The impact of green accounting on environmental performance: mediating effects of energy efficiency

This study investigates the relationship between green accounting, energy efficiency, and environmental performance in the context of Bangladeshi pharmaceutical and chemical companies. The study also explores the mediating role of energy efficiency in the relationship between green accounting and environmental performance. A total of 326 responses were collected using a simple random sampling technique from pharmaceutical and chemical companies in Bangladesh. The study employed Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze the data. The results indicate that green accounting has a significant positive impact on both energy efficiency and environmental performance. Moreover, energy efficiency partially mediates the relationship between green accounting and environmental performance. The study also found that economic, environmental, and social practices of green accounting positively impact energy efficiency and environmental performance, with environmental practices having the highest impact. The findings of this study provide important insights for managers and policymakers of pharmaceutical and chemical companies in Bangladesh, highlighting the need for green accounting practices that promote environmental sustainability. The study suggests that integrating green accounting practices can lead to better energy efficiency and environmental performance, which can enhance the reputation and competitive advantage of these companies. This study identifies the mediating role of energy efficiency in the relationship between green accounting and environmental performance, providing a unique perspective on the mechanism behind the relationship.


Introduction
Rapid population growth since the industrial revolution has significantly impacted the environment, leading to major social and environmental challenges (Wang et al. 2014). Reckless industrial practices, consumer indifference towards the environmental effects of growing consumerism, and economic disparity across different sectors of society have all had a detrimental effect on the environment (Baah et al. 2021;Lee 2014;Young et al. 2010). In response to these mounting problems, shifting from traditional accounting to green accounting is becoming increasingly important (Fang and Zhang 2018).
Green accounting is a subset of accounting that combines both economic and environmental information to measure, communicate, and interpret a company's or nation's financial activity (Kumar et al. 2016). First used by economist and professor Peter Wood in the 1980s (Ryoo and Koo 2013), green accounting provides a framework for identifying resource use and communicating costs related to a company's environmental impact. Given the importance of environmental protection and the need to promote sustainability, green accounting is becoming increasingly important (Joshi and Rahman 2019).
Due to rising consumer and shareholder concerns regarding environmental issues, firms are incentivized to improve environmental mitigation measures and report on the ecological impact of their operations (Gunarathne et al. 2021;Iredele et al. 2020;Jinadu et al. 2015). The practice of green accounting is therefore crucial for sustainable development, as it examines the cost of carbon dioxide and water pollution, the appreciation of ecosystem services, and the impact of environmental taxes and costs. It also provides a framework for evaluating a company's social and environmental performance (Tu and Huang 2019). The environment faces numerous challenges today, such as climate change, air and water pollution, deforestation, and biodiversity loss (Liu et al. 2022). It is, therefore, imperative to develop effective strategies to mitigate these challenges and ensure sustainable development. Businesses are major contributors to environmental degradation and have a crucial role in addressing these challenges (Joshi and Rahman 2015). Green accounting can help businesses measure, monitor, and manage their environmental impact thereby promoting sustainable business practices. Many countries have regulations requiring businesses to report their environmental impact (Fernando and Hor 2017). Green accounting can help businesses comply with these regulations and avoid penalties, and also identify opportunities for cost savings through energy efficiency measures, waste reduction, and other sustainable practices. Businesses have a social responsibility to protect the environment and promote sustainable development (Ashari and Anggoro 2021). Green accounting can help businesses demonstrate their commitment to environmental sustainability and enhance their reputation among stakeholders.
The research on the impact of green accounting on environmental performance, focusing on the mediating effects of energy efficiency, has the potential to create value for the environment in several ways: by adopting green accounting practices, businesses can better measure and monitor their environmental impact. This can help identify areas of high resource consumption and emissions and enable targeted efforts to reduce their environmental degradation. Green accounting can incentivize businesses to adopt more sustainable practices, such as reducing energy consumption and switching to renewable energy sources (Deb et al. 2020). By identifying and quantifying the environmental benefits of such practices, green accounting can make a business case for sustainability. Energy efficiency measures can reduce the energy required for business operations, thereby reducing greenhouse gas emissions. This can contribute to mitigating climate change, one of the most pressing environmental issues. Green accounting can help businesses identify opportunities for waste reduction, recycling, and reuse, thereby reducing the consumption of natural resources and promoting a circular economy (Ashari and Anggoro 2021). By demonstrating a commitment to environmental sustainability through green accounting, businesses can enhance their reputation and build stronger relationships with stakeholders.
While there has been some research on the relationship between green accounting and environmental performance, there are still several gaps in our understanding of this relationship. For example, there is a need for more research that explores the impact of green accounting on environmental performance in different sectors, regions, and contexts (Arslan et al. 2022;Deb et al. 2022;Kumar et al. 2016;Pei et al. 2021;Seetharaman et al. 2022;Zhang et al. 2022b). Additionally, there is a need for more research that considers the potential mediating or moderating effects of other factors, such as organizational culture, technology adoption, and government policies (Joshi and Rahman 2015;Li et al. 2020;Namagembe et al. 2019;Niu et al. 2017;Saeidi et al. 2018). In the case of Bangladesh, there is a significant gap in research on the relationship between green accounting and environmental performance. Bangladesh is one of the most vulnerable countries to the impacts of climate change, and it has committed to reducing its greenhouse gas emissions and promoting sustainable development (Deb et al. 2022). However, there is limited research on the extent to which green accounting practices are being adopted by businesses in Bangladesh and the impact of these practices on environmental performance. The purpose of this study is to explore the impact of green accounting on environmental performance, with energy efficiency as a mediator. The findings of this research could provide insight into the relationship between green accounting and environmental performance and the potential for energy efficiency to improve the results. This study therefore attempts to answer the two questions: (1) does green accounting through economic, environmental, and social practices enhance energy efficiency and environmental performance? and (2) does energy efficiency mediate the relationship between green accounting and environmental performance? The results of this research have important implications for organizations and governments in their efforts to promote sustainability, environmental protection, and economic growth.
This study makes substantial empirical and theoretical contributions to the field of green accounting, energy efficiency, and environmental performance, particularly in the context of pharmaceutical and chemical companies in emerging countries like Bangladesh. Empirically, the study explores the relationships between these factors and reveals the mediating role of energy efficiency, offering valuable insights for managers, policymakers, and regulators. Methodologically, the study utilizes PLS-SEM, enhancing the methodological rigor within green accounting research. Theoretically, the study enriches stakeholder theory by emphasizing the advantages of green accounting practices for diverse stakeholders and expands institutional theory by illustrating the influence of institutional pressures and context on adopting green accounting practices. By concentrating on Bangladesh's unique institutional environment, the study underscores the importance of examining institutional factors across various contexts and contributes 1 3 to a more nuanced understanding of the factors affecting the implementation of green accounting practices and their subsequent impact on energy efficiency and environmental performance.
The rest of the paper presents the literature review and hypothesis development in the "Literature review and hypothesis development" section, methodology in the "Methodology" section, and results in the "Results" section. Final two sections cover discussion and conclusions, respectively.

