177‒208.
Assaf, A. G., Josiassen, G. and Cvelbar, L. K. (2012). Does Triple Bottom Line reporting improve hotel performance? International Journal of Hospitality Management, 31, 596–600.
A.Manaf, N. A., Atan, R. and Mohamed, N. (2006). Environmentally sensitive companies social responsibility and reporting: a study of Malaysian companies. Website: http://www.victoria. ac.nz/sacl/about/events/pastconferences/csear2006/documents/manaf-atan-mohamed.pdf
Buniamin, S. (2010). The Quantity and Quality of Environmental Reporting in Annual Report of Public Listed Companies in Malaysia. Issues in Social and Environmental Accounting, 4(2), 115‒135.
Buniamin, S., Alrazi, B., Johari, N. H., and Abd Rahman, N. R. (2008). An Investigation of the Association between Corporate Governance and Environmental Reporting in Malaysia. Asian Journal of Business and Accounting, 1 (2), 65–88.
Buniamin, S., Alrazi, B., Johari, N. H., and Abd Rahman, N. R. (2011). Corporate Governance Practices and Environmental Reporting of Comapnies in Malaysia: Finding Possibilities if Double Thumbs Up. Jurnal Pengurusan, 32, 55‒71.
Buhr, N. (1998). Environmental performance, legislation and annual report disclosure: The case of acid rain and Falconbridge. Accounting, Auditing & Accountability Journal, 11 (2), 163–190.
Campbell, D. (2004). A longitudinal and cross sectional analysis of environmental disclosure in UK companies – A research note. The British Accounting Review, 36, 107‒117.
Clarkson, P. M., Li, Y., Richardson, G. D., and Vasvari, F. (2008). Revisiting the Relation between Environmental Performance and Environmental Disclosure: An Empirical Analysis. Accounting, Organizations and Society, 33 (4/5), 303–327.
Cooper, D. R. and Schindler, P. S. (2003). Business research methods. 8th Edition. New York: McGraw Hill.
Cormier D. and M. Magnan. (2007). The revisited contribution of environmental reporting to investors‘ valuation of a firm‘s earnings : An international perspective, ecological economics, 62 (3-4), 613-626.
De Vaus, D. (2002). Analyzing social science data. London: SAGE Publications Ltd.
Deegan, C. & Rankin, M. (1996). Do Australian companies report environmental new objectively? An analysis of environmental disclosures by firm prosecuted successfully by the Environmental Protection Authority. Accounting, Auditing & Accountability Journal, (2), 50-‒67.
Deegan, C. and Rankin, M. (1997). The materiality of environmental information to users of annual reports. Accounting Auditing and Accountability Journal, 10 (4), 562–583.
Department of Environment. (2002). Malaysia environmental quality report 2002, Malaysia:
Dixon, R., Mousa, G.A. and Woodhead, A. (2005). The role of environmental initiative in encouraging companies to engage in environmental reporting. European Management Journal, 23 (6), 702‒716.
Elijido-Ten, E. (2009). Voluntary environmental disclosures of Malaysian listed companies: An application of stakeholder theory.Paper presented to the Accounting and Finance Association of Australia and New Zealand (AFAANZ) Annual Conference in Adelaide, Australia. Website: http://www.afaanz.org/openconf/2009/modules/request.php?module=oc_program&action=view.php&id=268
Field, A. (2000). Discovering Statistics Using SPSS for Windows. London: SAGE Publications Ltd.
Freedman, M., and Jaggi, B. (1982). Pullution Disclosure, Pollution Performance and Economic Performance. Omega, 10, 167-176.
Gray, R., Kouhy, R. and Levers, S. (1995a). Corporate social and environmental reporting- A review of the literature and longitudinal study of UK disclosure. Accounting Auditing and Accountability Journal, 8 (2), 47-77.
Gray, R., Kouhy, R. and Levers, S. (1995b). Methodology themes-constructing a research database of corporate social and environmental reporting by UK companies. Accounting, Auditing & Accountability Journal, 8 (2), 78-101.
Gu, Z. (1993). Debt use and profitability: A reality check for the restaurant industry, Journal ofFoodservice Systems, (7), 135-147.
Guthrie, J. and Parker, L.D. (1990). Corporate social disclosure practice: A comparative international analysis. Advances in Public Interest Accounting, 3, 159-175.
Hackston, D., and Milne, M. J. (1996). Some Determinants of Social and Environmental Disclosures in New Zealand Companies. Accounting, Auditing and Accountability Journal, 9 (1), 77 – 108.
Haj, M. B., and Aaydi, S. D. (2011). Financial Performance, Environmental Performance and Environmental Disclosure: The Case of Tunisian Firms. Afro-Asian J. Finance and Accounting,2(3), 248-269.
