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Environmental Conservation Cost and Corporate Performance of Quarry Companies in Nigeria: An Empirical Analysis

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  • Abayomi O. ASUBIOOJO

    (Department of Accounting, Afe Babalola University Ado-Ekiti, Ekiti State, Nigeria.)

  • Muyiwa E. DAGUNDURO

    (Department of Accounting, Afe Babalola University Ado-Ekiti, Ekiti State, Nigeria.)

  • Gbenga A. FALANA

    (Department of Accounting, Afe Babalola University Ado-Ekiti, Ekiti State, Nigeria.)

Abstract

The pursuit of sustainable development has gained significant attention in recent years, emphasizing the need for businesses to integrate environmental conservation practices into their operations. Thus, this study examined the effect of environmental conservation costs on the corporate performance of quarry companies in Nigeria. This study employed a survey research design and data was sourced through the distribution of well-structured questionnaires. The population of the study comprised 682 accounting staff of quarry companies in the southwest of Nigeria. The sample size was 480 determined through a purposive sampling technique. The sourced data were analyzed using both descriptive and inferential statistics. It was found that research and development, legal, and regulatory compliance costs exhibited a significant positive relationship with the corporate performance of quarry firms in Nigeria. Restoration, monitoring, and evaluation, as well as training and engagement costs, exhibited a significant positive relationship with the corporate performance of quarry firms. It was concluded that when quarry companies prioritize allocating resources and attention to these areas it will enhance their overall performance. This study recommends that quarry companies should allocate more resources to research and development activities to foster innovation, improve operational efficiency, and stay competitive in the market.

Suggested Citation

  • Abayomi O. ASUBIOOJO & Muyiwa E. DAGUNDURO & Gbenga A. FALANA, 2023. "Environmental Conservation Cost and Corporate Performance of Quarry Companies in Nigeria: An Empirical Analysis," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(8), pages 49-63, August.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:8:p:49-63
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    References listed on IDEAS

    as
    1. Obiajulu Chibuzo Okeke & Wisdom Okere & Chinnan Francis Dafyak & Mary-Fidelis Chidoziem Abiahu, 2022. "Inventory management and financial sustainability: insight from quoted manufacturing firms in Nigeria," International Journal of Managerial and Financial Accounting, Inderscience Enterprises Ltd, vol. 14(1), pages 84-97.
    2. Himanshu Sekhar Rout, 2010. "Green Accounting: Issues and Challenges," The IUP Journal of Managerial Economics, IUP Publications, vol. 0(3), pages 46-60, August.
    3. Vojislav Sekerez, 2017. "Environmental Accounting as a Cornerstone of Corporate Sustainability Reporting," International Journal of Management Science and Business Administration, Inovatus Services Ltd., vol. 4(1), pages 7-14, November.
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