Green Accounting: Application in Management Control System in SMEs

A Thesis

Presented to the

Faculty of the Department of Accountancy

School of Business and Economics

University of San Carlos

Cebu City, Philippines

In Partial Fulfillment

of the Requirements for the Degree

Bachelor of Science in Accounting Technology

(AC527)

ABAD, ELAIZA CARMEL

ABANIEL, JOHNSON RONALD
COMENDADOR, ANGIELITE
NUEVAS, VINCE KARLO
OFLAS, MARY CHRISTEL
PANGILINAN, WAYNE
SALAS, HAROLD
SAYSON, CHRISTINE
TUAZON, JAN GWILYM

MRS. CONCEPCION R. RACAZA, CPA, MSA

Thesis Adviser
 APPROVAL SHEET

This Research entitled “Green Accounting: Application in Management Control

System in SMEs” prepared and submitted by ELAIZA CARMEL ABAD, JOHNSON

RONALD ABANIEL, ANGIELITE COMENDADOR, VINCE KARLO NUEVAS,

MARY CHRISTEL OFLAS, WAYNE PANGILINAN, HAROLD SALAS, CHRISTINE

SAYSON, JAN GWILYM TUAZON in partial fulfillment of the degree of BACHELOR

OF SCIENCE IN ACCOUNTING TECHNOLOGY has been examined and hereby

recommended for approval and acceptance for ORAL EXAMINATION.

PANEL

MRS. ELEANOR D. PACLIJAN, CPA, MSA MR.PHILIP W. MARNOCH, CPA

Member Member

DR. MARITES A. KHANSER, DBA

Chair

MRS. CONCEPCION R. RACAZA, CPA, MSA

Adviser

Accepted and approved in partial fulfillment of the requirements for the degree

BACHELOR OF SCIENCE IN ACCOUNTING TECHNOLOGY

September 30, 2017

Date of Oral Examination

ii
 ACKNOWLEDGEMENT

First of all, we would like to thank the Almighty Father for giving us this

opportunity to conduct an effective and efficient work on this study. Without His

presence and guidance, we wouldn’t be able to finish our study.

We would like to express our deepest appreciation to our adviser, Ms. Concepcion

R. Racaza, CPA, MSA, who was very patient in sparing her precious time on consultation

hours despite her hectic schedule, and who always share her insights and experiences

about this study. We are very lucky to have an adviser that helped us understand more

about the overview and the background behind this study.

We would also like to thank the University of San Carlos and the Department of

Accountancy for allowing us for having this opportunity to carry out this research study,

not only for our benefit but also for the future researchers and users.

We would also like to express our sincerest gratitude to each member of our

group who were very dedicated to complete this study and showed their best efforts to

gather and understand this thesis.

Lastly, to our beloved parents/family, thank you for the all-out support, both

emotionally and financially through the span of our research.

iii
 EXECUTIVE SUMMARY

The study was conducted to develop a review of related literature for the

application of green accounting in the management control system of small and medium

enterprises. Green accounting is defined as important tool for understanding the

influential aspects of natural environment with respect to the economy. The researcher’s

objective is to prove that the application of green accounting in the management control

system of small and medium enterprises will improve its financial performance. The

beneficiaries of this study were the small and medium enterprises, the environment and

the future researchers for their reference.

The study mainly focuses on the collection of data through the compilation of

related literature that were collected based on the interconnection to the main topic and

variables of the study. The data gathered were used to assess the impact of green

accounting to the management control systems of small and medium enterprises.

Throughout the entirety of the study, the data gathering led the researchers to the

following findings: the environmental management system is an integral part of

management control system where green accounting is connected; no or little

environmental impact with larger corporations, lack of environmentally focused

capabilities, and lack of concern over the cost of these measures were the key barriers of

adoption of proactive environmental measures in small and medium enterprises.

With the findings gathered, the researchers concluded that green accounting

promises a good way to give people more insights in the use of natural resources and that

through green accounting, small and medium enterprises can determine and create

iv
awareness regarding costs related to environment and will help identify the techniques for

the reduction and avoidance of such cost.

v
 TABLE OF CONTENTS

APPROVAL SHEET ii

ACKNOWLEDGEMENT iii

EXECUTIVE SUMMARY iv

TABLE OF CONTENTS vi

LIST OF FIGURES AND TABLE vii

CHAPTER

1 INTRODUCTION

Rationale of the Study 1

THE PROBLEM

Statement of the Problem 3

Significance of the Study 4

DEFINITION OF TERMS 6

2 THEORETICAL BACKGROUND

Review of Related Literatures and Studies 7

Green Accounting 7

Environmental Management System 11

Small and Medium Enterprises 12

Management Control System 13

Theoretical Framework 15

Conceptual Framework 16

vi
3 RESEARCH METHODOLOGY

Research Procedure 17

4 TECHNICAL ANALYSIS AND DISCUSSION 20

4.1 Green accounting and Management

Control System 19

4.2 Constraints in Applying Green Accounting

To Management Control System in SMEs 21

4.3 Importance of Green Accounting to

Management Control System in SMEs 21

4.4 Improvement of Financial Performance in

Management Control system in SMEs

Through green accounting 23

5 SUMMARY, CONCLUSIONS,

AND RECOMMENDATIONS

Summary of Findings 24

Conclusion 25

Recommendations for future researchers 26

BIBLIOGRAPHY 27

APPENDIX A - CURRICULUM VITAE 31

vii
 LIST OF FIGURES AND TABLES

Page

Figure 1 Theoretical Framework 15

Figure 2 Conceptual Framework 16

viii
 Chapter 1

INTRODUCTION

This chapter consists of the rationale, which introduces our main topic. Included

in this chapter as well are the statement of the problem and its sub-problems, together

with the significance of the study, and definition of terms used.