Htay, S.N.N., Ab. Rashid, A.H., Adnan, M.A. and Mydin Meera, A.K. (2012). Impact of Corporate Governance on Social and Environmental Information Disclosure of Malaysian Listed Banks: Panel Data Analysis. Asian Journal of Finance & Accounting, 4(1),
Ingram, R.W. and Frazier, K.B. (1980). Environmental performance and corporate disclosure. Journal of Accounting Research, 18 (2), 614-622.
Jaffar, R. (2006). The Environmental Reporting Practice of ‘Environmentally Problematic Companies’ in Malaysia. The International Journal of Accounting, Governance & Society,1, 37-47.
Jaffar, R., Iskandar, T.M and Muhammad, N. (2002) An investigation of environmental disclosure: Evidence from selected industries in Malaysia. International Journal of Business and Society, 3 (2), 55-68.
Jaffar, R., Jamaludin, S. and Che Abdul Rahman, M.R. (2007). Determinant factors affecting quality of reporting in annual report of Malaysian companies. Malaysian Accounting Review, 6(2), 19-42.
Jaffar, R., Mohd. Iskandar, T., and Muhamad, I. (2002). Investigation of Environmental Disclosures: Evidence from Selected Industries in Malaysia. International Journal of Business and Society, 3, 55-68
Kim, W.Y. and Kim, E.K. (2009). Does Firm Size Matter in Explaining Firm Performance?:The Case of Korean SMEs in an Open Economy. Website: http://sbaer.uca.edu/research/icsb/2009/paper154.pdf
Kuasirikun, N. and Sherer, M. (2004). Corporate social accounting disclosure in Thailand. Accounting, Auditing & Accountability Journal, 17 (4), 629-660.
McGuire, J., Sundgren, A., and Schneeweis, T., (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31 (4), 854-872.
Milne. M.J. and Adler, R.W. (1999). Exploring the reliability of social and environmental analysis. Accounting, Auditing & Accountability Journal, 12 (2), 237-256.
Mohd Ghazali, N.A. and Weetman, P. (2006). Perpetuating traditional influences: Voluntary disclosure in Malaysia following the economic crisis. Journal of International Accounting, Auditing and Taxation, 15, 226–248.
Moneva, J. and Cuellar, B> (2009). Website: “http://ideas.repec.org/a/kap/enreec/ v44y2009i3p441-456.html “The Value Relevance of Financial and Non-Financial Environmental Reporting “. Website: “http://ideas.repec.org/s/kap/enreec.html”
Environmental & Resource Economics , European Association of Environmental and Resource Economists, 44 (3), 441‒456.
Murray, A., Sinclair, D., Power, D. and Gray,R. (2006). Do financial markets care about social and environmental disclosure? Further evidence and exploration from the UK. Accounting, Auditing & Accountability Journal, 19(2), 228–255.
Neu, D., Warsame, H. and Pedwell, K. (1998). Managing public impression: Environment disclosures in annual reports. Accounting, Organizations and Society, 23 (30), 265‒282.
Nik Ahmad, N. N., and Sulaiman, M. (2004). Environmental Disclosures in Malaysian Annual Reports: A Legitimacy Theory Perspective. International Journal of Commerce and Management, 14 (1), 44–58.
Nishitani, K., Kaneko, S., Fujii, H. and Komatsu, S. (2012). Are firms’ voluntary environmental management activities beneficial for the environment and business? An empirical study focusing on Japanese manufacturing firmsJournal of Environmental Management,105,121-130.
O’Donovan, G. (2002). Environmental disclosure in annual report- Extending the applicability and predictive power o legitimacy theory. Accounting Auditing and Accountability Journal,15 (3), 334‒371
Patten, D.M. (1992). Intra-industry environmental disclosures in response to the Alaskan Oil Spill. A note on legitimacy theory. Accounting, Organizations and Society, 17 (50), 471–475.
Patten, D.M. (2002). The relation between environmental performance and environmental disclosure: a research note’, Accounting, Organizations and Society, 27, 763–773.
Pava, M.L. and Krausz, J. (1996). The association between corporate social-responsibility and financial performance: the paradox of social cost. Journal of Business Ethics, 15(3), 321–357.
Richardson, A. and Welker, M. (2001). Social disclosure, financial disclosure and the cost of quity capital. Accounting, Organizations and Society. 26(7/8), 597‒616.
Saleh, M., Zulkifli, n. and muhamad, r. (n.d). An empirical examination of the relationship between corporate social responsibility disclosure and financial performance in an emerging market. http://www.pbfeam2008.bus.qut.edu.au.
Smith, M., Yahya, K., and Amiruddin, A. M. (2007). Environmental Disclosures and Performance Reporting in Malaysia. Asian Review of Accounting, 15 (2), 158–199.
