TRIPLE BOTTOM LINE: TOWARD BUSINESS ACTIVITIES RESPONSIBLE TO EARTH, HUMAN, AND BUSINESS ENTITY

ABSTRACT

The purposes of the business activities is making profit and make the entity value grow from time to time.  But, business entity trapped to make profit and value grow at all cost.  Labor exploitation, ignore the externalities to environment, event sacrifice the customer.  The Triple Bottom Line concept (People, Planet, and Profit) from Elkington (1997) is different and because propose a holistic concept of business.

First, business entity should pay attention to empowering people like employee, customer, and community to keep the going concern.  If the people and community educated they will be loyal customer to the entity.  Educated employee will worked with high motivation to produce good product.  Educated customer will be loyal customer because they know the quality of the product and entity.  The community will be enjoy with the entity because the entity pay attention and taking care to them.

Second, the business entity should take care about the environment issues.  The entity should Keep the nature in the good condition and keep the environment secure to ensure their going concern.  Natural resources like water, energy, and raw materials should keep in the good condition to ensure the long term operational of the entity.  Minimize the externalities like garbage and pollution make the people live in the good condition and enjoy consume the entity’s product.

 

Third, if the business entity have educated and loyal consumers, taking care the community, pay attention to the environmental issues, and produced high quality product, sales will be high, profit will be high, and the value of the entity will be grow also.  So, the profit and the value of the entity are not just from operational matter only but from the responsibility to the people and planet.

The long term profit, value growth, and going concern of the entity are the purpose of the Triple Bottom Line Concept.  The Stakeholder Theory and the Legitimacy Theory are the basis theory of the Triple Bottom Line Concept.

Keywords: Triple Bottom Line, Going Concern, Value Growth, People and Planet Before Profit, Stakeholders Theory, Legitimacy Theory


INTRODUCTION

The environmental issues became the important agenda in the international forum since 1972.  After the International Conferrence on the Human Environment in Stockholm, Sweden and Earth Summit in Rio De Janiero, Brazil 1992, international community make sure that environmental issues are international responsibility.  Environmental conservation issue, developmental activity issue, and social issue are influenced one another. Sustainable development ensures economic activities, environmental conservation, and social empowerment running together (Nuraini, 2010).  People, Planet, and Profit from the Tipple Bottom Line is the concept that ensure the sustainable business should pay attention to the community empowerment to create the prosperity, environmental conservation keep the natural resources in the good condition, and making long term profit for growth of value of the entity.

Gray, el al., (1995) stated that social and environmental responsibility are business entity responsibility, to ensure the accountable to all stakeholders,  The social responsibility and environmental responsibility report should embedded to the yearly report of the entity.  The comprehensive report will bring the legitimating to the entity about social and environmental activities.  The legitimation ensures the support from community and makes the going concern of the entity created.

Prior, et al., (2008) stated that social and environmental responsibility performance in the yearly report can be the insurance for the management in front of stockholders.  Social and environmental performance can be another appraisal beside the financial or profit performance.  The management have more information from stakeholders and use it for their benefit, as the Agency Theory stated.

 

The Tipple Bottom Line Concept

Elkington (1997) stated that Triple Bottom Line in the principal bases of the Corporate Social Responsibility.  The three purposes are one purpose of the entity.

  1. People

People and community are the stakeholders of the entity.  Entity should pay attention to the prosperity of the people and community to ensure the going concern of the entity.  Educate and empower the people and community will make the long term commitment and good relationship with the entity.  Educate and empower the people and community are a long term investment to ensure the long term life and going concern of the entity.

  1. Planet

Environmental is the habitat and resources of the entity.  Nature conservation will ensure the natural resources (energy, water, etc.) available for long term.  Minimize the externalities (garbage and pollution) ensure clean and safe habitat for people and entity.

  1. Profit

Profit is the main purpose of the entitiy or business activities.  Profit is the extended wealth to keep the long term activity of entity, to ensure the going concern of the entity.

Triple Bottom Line (People, Planet, and Profit) is important for entity.  Triple Bottom Line ensure long term life or going concern of the entity.  The comprehensive and holistic peformances that entity should preformed.

 

THE BASIC THEORY OF TRIPLE BOTTOM LINE

Stakeholders Theory

The social responsibility concept established since 1970, known as the stakeholder theory.  The theory are talking about the values and practices about stakeholders.  Values, concepts, rules, implementation, and commitment that contribute to the prosperity for stakeholders and sustainable development.  The stakeholder theory is the important part of the business or entity activities (Freeman, et al., 2014).