Rationale of the Study

In a global perspective, we are now facing many global environmental issues such

as global warming (greenhouse effect), ozone depletion, acid rain, deforestation and

pollution (land, air, water, and noise). In minimizing these effects, communities have

developed many agendas such as The Brubdtland Report - Sustainable Development in

1987 and The Rio Earth Summit in 1992. (Seetharaman, A., et al., 2007). But the issue is

that whether these agendas do help to sustain the environment.

Member countries of the Asia-Europe Meeting (ASEM) established the ASEM

SMEs Eco-Innovation Center (ASEIC) in 2011 with the principal mandate of promoting

cooperation between the two continents – Asia and Europe - to create and enhance

environmental advancement of small and medium enterprises, which are a main engine of

economic growth and innovation. Moreover, the Department of Environment and Natural

Resources (DENR) has partnered with this South Korea-based international organization

to promote environmental innovation among small and medium enterprises (SMEs) in the

Philippines. (Villanueva, 2015)

 According to DENR Undersecretary and concurrent Environmental Management

Bureau Director Jonas Leones (2015), the collaboration will boost government efforts to

help small and medium enterprises become more compliant with environmental standards,

particularly under the DENR’s Philippine Environment Partnership Program (PEPP) that

encourages improved environmental management and performance among industries.

Alan S. Dunk (2002) said that the integration of environmental issues into

financial decision processes by using environmental accounting would contribute to the

enhancement of quality performance and firm performance as a whole. This means that

the organization can attain an improvement in company and overall environmental

performance, customers’ satisfaction with Management Control System.

This research intends to address the introduction and application of “Green

Accounting” to Management Control Systems and its importance in improving the

financial performance of small and medium enterprises through its control over the

performance of the organization. The researchers also believe that this will help sustain

the environment, and at the same time, reduce cost from the small and medium

enterprises by utilizing natural capital.

2
Statement of the Problem

The study aims to collect related literature in which the application of green

accounting in the management control system in small and medium enterprises will

improve the financial performance of such firms.

Specifically, the study will address the following sub-problems:

1. What is the connection between green accounting and management control system in

small and medium enterprises?

2. What are the constraints in applying green accounting in the management control

system in small and medium enterprises?

3. What is the importance of green accounting in the management control system in small

and medium enterprises?

4. How can green accounting improve the financial performance in management control

system in small and medium enterprises?

3
Significance of the Study

Technology has been more progressive as ever, and so does its effect on both our

environment and economy. Although tackling about environmental issues is a very

delicate topic, there is a greater need to be more observant and studious about these issues.

The researchers conducted this study to incorporate green accounting in the

Management Control System that will help growing small and medium enterprises to

have a stronger regulation and sustainability within them. In general, this research aims to

combine management effort and both environmental and economical sustainability as one.

Specifically, the study will provide the benefits to the following:

Small and Medium Enterprises. This study provides data that will help improve

how small and medium enterprises manage their systems, through the implication of

Green Accounting and lower costing, into their Management Control System. Moreover,

this will enhance the understanding of the persons within the management, which in turn,

will help them achieve a better financial performance. Lastly, when the users and

management will make economic and environmental decisions, they will be informed of

the constraints and considerations to take into.

Environment. This study provides information regarding the constraints given by

law and existing standards that help protect the environment. Furthermore, it will the

environment because natural resources will be allocated wisely through the

implementation of green accounting, which supports low-costing methods.

4
 Researchers. This study provides a better understanding regarding the

importance of preserving the environment, the positive and negative impact of small and

medium enterprises to it, and how to better conserve it by strict compliance whenever we

work on field in the future. This study will let us be keen and observant about the

environmental impact caused by firms that use and affect natural resources. Also, this

will help the individuals to be open to changes that will benefit their workplace and

performance as accounting professionals in the future.

5
Definition of Terms

These are list of words below that we use for our study and it also tells about how

we use these words in our study.

Green accounting an important tool for understanding the influential aspects of natural

environment with respect to the economy.

Management Control System is perceived as a set of controls, which managers have at

their disposal to steer the organization towards the predetermined goal. It is a broader

term that encompasses management accounting and also includes other controls such as

personal or clan controls.

Financial performance is the measure of the results of a firm's policies and

operations in monetary terms.

Small and Medium Enterprises (SMEs) are enterprises that have minor importance

individually but have greater impact collectively.

Environmental Management System is an integral part of an overall management

system that includes organizational structure, planning, objectives, activities,

responsibilities, procedures, processes and resources for developing, implementing,

achieving, reviewing and maintaining environmental policy

6
 Chapter 2

THEORETICAL BACKGROUND

This chapter narrates the review of related literature that the researchers had

gathered, mainly from closely related articles, besides the presentation of the theoretical,

and conceptual framework.

