Effect of Firm-Specific Attributes on Environmental Accounting Disclosure. Evidence from Firms Listed in the Nairobi Securities Exchange, Kenya
Keywords:
Ownership Concentration, Asset Tangibility Capital Intensity, Environmental Accounting Disclosure
Abstract
The main objective of this study was to examine the effect of firm-specific attributes on environmental accounting disclosure in Kenya. The study was driven by legitimacy theory and a longitudinal research design was adopted. The study targeted 27 listed firms at Nairobi securities Exchange from 2008 to 2017. Findings showed that asset tangibility (β = .10, ρ<.05) and capital intensity (β = .42, ρ<.05) had a positive and significant effect on environmental accounting disclosure. The study concludes that asset tangibility, capital intensity, and ownership concentration are key predictors of environmental accounting disclosure. Therefore, firms need to diffuse ownership concentration and increase asset base, so as to increase the level of environmental accounting disclosure.
References
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Ali, A. (2014). Ownership structure and voluntary disclosure level in an emerging market: Evidence from Tunisia. Proceedings of the International Conference on Innovation & Engineering Management, San Juan, USA, 130–140.
Aljifri, K., Alzarouni, A., Ng, C., & Tahir, M. I. (2014). The Association Between Firm Characteristics and Corporate Financial Disclosures: Evidence from UAE Companies. The International Journal of Business and Finance Research, 8(2), 101-123.
Arouri, M., Dinh, T.H. and Nguyen, D.K. (2014). “Time-varying predictability in crude-oil markets: the case of GCC countries”, Energy Policy, 38, 8, 4371-4380.
Association of Chartered Certified Accountant (ACCA). 2015. Sustainability: Taking corporate Governance One Step Further. Vol. III. London: Certified Accountants Educational Trust.
Baker, H. K., & Martin, G. S. (2011). Capital structure and corporate financing decisions: theory, evidence, and practice (vol. 15). John Wiley & Sons.
Barako, D. G., Hancock, P., & Izan, H. Y. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: an international review, 14(2), 107-125.
Belkaoui, A. & Karpik, P. G. (1999). Determinants of the corporate decision to disclose social information. Accounting, Auditing & Accountability Journal, 2(1), pp. 36-51.
Boesso, G., & Kumar, K. (2007). Drivers of corporate voluntary disclosure: A framework and empirical evidence from Italy and the United States. Accounting, Auditing & Accountability Journal, 20(2), 269-296.
Brammer, J.S., & Stephen, P. (2006). Corporate reputation and social performance: The importance of fit. Journal of management studies 43(3): 435-455
Brammer, S., & Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business Strategy and the Environment, 17 (2), 120-136.
Breusch, T. V. and A. R. Pagan (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrical 47(5), 1287—1294.
Byron, R. K. (2015). Corporate Sector to be Accountable to JS. The Daily Star, 9 March.
Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: a research note. Accounting, Organizations and Society, 32 (7/8), 639-647.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: an empirical analysis. Accounting, Organizations and Society, 33 (4/5), 303-327.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2011). Does it really pay to be green? Determinants and consequences of proactive environmental strategies. Journal of Accounting and Public Policy, 30 (2), 122-144.
Cormier, D. & Magnan, M. (1999). Corporate environmental disclosure strategies: determinants, costs, and benefit. Journal of Accounting, Auditing, and Finance 14(4): 429-451.
Cormier, D., & Gordon, I. M. (2001). An examination of social and environmental reporting strategies. Accounting, Auditing & Accountability Journal, 14(5), 587-617.
Cormier, D., Magnan, M., & Van Velthoven, B. (2005). Environmental disclosure quality in large German companies: economic incentives, public pressures or institutional conditions? European accounting review, 14(1), 3-39.
Craswell, A. T., & Taylor, S. L. (1992). Discretionary disclosure of reserves by oil and gas companies: an economic analysis. Journal of Business Finance & Accounting, 19(2), 295-308.