Institutional theory
Institutional theory suggests that organizations are influenced by the social, cultural, and political context in which they operate (Guerreiro et al. 2006). In this theory, the external environment, including the norms, values, and expectations of stakeholders, can shape the behavior and practices of organizations. The institutional environment is made up of three types of pressure: coercive pressure, mimetic pressure, and normative pressure (Carpenter and Feroz 2001;Deb et al. 2022). Institutional pressures from these stakeholders can shape the behaviors and practices of organizations as they strive to conform to the expectations of their institutional environment. In this study, the institutional theory could be used to explore how the institutional pressures faced by organizations in Bangladesh might influence the adoption of green accounting practices and energy efficiency measures (Deb et al. 2022). For example, there may be normative pressure on companies to demonstrate their commitment to sustainability, which could encourage adopting green accounting practices. Similarly, there may be coercive pressure from regulators to adopt energy efficiency measures, which could also encourage adopting these practices.
Normative pressure refers to the influence of social norms and values. In the study context, normative pressure could encourage companies to adopt sustainable practices, such as green accounting and energy efficiency measures, to demonstrate their commitment to sustainability (Liu et al. 2022). For example, consumers may prefer to do business with companies with a strong environmental record, or investors may be more likely to invest in companies prioritizing sustainability. By adopting these practices, companies can signal their alignment with the values and expectations of their stakeholders and gain a competitive advantage (Li et al. 2020).
Coercive pressure, conversely, refers to the influence of legal or regulatory requirements (Baah et al. 2021). In the study context, coercive pressure could lead companies to adopt energy efficiency measures, for example, to comply with government regulations. For example, Bangladesh has established energy efficiency standards for various sectors, including pharmaceuticals, which may require companies to adopt energy-saving technologies and practices. Failure to comply with these regulations could result in legal penalties or reputational damage, providing a strong incentive for companies to adopt these practices (Farooq and Maroun 2017).
Mimetic pressure refers to the influence of the behavior of similar organizations (Gunarathne et al. 2021). In the study context, mimetic pressure could encourage companies to adopt sustainable practices, such as green accounting and energy efficiency measures, based on the behavior of other companies in the same industry. For example, if other pharmaceutical and chemical companies in Bangladesh adopt sustainable practices, this could create a sense of social norm and expectation that other companies should do the same (Iredele et al. 2020). This can be reinforced by industry associations, which may promote best practices and sustainability standards.
Institutional theory can provide a useful lens to understand the influence of institutional pressures on adopting green accounting practices and energy efficiency measures in Bangladesh, including the pharmaceutical and chemical industries. By understanding these pressures, companies can better respond to the expectations of their stakeholders, align with the values of their institutional environment, and ultimately improve their environmental performance.

Stakeholder theory
Stakeholder theory suggests that organizations must consider the interests and expectations of all stakeholders, not just shareholders (Owen et al. 1997). Stakeholders can include employees, customers, suppliers, investors, regulators, and the broader community in which the organization operates (Parmar et al. 2010). The theory proposes that organizations can create value by balancing the needs and expectations of these stakeholders and achieving sustainable long-term success (Hörisch et al. 2020). In this study, stakeholder theory could be used to explore how pharmaceutical and chemical companies in Bangladesh can balance the interests of their stakeholders with their environmental performance. For example, by adopting green accounting practices and energy efficiency measures, companies can demonstrate their commitment to sustainability, which is important to their stakeholders, such as customers and investors.
Pharmaceutical and chemical companies in Bangladesh have a wide range of stakeholders, including employees, 1 3 customers, investors, suppliers, and regulators (Deb et al. 2022). These stakeholders have different expectations and interests, and companies need to balance these interests to succeed. For example, employees may be concerned about working in a safe and healthy environment, while customers may be concerned about the quality and safety of the products they purchase. Investors may be concerned about the financial performance of the company, while regulators may be concerned about compliance with environmental regulations (Owen et al. 1997).
By adopting green accounting practices and energy efficiency measures, pharmaceutical and chemical companies in Bangladesh can demonstrate their commitment to sustainability, which may be important to their stakeholders. For example, by reducing their environmental impact, companies can address the concerns of customers and the community, which can help to maintain their social license to operate (Maama and Appiah 2019). By improving their environmental performance, companies can also reduce their regulatory risks, which can help maintain their financial performance and investors' trust.

Green accounting practices in Bangladesh
Green accounting is an accounting system that considers the environmental costs of a company's activities and reflects them in financial statements (Tu and Huang 2019). It helps companies to evaluate their environmental performance and integrate environmental considerations into their decisionmaking process (Maama and Appiah 2019). Green accounting includes traditional financial accounting principles and the use of non-monetary indicators such as resource depletion, pollution, and ecosystem degradation. This type of accounting helps identify thactual cost of a company's activities, including the environmental costs that are often overlooked in traditional accounting. In practice, green accounting can take many forms, such as measuring the amount of greenhouse gas emissions or water usage, tracking the amount of waste produced, or assessing the environmental impact of a product or service (Tu and Huang 2015). By identifying and quantifying environmental impacts, companies can then take steps to reduce their adverse effects on the environment and identify opportunities for cost savings and efficiency improvements.
Green accounting is especially relevant in emerging countries where environmental issues are becoming increasingly pressing (Maama and Appiah 2019). These countries are often undergoing rapid industrialization and economic growth, which can lead to a wide range of environmental challenges (Ashari and Anggoro 2021). For example, many emerging countries are struggling with air and water pollution, deforestation, and soil degradation, among other environmental problems. Green accounting can help emerging countries to address these challenges by providing a framework for measuring the environmental impact of economic activities. By incorporating environmental costs and benefits into economic decisionmaking, green accounting can help to promote sustainable development and ensure that economic growth is aligned with environmental protection (Dhar et al. 2022). This is particularly important in emerging countries, where economic growth is often a top priority but environmental concerns are also a significant issue. In addition, green accounting can help to support sustainable development by providing a way to monitor and report on progress toward environmental goals. This can help emerging countries to track their progress in reducing environmental impacts and achieving sustainability targets.
Green accounting is essential for Bangladesh immediately due to the country's significant environmental challenges and the rapid growth of its industrial sector, particularly the pharmaceutical and chemical industries (Jahamani 2003). Bangladesh has been facing several environmental challenges, including air and water pollution, deforestation, and soil degradation. These issues have been exacerbated by rapid industrialization and urbanization in recent years. The pharmaceutical and chemical industries are major contributors to environmental degradation in Bangladesh, with their production processes leading to the emission of harmful pollutants and the generation of hazardous waste. Green accounting can play a critical role in mitigating the environmental impacts of these industries by encouraging the adoption of sustainable production practices and promoting environmentally responsible behavior (Kumar et al. 2016).
In the context of Bangladeshi pharmaceutical and chemical companies, green accounting can play an essential role in promoting sustainable development and improving environmental performance. These companies are facing increasing pressure to address environmental concerns and comply with regulations related to environmental protection. By adopting green accounting practices, these companies can better measure, monitor, and report their environmental impact and progress toward sustainability (Deb et al. 2020). For example, pharmaceutical and chemical companies in Bangladesh can use green accounting to track their emissions, energy usage, waste generation, and their efforts to reduce these environmental impacts. They can also use green accounting to evaluate the costs and benefits of various environmental initiatives, such as implementing energy-efficient technologies or improving waste management practices (Owen et al. 1997). In addition, green accounting can help Bangladeshi pharmaceutical and chemical companies improve their corporate social responsibility (CSR) by demonstrating their commitment to sustainability and responsible environmental practices. By adopting green accounting practices, these companies can also attract socially responsible investors and customers who prioritize sustainability and environmental stewardship (Saeidi et al. 2018).
While green accounting practices are gradually being implemented in Bangladeshi pharmaceutical and chemical companies, adopting and standardizing these practices may vary compared to other jurisdictions, primarily due to differences in regulations, institutional frameworks, and cultural factors (Rahman Belal and Owen 2007). In Bangladesh, specific green accounting practices employed by pharmaceutical and chemical companies include emission tracking, where companies monitor and measure their greenhouse gas (GHG) emissions and other air pollutants (Fernando and Hor 2017). This data can identify opportunities for reducing emissions and complying with national and international environmental regulations (Legrand et al. 2018).
Waste management and minimization is another practice in which companies assess the generation and disposal of hazardous waste, implementing strategies to reduce waste generation, improve disposal methods, and recycle waste when possible (Dhar et al. 2022). Additionally, Bangladeshi pharmaceutical and chemical companies focus on resource conservation and efficiency, including monitoring energy and water usage and investing in energy-efficient technologies (Deb et al. 2022).
However, compared to more developed jurisdictions, such as the European Union or the USA, Bangladesh may still lag in terms of regulatory enforcement, availability of resources, and technical know-how (Khan et al. 2016). Furthermore, the level of awareness and commitment to environmental responsibility among businesses and the public may differ, which can impact the adoption of green accounting practices (Rahman Belal and Owen 2007). Therefore, while progress is being made in implementing green accounting practices within Bangladeshi pharmaceutical and chemical companies, further research, collaboration, and investment in capacity building are essential to ensure these practices become more widespread and standardized, ultimately promoting sustainable development and improved environmental performance in the industry (Rahman Belal and Owen 2007;Yan et al. 2022).