Review of Related Literature and Studies

In conducting this research paper, the researchers have read different studies

and articles that could provide significant information for the progress of this study and

there were articles that have a strong relevance to this study.

Green Accounting

Green accounting is considered to be an important tool for understanding the

influential aspects of natural environment with respect to the economy. The advantage of

corporate environmental accounting initiative is identified as the ability to determine and

create awareness regarding costs related to environment, which in turn, helps in

identifying the techniques for reducing and avoiding costs of such type. Due to this

advantageous feature, the performance of the environment has also been improved. The

environmental costs that occur due to the financial outcomes of the firm’s operation can

be determined by means of this green accounting tool. The operational performance of

the organization can be determined with the help of certain process like documentation

and reporting the emissions of greenhouse gases (GHG). However, the conventional

accounting system determined not to consider new or existing demands of natural

resources. This demand on natural resources may destabilize sustainability of economic

performance and growth, depletion of natural capital, environmental degradation as a

social cost of economic activity and also the account of nonmarket goods in gross

domestic product (GDP). So Aronson and Lokfgren (1999) made the argument that

society recommends for the environmental responsible behavior from both government

and business concerns by examining the ecological disasters and degradation of Earth’s

ecosystem. It is a general fact that expected results will be obtained when the business

managers are given the responsibility for solving the ethical problems by considering on

either promoting their profit or preserving the environment. Hence, there should be

standardized and quantitative measures in order to control the business activities

polluting the environment before implementing a condition in which the business

organization are forced to clean the pollution made by them (Stanovic, 2010).

Also, Farouk (2012) states the argument that in order to involve environmental

problems in normal life, it is essential to consider them with respect to economic, legal,

accounting, financial, and technical levels. Considering the environmental aspects in

terms of economy, such as costs of services and products, the organizations are able to

reduce the consumption of natural resources leading to save in greater extent and address

the environmental compliance consumer health requirements. In order for the entity to

undertake the responsibility, one has to experience the legal consideration of the risks

involved in the environment. The main source for the responsibility is due to the failure

in obeying the environmental legislative resulting to administrative sanctions. Betianu

(2008) suggested that the performance of the work can be measured by means of

8
documenting environmental costs and identifying environmental costs with respect to

accounting and financial perspective and their association with financial disclosure.

Gary Otte (2008) suggested in the article of ‘GHG Emission Accounting’ that the

organizations might have certain internal and external benefits by means of implementing

green accounting system. He declares that GHG accounting emission involves, tracking

emissions, accounting and reporting. Implementing GHG accounting, which would lead

to reduction of costs, may develop the communication process between suppliers and

firms. The study also expresses the techniques used for GHG calculation by means of

explaining the five steps. It has been declared that green accounting also involves certain

limitations and barriers. The author has provided certain solutions in order to compensate

for the barriers. The author’s point of view is that the organization can reduce the costs

and experience certain beneficiary factors related to environment.

A proposal has been made by the Department of Economic and Social Affairs in

Statistics Division (ESASD) of United Nations (UN) in order to establish a

comprehensive system of economical and environmental national accounts in association

with the World Bank’s environment department. According to the proposal, Millennium

Ecosystem Assessment (MEA) determines that the main reason for the issue I s the

failure of the value ecosystem services and also declares that environmental accounts

may include better policy. The article developed a multilayered theoretical framework to

underpin environmental management (severe environmental dangers; corporate

responsibility; new relationship between industry and environment; measure industry's

impact, and disclose and report impact) thereby, presenting a model for green accounting.

9
 Just as environmental awareness today is growing at a pace like no other, so is the

need to account for the well-being of the environment. There is a worldwide debate on

the issue of environmental management, stemming from a flow of evidence about

ecological degradation caused by economic development (Taylor, et al., 2001). Knowing

that the environment plays an important role in our survival, is leading more and more

organizations, governments, and associations to recognize not just the need to protect the

environment but also to create awareness among the masses about the importance of the

environment.

Lately, the relationship between the organization and the environment is receiving

increased attention (Seetharaman, et al., 2007). External pressures such as legislation and

public concern, as well as market opportunities arising from environmental concerns,

have compelled firms to integrate environmental issues into their strategic planning

process literature by describing organization participation in a wide range of

environmental activities in a number of industry sectors (Banerjee, 2001). Among various

other steps that are being taken is a new branch of accounting called “Environmental

accounting” or “green accounting”.

Environmental accounting or green accounting is a new branch of accounting that

aims to account for the environment and its well-being. In addition to merely checking a

company’s profit or loss, or its revenue and expenses, imposing environmental or green

accounting as a growing field, will focus or provide for the accounting of environmental

impact that certain factors may cause to a business or organization (Pereira, 2017). Alan

S. Dunk (2002) investigates the extent to which product quality and the implementation

of environmental accounting positively influence quality performance and suggested that

10
the integration of environmental issues into financial decision processes by using

environmental accounting would contribute to the enhancement of quality performance

and firm performance as a whole. Green accounting promises a good way to give people

more insight in the use of natural resources and the emissions an organization produces,

and just like organizations use bookkeeping to keep track of their financial transactions,

it’s possible to use bookkeeping to keep track of the influences of organizations on the

environment (Hardeman, 2012).