Darrough, M.N. and Stoughton, N.M. (1990) Financial Disclosure Policy in an Entry Game. Journal of Accounting and Economics, 12, 219-243.
De Villiers, C., & Van Staden, C. J. (2006). Can less environmental disclosure have a legitimizing effect? Evidence from Africa. Accounting, Organizations and Society, 31(8), 763-781.
Deegan, C. & Unerman (2006). Corporate Legitimacy and Environmental Reporting – Deegan and Underman Contentions”, Accounting Research Blog, available at https://richardcollinsaccountingblog.wordpress.com/2012/04/28/corporate-legitimacy-and-environmental-reporting-deegan-and-unermans-2006-contentions-3/.
Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), 189–199.
Demir, V., & Bahadir, O. (2014). An Investigation of Compliance with International Financial Reporting Standards by Listed Companies in Turkey. Accounting and Management Information Systems, 13(1), 4-34.
Díez-Martín, F., Prado-Roman, C., & Blanco-González, A. (2013). Beyond legitimacy: Legitimacy types and organizational success. Management Decision, 51(10), 1954–1969.
Ezhilarasi, G., Kabra, K. C. (2017). Factors Influencing Environmental Disclosures: Evidence from India. IUP. Journal of Accounting Research & Audit Practices., Vol. 16 (1), pages 7-24.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of law and Economics, 26(2), 301-325.
Global Reporting Initiative (2008). About GRI. Retrieved from http://www.globalreporting.org/AboutGRI.
Gorton, G. & Schmid, F.A. 1996. Universal banking and the performance of German corporations. NBER working paper 5453, National Bureau of Economic Research, Cambridge, Massachusetts USA.
Gray, R., Collison, D. (2001). Can’t See the Woods for the Trees, Can’t See the Trees for the Numbers? Accounting Education, Sustainability and the Public Interest, Critical Perspectives Accounting,13:797-836.
Gray, R., Kouhy, R., & Lavers, S. (1991). Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing and Accountability Journal, 8(2), 47–77.
Greene, W.H. (2008). Econometric Analysis. 6th Edition, Pearson Prentice Hall, Upper Saddle River
Grigoris. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal. 10. 569-590. 10.1108/SRJ-02-2013-0008.
Grüning, M. and Ernstberger, J. 2010, The association between disclosure and Corporate Governance, Working Paper, European University Viadrina Frankfurt (Oder) and Ruhr-University Bochum.
Guthrie, J., & Parker, L. D. (1989). Corporate social reporting: a rebuttal of legitimacy theory. Accounting and business research, 19(76), 343-352.
Haniffa, R. M., & Cooke, T. E. (2002). Culture, Corporate Governance, and Disclosure in Malaysian Corporations. In 38 317-349).
Harada, K., & Nguyen, P. (2011). Ownership concentration and dividend policy in Japan. Managerial Finance, 37, 362-379.
Hendry, J. (2002). The principal’s other problems: honest incompetence and the specification of objectives. Academy of Management Review, 27, 98-113.
Hossain, M. and Hammami, H. (2009) Voluntary Disclosure in the Annual Reports of an Emerging Country: The Case of Qatar. Advances in Accounting, Incorporating Advances in International Accounting, 25, 255-265.
Hossain, M., & Reaz, M. (2007). The determinants and characteristics of voluntary disclosure by Indian banking companies. Corporate Social Responsibility and Environmental Management, 14(5), 274-288.
Hossain, M., Perera, M. H. B., & Rahman, A. R. (1995). Voluntary disclosure in the annual reports of New Zealand companies. Journal of International Financial Management & Accounting, 6(1), 69-87.
Huafang, X., & Jianguo, Y. (2007). Ownership structure, board composition, and corporate voluntary disclosure: Evidence from listed companies in China. Managerial. Auditing Journal, 22(6), 604-619.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of financial economics, 3(4), 305-360.
Jiang, H., Habib, A., Baiding, H. (2011). Ownership concentration, voluntary disclosures and information asymmetry in New Zealand. The British Accounting Review, 43(1), 39–53.