Green accounting and environmental performance
Green accounting is an accounting system that considers the environmental impact of an organization's activities and helps quantify the costs and benefits of environmental factors (Rout 2010). On the other hand, environmental performance refers to the level of an organization's activities, practices, and policies that impact the natural environment (Baah et al. 2021;Deb et al. 2022;Ryoo and Koo 2013). Environmental performance has become increasingly important in recent years, especially as organizations are held accountable for their environmental impact and stakeholders demand greater transparency and sustainability from businesses (Chen et al. 2023;Christine 2019;Ramzan et al. 2023a).
Green accounting and environmental performance are closely related because green accounting provides a way to measure and report an organization's environmental performance (Zhu and Sarkis 2004). Through green accounting, an organization can identify its environmental impacts, assess the costs and benefits of different activities, and track progress toward sustainability goals (Zeraibi et al. 2023;Zhang et al. 2023). Using green accounting to report on its environmental performance, an organization can demonstrate its commitment to sustainability and transparency to stakeholders (Mishra et al. 2016).
Green accounting and environmental performance are particularly relevant in the context of Bangladesh's pharmaceutical and chemical companies. These industries can have significant environmental impacts due to using chemicals and production processes that can contribute to pollution and other environmental problems (Deb et al. 2022). Adopting green accounting practices and prioritizing environmental performance can help these companies minimize their impact on the environment, improve their sustainability, and demonstrate their commitment to responsible business practices. In addition, Bangladesh is a signatory to international environmental agreements and has committed to reducing its carbon emissions and protecting the environment. Adopting green accounting and improving environmental performance can help the country meet these commitments and achieve its sustainability goals (Monroe et al. 2011).
Green accounting involves integrating sustainability into an organization's financial management processes, which include economic, environmental, and social aspects. Economic practices relate to the financial aspects of an organization's operations, such as revenue generation, cost management, and investment decisions (Madaleno et al. 2016). Environmental practices relate to the organization's impact on the natural environment, such as energy use, waste management, and emissions. Social practices relate to an organization's impact on society, such as employee welfare, community development, and ethical practices. Through green accounting, an organization can measure, monitor, and report on its economic, environmental, and social performance, enabling it to identify areas for improvement and take action to address them (Ramzan et al. 2023c). For example, an organization can use green accounting to measure its carbon footprint and identify ways to reduce its greenhouse gas emissions, such as improving energy efficiency or shifting to renewable energy sources. The organization can also measure its impact on society through social and community development initiatives and use green accounting to assess the effectiveness of these programs. Incorporating sustainability into an organization's financial management practices can provide numerous benefits, including cost savings through improved efficiency, improved stakeholder relationships, enhanced brand reputation, and increased market competitiveness Gao and Peng 2022;Zhang et al. 2022a). As a result, green accounting is becoming increasingly important for organizations that want to remain competitive, meet stakeholder expectations, and contribute to sustainable development.
The economic practice of green accounting involves accounting for the economic benefits and costs associated with a company's environmental and social impact (Geng et al. 2017). This includes accounting for the costs of reducing environmental impact, such as investing in clean technologies or reducing waste, and the economic benefits of sustainable practices, such as energy efficiency or reduced resource consumption . It also includes accounting for the financial risks and opportunities associated with environmental and social factors, such as climate change or social unrest (Christine 2019). The environmental practice of green accounting involves measuring and accounting for a company's environmental impact, including its emissions, waste, and resource use. This includes accounting for both direct and indirect environmental impacts, such as the environmental impact of the company's supply chain or customers' use of its products (Dhar et al. 2022). The goal of environmental accounting is to identify areas where the company can reduce its environmental impact, as well as to track progress over time and report on the company's environmental performance to stakeholders. The social practice of green accounting involves measuring and accounting for a company's social impact, including its impact on employees, customers, communities, and other stakeholders. This includes accounting for positive and negative social impacts, such as employee health and safety, community development, and human rights (Agrawal and Sharma 2020;Zhou et al. 2022). The goal of social accounting is to identify areas where the company can improve its social impact, as well as to track progress over time and report on the company's social performance to stakeholders (Pelletier et al. 2014).
The economic practices of green accounting refer to integrating environmental and social factors into an organization's financial decision-making processes (Martin et al. 2012). This practice involves recognizing and measuring the economic impact of an organization's environmental and social activities, both positive and negative, in monetary terms. Cost-benefit analysis is an important aspect of economic practices in green accounting (Grunert and Juhl 1995). This involves assessing the costs and benefits of an organization's environmental and social activities to determine whether they are financially viable. For example, an organization may assess the costs of implementing an environmentally friendly technology against the potential cost savings from reduced energy consumption. Another crucial economic practice in green accounting is environmental cost accounting (Kang 2018). This practice involves identifying and measuring the costs associated with an organization's environmental impact, including the costs of pollution and waste disposal, as well as the costs of complying with environmental regulations. By quantifying these costs, organizations can more effectively manage their environmental impact and make informed decisions about their operations.
Finally, economic practices in green accounting also involve financial incentives to encourage environmentally and socially responsible behavior. For example, organizations may offer financial rewards to employees who reduce their environmental impact or invest in renewable energy sources (Fernando and Hor 2017;Li et al. 2020;Niu et al. 2017). Additionally, organizations may be eligible for financial incentives, such as tax credits or subsidies, for implementing environmentally and socially responsible practices. Overall, economic practices in green accounting are aimed at aligning an organization's financial decision-making with its environmental and social values, as well as improving its financial performance by reducing environmental and social risks and maximizing opportunities for sustainability (Deb et al. 2022;Grunert and Juhl 1995;Iredele et al. 2020;Pei et al. 2021;Young et al. 2010). Thus, this study developed the following hypothesis: H1: Green accounting through economic practices improves environmental performance.
The environmental practices of green accounting involve measuring, monitoring, and reporting an organization's environmental impact and performance (Kang 2018). This includes identifying and quantifying the environmental costs associated with producing and consuming goods and services, as well as assessing the organization's environmental risk and opportunities for improvement (Pei et al. 2021). One important aspect of environmental practices in green accounting is environmental management systems (EMS), which provide a framework for identifying and managing environmental risks and opportunities. An EMS typically involves the development of environmental policies, establishing environmental objectives and targets, and implementing procedures for monitoring and controlling environmental impact (Tu and Huang 2019). Another key aspect of environmental practices in green accounting is using life cycle assessment (LCA) to evaluate the environmental impact of products or processes throughout their entire life cycle. This includes extracting and processing raw materials, production, use, and disposal. LCA can help organizations identify opportunities to reduce their environmental impact by optimizing production processes or using more sustainable materials (Namagembe et al. 2019). Overall, environmental practices are an important aspect of green accounting. They help organizations minimize their environmental impact and contribute to a more sustainable future (Gao and Peng 2022;Joshi and Rahman 2015;Li et al. 2020;Tu and Huang 2019). Thus, this study developed the following hypothesis: H2: Green accounting through environmental practices advances environmental performance.
The social practices of green accounting involve considering the social impact of an organization's operations and decision-making (Seetharaman et al. 2022). This includes considering the needs and concerns of stakeholders, such as employees, customers, communities, and society as a whole, concerning environmental issues. One way social practices can be incorporated into green accounting is through stakeholder engagement. By involving stakeholders in the decision-making process, organizations can gain valuable insights into their operations' social and environmental impacts and develop strategies to minimize negative and maximize positive impacts (Gunarathne et al. 2021). This can help to build trust with stakeholders and enhance the organization's reputation.
Another way social practices can be integrated into green accounting is by implementing sustainable supply chain practices. This involves considering the social and environmental impacts of the organization's supply chain and working with suppliers to implement sustainable practices (Martin et al. 2012). This can help to reduce the environmental impact of the organization's operations and improve its social responsibility. Community outreach and philanthropy can also incorporate social practices into green accounting. This involves investing in community initiatives and programs designed to address environmental issues and promote sustainable development. By supporting local communities in this way, organizations can help build relationships with stakeholders and enhance their reputation as socially responsible companies. Incorporating social practices into green accounting can help organizations build stronger relationships with stakeholders, improve their reputation, and enhance their social responsibility (Zhang et al. 2022b). This can ultimately lead to improved environmental and financial performance, while also contributing to society's overall well-being. Thus, this study developed the following hypothesis: H3: Green accounting through social practices enhances environmental performance.