Environmental Management System

An Environmental Management System is an integral part of an overall

management system that includes organizational structure, planning, objectives, activities,

responsibilities, procedures, processes and resources for developing, implementing,

achieving, reviewing and maintaining environmental policy (definition in ISO14001:

1996 standard; clause 3.5). Environmental Management System serves as a systematic

approach in managing the environmental aspects of the business. In Environmental

Management System, the system is able to improve the environmental performance

(Theyel, 2000) in many ways, such as stressing on pollution prevention, reduction in cost,

compliance with environmental legislation, and improving corporate image. The benefits

of EMS are served as self-regulatory compliance to legal and regulatory requirements, to

reduce costs from customer audits, better market impression, to increase efficiency of

resources and the ability to adopt changing circumstances (Seetharaman, et al., 2007).

Most companies had recognized the superiority in principle of pollution prevention

(Theyel, 2000) at source over end-of-pipe solution, and were seeking to prevent pollution

by integrating Environemtnal Management System into their complex environmental

11
decision-making processes (Pernilla, 2001), which eventually lead to sustainable

management.

To appreciate the significance of Environmental Management System, it is first

necessary to gain an understanding of conventional accounting and why it does not serve

managers well in the context of environmental matters (Herzig, et. al., 2012, pg 8). In

accounting and economics literature, principal/agency (PA) theory, in which owners’

interests are paramount, was the accepted core of accountability relationships. The basic

assumption of principal/agency theory is that human behavior is driven by self-interested

opportunism (Jensen and Meckling, 1976). The purpose of accounting practices was to

support transparency through detailed disclosures, mainly about financial performance,

and the conventional concept of accountability involved a high degree of monitoring

executive performance and decision-making.

Small and Medium Enterprises

While individually small and medium sized enterprises (SMEs) may have small

social, environmental and financial impacts, cumulatively their impact is significant. The

paper also touches the factor that in the actual practice there is a possible chance of small

and medium sized enterprises to have accountability to social and environmental

(Lawrence, et al., 2006). One of the challenges of proposing strategies and tools for

SMEs is the uncritical transfer of tools, for example: Environmental Management System,

developed for large organizations to small and medium enterprises (Ammenberg and

12
Hjelm, 2003; Holt et al., 2000). This tells small and medium enterprises to find another

strategy or approach for the sustainability of the company.

According to Lawrence, et al., (2006), there are 3 key barriers of adopting

proactive environmental measures. These three (3) are: there is no environmental impact

with larger corporations, lack of environmentally focused capabilities, and lack of

concern over the cost of these measures.

Coherently, De Brujin and Lulofs (2000), Hunt (2000), Revell and Rutherford

(2003), Simpson (2004), and Welford (1994) suggested to networks including trade

associations, industrial environmental agencies, local governments and employee

organizations, to overcome the specific barriers which small and medium enterprises are

facing, one must adopt sustainability practices.

Management Control Systems

Management control system is perceived as a set of controls, which managers

have at their disposal to steer the organization towards their predetermined goal. It is a

broader term that encompasses management accounting and also includes other controls

such as personal or clan controls (L. Siska, 2015). It is broader than management

accounting because more controls are involved. The role of the management is to

organize, plan, integrate, and interrelate organizational activities to achieve

organizational objectives. The achievement of these activities is facilitated by

management control systems.

13
 Taking a broader concept of MCS in the framework by Malmi and Brown (2008),

which is based on a review of the works of Otley (1980) and amongst others, MCS is

outlined as all the devices and systems that managers use to ensure that the behavior and

decision-making of their employees are consistent from time to time. Management

control system also plays an important role in achieving sustainability goals.

Management Control System is required for environmental and social activities to be

incorporated into an organization’s objectives, strategic plan and organization processes

(Gond, Grubnic, Herzig and Moon 2012) because it enables managers to assess relevant

risks and opportunities, and provide environmental information on the usage and cost of

resources.

14
Theoretical Framework

Green accounting not only monitors and measures the normal processes in the

accounting method, but also the underlying factors that compliment or degrade the

environment. For the purpose of economic stability and taking into account

environmental responsibility, as part of a bigger community than the public, this would

utilize and influence the economy and public to take into consideration the vitality of the

present global natural issues, and an invaluable long-term asset, survivability.

Figure 1: Theoretical Framework

As shown in figure 1, the management control system consists of compliance and

performance in which the financial factor falls under the performance in the management

control system. It also says that there is an integral part of the management control

system, which is called the environmental management system, and the green accounting

falls under Environmental Management System that connects to the improvement of the

financial performance of the management control system.

15
 Conceptual Framework

The researchers formulated a framework to present a systematic course of the

research study.

Figure 2. Conceptual Framework

As shown in figure 2, the small and medium enterprises’ processes have an effect

on the environment. Green accounting is perceived to have a connection with

management control system but in applying green accounting in the management control

system, there are constraints to be accounted for. However, in establishing the connection

and constraints, there will be an improvement in the financial performance of the

management control system of the small and medium enterprises.

16
 Chapter 3

RESEARCH METHODOLOGY

Research Procedure

This study was conducted in order to assess the impact of green accounting to the

management control systems of small and medium enterprises. To be able to gather the

necessary data, the researchers utilized survey of related literature approach. Herein, there

are no actual chosen respondents but the bases of this study were the compilation of over

60 related gray literature as the original number and finally choosing 34 literature that are

very related and useful for the study.