Kato, T., & Long, C. (2006). Executive compensation, firm performance and corporate governance in China: Evidence from firms listed in the Shanghai and Shenzhen stock exchanges. Economic development and cultural change, 54(4): 945-983
Khan, T. (2006). Company dividends and ownership structure: Evidence from UK panel data. The Economic Journal, 116, 172-189.
Kisengo ZM, Kombo H (2012). Effect of firm characteristics on the performance of the microfinance sector in Nakuru, Kenya. International Journal of Science and Research 3: 2319-7064.
Klapper, L., Love, I., (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10 (5), 703e723.
Kohler, U., & Kreuter, F. (2009). Data analysis using Stata (2nd ed.). College Station: Stata Press.
Lemon, A.J., and Cahan, S.F., (1997), “Environmental Legislation and Environmental Disclosures: Some Evidence from New Zealand”, Asian Review of Accounting, 5(1) 78-105
Leuz, C. (1999). Proprietary versus non-proprietary disclosures: voluntary cash flow statements and business segment reports in Germany. Working Paper, Department of Business and Economics, Johann Wolfgang Goethe-Universität, Frankfurt.
Leuz, C. (1999). The development of voluntary cash flow statements in Germany and the influence of international reporting standards. Working paper series; Finance and Accounting 40. Available at http://wiwi. Uni-frankfurt. de/wp/586pdf.
Liew, P. K. (2007). Corporate governance reforms in Malaysia: The key leading players' perspectives. Corporate Governance: An International Review, 15(5), 724-740.
Link, A.N., & Boger, M.B. (1999). The art and science of business valuation. Westport: Greenwood.
Lins, (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The journal of finance, 58(4), 1445-1468.
Marshall, R. S., Brown, D., & Plumlee, M. (2011). Driving To Distraction Or Disclosure? Shareholder Activism, Institutional Investors And Firms’ Environmental Transparency. Enhancing Global Competitiveness Through Sustainable Environmental Stewardship, Northampton, MA: Edward Elgar Publishing, Inc, 153-183.
Mohd Ghazali, N. A. (2007). Ownership structure and corporate social responsibility disclosure: some Malaysian evidence. Corporate Governance: The International journal of business in society, 7(3), 251-266.
Naser, Kamal & Alhussaini, A & Alkwari, D & Nuseibeh, Rana. (2016). Determinants of Corporate Social Disclosure in Developing Countries: The Case of Qatar. Advances in International Accounting. 19. 1-23.
Niléhn, P., Thoresson, A. (2014). Determinants of voluntary disclosure in Swedish corporate annual reports (Master’s thesis). Uppsala University, 47 pages.
O’Donovan, G. (1999). Environmental disclosures in the annual report: extending the applicability and predictive power of legitimacy theory. Accounting, Auditing & Accountability Journal, 15 (3), 344-371.
Pahuja, S. (2009). Relationship between environmental disclosures and corporate characteristics: a study of large manufacturing companies in India. Social Responsibility Journal, 5(2), 227-244.
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(5), 471–475.
Pereira Eugénio, T., Costa Lourenço, I., & Morais, A. I. (2013). Sustainability strategies of the company TimorL: extending the applicability of legitimacy theory. Management of Environmental Quality: An International Journal, 24(5), 570-582.
Prado-Lorenzo, J. M., Rodriguez-Dominguez, L., Gallego-Alvarez, I., & García-Sánchez, I. M. (2009). Factors influencing the disclosure of greenhouse gas emissions in companies worldwide. Management Decision, 47(7), 1133-1157.
Pratten, J. D. and Mashat, A. A. (2009), “Corporate social disclosure in Libya”, Social Responsibility Journal, Vol. 5 No. 3, pp. 311-327.
Rahman, M. S. (2013). Auditors’ Compromise Blocks Good Corporate Governance. The Daily Star 5th July.
Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88(2), 351-366.