Green accounting and energy efficiency
Green accounting integrates environmental and social costs into a company's financial reporting (Niu et al. 2017). One area where green accounting can significantly impact is improving energy efficiency. Energy efficiency measures how effectively a company uses energy to produce goods or provide services. By implementing green accounting practices focusing on energy efficiency, companies can reduce their energy consumption, lower their environmental impact, and improve their financial performance (Deb et al. 2022).
One way green accounting can support energy efficiency is by better understanding the true cost of energy use (Gao and Peng 2022). Traditional accounting practices do not typically include the environmental and social costs of energy use, such as the impact of greenhouse gas emissions on the environment or the health and safety risks associated with energy production. By including these costs in financial reporting, green accounting can help companies make more informed decisions about energy use and investments in energy-efficient technologies (Ramzan et al. 2023a). Another way that green accounting can support energy efficiency is by promoting the use of renewable energy sources. Renewable energy sources, such as wind and solar power, are becoming increasingly cost-competitive with traditional fossil fuel sources (Niu et al. 2017). By investing in renewable energy and implementing green accounting practices prioritizing renewable energy use, companies can improve their energy efficiency and reduce their environmental impact.
In addition to these economic benefits, the social benefits of green accounting concerning energy efficiency can include enhanced employee morale, improved public perception and brand image, and a more sustainable and resilient business model (Deb et al. 2022). Overall, green accounting can play an important role in improving energy efficiency and, in turn, reducing the environmental impact of companies while also achieving economic and social benefits. Green accounting through economic practices can increase energy efficiency in organizations. Energy efficiency is an important component of green accounting as it can result in cost savings for the organization and reduced environmental impact (Niu et al. 2017). Economic practices such as cost-benefit analysis, life cycle costing, and environmental cost accounting can be used to measure and manage an organization's energy use.
Cost-benefit analysis is a tool used to determine the economic feasibility of a project or investment. In energy efficiency, the cost-benefit analysis can be used to evaluate the costs and benefits of energy-saving measures, such as investing in energy-efficient technologies or implementing energy management systems (Madaleno et al. 2016). By analyzing the costs and benefits of these measures, organizations can make informed decisions about which measures to implement and which to prioritize. Life cycle costing is another economic practice for green accounting for energy efficiency (Pei et al. 2021). Life cycle costing is a technique used to evaluate the costs of a product or service over its entire life cycle, including the costs of production, use, and disposal. In energy efficiency, life cycle costing can be used to evaluate the costs and benefits of energy-saving technologies or practices over their entire life cycle (Lee 2015). This can help organizations identify the most cost-effective and environmentally sustainable energy-saving measures. Environmental cost accounting is a method used to allocate environmental costs to the products or services of an organization. In the context of energy efficiency, environmental cost accounting can be used to allocate the costs associated with energy use, such as emissions and waste disposal costs, to the products or services of an organization (Legrand et al. 2018). This can help organizations to identify the environmental costs associated with their energy use and to take action to reduce those costs through energy-saving measures. By implementing these practices, organizations can make informed decisions about which energy-saving measures to implement, identify the most cost-effective and environmentally sustainable measures, and allocate the costs associated with energy use to their products or services. This can result in cost savings for the organization, reduced environmental impact, and increased sustainability (Gong and Xu 2022). Thus, this study developed the following hypothesis: H4: Green accounting through economic practices improves energy efficiency.
Green accounting through environmental practices can help organizations improve their energy efficiency by identifying areas where energy is wasted and implementing strategies to reduce energy consumption (Bassereh et al. 2015). Some key environmental practices that can be used to promote energy efficiency through green accounting include Environmental Impact Assessments (EIAs) which are assessments of the potential environmental impact of an organization's activities, including energy use. By conducting an EIA, an organization can identify areas where energy is being wasted or where there is potential for energy savings (Gong and Xu 2022). For example, an EIA might identify opportunities to install more energy-efficient lighting or HVAC systems.
Life Cycle Assessments (LCAs) are assessments of the environmental impact of a product or service over its entire life cycle, from raw material extraction to disposal (Niu et al. 2017). By conducting an LCA, an organization can identify areas where energy is being wasted or where there is potential for energy savings. For example, an LCA might identify opportunities to reduce the energy required to manufacture a product or improve transportation or distribution's energy efficiency (Gong and Xu 2022). Energy audits assess an organization's energy use, which can help identify opportunities to improve energy efficiency. Energy audits typically involve a detailed analysis of an organization's energy use, including energy-intensive equipment such as HVAC systems, lighting, and industrial machinery. By identifying areas of high energy use, an organization can implement strategies to reduce energy consumption and improve energy efficiency (Martin et al. 2012). Green accounting through environmental practices can be an effective tool for improving energy efficiency by identifying areas of high energy use and implementing strategies to reduce energy consumption (Ramzan 2023). By reducing energy consumption, organizations can lower their energy costs and reduce their carbon footprint, which can benefit both the environment and the organization's bottom line (Gong and Xu 2022;Madaleno et al. 2016;Tu and Huang 2019). Thus, this study developed the following hypothesis: H5: Green accounting through environmental practices advances energy efficiency.
Green accounting through social practices for energy efficiency involves considering the social impacts of energy use and implementing measures to minimize and maximize negative impacts (Stechemesser and Guenther 2012). This can include engaging with local communities, promoting social responsibility and awareness, and fostering sustainable energy practices. One crucial social practice in green accounting for energy efficiency is community engagement. This involves working with local communities to understand their energy needs, concerns, and priorities, and involving them in developing and implementing energy efficiency initiatives (Jorgenson and Wilcoxen 1990). By engaging with the community, energy efficiency programs can be tailored to meet local needs and concerns, and community members can become more invested in the success of these initiatives . Another important social practice is promoting social responsibility and awareness. This can involve educating consumers and employees about the importance of energy efficiency, providing information on how to reduce energy use, and highlighting the positive social impacts of energy efficiency initiatives (Gray 2006). By promoting social responsibility and awareness, green accounting can help create a culture of energy efficiency and encourage individuals to take action to reduce their energy use.
Finally, green accounting can foster sustainable energy practices by working to create a supportive social environment for energy efficiency. This can involve working with local governments and policymakers to create incentives for energy efficiency, providing training and education for businesses and individuals on energy efficiency, and promoting public-private partnerships to support sustainable energy practices (Agrawal and Sharma 2020;Gallhofer and Haslam 1997). Overall, green accounting through social practices for energy efficiency is about recognizing the social impacts of energy use and working to minimize negative impacts and maximize positive ones. By engaging with local communities, promoting social responsibility and awareness, and fostering sustainable energy practices, green accounting can help create a more sustainable, equitable, and energyefficient future (Gong and Xu 2022;Joshi and Rahman 2015;Lee 2015;Pei et al. 2021). Thus, this study developed the following hypothesis: H6: Green accounting through social practices enhances energy efficiency.