Ghozali & Chariri (2007) stated that the stakeholders theory mean that entity is not operational just for their benefit.  The entity should make benefit for stakeholders like employees, creditor, supplier, customer, government, community, and many else.  The entity going concern influenced by the support from the stakeholders.  Deegan (204) stated that stakeholders theory are a theory that ensure all stakeholders have right to know the information about the operational of the entity for the decision usefulness.  The stakeholders can choose to use the information for their decision in the entity.

Budimanta, et al., (2008) stated there are two kind of the stakeholders approaches, the old corporate relation and new corporate relation.  The old corporate relations concentrate to the form of entity activities, the separated form of entity activities, internal and external.  The relationship among the internal and external are short time and transactional only.  There is no long term relationship and no joint benefit, conflict among internal dan external entity happened.  The new corporate relation make collaboration among the stakeholders.   Entity is not separated from social system, entity is part of social system.  The relationship among stakeholders builds from the togetherness, partnership, collaboration, and benefit for all.  Entity did not gain wealth for their own but build the quality of life of stakeholders.

Tunggal (2008) stated that stakeholders theory can be explain in the 3 approaches.

  1. Descriptive approach

The stakeholder theory descripts the reality about the operational of the entity.  The purpose of the stakeholder theory is to understand the stakeholders need and interest.  Managers should performance for stakeholders not just for shareholders.

  1. Instrumental approach

The stakeholder theory stated that the management’s strategy for high performance is pay attention to the stakehoder’s interest.  Lawrence & Weber (2008) descript that 450 entities that committed to the stakeholders have a high financial performance.  The instrumental approach purposed is to study the consequences of relationship among entity and their stakeholders also relationship among the corporate governance and multi stakeholders relationship governance.

  1. Normative approach

The stakeholders theory stated that every people and community already giving their contribution to the value of the firm.  Firm of entity should give back rewards to the stakeholders.   The normative approach purposed are identify the moral or philosophy rule with the entity activities,

So, the stakeholder theory is a theory that concern to the need and interest of the stakeholders that influenced the entity’s strategy.  Stakeholders are part of the entity that influenced the uses of resources in the entity’s activities.  The stakeholder strategy is not for financial performance but for social performance also.  The corporate social responsibility (CSR) is the strategy to fulfill the need and interest of stakeholders.  The disclosure of social (CSR) performance is to satisfy the stakeholders and bring support to the entity activities to make higher performance for entity.  The stakeholders theory stated that entity is not perform just for their selves but perform for all stakeholders.  Freeman (1984) stated that stakeholders (individual and group) affect to the entity’s purposes.  .

Roberts (1992) stated that stakeholders influenced the entity, direct or indirect way.  The development of the stakeholder concept are three stages (entity planning, business planning, and CSR).  The disclosure of the social and environmental performance is part of the communication among the entity and the stakeholders.  So, when stakeholders control the economic resources, entity should find the way to satisfy the stakeholder’s need and interest.

Gray, et al., (1995) stated that the going concern of an entity depend on the support of the stakeholders.  Support from stakeholders should build to make entity’s performance high.  The stakeholders theory explicitly consider to the impact of entity performance disclosure to the stakeholder.  The information disclosure is a tool for management to control the information for the stakeholders.  Thus, management should to disclose the social and environmental performance to gain support from the stakeholders to gain the going concern.

Ghozali & Chariri (2007) stated that the stakeholder controlled the uses of economic resources of an entity.  The stakeholder influenced by the power of the control to the economic resources.  The control to the capital resources, human resources, access to media, will be influenced the ability of the entity to create profit.  So, the entity’s performance influenced by the support of the entity’s stakeholders

 

The Agency Theory

The agency theory is explaining the conflict of interest between agent or management and principal or shareholders.  The separation among the principle and agent create a conflict, the agency theory arise to cope and manage the conflict in the agency relationship.  The agency theory says when principal give the mandate to agent, principle delegate the authority to make decision to agent.  In the agency contract, agent should make benefit to the principal’s prosperity (Jensen & Meckling, 1976)

Principal want to know the agent’s activity information about investment or fund in the company.  The principal ask the responsibility reporting from agent.  The principal use the report for agent’s performance appraisal.  But agent tends to make the report well.  Agent use the report to make benefit for their selves like maximize the profit or other earnings management.  The action makes the wrong economics decision.

Gray et al., (1995) stated that corporate social and environmental disclosure (CSED) is a signal to distract the shareholders from the earnings management or other issues that impact the share price.  But the disclosure of social and environmental performance gives accurate information about risk to the investors.  So, when agent does earnings management they will disclose the social and environmental report very well.

                                                

Legitimacy Theory

 The legitimacy theory came from organization legitimating from Dowling & Pfeffer (1975).  The legitimacy theory stated that legitimacy is a condition or status when entity value system congruence with the community values system.  When the differences arise, potentially or manifest, will be influence to the entity.  O’Donovan (2002) stated that legitimacy is an idea to ensure the success of an entity when the entity value and operation inline whit the community value.  Deegan (2004) stated legitimacy theory is a theory about entity going concern. Entity value should harmonize with the community value and voluntary disclose and share their performance to community.

