Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Bangladesh †
Abstract
:1. Introduction
Some 3 million deaths a year are linked to exposure to outdoor air pollution. Indoor air pollution can be just as deadly. In 2012, an estimated 6.5 million deaths (11.6% of all global deaths) were associated with indoor and outdoor air pollution together. Nearly 90% of air-pollution-related deaths occur in low- and middle-income countries, with nearly 2 out of 3 occurring in WHO’s South-East Asia and Western Pacific regions. WHO’s air quality model confirms that 92% of the world’s population lives in places where air quality levels exceed WHO limits. Environmental risk factors, such as air, water and soil pollution, chemical exposures, climate change, and ultraviolet radiation, contribute to more than 100 diseases and injuries.[1]
2. Legal Status of Environmental Accounting and Reporting in Bangladesh
3. Theoretical Background and Literature Review
3.1. Theoretical Background
3.1.1. Stakeholder Theory and EAR Disclosure
3.1.2. Legitimacy Theory and EAR Disclosure
3.2. EAR in Developing Countries
4. Research Methodology
4.1. Sample and Data
4.2. Data Collection Period
4.3. Research Method
5. Findings and Results
5.1. EAR Disclosure Performance Measurement
5.1.1. Environmental Projects and Finance
5.1.2. Environmental Disclosures in Selected Categories
5.1.3. Ranking of Banks
5.2. Environmental Disclosure in the Annual Reports
5.2.1. Disclosure and Nondisclosure of EAR Information
5.2.2. Qualitative and Quantitative EAR disclosure
5.2.3. Environmental Information Disclosing Section
6. Conclusions and Managerial Implications
Acknowledgments
Author Contributions
Conflicts of Interest
Appendix A
Al-Arafah Islami Bank Ltd. (AAIBL) BRAC Bank Ltd. (BRAC) Bank Asia Ltd. (BAL) City Bank Ltd. (CBL) Dutch Bangla Bank Ltd. (DBBL) EXIM Bank Ltd. (EXIM) Eastern Bank Ltd. (EBL) First Security Islami Bank Ltd. (FSIBL) ICB Islami Bank Ltd. (ICB) IFIC Bank Ltd. (IFIC) | Islami Bank Bangladesh Ltd. (IBBL) Jamuna Bank Ltd. (JBL) Mercantile Bank Ltd. (MBL) One Bank Ltd. (OBL) Prime Bank Ltd. (PBL) South East Bank Ltd. (SEBL) Social Islami Bank Ltd. (SoIBL) Shahjalal Islami Bank Ltd. (ShIBL) Standard Bank Ltd. (SBL) United Commercial Bank Ltd. (UCB) |
Appendix B
EARS Code No. | EARS Code Items |
---|---|
C1 | Air pollution and control disclosure |
C2 | Water pollution and control disclosure |
C3 | Waste management and investment disclosure |
C4 | Renewable energy and investment disclosure |
C5 | Energy savings and improvements disclosure |
C6 | Environmental, ecological and carbon management policy and strategy related disclosure |
C7 | Award and appreciation for environmental initiatives and protections related disclosure |
C8 | Separate department of environment, CSR and green banking disclosure |
C9 | Green banking initiatives, policy, strategy and implementation disclosure |
C10 | Tree plantation and forestry disclosure |
C11 | Environmental awareness, training & education related disclosure |
C12 | Climate change & global warming disclosure |
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EAR Legal Status in Bangladesh | |
---|---|
1. | Ministry of Environment and Forests |
2. | Forest Department |
3. | Department of Environment |
4. | Planning Commission |
5. | Bank Companies Act, 1991 |
6. | National Environment Policy, 1992 |
7. | Financial Institutions Act, 1993 |
8. | Securities and Exchange Commission Act 1993 |