Mediating roles of energy efficiency
The mediating effect of energy efficiency has been explored in various industries and sectors, including waste-to-energy, fertilizer, digital economy, power sector, and industrial carbon emissions. Pei et al. (2021) found that energy efficiency mediates the relationship between corruption and industrial carbon emissions in China. Similarly, Arslan et al. (2022) discovered that green creativity and green mindfulness positively affect energy efficiency and that the relationship between environmental consciousness and energy efficiency is mediated by green creativity and green mindfulness. Zhang et al. (2022b) showed that the digital economy positively impacts energy efficiency, and the relationship is mediated by technological progress and structural transformation.
Moreover, Gong and Xu (2022) and Gao and Peng (2022) examined the mediating effect of energy efficiency on the relationship between air quality ranking, digital economy, and energy-saving and emission reduction in China. Gong and Xu (2022) found that air quality ranking has a significant direct effect on energy efficiency, and spatial spillovers mediate the relationship. Gao and Peng (2022) showed that technological progress and structural transformation mediate the relationship between the digital economy and energysaving and emission reduction. Furthermore, Bassereh et al. (2015) and Fernando and Hor (2017) investigated the effect of noise and disorder on the efficiency of excitation energy transfer (EET) in a linear chain of sites. Although not directly related to energy efficiency in industries, their studies demonstrate how the mediating effect of environmental factors such as noise and disorder affects energy transfer efficiency. The studies highlight the importance of energy efficiency as a crucial factor in promoting sustainable development and reducing environmental impact, which can be achieved through the implementation of green accounting practices (Iredele et al. 2020). Thus, this study developed the following hypotheses: H7: Energy efficiency enhances environmental performance. H8: Energy efficiency mediates the relationship between green accounting through economic practices and environmental performance. H9: Energy efficiency mediates the relationship between green accounting through environmental practices and environmental performance. H10: Energy efficiency mediates the relationship between green accounting through social practices and environmental performance.

Methodology
The evaluation procedures for this research followed accepted social science methods to ensure credibility, unbiasedness, and the generation of high-quality information and knowledge. To achieve the objectives of this research, quantitative assessments, specifically surveys with questionnaires, were used. Hypotheses were formed based on a Only Direct Effects Direct and Indirect Effects detailed literature review, and a conceptual framework was developed.
According to Bryman (2016), quantitative methods emphasize objective measurements and the statistical, mathematical, or numerical analysis of data collected through polls, questionnaires, and surveys or by manipulating preexisting statistical data using computational techniques. Quantitative research focuses on gathering numerical data and generalizing it across groups of people or explaining a particular phenomenon. Steckler et al. (1992) state that quantitative research generates factual, reliable outcome data that are usually generalizable to larger populations. Bryman (2016) argues that the quantitative research approach emphasizes numbers and figures in the collection and analysis of data and can be seen as scientific in nature.
The quantitative research approach is the central part of this study. The respondents for the study are finance controllers, CFOs, management accountants, departmental managers, and senior officers of DSE listed Pharmaceutical and Chemical Companies in Bangladesh, as these companies are highly concerned with green accounting (Deb et al. 2022). In the first part of the quantitative analysis, descriptive statistics were used to explore the respondents' data. The second part involved examining the respondents' experiences and other results. Lastly, seven-point Likert scale questionnaires were used to test the hypotheses. The Partial Least Squares-Structural Equation Model (PLS-SEM) was used to test the hypothesized model.

