The Evolving Landscape of Environmental Management Accounting: A Systematic Review of Contemporary Research (2020-2025)

Abstract

This article provides a systematic literature review (SLR) of the Environmental Management Accounting (EMA) field, synthesizing research published between 2020 and 2025. The primary objective is to map the contemporary landscape of EMA, tracing its evolution from a traditional costing tool to an integrated, strategic information system for corporate sustainability. This review employs the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) 2020 methodology, analyzing articles from Scopus, Web of Science, and Google Scholar. The findings reveal several key trends. First, the conceptual boundaries of EMA are expanding beyond its foundational definition (tracking physical and monetary flows) to encompass complex, data-intensive areas such as biodiversity accounting and the circular economy. Second, the theoretical understanding of EMA adoption has matured, moving from single-theory models to integrated frameworks combining institutional, strategic, and contingency perspectives. Third, while the positive link between EMA implementation and organizational performance (environmental, financial, and competitive) is well-established, recent meta-analyses demonstrate this relationship is contingent, moderated by firm size and national-level EMA maturity. This finding helps explain persistent implementation barriers, particularly for Small and Medium-sized Enterprises (SMEs). Finally, the review identifies a profound co-evolution: emerging sustainability frontiers (e.g., the Taskforce on Nature-related Financial Disclosures - TNFD) are creating demand for complex environmental data, while digitalization (e.g., Big Data Analytics, Artificial Intelligence, and Building Information Modeling) provides the necessary tools to supply and analyze it. The article concludes by outlining critical research gaps, focusing on SME implementation models, the practical application of digital EMA tools, and the development of operational accounting frameworks for biodiversity and circularity.