Rizk, R., Dixon, R., & Woodhead, A. (2008). Corporate social and environmental reporting: a survey of disclosure practices in Egypt. Social Responsibility Journal, 4(3), 306-323.
Sanda, A. U., Mikailu, A. S., & Garba, T. (2005). Corporate governance mechanisms and firm financial performance in Nigeria.
Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization Science, 12, 99-116.
Scott, T. W. (1994). Incentives and disincentives for financial disclosure: voluntary disclosure of defined benefit pension plan information by Canadian Firms. Accounting review 69(1): 26-35
Shleifer, A., & Vishny, R.W. (1994). A Survey of Corporate Governance. Journal of Finance, Vol. 52(2), 737-783.
Shuping, C., Xia, C. & Qiang, C. (2008). Do family firms provide more or less voluntary disclosure? Journal of Accounting Research 46(3): 499-536.
Tasker, S. C. (1998). Industry preferred multiples in acquisition valuation. Working paper, Cornell University.
Tharenou, P., Donohue, R., and Cooper, B. (2007). Management of Research Methods. New York: Cambridge University Press. Show all authors.
Thillainathan, R. (1999). Corporate governance and restructuring in Malaysia - A review of markets, mechanisms, agents and the legal infrastructure. joint World Bank and OECD Survey of Corporate Governance. Organization for Economic Co-operation and Development. Available online at http://www. OECD. org/dataoecd/7/24/1931380.
Uwuigbe, U. (2011), “Corporate Environmental Reporting Practice”, A Ph.D. Thesis, Covenant University, Nigeria,
Wachira, M. (2017). Determinants of corporate social disclosures in Kenya: A longitudinal study of firms listed on the Nairobi securities exchange. European Scientific Journal, 13(11), 112-132.
World Business Council for Sustainable Development. WBCSD. (2012). Sustainable development reporting: striking the balance. Hertfordshire: Earth print.
Zeng, S. X., Hu, X. D., Yin, H. T., & Tam, C. M. (2012). Factors that drive Chinese listed company’s involuntary disclosure of environmental information. Journal of Business Ethics, 109 (3), 309-321.
Ali, A. (2014). Ownership structure and voluntary disclosure level in an emerging market: Evidence from Tunisia. Proceedings of the International Conference on Innovation & Engineering Management, San Juan, USA, 130–140.
Aljifri, K., Alzarouni, A., Ng, C., & Tahir, M. I. (2014). The Association Between Firm Characteristics and Corporate Financial Disclosures: Evidence from UAE Companies. The International Journal of Business and Finance Research, 8(2), 101-123.
Arouri, M., Dinh, T.H. and Nguyen, D.K. (2014). “Time-varying predictability in crude-oil markets: the case of GCC countries”, Energy Policy, 38, 8, 4371-4380.
Association of Chartered Certified Accountant (ACCA). 2015. Sustainability: Taking corporate Governance One Step Further. Vol. III. London: Certified Accountants Educational Trust.
Baker, H. K., & Martin, G. S. (2011). Capital structure and corporate financing decisions: theory, evidence, and practice (vol. 15). John Wiley & Sons.
Barako, D. G., Hancock, P., & Izan, H. Y. (2006). Factors influencing voluntary corporate disclosure by Kenyan companies. Corporate Governance: an international review, 14(2), 107-125.
Belkaoui, A. & Karpik, P. G. (1999). Determinants of the corporate decision to disclose social information. Accounting, Auditing & Accountability Journal, 2(1), pp. 36-51.
Boesso, G., & Kumar, K. (2007). Drivers of corporate voluntary disclosure: A framework and empirical evidence from Italy and the United States. Accounting, Auditing & Accountability Journal, 20(2), 269-296.
Brammer, J.S., & Stephen, P. (2006). Corporate reputation and social performance: The importance of fit. Journal of management studies 43(3): 435-455
Brammer, S., & Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business Strategy and the Environment, 17 (2), 120-136.