The related literature were chosen based on its interconnectedness to the main

topic and variables of the study. The recommendations and conclusions were the result of

the various readings that the author has done by finally summing up the differences and

similarities of those many related literature. Relevant literature were also used to support

the gathered findings.

The credibility of findings and conclusions extensively depend on the quality of

the research design, data collection, data management, and data analysis. This chapter

will be dedicated to the description of the methods and procedures done in order to obtain

the data, how they will be analyzed, interpreted, and how the conclusion will be met. This
section is to justify findings of the study and it will then be truthful and analytical. All

these will help in the processing of the data and the formulation of conclusions.

The survey of related literature is appropriate in this study because it enables the

researcher in formulation of generalizations. The indirect-data type of survey is a reliable

source though a second-hand information because the researcher generously chosen the

related literature well. The survey of related literature were given ample time by the

researcher to assess the interconnection of topics and variables.

The researcher opted to use this kind of research considering the desire to

stimulate the different views of different authors regarding one topic with 4 variables

“ green accounting, management control system, financial performance and small and

medium enterprises” to formulate rational and sound conclusions and recommendations

of the study.

One type of data was used: the secondary data. The secondary data was derived

from the survey of related literature found in articles published online related to the

research problem. These were based from the recent literature related to small and

medium enterprises and the application of green accounting to management control

system to improve its financial performance.

18
 Chapter 4

TECHNICAL ANALYSIS AND DISCUSSIONS

In this chapter, the results of the technical analysis are presented. The data

were gathered and then processed to address the problems posed in Chapter 1 of

this study. Those goaaaals drove the collection of the data and the subsequent data

analysis. It develops a base of knowledge about the application of green accounting

as it is perceived and utilized relative to other application of green accounting.

4.1 Green accounting and Management Control System

Green accounting is considered to be an important tool for understanding the

influential aspects of natural environment with respect to the economy. It is a new branch

of accounting that aims at accounting for the environment and its wellbeing and is a

growing field that focuses or provides for accounting the environmental impact, certain

factors may cause to a business or organization (Pereira, 2017).Green accounting

promises a good way to give people more insight in the use of natural resources and the

emissions an organization produces (Hardeman, 2012). Alan S. Dunk (2002) investigates

the extent to which product quality and the implementation of environmental accounting

positively influence quality performance and suggested that the integration of

environmental issues into financial decision processes by using environmental accounting

would contribute to the enhancement of quality performance and firm performance as a

whole.

On the other hand, Management control system is perceived as a set of

controls, which managers have at their disposal to steer the organization towards their
predetermined goal and encompasses management accounting and also includes other

controls such as personal or clan controls (L. Siska, 2015). Management Control System

is outlined as all the devices and systems that managers use to ensure that the behavior

and decision-making of their employees are consistent from time to time. The role of the

management is to organize, plan, integrate, and interrelate organizational activities to

achieve organizational objectives. The achievement of these activities is facilitated by

management control systems. Management Control System is required for

environmental and social activities to be incorporated into an organization’s objectives,

strategic plan and organization processes (Gond, Grubnic, Herzig and Moon 2012)

because it enables managers to assess relevant risks and opportunities, and provide

environmental information on the usage and cost of resources.

The connection between green accounting and management control system was

stated in the article of Theyel (2000). According to the article, management control

system has an integral part - environmental management system. Environmental

management system serves as a systematic approach in managing the environmental

aspects of the business. The system is able to improve the environmental performance

(Theyel, 2000) in many ways, such as stressing on pollution prevention, reduction in cost,

compliance with environmental legislation, and improving corporate image. he benefits

of environmental management system are served as self-regulatory compliance to legal

and regulatory requirements, to reduce costs from customer audits, better market

impression, to increase efficiency of resources and the ability to adopt changing

circumstances (Seetharaman, et al., 2007).

20
4.2 Constraints in applying green accounting management control system in
SMEs

Due to the fact that the idea of green accounting is new, there are also many

limitations and barriers to the systems. Otte (2008) stated that one of the main

limitations of green accounting is its lack of adoption and essentiality on firms,

which induces overlooking and disregard on this accounting method. Technical

challenges pose as a barrier as well because there are different allocation methods

on determining the estimates and baseline of environmental costing. Another one is

the indirect emissions of pollutants, which includes transportation-related services,

and product use and disposal. Accordingly, Lawrence, et al., (2006) identified 3 key

barriers of adoption of proactive environmental measures in small and medium

enterprises - no environmental impact with larger corporations, lack of

environmentally focused capabilities, and lack of concern over the cost of these

measures. However, implication of green accounting can outweigh these barriers

and limitations. Once the firm adopts green accounting system, it is generally easy to

maintain, and it is also easy to report because the data and information can be

incorporated into the normal financial statement releases. Through such change,

managerial decisions and corporate behavior will be refocused on the goal of

achieving sustainable development.

4.3 Importance of green accounting in management control system to SMEs

As environmental degradation is imminent on our developing world,

adapting to a new accounting system that promotes and protects a sustainable

environment is substantially necessary. The advantage of small and medium

21
enterprises environmental accounting initiative is identified as the ability to

determine and create awareness regarding costs related to environment, which in

turn helps in identifying the techniques for reducing and avoiding costs of such type.