Ghosali & Chariri (2007) stated that the basis of the legitimacy theory is social contract among the entity and community in the operational area and uses of economic resources.  Every entity should have a real contract with community to operate in line with the community value.  If the entity operates in line with the value the community will support the operational of the entity.  Ahmad, et al., (2004) stated that the social and environmental report is the mechanism tool to communicate among the entity and community also as the entity’s legitimacy mechanism.  Disclose the social and environmental report is the way to synchronize the entity value and activities to the value of the community.  Entity should disclose the social and environmental reporting for the positive reaction from community and stakeholders for the entity legitimacy.

Saidi (2004) stated that entity should disclose the social and environmental performance reporting to get the benefit in the future.

O’Donovan (2002) stated that legitimacy theory as the idea that in order for an organization to continue operating successfully, it must act in a manner that society deems socially acceptable. Barkemeyer (2007) stated that legitimacy is sought by organizations as it affects understanding and actions of people towards the organization. People perceive a legitimate organisation as more trustworthy. Organizational legitimacy is a generalized perception or assumption that the actions of an entity are desirable, proper, or appropriate within some socially constructed system of norms, values, beliefs, and definitions.

Legitimacy is action or activitiies inline with community value, norms, ethics, and laws.  Ghozali & Chariri stated that one of many motive of social and environmental disclosure is the legitimating of the entity operational.  Legitimacy is the legality expression of the entity from community.  O’Donovan (2002) stated that organization legitimating is one of the benefit and potential resource for the entity to survive and going concern.  Organization legitimating is legalization from community to entity.  The existency of an entity influenced by the legitimacy from the community.

Gray, et al., (1995) stated that entity will survive and going concern when their operational dan value in line with the community value.  The legitimacy theory stated that entity activities and values should be in line with the community values.  The entity top management should make the entity operational and values in line with public values and stakeholder interest.

Ahmad & Sulaiman (2014) stated that legitimacy theory based on the social contrat among entity and community.  Entity needs legitimacy from community for going concern.  Gray, et al., (1996) stated that legitimacy theory based on the going concern of the entity founded from the congruence value of entity and community.  Entity discloses their report not only financial performance but social and environmental performance also.  The report describes the position of the entity among the community. The investor needs the information to make their investment decision.

Ghozali & Chariri (2007) stated that legitimacy theory is important to analyzed entity behavior.  Legitimacy theory has comprehensive perspective of entity’s performance disclosure, social, environment, and financial performance.  Reverte (2008) stated that legitimacy theory explicitly describe that business should have social contract to ensure the support from the community for their going concern.  Lindblom (1994) stated that legitimacy theory ensure the congruence of the entity and community.  Conflict among entity and community value will threatening the entity’ s going concern.  So, the social and environmental report disclosure is legitimacy for entity that their activities are supported by the community.

 

Hasibuan (2001) stated that pracitices of corporate social and environmental disclosure (CSED) is effort from entity to fulfill the expectation of the community.  Corporate social and environmental responsibility rises up the relationship among entity and their stakeholders (shareholders, supplier, creditor, etc.).  Social and environmental performances have positive relationship with financial performance.  So, the social and environmental disclosure is a communication mechanism of entity to their stakeholders.

Gray et al., (1995) stated that social and environmental disclosures are part of financial disclosure.  Social and environmental disclosures ensure the entity’s reputation especially relations with the community.  Legitimacy theory describes the relation mechanism social and environmental performance with corporate governance and profitability.  The legitimacy from community will increase the entity’s governance and profitability.

 

CORPORATE SOCIAL AND ENVIRONMENTAL RESPONSIBILITY

 Triple Bottom Line

Elkington (1997) stated the concept of the triple bottom line in term social justice, environmental quality, and economic prosperity or people and planet before profit or 3P.  The going concern of corporate depends on the 3P.  Before corporate earn the profit, they should actively contributing to the community prosperity and actively support the environmental conservation.

Wibisono (2007) stated the aspects of the triple bottom line:

  1. Profit

Profit is the most important thing for the corporate.  The main focus of the corporate activities is earn profit to increase the stock price.  Profit is the adding of corporate income to ensure the going concern.  The activities to leverage the profit are productivity (effective) and cost efficiency to ensure the corporate competitive advantage and create the maximum value added.

  1. People

Community around the corporate is one of the stakeholders, so corporate should give them attention.  Support from community is needed, because make the activities run well and ensure the corporate going concern.  Corporate should create many activities to fulfill the community’s need like community development and other social programs.  So, corporate going concern influenced by the corporate social responsibility.