Data collection and sample
In the context of this study, it is crucial to determine an appropriate sample size to ensure the validity and reliability of the results. Steckler et al. (1992) suggest a rule-of-thumb for determining sample size, using N ≥ 50 + 8 m for multiple correlations and N ≥ 104 + m for partial correlations, where N represents sample size and m is the number of independent variables. With six independent variables in this study, this rule suggests a minimum sample size of 98. Hair et al. (2019) advise that a sample size between 160 and 300 is suitable for multivariate numerical investigation methods, such as PLS-SEM. However, Henseler et al. (2015) propose a minimum sample size of 500 to accurately represent the parameters of a large population, with the formula N = 100 + 50 m, where m is the number of independent variables in the model. Therefore, the appropriate sample size is debatable due to the large population size. The following formula is used for this study: where p is the assumed proportion in the target population estimated to have a particular characteristic = 0.5 (assumed for this study) Thus, n = pqz 2 d 2 = 0.05×0.05×1.96 2 0.0487 2 = 404.94 ≈ 405. In the current study, the researchers considered the literature on the appropriate sample size for research studies and determined that a sample size of 405 participants would be necessary due to the number of independent variables being examined. However, to increase the statistical power and improve the sample's representativeness, the researchers decided to recruit a larger sample of 326 participants. To select these participants, the researchers used a random number generator to create a list of organizations that met the inclusion criteria for the study. They then used a simple random sampling technique to select participants from this list, ensuring that each organization had an equal chance of being included in the study. Using a random and unbiased sampling technique, the researchers aimed to increase the generalizability of their findings and minimize the potential q = 1 − p = 1 − 0.5 = 0.5 z = standard normal deviate = 1.96 at 5% level d = the degree of dispersion = 4.87% = 0.0487 for sampling bias. Table 1 shows the demographic information of the respondents.

Measures
In this study, the hypotheses were evaluated using a questionnaire that included previous research items. Some of these items were modified to fit the context of the study. A five-point Likert scale was used to measure the exogenous factors. The instrument was developed based on the methodology presented by Mishra et al. (2016) and Hair et al. (2012) before the primary inquiry. The questionnaire was administered to 326 respondents who were asked to evaluate the degree to which they agreed with the items measuring their respective concepts on a seven-point Likert scale, with 7 indicating strong agreement and 1 indicating strong disagreement. The metrics used in the study included the firms' engagement in green monitoring, assessment, transportation and distribution, green storage, green packaging, and other practices related to green accounting. The questionnaire included five items related to environmental practices, four items related to economic practices, and four items related to social practices of green accounting, which were adapted from previous studies by Gallhofer and Haslam (1997), Jahamani (2003), and Tu and Huang (2015). Additionally, three items related to energy efficiency and three items related to environmental performance were adapted from Deb et al. (2022). Overall, the questionnaire was designed to assess the extent to which the firms engaged in green accounting practices and to measure the mediating effect of energy efficiency on the relationship between green accounting and environmental performance.

Analysis techniques
This study used both SPSS (Statistical Package for Social Sciences, Version 25) and Partial Least Squares Structural Equation Modeling (PLS-SEM) to analyze and test the research hypotheses. SPSS was utilized to conduct preliminary data analysis, such as checking for missing values and data distributions, and perform various statistical tests. PLS-SEM was chosen as the preferred method for exploratory studies with complex models, as it provides more accurate estimations of construct reliability (including Cronbach's alpha and composite reliability) and validity (including convergent and discriminant validity). The two-stage approach recommended by Hair et al. (2011) was followed in the analysis, with the first stage analyzing the measurement model to test the reliability and validity of different model variables and the second stage analyzing the structural model to test the significance of the relationships within the inner model, described variance of the endogenous variables, and hypotheses test. The research summary is presented in Fig. 2.

Measurement model
In this study, the measurement model was utilized to evaluate the reliability and validity of the variables used. The two types of evaluations were internal consistency and item reliability for reliability and convergent and discriminant validity for validity. Cronbach's alpha (CA) and composite reliability (CR) were used to evaluate the reliability of the  Table 2). The acceptable threshold for CR was set at 0.70, and all CR values were above this threshold, indicating that the constructs were reliable (Arslan et al. 2022;Sarstedt et al. 2022). Similarly, the CA values for each component were also above the 0.70 thresholds, further supporting the reliability of the constructs. To establish convergent validity (CV), the average variance extracted (AVE) values should be more than 0.5, as recommended by Fornell and Larcker (1981). The CV was also validated in this study, as each model item had a substantial and statistically significant standard loading on its target construct. Moreover, the AVE values for the model constructs, which ranged from 0.558 to 0.745, provided additional support for the CV of the variables. Figure 3 presents the measurement model of this study. Sarstedt et al. (2022) suggest that for the measurement instruments, the factor loadings should be greater than 0.50. In this study, the factor loadings for all the indicators are greater than 0.50, indicating that the measurement instruments used are reliable. Furthermore, the factor loadings of most indicators are greater than 0.70, with some being as high as 0.80, indicating that the indicators are highly reliable. To establish the statistical significance of the measurement items in the model, the authors followed the requirements of Hair et al. (2019), where all measurement items in the model should be statistically significant at p < 0.01. This suggests that the measurements used in the model are significant, making the results reliable.
In assessing the convergent validity of the SEM, this study used the accepted values of AVE, CR, and α, which are greater than 0.50, 0.70, and 0.70, respectively, as suggested by Baah et al. (2021). The AVE for this study is greater than 0.50, indicating that the measurement items are converging to the same construct. The CR for this study is greater than 0.834, indicating that the measurement items are highly reliable. The α for this study is greater than 0.70, indicating that the measurement items are internally consistent (Hair et al. 2019). These results confirm the convergent validity of the SEM, which is presented in Table 2.
Assessing discriminant validity is crucial in measuring models as it indicates the degree to which one construct is distinct. The heterotrait-monotrait correlation ratio (HTMT) criterion was used to estimate the discriminant validity for all variables in this study. The HTMT value, which ranges from 0 to 1, is compared to a predefined threshold to determine if there is a lack of discriminant validity. A value close to 1 indicates that constructs are not distinct from each other. This study used a threshold of 0.85, and the analysis revealed that the model had significant discriminant validity (Hair et al. 2019). The maximum HTMT score attained was 0.834, which supports the distinctiveness of the constructs (Tables 3 and 4). Cross-loading refers to the extent to which an item in a measurement instrument loads on constructs other than its own intended construct (Hair et al. 2011). Based on the results, there are no issues with discriminant validity (Sarstedt et al. 2022).

Structural model
Before analyzing the structural model, the researchers ensured that there were no concerns about multicollinearity in the data. They looked at the correlation coefficients between the latent components and found that the highest correlation coefficient was 0.595, which is within an acceptable range and suggests the absence of multicollinearity. To further verify this, they calculated the variance inflation factor (VIF) for each variable, which measures how much the variance of the estimated regression coefficient is increased due to multicollinearity (Baah et al. 2021). They found that all the VIF values were below the maximum criterion of 5.00, indicating no multicollinearity in the model.
After confirming that multicollinearity did not affect the model, this study used the Smart PLS 4 program to evaluate the structural model and test the proposed hypotheses (see Fig. 4). The structural model is a type of statistical model that allows researchers to test how the latent variables in their study are related to each other (Hair et al. 2011). In this case, the researchers are interested in testing how the variables related to e-learning, perceived usefulness, perceived ease of use, and intention to use are related to each other. By running the structural model analysis, they can determine whether their hypotheses are supported by the data or not.
In evaluating the performance of the SEM, the authors utilized several measures of goodness of fit. Due to the limitations of PLS, it does not provide an overall goodness of fit measure, and thus, other indicators such as SRMR, NFI, R2, and Q2 were employed. The SRMR measures the difference between the observed correlation matrix and the predicted correlation matrix by the model, with lower values indicating a better fit (Sarstedt et al. 2022). The NFI measures the discrepancy between the hypothesized and the null models,  with values ranging from 0 to 1 and higher values indicating a better fit. Table 5 presents the R 2 values for each of the constructs in the model, which represent the proportion of variance explained in each construct by the predictor variables. The values of R 2 for energy efficiency (EE) and environmental performance (EP) are 0.539 and 0.615, respectively, indicating that the predictor variables have a moderate to high effect on the outcome variables. In addition, the Q 2 values in Table 6 indicate the predictive relevance of the model, with values above zero indicating good predictive relevance. The Q 2 values for EE and EP are 0.427 and 0.472, respectively, indicating good predictive relevance of the model for both constructs (Hair et al. 2019). Overall, the values of these goodness of fit measures suggest that the SEM performs well and provides a good fit to the data.