Stanwick, S.D. and Stanwick, P.A. (1998). The relation between corporate social performance and organizational size, financial performance, and environmental performance: an empirical examination’. Journal of Business Ethics, 17(2), 195–204.
Stanwick, S. D., and Stanwick, P. A. (2000). The Relationship between Environmental Disclosures and Financial Performance: An Empirical Study of US Firms. Eco-Management and Auditing, 7 (4), 155‒164.
Sueyoshi, T. and Goto, M. (2009). Can Environmental Investment and Expenditure Enhance Financial Performance of US Electric Utility Firms under the Clean Air Act Amendment of 1990? Energy Policy, 37, 4819–4826.
Sumiani, Y., Haslinda, Y., and Lehman, G. (2007). Environmental Reporting in a Developing Country: A Case Study on Status and Implementation in Malaysia. Journal of Cleaner Production, 15, 895-901.
Tilt, C.A. (1994). The influence of external pressure groups on corporate disclosure. Some empirical evidence. Accounting Auditing & Accountability Journal, 7(4), 47–72.
Tilt, C.A. (2001). The content and disclosure of Australian corporate environmental policies. Accounting, Auditing & Accountability Journal, 14 (2), 190 – 212.
Thompson, P., and Zakaria, Z. (2004). Corporate Social Responsibility Reporting in Malaysia. The Journal of Corporate Citizenship (13), 125‒136.
Unerman, J. (2000). ‘Methodological issues: Reflections on quantification in corporate social reporting content analysis’. Accounting, Auditing and Accountability Journal,13(5), 667–680.
Wanderley, L.S.O., Lucian, R., Farache, F. and Filho, J-M.D-S. (2008). ‘CSR information disclosure on the web: a context-based approach analysing the influence of country of origin and industry sector’. Journal of Business Ethics, Vol. 82, 369–378.
Williams, S.M. (1999). Voluntary environmental and social accounting disclosures practices in the Asia-Pacific region: An international empirical test of political economy theory. The International Journal of Accounting, 34 (2), 209‒238.
Williams, S., and Ho, C. (1999). Corporate Social Disclosures by Listed Companies on heir Websites: An International Comparison. International Journal of Accounting, 34 (3),389–419.
Wilmshurst, T.D. and Frost, G.F. (2000). Corporate environmental reporting: a test of legitimacy theory. Accounting, Auditing and Accountability Journal, 13(1), 10–26.
Wiseman, J. (1982). An Evaluation of Environmental Disclosures Made in Corporate Annual Reports. Accounting, Organizations and Society, 7 (1), 53‒63.
Yoshikawa, T., and Phan, P.H., (2003). The performance implications of ownership-driven governance reform. European Management Journal, 21 (6), 698–706.
Yusoff, H. and Lehman,G. (2005). International differences on corporate environmental disclosure practices: a comparison between Malaysia and Australia, Website: http://
w3.unisa.edu.au/commerce/docs/international%20differences%20on%20corporate%20
environmental%20disclosure%20practices.pdf
Yusoff, H., Lehman, G. and Mohd Nasir, N. (2006). Environmental engagements through the lens of disclosure practices: A Malaysian story. Asian Review of Accounting, 14(1/2), 122-148.
Yusof, H., Yatim, M. and Mohd Nasir, N. (2004). Analysis on the development of environmental isclosure practices by selected Malaysian Companies from 1999 to 2002. Fourth Asia Pacific Interdisciplinary Research in Accounting Conference 4 to 6 July 2004 Singapore.
Yusoff, S., Yusoff, H. and Lehman, G. (2007). Environmental reporting in a developing country: case study on status and implementation in Malaysia. Journal of Cleaner Production,15(10) 895‒901
Zeghal, D. and Ahmed, S.A. (1990). Comparison of social responsibility information disclosure media used by Canadian companies. Accounting Auditing & Accountability Journal, 3(1),38–53.
Zhongfu, Y., Jianhui, J. and Pinglin, H. (2011). The Study on the Correlation between Environmental Information Disclosure and Economic Performance-With empirical data from the manufacturing industries at Shanghai Stock Exchange in China. Energy Procedia,5, 1218–1224.
Downloads
Published
2019-03-06
How to Cite
Abd Rahman, N. R., Muhammad Jauhari, H. H., & Roslan, N. F. (2019). AN EMPIRICAL EXAMINATION OF THE RELATIONSHIP BETWEEN ENVIRONMENTAL DISCLOSURE AND FINANCIAL PERFORMANCE IN MALAYSIA. Journal of Contemporary Issues and Thought, 3, 77–92. Retrieved from https://ejournal.upsi.edu.my/index.php/JCIT/article/view/979
Issue
Section
Articles
