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Environmental problems have emerged as a critical concern requiring proactive intervention from corporations. The accelerating pace of industrialization has exacerbated environmental degradation, highlighting the significant impact of business operations on the environment. Nevertheless, more than conventional management accounting systems are needed to address contemporary business operations' evolving demands, particularly concerning environmental issues. This study addresses these issues by examining the impacts of the Environmental Management Accounting System (EMAS) adoption phases on sustainability performance among publicly listed companies (PLCs) in Malaysia. This study employs the social issue life cycle theory to measure EMAS adoption phases and the triple bottom line for sustainability performance. This study uses survey data gathered from 205 PLCs in Malaysia, focusing on chief financial officers (CFOs), finance directors, finance managers, and project managers. Cluster and simple random sampling techniques were employed to obtain a representative sample. Analytical methods include analysis of variance, Tukey's post hoc test and ordinary least squares regression analysis. The findings reveal that most companies are in the learning phase of EMAS adoption. The study shows a significant negative impact of EMAS adoption during the policy phase on sustainability performance. Conversely, EMAS adoption has an insignificant positive impact on sustainability performance in the learning phase. However, the findings suggest that the commitment phase of EMAS adoption significantly and positively impacts improved sustainability performance. This study contributes to existing knowledge by emphasizing the need to enhance organizational awareness of EMAS adoption and facilitating more effective management of environmental issues to achieve superior sustainability performance. JEL Classification Codes: G32, F65, L66, L25, M41.
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