Due to this advantageous feature, the performance of the environment has also

been improved. So Aronson and Lokfgren (1999) make the argument that society

recommends for the environmental responsible behavior from both government and

business concerns by examining the ecological disasters and degradation of earth’s

ecosystem. Hence there should be standardized and quantitative measures in order to

control the business activities polluting the environment before implementing a condition

in which the business organization are forced to clean the pollution made by them

(Stanovic, 2010). Betianu (2008) also suggested that the performance of the work can be

measured by means of documenting environmental costs and identifying environmental

costs with respect to accounting and financial perspective and their association with

financial disclosure.green accounting is not only checking a Company’s profit or loss or

its revenue and expenses but also focuses or provides for accounting the environmental

impact, certain factors may cause to a business or organization (Pereira, 2017). Alan S.

Dunk (2002) suggested that the integration of environmental issues into financial

decision processes by using environmental accounting would contribute to the

enhancement of quality performance and firm performance as a whole. just like

organizations use bookkeeping to keep track of their financial transactions, it’s possible

to use bookkeeping to keep track of the influences of organizations on the environment

through green accounting (Hardeman, 2012).

22
4.4 Improvement of financial performance in management control system in

SMEs through green accounting

As suggested by Betianu (2008), the performance of the work can be

measured by means of documenting environmental costs and identifying

environmental costs with respect to accounting and financial perspective and their

association with financial disclosure. Since green accounting helps small and

medium enterprises determine and create awareness regarding costs related to

environment, the results will be used to identify the techniques for the reduction

and avoidance of such costs. Since cost is reduced, financial performance is

improved. In addition, realizing the potential of coping with environmental

responsibility will eliminate barriers that prevent the firm to achieve, not only

financial, but social and environmental performance as well. From the article by

Alan S. Dunk (2002), it suggested that the integration of environmental issues into

financial decision processes by using environmental accounting would contribute to

the enhancement of financial performance and firm performance as a whole.

23
 Chapter 5

SUMMARY, CONCLUSION, AND RECOMMENDATION

In this chapter, the results of the technical analysis presented on chapter 4

are applied to make the summary of findings. Also, the data presented were used by

the researchers to reach conclusion, and give due recommendations.

Summary of Findings

Based on the data gathered, the researchers emphasized some important facts for

the data analysis such as:

1. The connection between green accounting and management control system in small

and medium enterprises was stated in an article in which Environmental Management

System is an integral part of the management control system and under which is the green

accounting.

2. Regarding about the constraints in applying green accounting to management control

system in small and medium enterprises is that there were 3 barriers that were mentioned

and those were there is no environmental impact with larger corporations, lack of

environmentally focused capabilities, and lack of concern over the cost of these measures.

3. About importance of green accounting in the management control system in small and

medium enterprises, it gave a deeper understanding in the influential aspects of natural

environment with respect to the economy and the advantageous features was tackled that

is identified as the ability to determine and create awareness regarding costs related to

environment, which in turn helps in identifying the techniques for reducing and avoiding
costs of such type.

4. Regarding the improvement of the financial performance in small and medium

enterprises in their management control system tells that it will be measured in their cost

as there were awareness already with the wise usage of the natural resources used of the

firm.

These data were considered vital in achieving because these facts will be the main

focus on the data analysis to answer the question stated in the statement of the problem in

Chapter 1 and to emphasize the importance of green accounting in the small and medium

enterprises.

Conclusion

In this study about the application of green accounting in the management control

system, we therefore conclude that there will be improvement in the financial

performance of small and medium enterprises. It is proved upon the data gathered that

there’s a connection between the management control system and green accounting in

which there is an integral part of the management control system called the

environmental management system, in which green accounting is included.

As our reading went on, we also concluded that there are constraints in the

application of green accounting to management control system which have no

environmental impact with larger corporations, lack of environmentally focused

capabilities, and lack of concern over the cost of these measures. The main importance of

the application of green accounting in the management control system in small and

medium enterprises is the cost reduction in the financial performance of such firm.

25
 Therefore, we conclude that the financial performance of small and medium

enterprises will improve after the implementation of green accounting into management

control system in terms of cost efficiency wherein the cost was being reduced.

Recommendations for Future Researchers

As for the future endeavors in the field of research, further studies can be conducted

about green accounting. The future researchers can use actual small and medium

enterprises as the subject for the assessment as to the application of green accounting in

the management control system. This kind of study could establish some correlations

with studies of the same nature.

Other recommendations for further research are listed below:

(1) Identify the realistic setup of the subject and the topic. The more real the

topic, the more transparent the findings will be, since it is based on real

situations.

(2) Know the deeper definition of the topic they are going to use. If the

researchers are talking about the green accounting, they can search about

the related concepts such as environmental management accounting,

environmental management system, etc.

(3) Consider other useful sources for additional information as long as it

would add up to the content of the study.

(4) Be familiar, before conducting the study to their uses, about the contexts,

and the importance of each part of the thesis paper.

26
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34
 APPENDIX A– CURRICULUM VITAE

ABAD, ELAIZA CARMEL C.