Breusch, T. V. and A. R. Pagan (1979). A simple test for heteroscedasticity and random coefficient variation. Econometrical 47(5), 1287—1294.
Byron, R. K. (2015). Corporate Sector to be Accountable to JS. The Daily Star, 9 March.
Cho, C. H., & Patten, D. M. (2007). The role of environmental disclosures as tools of legitimacy: a research note. Accounting, Organizations and Society, 32 (7/8), 639-647.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: an empirical analysis. Accounting, Organizations and Society, 33 (4/5), 303-327.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2011). Does it really pay to be green? Determinants and consequences of proactive environmental strategies. Journal of Accounting and Public Policy, 30 (2), 122-144.
Cormier, D. & Magnan, M. (1999). Corporate environmental disclosure strategies: determinants, costs, and benefit. Journal of Accounting, Auditing, and Finance 14(4): 429-451.
Cormier, D., & Gordon, I. M. (2001). An examination of social and environmental reporting strategies. Accounting, Auditing & Accountability Journal, 14(5), 587-617.
Cormier, D., Magnan, M., & Van Velthoven, B. (2005). Environmental disclosure quality in large German companies: economic incentives, public pressures or institutional conditions? European accounting review, 14(1), 3-39.
Craswell, A. T., & Taylor, S. L. (1992). Discretionary disclosure of reserves by oil and gas companies: an economic analysis. Journal of Business Finance & Accounting, 19(2), 295-308.
Darrough, M.N. and Stoughton, N.M. (1990) Financial Disclosure Policy in an Entry Game. Journal of Accounting and Economics, 12, 219-243.
De Villiers, C., & Van Staden, C. J. (2006). Can less environmental disclosure have a legitimizing effect? Evidence from Africa. Accounting, Organizations and Society, 31(8), 763-781.
Deegan, C. & Unerman (2006). Corporate Legitimacy and Environmental Reporting – Deegan and Underman Contentions”, Accounting Research Blog, available at https://richardcollinsaccountingblog.wordpress.com/2012/04/28/corporate-legitimacy-and-environmental-reporting-deegan-and-unermans-2006-contentions-3/.
Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), 189–199.
Demir, V., & Bahadir, O. (2014). An Investigation of Compliance with International Financial Reporting Standards by Listed Companies in Turkey. Accounting and Management Information Systems, 13(1), 4-34.
Díez-Martín, F., Prado-Roman, C., & Blanco-González, A. (2013). Beyond legitimacy: Legitimacy types and organizational success. Management Decision, 51(10), 1954–1969.
Ezhilarasi, G., Kabra, K. C. (2017). Factors Influencing Environmental Disclosures: Evidence from India. IUP. Journal of Accounting Research & Audit Practices., Vol. 16 (1), pages 7-24.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of law and Economics, 26(2), 301-325.
Global Reporting Initiative (2008). About GRI. Retrieved from http://www.globalreporting.org/AboutGRI.
Gorton, G. & Schmid, F.A. 1996. Universal banking and the performance of German corporations. NBER working paper 5453, National Bureau of Economic Research, Cambridge, Massachusetts USA.
Gray, R., Collison, D. (2001). Can’t See the Woods for the Trees, Can’t See the Trees for the Numbers? Accounting Education, Sustainability and the Public Interest, Critical Perspectives Accounting,13:797-836.
Gray, R., Kouhy, R., & Lavers, S. (1991). Corporate social and environmental reporting: A review of the literature and a longitudinal study of UK disclosure. Accounting, Auditing and Accountability Journal, 8(2), 47–77.
Greene, W.H. (2008). Econometric Analysis. 6th Edition, Pearson Prentice Hall, Upper Saddle River
Grigoris. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal. 10. 569-590. 10.1108/SRJ-02-2013-0008.
Grüning, M. and Ernstberger, J. 2010, The association between disclosure and Corporate Governance, Working Paper, European University Viadrina Frankfurt (Oder) and Ruhr-University Bochum.
Guthrie, J., & Parker, L. D. (1989). Corporate social reporting: a rebuttal of legitimacy theory. Accounting and business research, 19(76), 343-352.