9. | Financial Institutions Act, 1993 |
10. | Companies Act, 1994 |
11. | National Environmental Management Action Plan, 1995 |
12. | Environmental Conversion Act, 1995 |
13. | Environmental Conversion Rules, 1997 |
14. | Bankruptcy Act, 1997 |
15. | Ozone Depleting Substances Rules, 2004 |
16. | Environmental Court Act, 2010 |
17. | Climate Change Trust Act, 2010 |
18. | Credit Risk Management Industry Best Practices by Bangladesh Bank in 2010 |
19. | Environmental Risk Management Guidelines, 2011 |
20. | Policy Guidelines for Green Banking, 2011 |
21. | Finance Act (changes from time to time) |
22. | Bangladesh Biodiversity Act, 2012 |
23. | Securities and Exchange Rules |
24. | Bangladesh Bank Rules |
25. | Tax Ordinances |
26. | IFIC guidelines |
27. | IASC guidelines |
28. | FASB guidelines |
29. | BFRS guidelines |
Sample Selection Criteria | Banks |
---|---|
Total banks [67] | 57 |
Banks not listed on Dhaka Stock Exchange (DSE) | (27) |
Banks listed on DSE [68] | 30 |
Banks with missing annual reports | (10) |
Final sample banks | 20 |
EAR Categories | Sources |
---|---|
Air pollution, water pollution, waste management, environmental policy, award for environmental protection, separate department of environment | Wiseman [76] |
Green banking, tree plantation, environmental awareness training & education, renewable energy, climate change risk | Ullah and Rahman [21] |
Energy-saving | Kabir and Akinnusi [51] |
Name of Bank | Major Environmental Financing Areas |
---|---|
Islami Bank | Effluent Treatment Plant (ETP), biogas plants, solar home systems, solar panel trades, bio-fertilizer plants, tunnel kilns, installation of zigzag kilns, waste and hazardous disposal plants, waste paper recycling plants, waste battery recycling plants, LED bulb production, safe/clean water supply projects, improved cooking stoves, green projects (at zero rate of return), electricity generation from rice husks, rice bran oil production, e-commerce and e-business promotions, investing via online banking |
Brac Bank | Solar energy, green projects, ETP, double hull oil tankers, environment-friendly brickfields, e-commerce and e-business promotions, investing via online banking |
EXIM Bank | ETP, renewable energy, clean water supply, wastewater treatment plants, recycling of harmful waste, solid and hazardous waste disposal plants, biogas plants, bio-fertilizer plants, environment-friendly brickfields, e-commerce and e-business promotions, investing via online banking |
Bank Asia | Renewable energy and carbon offset projects, reducing energy and resource consumption, solar home systems, consumption of water, solar energy, biogas, ETP, HHK projects, greenhouse gas emission projects, waste management, e-commerce and e-business promotions, investing via online banking |
Prime Bank | ETP, HHK projects, solid waste management, energy and water management, renewable energy projects, green travel, and e-commerce and e-business promotions, investing via online banking |
ER Categories/Banks | Disclosing EAR Information | Percentage (%) |
---|---|---|
AAIBL | 10 | 83 |
BRAC | 12 | 100 |
BAL | 12 | 100 |
CBL | 9 | 75 |
DBBL | 12 | 100 |
EXIM | 11 | 92 |
EBL | 11 | 92 |
FSIBL | 8 | 67 |
ICB | 9 | 75 |
IFIC | 11 | 92 |
IBBL | 12 | 100 |
JBL | 9 | 75 |
MBL | 10 | 83 |
OBL | 8 | 67 |
PBL | 10 | 83 |
SEBL | 12 | 100 |
SoIBL | 11 | 92 |
ShIBL | 8 | 67 |
SBL | 9 | 75 |
UCB | 12 | 100 |
Average | 10 | 85 |