Home address: 23 New Era St., Brgy. Mabolo, Cebu City
Contact Number: 0929 477 6457
Email address: elaizacarmel1996@gmail.com

PERSONAL INFORMATION____________________________________ _________

Nickname: Lai
Birthday: July 19, 1996
Birthplace: Cebu City
Age: 21 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Raymund C. Abad
Mother’s Name: Vanissa C. Abad

EDUCATIONAL BACKGROUND________________________________________ _

TERTIARY: University of San Carlos

SECONDARY: University of San Carlos – BED – North Campus (Class 2013)
ELEMENTARY: St. Francis of Assisi School (Class 2009)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION______________________ _

 University of San Carlos – Symphonic Band

Member, 2011 – 2016
 University of San Carlos – Junior Philippine Institute of Accountants –
Member, 2013 - Present

SEMINARS/CONVENTIONS ATTENDED

 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)

J-Center Mall, Cebu City
University of San Carlos (2014)
 Derivatives: Unraveled
University of San Carlos, Downtown Campus
Wrocklage Yard (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City
University of San Carlos

35
ABANIEL, JOHNSON RONALD

Home address: G7 Residence Hall, Junquera St., Cebu City

Contact Number: 0932 217 6522
Email address: johnsonity0308@gmail.com

PERSONAL INFORMATION________________________________________ _____

Nickname: John
Birthday: May 23, 1998
Birthplace: Surigao City
Age: 19 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Elesio O. Abaniel
Mother’s Name: Rowena D. Abaniel

EDUCATIONAL BACKGROUND_______________________ __________________

TERTIARY: University of San Carlos

SECONDARY: Saint Paul University Surigao (Class 2014)
ELEMENTARY: Saint Paul University Surigao (Class 2010)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION_______________ ________

 University of San Carlos – Junior Philippine Institute of Accountants –

Member, 2013 - Present

SEMINARS/CONVENTIONS ATTENDED

 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)

J-Center Mall, Cebu City
University of San Carlos (2014)
 Derivatives: Unraveled
University of San Carlos, Downtown Campus
Wrocklage Yard (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City
University of San Carlos

36
COMENDADOR, ANGIELITE

Home address: Blk. 7 lot 10 S&V townhomes, Bajak,

Poblacion,
Liloan Cebu
Contact Number: 0995 141 9680
Email address: angielite.comendador@gmail.com

PERSONAL INFORMATION_______________________________________ ______

Nickname: Anj
Birthday: October 31, 1996
Birthplace: Cebu City
Age: 20 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Roger Moore J. Presillas
Mother’s Name: Rhina D. Comendador

EDUCATIONAL BACKGROUND_________________________________ ________

TERTIARY: University of San Carlos

SECONDARY: Colegio de la Inmaculada Concepcion – Cebu NHS (Class 2013)
ELEMENTARY: YLAC Free School (Class 2009)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION_________________ ______

 University of San Carlos – Carolinian Working Scholars’ Association

Chair for Programs and Sanctions, 2016 – 2017 / Member, 2013 – 2017 (2nd sem)
 University of San Carlos – Junior Philippine Institute of Accountants –
Member, 2013 - Present

SEMINARS/CONVENTIONS ATTENDED

 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)

J-Center Mall, Cebu City
University of San Carlos (2014)
 Leap & Beat the Odds: Capturing the Accounting Vision, Gearing towards
ASEAN Integration
SM City Cebu Trade Hall - University of San Carlos (2014)
 Derivatives: Unraveled
University of San Carlos, Downtown Campus
Wrocklage Yard (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City

37
 University of San Carlos
NUEVAS, VINCE KARLO

Home address: #288 P. del Rosario St. Brgy. San Antonio,

Cebu City
Contact Number: 09569551576
Email address: nuevas.vincekarlo@gmail.com

PERSONAL INFORMATION__________________________________ ___________

Nickname: Vince
Birthday: August 3, 1997
Birthplace: Abuyog, Leyte
Age: 20 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Vivencio O. Nuevas
Mother’s Name: Adelina T. Nuevas

EDUCATIONAL BACKGROUND_________________________ ________________

TERTIARY: University of San Carlos

SECONDARY: Notre Dame of Abuyog (Class 2013)
ELEMENTARY: B.V. Closa Central Summary (Class 2009)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION_____________ __________

 University of San Carlos – Junior Philippine Institute of Accountants –

Member, 2013 – Present
 Leap & Beat the Odds: Capturing the Accounting Vision, Gearing towards
ASEAN Integration
SM City Cebu Trade Hall - University of San Carlos (2014)

SEMINARS/CONVENTIONS ATTENDED

 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)

J-Center Mall, Cebu City
University of San Carlos (2014)
 Derivatives: Unraveled
University of San Carlos, Downtown Campus
Wrocklage Yard (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City
University of San Carlos

38
OFLAS, MARY CHRISTEL G.

Home address: Kalmar, Lawaan 1, Talisay City, Cebu

Contact Number: 0910 768 6196
Email address: marychristel.oflas@gmail.com

PERSONAL INFORMATION__________________________________ ___________

Nickname: Christel
Birthday: July 21, 1997
Birthplace: Talisay City
Age: 20 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Narciso Oflas Jr.
Mother’s Name: Jocelyn Oflas