  1. Planet

Corporate should pay attention to the environmental issue.  The environmental conservation ensure the corporate going concern, because it’s make sure the natural resources enough for long time.  The corporate environmental responsibility also minimize the externalities of corporate activities to prevent from sue against the environmental protection law.  The disclosure of corporate environmental responsibility is communication mechanism from corporate to the stakeholders about the corporate attention about the environmental issues.

 

Concept and Definition of the Corporate Social and Environmental Responsibility

Siregar (2010) stated that Global Reporting Initiative (GRI) corporate social and environmental responsibility as corporate social reporting/sustainability reporting is a process for publicly disclosing an organization’s economic, environmental, and social performance. World Bank (2003) stated as the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life.  Untung (2008) stated as corporate commitment to contribute in sustainable economic development with the balance of economic, social, and environmental aspect,

Corporate social and environmental responsibility should make sure the balance of economic, social, and environmental aspects.  Corporate social responsibility (CSR), corporate environmental responsibility (CER), and corporate financial responsibility (CFR) cannot separated.  Wineberg (2004) stated that corporate social responsibility (CSR) is corporate contribution to the social investment, philanthropy programs, and obligation to public services.  European Commission (2001) stated CSR as a concept where by companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.  CSR Asia (2008) stated CSR is a company’s commitment to operating in an economically, socially and environmentally sustainable manner whilst balancing the interests of diverse stakeholders.  Heals (2004) stated that goals of CSR and CER are responsibilities of corporate to cope the social and environmental externalities from the corporate activities and to ensure the corporate going concern.

CSR is corporate commitment in the 3 elements: economic, social, and environmental.  CSR ensure that corporate going concern depend on the relationship among corporate and community and other stakeholders.  In line with legitimacy theory that stated company has social contract with community to ensure the conqruences among corporate activities with the community values and justice value.  Haniffa and Cooke (2005) stated that conflict among corporate activities and values with the community and justice values influenced the corporate going concern because lost of the legitimacy.

CSR and CER are the corporate responsibility to the social and environmental issues, the corporate concern to the public issues.  CSR and CER are corporate commitment to responsible on externalities of corporate activities with or without regulation.  Corporate should operate with ethics and morality principles, make sure benefit and prosperity for all.

 

Corporate Social and Environmental Disclosures

Suwardjono (2005) stated that disclosure is important part of the financial reporting.  Disclosure is the lass step of accounting process to present the information in the form of financial report.  Hendriksen (1991) stated that disclosure is presentation of information to ensure the optimal operation of capital market.  Ghozali and Chariri (2007) stated that disclosure is information and explanation of financial report to describe the activities of an entity.

Suwardjomo (2005) stated that disclosure as information presentation should serve all stakeholders with many interest.  Chrismawati (2007) stated that Security Exchange Committee (SEC) demands more disclosure because financial report have social and public aspect.  The disclosure of financial report is not financial reporting only but quantitative and qualitative information also, mandatory and voluntary.

Anggraeni (2006) stated that corporate sholud disclose about the good corporate governance.  The corporate should disclose the social and environmental responsibility.  Community needs the information about the corporate social and environmental performance to ensure the corporate concern and attention to the public issues.  Nurlaela and Islahuddin (2008) stated that social and environmental responsibility disclosure is important for employee prosperity and justice and for consumer safety when consume the corporate product.

Event the corporate social and environmental responsibility reporting are voluntary, unaudited, and unregulated, the information from the report is very important to the stakeholder. The information is about the corporate atention to the public issues and long term perspective.  Corporate social and environmental responsibility makes sure that corporate concern to the community value and justice value to ensure the corporate going concern.

 

CONCLUSION                               

The triple bottom line show that corporate should be pay atention to multiple aspects, not single aspect, financial only.  Corporate should pay attention and concern to the social aspect and environmental aspect first before earn the profit.  Corporate should concern to all stakeholder prosperity before corporate prosperity itself.  Triple bottom line is the long term perspective, not short term perspective.  Corporate should not make profit only without concerning the going concern.  To ensure the going concern, corporate activities and values should conqruence to the community values and common justice values.  Corporate should minimize and cope the externalities of their activities to ensure that social and environmental safe and conserve for long time.

Stakeholders and regulators demanding the disclosure of the corporate performance report not financial report only.  The triple bottom line performance or sustainable report, corporate social performance, corporate environmental performance, and corporate financial performance became the mandatory report.  Stakeholder needs the comprehensive report as information to make economic decision.  The information that guarantees entity going concern is the most important information.  Triple bottom line or sustainable report is the only comprehensive and long term perspective report.  Thus, corporate should disclose their triple bottom line or sustainable report to ensure stakeholder attention to the corporate.

 

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~ by DanielStephanus on June 16, 2017.

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