Haniffa, R. M., & Cooke, T. E. (2002). Culture, Corporate Governance, and Disclosure in Malaysian Corporations. In 38 317-349).
Harada, K., & Nguyen, P. (2011). Ownership concentration and dividend policy in Japan. Managerial Finance, 37, 362-379.
Hendry, J. (2002). The principal’s other problems: honest incompetence and the specification of objectives. Academy of Management Review, 27, 98-113.
Hossain, M. and Hammami, H. (2009) Voluntary Disclosure in the Annual Reports of an Emerging Country: The Case of Qatar. Advances in Accounting, Incorporating Advances in International Accounting, 25, 255-265.
Hossain, M., & Reaz, M. (2007). The determinants and characteristics of voluntary disclosure by Indian banking companies. Corporate Social Responsibility and Environmental Management, 14(5), 274-288.
Hossain, M., Perera, M. H. B., & Rahman, A. R. (1995). Voluntary disclosure in the annual reports of New Zealand companies. Journal of International Financial Management & Accounting, 6(1), 69-87.
Huafang, X., & Jianguo, Y. (2007). Ownership structure, board composition, and corporate voluntary disclosure: Evidence from listed companies in China. Managerial. Auditing Journal, 22(6), 604-619.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of financial economics, 3(4), 305-360.
Jiang, H., Habib, A., Baiding, H. (2011). Ownership concentration, voluntary disclosures and information asymmetry in New Zealand. The British Accounting Review, 43(1), 39–53.
Kato, T., & Long, C. (2006). Executive compensation, firm performance and corporate governance in China: Evidence from firms listed in the Shanghai and Shenzhen stock exchanges. Economic development and cultural change, 54(4): 945-983
Khan, T. (2006). Company dividends and ownership structure: Evidence from UK panel data. The Economic Journal, 116, 172-189.
Kisengo ZM, Kombo H (2012). Effect of firm characteristics on the performance of the microfinance sector in Nakuru, Kenya. International Journal of Science and Research 3: 2319-7064.
Klapper, L., Love, I., (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10 (5), 703e723.
Kohler, U., & Kreuter, F. (2009). Data analysis using Stata (2nd ed.). College Station: Stata Press.
Lemon, A.J., and Cahan, S.F., (1997), “Environmental Legislation and Environmental Disclosures: Some Evidence from New Zealand”, Asian Review of Accounting, 5(1) 78-105
Leuz, C. (1999). Proprietary versus non-proprietary disclosures: voluntary cash flow statements and business segment reports in Germany. Working Paper, Department of Business and Economics, Johann Wolfgang Goethe-Universität, Frankfurt.
Leuz, C. (1999). The development of voluntary cash flow statements in Germany and the influence of international reporting standards. Working paper series; Finance and Accounting 40. Available at http://wiwi. Uni-frankfurt. de/wp/586pdf.
Liew, P. K. (2007). Corporate governance reforms in Malaysia: The key leading players' perspectives. Corporate Governance: An International Review, 15(5), 724-740.
Link, A.N., & Boger, M.B. (1999). The art and science of business valuation. Westport: Greenwood.
Lins, (2003). Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. The journal of finance, 58(4), 1445-1468.
Marshall, R. S., Brown, D., & Plumlee, M. (2011). Driving To Distraction Or Disclosure? Shareholder Activism, Institutional Investors And Firms’ Environmental Transparency. Enhancing Global Competitiveness Through Sustainable Environmental Stewardship, Northampton, MA: Edward Elgar Publishing, Inc, 153-183.
Mohd Ghazali, N. A. (2007). Ownership structure and corporate social responsibility disclosure: some Malaysian evidence. Corporate Governance: The International journal of business in society, 7(3), 251-266.
Naser, Kamal & Alhussaini, A & Alkwari, D & Nuseibeh, Rana. (2016). Determinants of Corporate Social Disclosure in Developing Countries: The Case of Qatar. Advances in International Accounting. 19. 1-23.
