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The impact of environmental accounting compliance on share price of listed companies : A mini-dissertation submitted by R. Blignaut at
Potchefstroom Campus of the North-West University on 2004.

It provides the name of companies included in the study, dates of announcements identified with the environmental accounting principles as
addressed in the announcements as well as possible confounding factors divulged in the relevant announcement. Furthermore the trend of the
share price of that company after the announcement is noted at one month and one year intervals. Lastly a graph of each company’s share price
fluctuation is provided. The average fluctuation during the time periods (one month or one year) as well as the standard deviation and p-values
determined through a t-test is reported on. The t-test was used to determine if a correlation exists between the evidence of compliance with
environmental accounting principles in an announcement and the share price fluctuation. Share price fluctuations of the year 1 June 2012 to 1
June 2013 of sixteen sampled companies are reported. Share price fluctuations were correlated to the company being formally compliant to or
non-compliant to environmental accounting principles as evidenced by their presence on the SRI Index by applying t-tests on the results within
the four relevant strata.

Sample Company drawn in the study:

It shows at the graph above that as a company complies with environmental or sustainable accounting it also results to a price trend in a market
therefore yielding higher profits reported on their financial reports.

A conceptual framework showing the inter-relatedness or impact of a responsible environmental accounting among companies.
Link: https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.826.7666&rep=rep1&type=pdf