Path analysis and hypothesis testing
In Table 7, the authors presented the results of the path analysis, which shows the direct and indirect effects of the independent variables on the dependent through the mediator variable. The path coefficients represent the magnitude and direction of the relationship between the variables. A positive coefficient indicates a positive relationship, while a negative coefficient indicates a negative relationship. The t-statistics values measure the statistical significance of the relationship between the variables. A t-statistic greater than 1.96 is considered statistically significant at the 95% confidence level. The 2.5% and 97.5% confidence intervals represent the range within which the true population value is expected to lie with 95% confidence. In addition, the authors included the indirect effects in Table 7, which represent the relationship between the independent and dependent variables through the mediator variable. The total effect is the sum of the direct and indirect effects.
The results of the path analysis in this study suggest that green accounting practices have a significant positive effect on environmental performance through economic and environmental practices. This finding supports hypotheses 1 and 2, which proposed that green accounting practices would positively influence environmental performance through economic and environmental practices. Specifically, the coefficients (β) of economic practices (0.325) and environmental practices (0.343) on environmental performance were both statistically significant (p < 0.000), indicating that these practices play an important role in promoting environmental performance. However, the result did not support hypothesis 3, which proposed that green accounting practices would positively influence environmental performance through social practices. The coefficient (β) for social practices was not statistically significant (p = not significant), indicating that this variable does not have a significant direct effect on environmental performance. Overall, the findings of this study suggest that organizations can use green accounting practices to promote environmental performance, specifically through economic and environmental practices. However, social practices do not appear to have a significant direct effect on environmental performance. This information can be useful for organizations adopting green accounting practices to improve their environmental sustainability.
Further, these findings report the results of a path analysis (also called structural equation modeling) examining the relationships between the three types of green accounting practices (economic, environmental, and social) and energy efficiency. The path analysis estimates the strength of the relationships between each variable and allows us to test hypotheses about the direction and significance of those relationships.
Based on the analysis, the study found that green accounting through economic practices has a positive and statistically significant effect on energy efficiency (β = 0.169, p < 0.000), supporting hypothesis 4. This indicates that when companies implement green accounting practices focused on economic benefits (such as cost savings or revenue generation), it can lead to improved energy efficiency. The study also found that green accounting through environmental practices has a strong positive effect on energy efficiency (β = 0.404, p < 0.000), supporting hypothesis 5. This suggests that when companies implement green accounting practices focused on environmental benefits (such as reducing greenhouse gas emissions or using renewable energy sources), they can improve energy efficiency. Similarly, the study found that green accounting through social practices also has a positive and statistically significant effect on energy efficiency (β = 0.241, p < 0.000), supporting hypothesis 6. This indicates that when companies implement green accounting practices focused on social benefits (such as improving community relations or enhancing employee morale), it can lead to improved energy efficiency. Overall, these findings suggest that green accounting practices, regardless of the specific focus, can improve organizations' energy efficiency. By implementing green accounting practices, companies can consider various economic, environmental, and social benefits and ultimately enhance their energy efficiency.
Mediation analysis examines the extent to which a third variable, called a mediator, accounts for the relationship between two other variables. The study examined whether energy efficiency mediates the relationship between green accounting practices and environmental performance. The results suggest that energy efficiency partially mediates the relationship between green accounting practices and environmental performance. Specifically, the study found that energy efficiency partially mediates the relationship between green accounting through economic practices and environmental performance. This means that some of the influence of green accounting through economic practices on environmental performance is explained by energy efficiency. The same was found for green accounting through environmental practices and environmental performance, as well as for green accounting through social practices and environmental performance.
The beta coefficients for the mediating effects (0.029, 0.069, and 0.043 for the three different types of green accounting practices) represent the magnitude of the indirect These results suggest that energy efficiency is an important mechanism through which green accounting practices can influence environmental performance. A histogram is an effective way to visually present the distribution of a continuous variable, such as the coefficients in a path analysis (Hair et al. 2011). In this case, Fig. 5 likely presents the coefficients for each path tested in the study. Histograms are useful because they can quickly convey the shape of the distribution, including the center, spread, and any potential outliers. By presenting the coefficients in a histogram, readers can see the overall pattern of results and gain a sense of the strength and direction of the relationships between variables. In addition, histograms can also highlight any unusual or extreme values, such as particularly large or small coefficients, which can be important for interpreting the results. Overall, a histogram is a clear and effective way to present the findings of a study involving continuous variables, mainly when there are multiple variables and relationships to consider.