Niléhn, P., Thoresson, A. (2014). Determinants of voluntary disclosure in Swedish corporate annual reports (Master’s thesis). Uppsala University, 47 pages.
O’Donovan, G. (1999). Environmental disclosures in the annual report: extending the applicability and predictive power of legitimacy theory. Accounting, Auditing & Accountability Journal, 15 (3), 344-371.
Pahuja, S. (2009). Relationship between environmental disclosures and corporate characteristics: a study of large manufacturing companies in India. Social Responsibility Journal, 5(2), 227-244.
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(5), 471–475.
Pereira Eugénio, T., Costa Lourenço, I., & Morais, A. I. (2013). Sustainability strategies of the company TimorL: extending the applicability of legitimacy theory. Management of Environmental Quality: An International Journal, 24(5), 570-582.
Prado-Lorenzo, J. M., Rodriguez-Dominguez, L., Gallego-Alvarez, I., & García-Sánchez, I. M. (2009). Factors influencing the disclosure of greenhouse gas emissions in companies worldwide. Management Decision, 47(7), 1133-1157.
Pratten, J. D. and Mashat, A. A. (2009), “Corporate social disclosure in Libya”, Social Responsibility Journal, Vol. 5 No. 3, pp. 311-327.
Rahman, M. S. (2013). Auditors’ Compromise Blocks Good Corporate Governance. The Daily Star 5th July.
Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88(2), 351-366.
Rizk, R., Dixon, R., & Woodhead, A. (2008). Corporate social and environmental reporting: a survey of disclosure practices in Egypt. Social Responsibility Journal, 4(3), 306-323.
Sanda, A. U., Mikailu, A. S., & Garba, T. (2005). Corporate governance mechanisms and firm financial performance in Nigeria.
Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization Science, 12, 99-116.
Scott, T. W. (1994). Incentives and disincentives for financial disclosure: voluntary disclosure of defined benefit pension plan information by Canadian Firms. Accounting review 69(1): 26-35
Shleifer, A., & Vishny, R.W. (1994). A Survey of Corporate Governance. Journal of Finance, Vol. 52(2), 737-783.
Shuping, C., Xia, C. & Qiang, C. (2008). Do family firms provide more or less voluntary disclosure? Journal of Accounting Research 46(3): 499-536.
Tasker, S. C. (1998). Industry preferred multiples in acquisition valuation. Working paper, Cornell University.
Tharenou, P., Donohue, R., and Cooper, B. (2007). Management of Research Methods. New York: Cambridge University Press. Show all authors.
Thillainathan, R. (1999). Corporate governance and restructuring in Malaysia - A review of markets, mechanisms, agents and the legal infrastructure. joint World Bank and OECD Survey of Corporate Governance. Organization for Economic Co-operation and Development. Available online at http://www. OECD. org/dataoecd/7/24/1931380.
Uwuigbe, U. (2011), “Corporate Environmental Reporting Practice”, A Ph.D. Thesis, Covenant University, Nigeria,
Wachira, M. (2017). Determinants of corporate social disclosures in Kenya: A longitudinal study of firms listed on the Nairobi securities exchange. European Scientific Journal, 13(11), 112-132.
World Business Council for Sustainable Development. WBCSD. (2012). Sustainable development reporting: striking the balance. Hertfordshire: Earth print.
Zeng, S. X., Hu, X. D., Yin, H. T., & Tam, C. M. (2012). Factors that drive Chinese listed company’s involuntary disclosure of environmental information. Journal of Business Ethics, 109 (3), 309-321.
Published
2020-03-19
How to Cite
Tarus, J. (2020, March 19). Effect of Firm-Specific Attributes on Environmental Accounting Disclosure. Evidence from Firms Listed in the Nairobi Securities Exchange, Kenya. African Journal of Education,Science and Technology, 5(4), Pp 1-15. https://doi.org/https://doi.org/10.2022/ajest.v5i4.415
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