EDUCATIONAL BACKGROUND_________________________ ________________

TERTIARY: University of San Carlos

SECONDARY: St. Scholastica’s Academy – Tabunok (Class 2013)
ELEMENTARY: Mohon Elementary School (Class 2009)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION__________ _____________

 University of San Carlos – Junior Philippine Institute of Accountants –

Member, 2013 - Present

SEMINARS/CONVENTIONS ATTENDED

 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)

J-Center Mall, Cebu City
University of San Carlos (2014)
 Leap & Beat the Odds: Capturing the Accounting Vision, Gearing towards
ASEAN Integration
SM City Cebu Trade Hall - University of San Carlos (2014)
 Derivatives: Unraveled
University of San Carlos, Downtown Campus
Wrocklage Yard (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City
University of San Carlos

39
PANGILINAN, WAYNE V.

Home address: G7 Residence Hall, Junquera St., Cebu City

Contact Number: 0977 625 5190
Email address: wayneey23@gmail.com

PERSONAL INFORMATION_____________________________________ ________

Nickname: Wayne
Birthday: May 23, 1996
Birthplace: Surigao City
Age: 21 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Atty. Noel C. Pangilinan
Mother’s Name: Mary Ninette V. Pangilinan

EDUCATIONAL BACKGROUND______________________________ ___________

TERTIARY: University of San Carlos

SECONDARY: Saint Paul University Surigao (Class 2013)
ELEMENTARY: Saint Paul University Surigao (Class 2009)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION______________ _________

 University of San Carlos – SBE Flag Football

Member, Present
 University of San Carlos – Giants Flag Football
Member, Present
 University of San Carlos – Junior Philippine Institute of Accountants –
Member, 2013 – Present

SEMINARS/CONVENTIONS ATTENDED

 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)

J-Center Mall, Cebu City
University of San Carlos (2014)
 Derivatives: Unraveled
University of San Carlos, Downtown Campus
Wrocklage Yard (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City

40
 University of San Carlos

SALAS, HAROLD

Home address: 434-J P.del Rosario St. Ext. Arriola

Compound, Sambag 1, Cebu City
Contact Number: 0917 378 6273
Email address: haroldsalas38@yahoo.com

PERSONAL INFORMATION______________________________ _______________

Nickname: H
Birthday: August 5, 1996
Birthplace: Camiguin Island
Age: 21 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Gil B. Salas
Mother’s Name: Hydee B. Salas

EDUCATIONAL BACKGROUND_______________________ __________________

TERTIARY: University of San Carlos

SECONDARY: Camiguin Polytechnic State College (Class 2013)
ELEMENTARY: Mambajao Central School (Class 2009)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION_____________ __________

 University of San Carlos – Junior Philippine Institute of Accountants –

Member, 2013 - Present

SEMINARS/CONVENTIONS ATTENDED

 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)

J-Center Mall, Cebu City
University of San Carlos (2014)
 Derivatives: Unraveled
University of San Carlos, Downtown Campus
Wrocklage Yard (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City
University of San Carlos

41
SAYSON, CHRISTINE

Home address: Upper Tawason, Mandaue City

Contact Number: 09394557271
Email address: sayson.chrs@gmail.com

PERSONAL INFORMATION__________________________ ___________________

Nickname: Tina
Birthday: October 19, 1995
Birthplace: Cebu City
Age: 21 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Crescenciano C. Sayson
Mother’s Name: Rosalia D. Sayson

EDUCATIONAL BACKGROUND______________________________ ___________

TERTIARY: University of San Carlos

SECONDARY: Colegio de la Inmaculada Concepcion (Class 2013)
ELEMENTARY: Sta. Isabel Child Development Center, Inc. (Class 2009)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION___ ____________________

 University of San Carlos – Junior Philippine Institute of Accountants –

Member, 2013 - Present
 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)
J-Center Mall, Cebu City
University of San Carlos (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City
University of San Carlos

42
TUAZON, JAN GWILYM

Home address: 399-B, Englis, V. Rama, Guadalupe,

Cebu City
Contact Number: 0905 709 3174
Email address: gwilym174@gmail.com

PERSONAL INFORMATION___________________________ __________________

Nickname: Wills
Birthday: January 24, 1995
Birthplace: Catbalogan City, Samar
Age: 22 years old
Nationality: Filipino
Religion: Roman Catholic
Civil Status: Single
Father’s Name: Genovevo B. Tuazon
Mother’s Name: Grace G. Tuazon

EDUCATIONAL BACKGROUND_________________________ ________________

TERTIARY: University of San Carlos

SECONDARY: Samar State University (Class 2011)
ELEMENTARY: St. Mary’s College of Catbalogan (Class 2007)

AFFILIATIONS/MEMBERSHIP IN ORGANIZATION________ _______________

 JCI Catbalogan Balud, Inc.

Member, 2016 - Present
 University of San Carlos – Junior Philippine Institute of Accountants –
Member, 2011 - Present

SEMINARS/CONVENTIONS ATTENDED

 Harness the Odds: Create, Persist, Achieve (1st Accountancy Convention)

J-Center Mall, Cebu City
University of San Carlos (2014)
 Derivatives: Unraveled
University of San Carlos, Downtown Campus
Wrocklage Yard (2014)
 Pasundayag (2nd Accountancy Convention)
J-Center Mall, Cebu City
University of San Carlos

43