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Purpose Manufacturing and service companies are likely to make a variety of costs possible. Environmental costs are one of those costs. Environmental performance is one of the most important factors in assessing a company’s success. For environmental accounting, companies need to work together as teams of system designers, chemists, engineers, production managers, operators, employees, purchasing circle and accountants (those who may have never worked together before). Design/methodology/approach Nowadays, most of the companies are facing environmental issues and are seeking an appropriate way to report and disclose the information to the public. The environmental pollution issue is among the most important problems of today’s human society. Therefore, this is very important to use environmental accounting as an attempt towards protecting the environment. Findings Green accounting is a type of accounting that attempts to factor environmental costs into the financial results of operations. Apart from answering the question whether the economy has performed sustainably during one or more accounting periods, green accounting indicators [green gross domestic product (GDP)] can be used in policy formulation and evaluation. Green GDP calculations can contribute to raise awareness for sustainability concerns among national governments/policy-makers, who tend to concentrate on their countries’ fast economic development. Practical implications Environmental accounting can be applied to large and small companies in various industries, as well as in manufacturing or service sectors. Environmental accounting can be applied on a large or a smaller scale in a systematic manner for the required bases. Social implications Environmental accounting requires the collection of information from all the groups. People of various groups need to talk to each other to achieve a common vision and understanding of environmental accounting and to realize this vision. Originality/value Undoubtedly, to establish an ideal system of environmental accounting in the country, accountants can become a powerful forearm of the government regarding economical and financial controls. To achieve this goal, environmental accounting objectives and tasks should be identified and defined in detail, and the standards, rules and criteria should be grounded and codified based on reasonable and practical principles.

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In today's competitive world, three factors: price, quality and time have critical roles in the success of the companies to achieve success in the competition. For this purpose, the companies have to also adapt themselves to changes in technology and environment. Strategic cost management is the best way to improve the sustainable management models in the manufacturing companies. Strategic cost management has solved many of the problems and shortcomings of traditional accounting system and by accurate determination of costs, their proper allocation to products and elimination of waste, tries to create value for shareholders by using continuous improvement. The objective of this paper was to develop a management model called strategic cost management that reduced costs stickiness and increased corporate sustainability. Using strategic cost management approach can create competitive advantage for the companies, because it provides accurate cost price information so that the users can easily understand the information. The aim of the paper by introducing strategic cost management was to contribute toward accurate pricing, which could result in the increased profitability and competitiveness of the manufacturing companies in a highly competitive global market and at a market‐based price. Also, due to the growing competition among companies in providing high quality products with reasonable prices, a precise system of measurement of the cost of the product is necessary.

An alternative investment theory to the widely utilized efficient market hypothesis, fractal market hypothesis analyses the daily randomness of the market and the turbulence witnessed during crashes and crises. The framework of the fractal market hypothesis proposes a clear explanation of investor behaviour throughout a market cycle, including booms and busts. Nowadays, the importance and advantages of forecasting in decision and policy making from different dimensions are undeniably accepted. Naturally, the techniques that face the lowest forecasting errors are capable of survival and proper function. Successful structural models have not been recently employed in the field of forecasting; therefore, other tests have been proposed among which L‐Co‐R algorithm is the most notably known for time series analysis. The present study applies L‐Co‐R coevolutionary algorithm for forecasting and analysis of time series stock returns. The current study examines daily, monthly, and yearly time series stock returns on Tehran Stock Exchange and London Stock Exchange over a period from 2007 to 2013. The statistical analysis in London Stock Exchange shows that the L‐Co‐R algorithm outperforms to the other methods, regardless of the horizon, and is capable of predicting short, medium, or long horizons using real known values. The statistical analysis in Tehran Stock Exchange shows that the L‐Co‐R algorithm outperforms to the other methods and is capable of predicting only short and medium terms. Thus, fractal market hypothesis was accepted for Tehran Stock Exchange and rejected for London Stock Exchange.