The following dissertation was written as part of the MSc in International Accounting,
Auditing and Financial Management at the International Hellenic University.
Companies face a large challenge when they integrate sustainability into business
strategy in order to quantify the benefits and increase in value of an entity by
implementing more sustainable practices.
Sustainability and CSR are growing into a modern trend in business reporting. Such
reports depict policies, programs and plans that companies put into place in order to
integrate quantitive information on the economic, social, environmental
performance. Elkington (1997) has described this as the “triple bottom line” of the
company into a single publication.
Social responsibility and Environmental awareness have become integral parts of
corporations. During the last ten years more companies have moved towards the
monitoring of their performance social and environmental aspects. It has been
understood by these firms that the maximization of their profits and their
shareholders wealth (Friedman 1970) are not the only targets that need to be
accomplished. CSR is strongly related to the stakeholder theory (Henriques &
Sadorsky) in order that a company affects and is affected not only by one group of
shareholders (stakeholders), but also by a large range of other groups with different
needs, characteristics, and interests. These stakeholders of course include clients and
customers, suppliers, employees and competitors, local communities, no
governmental organizations, and others.
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