Discussion
The study found that green accounting has a positive influence on both energy efficiency and environmental performance. This relationship was strongest for green accounting through environmental practices, followed by economic and social practices. The study also found that energy efficiency partially mediates the relationship between green accounting and environmental performance, suggesting that improving energy efficiency can lead to better environmental performance. Additionally, the study found that while green accounting through social practices had a positive effect on energy efficiency, it did not significantly affect environmental performance. Overall, these findings suggest that green accounting can be an effective strategy for improving energy efficiency and environmental performance, mainly when focusing on environmental and economic practices. Improving energy efficiency can also lead to better environmental performance, providing additional support for sustainability initiatives (Rahardjo et al. 2013;Yan et al. 2022).
In the context of Bangladeshi pharmaceutical and chemical companies, the findings of this study suggest that implementing green accounting practices can improve energy efficiency and environmental performance. This means that companies can effectively manage their environmental impact while increasing efficiency and profitability. By incorporating economic, environmental, and social practices into their accounting system, companies can effectively track their environmental impact and identify areas for improvement. For example, companies can use green accounting to analyze their energy use and identify ways to reduce waste and increase efficiency. This can lead to cost savings through reduced energy consumption and more efficient production processes (Li et al. 2020;Tu and Huang 2019). The study  also found that energy efficiency partially mediates the relationship between green accounting and environmental performance, indicating that improving energy efficiency can lead to improved environmental performance. In the case of pharmaceutical and chemical companies in Bangladesh, this could mean implementing energy-efficient production methods, such as reducing water usage, implementing renewable energy sources, and improving waste management practices. Stakeholder theory posits that organizations are responsible for maximizing shareholder value and considering the interests and well-being of all stakeholders impacted by their operations, including employees, customers, suppliers, the community, and the environment. In the context of the present study, the findings suggest that green accounting practices can positively impact both energy efficiency and environmental performance, which can benefit a range of stakeholders. For example, in the case of Bangladeshi pharmaceutical and chemical companies, the adoption of green accounting practices may not only improve their financial bottom line through energy savings and cost reductions but also benefit their employees and the community by reducing pollution and improving air and water quality. Additionally, stakeholders such as customers and investors may view the company more favorably due to its commitment to environmental sustainability Fang and Zhang 2018;Kang 2018;Ramzan et al. 2023b). By considering the interests and well-being of various stakeholders, organizations can contribute to a more sustainable future and enhance their long-term viability and success.
In the context of institutional theory, this study's findings suggest that green accounting practices can be seen as a response to institutional pressures. Specifically, organizations may adopt green accounting practices in response to regulatory pressures or the expectations of stakeholders who value sustainability and environmental responsibility. Institutional theory suggests that organizations are subject to external pressures from their institutional environment, including normative, regulatory, and cognitive pressures. In this context, normative pressures refer to expectations and values that guide organizational behavior, regulatory pressures refer to formal rules and laws that constrain behavior, and cognitive pressures refer to shared beliefs and assumptions about how things should be done (Deb et al. 2022;Hörisch et al. 2020). Institutional theory suggests that organizations seek to conform to the expectations of their institutional environment to gain legitimacy and maintain their social standing. Thus, organizations may adopt green accounting practices as a way to signal their commitment to environmental sustainability and gain legitimacy in the eyes of stakeholders and regulators. The findings of this study suggest that green accounting practices can improve energy efficiency and environmental performance in emerging countries, where institutional pressures may be particularly strong. Organizations adopting green accounting practices may benefit from improved relationships with stakeholders and regulators and be better positioned to compete in the global marketplace (Ramzan et al. 2023c).

Conclusions
This study utilized a PLS-SEM approach to investigate the relationship between green accounting, energy efficiency, and environmental performance in Bangladeshi pharmaceutical and chemical companies. This study provides empirical evidence of the positive impact of green accounting practices on energy efficiency and environmental performance in the Bangladeshi pharmaceutical and chemical industries. The results show that companies that adopt green accounting practices, particularly through economic and environmental practices, are more likely to achieve higher levels of energy efficiency and environmental performance. The mediating effect of energy efficiency also supports the notion that efficient use of energy resources is an essential step towards achieving sustainable environmental performance.

Practical implications
The findings of this study have important practical implications for Bangladeshi pharmaceutical and chemical companies and potentially for similar companies in other emerging countries. The results suggest that adopting green accounting practices, particularly in the economic and environmental domains, can improve energy efficiency and environmental performance. This indicates that companies should prioritize green accounting practices and align their economic, environmental, and social practices with the United Nations Sustainable Development Goals (SDGs) and other environmental standards. Adopting green accounting practices can help companies reduce their environmental impact and improve their sustainability performance, enhancing their reputation and competitiveness. Moreover, the findings suggest that improving energy efficiency can be an effective way to enhance environmental performance. Companies can achieve this by implementing energy-efficient technologies, adopting best practices, and promoting energy-saving behaviors among their employees.
It is essential to acknowledge that the study demonstrates the partial mediating influence of energy efficiency in the relationship between green accounting and environmental performance. Consequently, companies should not solely concentrate on green accounting but also prioritize implementing energy efficiency measures to attain enhanced environmental performance. In essence, the practical implications of this study underscore the significance of adopting green accounting practices and energy efficiency measures in achieving superior environmental performance for pharmaceutical and chemical companies in Bangladesh. By embracing these practices, companies can bolster their sustainability performance, minimize their environmental footprint, and augment their competitiveness.

Theoretical implications
This study has several theoretical implications for stakeholder theory and institutional theory.
From a stakeholder theory perspective, the findings of this study highlight the importance of considering all stakeholders' interests when making decisions about green accounting practices. The study showed that companies that engage in green accounting practices can improve their energy efficiency and environmental performance, benefiting a wide range of stakeholders, including the environment, local communities, and employees. These findings suggest that companies should consider the impact of their actions on all stakeholders rather than just focusing on the interests of shareholders.
From an institutional theory perspective, the findings of this study provide insight into the role of institutional pressures in shaping green accounting practices. The study found that institutional pressures, such as regulatory requirements and social norms, can motivate companies to adopt green accounting practices. This suggests that adopting green accounting practices is not just driven by economic rationality but is also influenced by social and cultural factors.
Moreover, the study emphasizes the significance of the institutional context in influencing green accounting practices. Conducted in Bangladesh, an emerging country with a distinct institutional landscape, the study's findings indicate that the institutional context in emerging nations can substantially impact the adoption of green accounting practices. This underlines the necessity for additional research exploring the role of institutional factors in shaping green accounting practices across various contexts. In summary, this study offers valuable theoretical implications for both stakeholder theory and institutional theory, accentuating the importance of addressing the interests of all stakeholders and acknowledging the role of institutional pressures in molding green accounting practices.

Future research scope
The limitations of this study need to be considered when interpreting the results and their generalizability to other settings. Firstly, this study is limited to Bangladesh, so the findings may not be generalizable to other economies. Thus, future studies should consider a comparison with companies from other countries or industries to provide more robust evidence. Secondly, the study focuses on the pharmaceutical and chemical industry, which may limit the transferability of the findings to other industries. Future studies can explore different industry sectors in Bangladesh to confirm whether these findings are consistent across different sectors. Thirdly, this study uses primary data, and future research may consider using secondary data to validate the results. Although primary data collection has benefits, including ensuring the data's validity and reliability, secondary data can be more cost-effective and time-saving, especially when the necessary data is already available. Fourthly, this study uses cross-sectional data, which can be a limitation, and future research may consider using panel data to track changes over time. Panel data can provide more robust empirical evidence and a better understanding of how the relationships between the variables change over time. Further, the study's reliance on self-reported data from a small sample size raises concerns about potential response bias or measurement error. The future studies should use objective energy efficiency measures or environmental performance to provide more reliable evidence.
Finally, this study only examines the impact of green accounting, energy efficiency, and environmental management accounting on environmental performance. Future research can include other variables, such as corporate social responsibility (CSR) initiatives and financial performance, to identify other factors contributing to environmental performance. Considering these limitations, future research may address the gaps by investigating other industries, using secondary data, employing longitudinal data, and exploring other variables. Doing so can provide more robust and diverse findings that help stakeholders in emerging countries develop effective environmental strategies to address environmental concerns.
Author contribution MMR conceptualized and developed the research framework, collected data, performed statistical analysis, interpreted findings, wrote implications, performed referencing, and prepared the drafted report. MEI performed introduction and literature review, assisted in model developing, and wrote the conclusions. As the corresponding author, MMR bears full responsibility for the submission and confirms that all authors listed on the title page have contributed significantly to work. Finally, all authors read and approved the final manuscript.
Data availability Data and materials are available upon reasonable request through the corresponding author.