TITLE PAGE ii
DECLARATION iii
CERTIFICATION iv
DEDICATION v
ACKNOWLEDGEMENT vi
PREFACE viii
ABSTRACT ix
LIST OF TABLES xiv

Chapter ONE

INTRODUCTION
1.1 Background to the Study 1
1.2 Statement of the Problem 4
1.3 Research Questions 7
1.4 Objectives of the Study 8
1.5 Research Hypotheses 8
1.6 Significance of the Study 9
1.7 Scope of the Study 10
1.8 Research Limitations 10
1.9 Operational Definitions 12

Chapter TWO

LITERATURE REVIEW AND CONCEPTUAL FRAMEWORK
2.0 Theory, Concepts and Models 15
2.1 Social Accounting 15
2.1.1 The Social Contract Concept 16
2.1.2 Legitimacy Theory as pertaining to social disclosure 17
2.1.3 Quality of Life Theory 18
2.1.4 Risk Society Theory 19
2.2 Environmental Accounting 21
2.2.1 Significance of Environmental Accounting 28
2.2.2 Land Degradation 30
2.2.3 Pollution 31
2.2.4 Levels of Environmental Accounting 32
2.2.5 Problems of Environmental Accounting 34
2.3 Legal Foundation on Environment and Accounting 36
2.3.1 The United Nations’ Protocols and agreements on environment 36
2.3.2 The Kyoto Protocol to the United Nations framework on Climate Change 37
2.3.3 Accounting Guidance on Kyoto Agreement by Governments 39
2.3.4 Environmental Accounting implication arising from the Kyoto Convention 40
2.3.5 EU Directive on Environmental Issues in Company Annual Reports
and Financial Statements 41
2.4 Models 42
2.4.1 Market valuation of environmental capital expenditure 42
2.4.2 Environmental Cost Primer Model 43
2.4.3 The Cost Benefit Model 50
2.4.4 Eco-efficiency Framework 54
2.4.5 Environmental Quality Cost Model (EQCM) 57
2.5 Environmental Audit 60
2.6 Environmental Accounting and Reporting 61
2.6.1 ECQM and Financial Reporting 61
2.6.2 Cost Estimation for Environmental Accounting 64
2.6.3 Externality Environmental Costs and Property Rights 65
2.6.4 Internalizing Externality Costs 66
2.6.5 Accounting Standards on environmental issues 68
2.6.6 Treatment of environmental capital expenditure 73
2.6.7 Environmental Accounting for Market Driven Competitiveness 74
2.6.8 Environmental Disclosure 75
2.6.9 Institutional and Policy framework in Nigeria 77
2.6.10 Regulations, standards and codes on environment in Nigeria 79
2.6.11 Policy Assessment 81
2.6.12 Mandatory disclosure for corporate organizations in Nigeria 81
2.6.13 Environmental Standards in Nigeria 82
2.7 Environmental Quality Reporting Model (EQR) and Research Operationalization 83

Chapter THREE

RESEARCH METHODOLOGY
3.1 Research Design 85
3.2 Area of Study 85
3.3 Population and Sampling Procedure 86
3.4 Sampling Technique and Size 88
3.5 Environmental Quality Reporting/DisclosureModel Specification 90
3.6 EOQ Model 1 93
3.7 EOQ Model 2 94
3.8 Data Descriptions 96
3.9 Instrument Reliability and Validity 97
3.10 Estimation Technique / Rating Scale 99
3.11 Technique for Data Analyses 99

Chapter FOUR

DATA ANALYSIS AND PRESENTATION
4.1 Sources of Data Collection 103
4.2 Factor Analysis of Primary Data 106
4.3 Secondary Data Analysis 107
4.4 Test of Hypothesis 4 (H0) 110
4.5 EQR Model 1 Regression Function and Test for Hypothesis 3 (H0) 115
4.6 Primary Data Analysis 117
4.7 EQR Model 2 118
4.8 Tests of Hypotheses 1 and 2 119
4.9 Responses to Questionnaire and interview with Environmental Policy Regulators 127
4.10 Environmental Performance Reports in some companies in Nigeria 129
4.11 Bases and Design of Environmental Cost Accounting 134
4.12 Environmental Financial Statements (EFS) Model 135
4.13 Reporting of Financial Statements to External Public and Accounting users142
4.14 The United States Superfund 142

Chapter FIVE

DISCUSSION OF FINDINGS, POLICY RECOMMENDATIONS AND
CONCLUSIONS
5.1 Overview of the Study Objectives 147
5.2 Discussions of Findings 148
5.3 Policy Recommendations 152
5.4 Conclusions 154
5.5 Contributions to knowledge 155
5.6 Areas of Future Research 156
References 157 – 170
Appendices 171 – 264

LIST OF TABLES
Table 2.1 Environmental Costs in Firms 46
Table 2.2 Decline in size of Marine Fishing in the Nigeria Niger Delta 55
Table 2.3 Decline in size in Tonnage / Trawler of Marine Fishing in the Nigeria Niger Delta 55
Table 2.4 Mangrove Conversion in Nigeria Niger Delta 56
Table 3.1 Stakeholder Companies in the Oil and Gas Sector in Nigeria 90
Table 3.2 Sample Companies by Year and Sector 101
Table 4.1a Environmental Quality Reporting Summaries in Secondary Data in the Sub-Sectors 105
Table 4.1b Summary of Data (Secondary and Primary) analyzed in Companies106
Table 4.2 Environmental Quality Reporting 109
Table 4.3 Test of Hypothesis 111
Table 4.4 Regression 114
Table 4.5 Environmental Quality Reporting through Primary Data 117
Table 4.6 T-Test Paired Sample Statistics 119
Table 4.7 Model Summaries of R-Squares 123
Table 4.8 Regression Statistics 124
Table 4.9 Environmental Financial Statement (EFS) Model 137
Table 4.10 Environmental Financial Statement (EFS) adjusted profit and loss
(highlighted) for three accounting years 139
Table 4.11 Pro-forma consolidated external environmental cost accounts
for A Company PLC 139
Table 4.12 Pro-forma external environmental cost accounts 141
Table 4.13 Costs of Environmental Measures 143
Table 4.14 Recommendations for Environmental Reporting from the UN CTC ISAR’S 9th Session in the Director’s Report 144
Table 4.15 UN ISAR Accounting Guidelines-Environmental
Financial Accounting Recognition of Environmental Costs 145
Table 4.16 Environmental Costs relating to current accounting period 146

FIGURES
Figure 2.1 The GEMI Environmental Cost Primer Model – Cost Boundaries 44