EARS Code/Banks | C1 | C2 | C3 | C4 | C5 | C6 | C7 | C8 | C9 | C10 | C11 | C12 |
---|---|---|---|---|---|---|---|---|---|---|---|---|
AAIBL | 2 | 2 | 0 | 4 | 5 | 4 | 0 | 3 | 5 | 1 | 4 | 3 |
BRAC | 1 | 2 | 4 | 5 | 3 | 2 | 1 | 3 | 3 | 2 | 1 | 1 |
BAL | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 4 | 4 | 1 | 4 | 4 |
CBL | 0 | 0 | 1 | 3 | 3 | 4 | 0 | 2 | 4 | 1 | 4 | 1 |
DBBL | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 5 | 5 | 3 | 5 |
EXIM | 0 | 2 | 2 | 2 | 2 | 4 | 2 | 2 | 4 | 3 | 2 | 4 |
EBL | 1 | 4 | 3 | 5 | 5 | 4 | 2 | 2 | 4 | 0 | 5 | 2 |
FSIBL | 1 | 1 | 0 | 2 | 2 | 1 | 0 | 0 | 3 | 3 | 0 | 1 |
ICB | 5 | 5 | 0 | 4 | 4 | 4 | 0 | 0 | 4 | 2 | 4 | 5 |
IFIC | 4 | 4 | 0 | 5 | 4 | 4 | 1 | 4 | 4 | 4 | 5 | 4 |
IBBL | 5 | 5 | 4 | 5 | 5 | 5 | 3 | 3 | 5 | 5 | 5 | 5 |
JBL | 0 | 2 | 2 | 2 | 2 | 2 | 0 | 0 | 2 | 2 | 2 | 2 |
MBL | 0 | 4 | 2 | 2 | 4 | 1 | 0 | 4 | 4 | 2 | 3 | 2 |
OBL | 0 | 0 | 1 | 4 | 4 | 4 | 0 | 3 | 4 | 0 | 4 | 1 |
PBL | 4 | 4 | 4 | 5 | 4 | 4 | 0 | 4 | 5 | 0 | 4 | 4 |
SEBL | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 2 | 3 | 2 | 1 |
SoIBL | 1 | 1 | 0 | 3 | 2 | 3 | 3 | 3 | 3 | 2 | 2 | 1 |
ShIBL | 0 | 0 | 0 | 4 | 4 | 3 | 0 | 3 | 4 | 1 | 4 | 2 |
SBL | 4 | 4 | 0 | 5 | 5 | 4 | 0 | 4 | 4 | 0 | 4 | 5 |
UCB | 3 | 4 | 3 | 5 | 5 | 5 | 3 | 4 | 4 | 3 | 5 | 5 |
Total | 40 | 53 | 35 | 75 | 73 | 66 | 23 | 54 | 77 | 40 | 67 | 58 |
Average EARS on Bank | 2.00 | 2.65 | 2.06 | 3.75 | 3.65 | 3.30 | 1.28 | 2.84 | 3.85 | 2.22 | 3.35 | 2.90 |
Rank | Bank Name | Total Disclosures | Rank | Bank Name | Total Disclosure |
---|---|---|---|---|---|
1 | IBBL | 55 | 8 | EXIM | 29 |
2 | UCB | 49 | 9 | BRAC | 28 |
3 | BAL | 43 | 9 | MBL | 28 |
3 | DBBL | 43 | 10 | SEBL | 26 |
3 | IFIC | 43 | 11 | OBL | 25 |
4 | PBL | 42 | 11 | ShIBL | 25 |
5 | SBL | 39 | 12 | SoIBL | 24 |
6 | EBL | 37 | 13 | CBL | 23 |
6 | ICB | 37 | 14 | JBL | 18 |
7 | AAIBL | 33 | 15 | FSIBL | 14 |
EARS Categories | 2010 | 2011 | 2012 | 2013 | 2014 |
---|---|---|---|---|---|
C1 | 2 | 7 | 8 | 11 | 12 |
C2 | 3 | 9 | 10 | 15 | 16 |
C3 | 2 | 2 | 7 | 11 | 13 |
C4 | 7 | 13 | 15 | 20 | 20 |
C5 | 5 | 13 | 15 | 20 | 20 |
C6 | 2 | 11 | 15 | 18 | 20 |
C7 | 0 | 1 | 5 | 7 | 10 |
C8 | 0 | 5 | 14 | 17 | 18 |
C9 | 4 | 15 | 18 | 20 | 20 |
C10 | 4 | 5 | 9 | 9 | 13 |
C11 | 4 | 12 | 13 | 19 | 19 |
C12 | 5 | 10 | 11 | 15 | 17 |
Total Disclosure | 38 | 103 | 140 | 182 | 198 |
Percentage (%) of EAR disclosure | 16 | 43 | 58 | 76 | 83 |
Year | Mean | Median | Std. Dev. | Minimum | Maximum | Mode |
---|---|---|---|---|---|---|
2010 | 3.167 | 3.5 | 2.082 | 0 | 7 | 2 |
2011 | 8.583 | 9.5 | 4.562 | 1 | 15 | 13 |
2012 | 11.667 | 12 | 3.939 | 5 | 18 | 15 |
2013 | 15.167 | 16 | 4.629 | 7 | 20 | 20 |
2014 | 16.500 | 17.5 | 3.631 | 10 | 20 | 20 |
2011–2014 | 12.979 | 13 | 5.134 | 1 | 20 | 20 |
Comparison between 2010 and 2011–2014 | t = 7.55 p = 0.001 | z = 5.55 p = 0.01 |
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Masud, M.A.K.; Bae, S.M.; Kim, J.D. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Bangladesh. Sustainability 2017, 9, 1717. https://doi.org/10.3390/su9101717
Masud MAK, Bae SM, Kim JD. Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Bangladesh. Sustainability. 2017; 9(10):1717. https://doi.org/10.3390/su9101717
Chicago/Turabian StyleMasud, Md. Abdul Kaium, Seong Mi Bae, and Jong Dae Kim. 2017. "Analysis of Environmental Accounting and Reporting Practices of Listed Banking Companies in Bangladesh" Sustainability 9, no. 10: 1717. https://doi.org/10.3390/su9101717