JOURNAL OF CRITICAL REVIEWS ISSN- 2394-5125 VOL 7, ISSUE 13, 2020 2256 ENVIRONMENTAL ACCOUNTING PRACTICES AND SHARE VALUE OF FOOD AND BEVERAGES MANUFACTURING COMPANIES QUOTED IN NIGERIA Folajimi Festus ADEGBIE 1 , AdetounAminat OGIDAN 2 , TunjiTrimisu SIYANBOLA 3 , Adebayo Samuel ADEBAYO 4 1,2,3,4 Babcock University, Department of Accounting, Ilishan-Remo,Ogun State Email:adegbief@babcock..edu.ng 1 , siyanbolat@babcock.edu.ng 2 , adetouogidan@gmail.com 3 , olaoyea@babcock.edu.ng. 4 Received: 14 March 2020 Revised and Accepted: 8 July 2020 ABSTRACT: Shareholders are concerned about the future of their investment in publicly quoted companies. Studies have shown that environmental factors have impact on the performance of organizations due to uncertainty and risk in the business. The study evaluated the impact of environmental accounting on the share value of food and beverages companies quoted in Nigeria.The study population consisted of 28 quoted companies whose data were validated and gained reliability through the statutory audit of their financial statements. Descriptive and inferential statistics were used for the analysis of the data.The result showed that environmental accounting practices without moderating effect of firm size impact the share value of share with Adj R 2 of 0.4173,F –Statistics of 24.6348 and p.value of 0.0000. it also showed that with moderating effect of firm size,environmental accounting impact significantly the share value with Adj R 2 of 0.4153,F-statistics of 18.5829 and p-value of 0.0000.The study concluded that environmental accounting influeces the share value of companies in the food and beverages sector.The study recommended that management of the companies should incorporate corporate accounting and the disclosures in their financial statements so as to enhance investors’ decision and have positive impact in the share values in the capital market. I. INTRODUCTION Investors and shareholders consider the level of uncertainty and the compensating returns before investing in projects. Investments in both developed and developing nations become impeccable because of deregulations in USA and European nations and volatility being experienced in the financial markets of Sub-Saharan African nations.(Okafor,2018).Investors and investment managers carry out fundamental analysis of uncertainty,identify risks, micro and macro-economic variables and expected returns before any investment decision is made. The behavior of traded stocks in the financial markets impact on the psychological investment behaviors of shareholders during the buying and selling of shares. Individual investment decision has constant correlation with stock behavior in the market ( Sani,2018;Onu,Okon &Okafor,2018).The unfavorable nature of the financial markets and the macro economic depression being experienced by various countries in the economies of nations, the chain effect transformed into the activities of firms in every economy affect the faith of shareholders in the various stocks being traded in the capital markets(Sarah,Zaleha& ku,2017).The crisis in the Eurozone as postulated by Ekanem, Nwachukwu and Etuk (2014) affect the economies of nations which have resultant effect on output and the demand for goods and services.This has resulted into instability in the businesses of nations, depreciation of values of currencies and the weakening purchasing powers of firms and households. Thair, 2017 explains that investment theory has the assumption that investors prefer to know the outcome of their investment decisions. There is a conscious decision for most investors to avoid risk unless they are adequately compensated for the risk inherent in the investment. Investors pick the least risk investments where the investments offer the same expected returns. Where the expected returns vary, the selection of profitable investment become more complicated and requires that investors consider another variable. Mayangsari (2019) stated and explain uncertainties and risks that affect various investments in the purchase and sale of shares or stocks of firms as analyzed thus: Purchasing power risk which is uncertainty in the investment as a result of inflation; Interest rate risk which is uncertain returns caused by uncertain business risk which is investment because of uncertain business environment; financial risk because of uncertainty by firms inability to meet its financial obligations; liquidity risk which is investors uncertain returns of the potential difficulty in liquidating the assets; and market risk which is the uncertainty in the business environment.All these have significant effect on sharevalue of firms. Obida, Owolabi, Enyi and Akintoye (2019) opined that returns on stock market investment could be unstable if the volatility in the market has negative impact on businesses and can adversely