Annotated Lit. Review

8/9/2019 Annotated Lit. Review

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Annotated Literature Review

CSR Reporting and Disclosure Practices

Prepared by

Himanshu Lakhani

RMIT University

The impacts of the scientific and technological development in

the last three decades have stimulated changes in all walks of

life. We can now begin to recognize that a new historic era has

begun. We are experiencing a combined economic, political,sociological revolution, frequently termed the post-industrial

era, comparable to the agricultural and industrial revolution.

These impacts have resounded through all aspects of

management and have resulted in new demands on and

expectations from accounting (Rabun and Williams, 1974: 3)

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Contents

1. Introduction ............................................................................................................ 3

2. Literature Search .................................................................................................... 4

3. Basis of grouping CSR themes ................................................................................ 6

4. Annotated Literature Review .................................................................................. 7

4.1 CSR reporting by countries ................................................................................ 7

4.2 CSR reporting by industry ............................................................................... 13

4.3 Relationship between CSR and financial performance and effect of other

variables ................................................................................................................ 18

5. Conclusion ............................................................................................................ 21

References ............................................................................................................... 23

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1.Introduction

Corporate social responsibility (CSR) activity is an area of intense and

increasing interest both on the practice and academic fronts. Within the last

decade, CSR has been gaining momentum as a growing number ofcompanies began to recognise their impacts on not just the economy, but

also society and the environment. CSR stems from companies

acknowledging that they should be accountable not only for their financial

performance, but for the affect they have on society and/or the environment

that they operate in.

CSR is defined broadly as including the concern for the impact of all of the

corporations activities on the total welfare of society(Bowman and Haire,

1976). This assumes that the entity is influenced by, and in turn influences

the society in which it operates (Farook and Lanis, 2005). According to thetriple bottom line approach, organisations communicate not only their

profit/income figures with the stakeholders but also disclose information

regarding the companys social and environmental performance. Companies

use their annual reports and/or websites as primary communication tools for

voluntary disclosure of their non-financial performance with different

stakeholder groups.

Business is already accountable for its activities over the diverse strands that

now come under the 'CSR' umbrella such as human resources,

environmental issues, community and health and safety practices. This isdepicted in Figure 1 below.

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Depending on the nature of companies, CSR reports would focus on any of

these four variables to be a socially responsible organization and thereby

expand corporate image.

The next section discusses key word combinations that were used to explore

the vast literature available in the field of CSR. The third section provides the

basis on which the themes were categorized. Subsequently, the section of

annotated literature review looks at each particular theme in more detail and

provides a table of the annotated literature review of articles relevant to thetheme. Following the table, a comparative evaluation is provided that

highlights the similarities and differences between the articles in the table.

Finally, concluding comments are presented in the last section on the overall

extent and quality of prior research done in this field and also includes

identification of research gaps.

2.Literature Search

CSR reporting, social and environmental accountability and social

performance were the first key words used to find literature available in this

area. To be able to condense the topic into appropriate themes or sub-topics,

the following key word combinations were applied:

Corporate social responsibility reporting

Non-financial information

Corporate disclosure

CSR in developing countries CSR practices in U.S.

Industry

Stakeholders

CSR business ethics, and

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Figure 1: CSR Variables


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Financial and environmental performance

Table 1 below shows the search results and provides the names of journals

(sources) from where each of the articles is taken.

Table 1: Number of articles in ranking journals

Name of

Journal

Themes Total

Countries Industries Determina

ntsAccounting,

Auditing and

Accountability

Journal

1 1

Critical

Perspectives on

Accounting

1 1

European Business

Review

1 1

Greener

Management

International: TheJournal of

Corporate

Environmental

Strategy and

Practice (GMI)

1 1

Industrial

Management &

Data Systems

1 1

International

Journal of

Contemporary

Hospitality

Management

1 1

Journal of Business

Ethics

3 1 4

Journal of Cleaner

Production

1 1

Journal of

Comparative

1 1

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Economics

Journal of

Marketing

Communications

1 1

Managerial

Auditing Journal

1 1

Qualitative

Research in

Accounting &

Management

1 1

7 5 3 15

3.Basis of grouping CSR themesFor the purpose of this exercise, the broad area of CSR reporting and

disclosure has been divided into three key themes, namely:

CSR reporting by countries

CSR reporting by industries

Relationship between CSR and financial performance and effect of other

variables

In general, the social responsibilities of a firm seem to arise from theintersection and compatibility of the political and cultural system with the

economics system (Jones, 1983). The two most common theories in social

and environmental accounting research are legitimacy and stakeholder

theory. These theories consider managements responsibility to cater to the

needs and expectations of various stakeholders and also be mindful of the

beliefs, norms and cultures of the society they operate in. The categorization

of the themes in the above manner is also supported by (Maignan and

Ralston, 2002). Previous studies suggested that there are country and

industry-specific differences in the extent of CSR reports. The last themeanalyses the determinants of CSR reporting, link between financial and non-

financial performance and effect of other factors such as ownership

structures and privatisation to understand the extent of, and the motivations

and incentives behind CSR disclosures. This application to the categorization

of themes covers important issues revolving around CSR reporting where

there is wide-range of literature available.

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4.Annotated Literature Review

4.1 CSR reporting by countries

CSR reporting by countries interestingly considers differences in the extent

of disclosures in developing and developed nations in todays global

economy. It encompasses motivations of companies in these different

economies to report on non-financial issues. The countries which formed part

of the research in the articles under this theme are: Bangladesh, Malaysia,

India, Thailand, USA, UK, Australia and Germany. Although the emphasis is

on the CSR reporting practices in a particular country, this theme overlaps

with categorization of reporting by industries. The articles that are included

in the literature review under this theme were taken from wide range of

journals. The most journal articles, that being 3, belonged to the Journal ofBusiness Ethics.

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Table 2: Annotation of articles for CSR reporting by countries

Authors(Year)

Researchquestions/Objectives

Theory/Concepts

Context Methods Findings/Conclusions

MuhammadAzizul Islam& CraigDeegan(2007)

1. What are thefactors thatmotivatemanagement toreport on

environmentalmatter?

2. Purpose is todescribe andexplain the socialand environmentalreporting practicesof a major garmentexportorganization withina developingcountry(Bangladesh)

1. Legitimacytheory

2. Stakeholdertheory

3. Institutional

theory(coerciveisomorphism)

Measurementmethod:Number of words in theannual reportpertaining toCSR disclosure

A large export-oriented clothingtrade organization inBangladesh, calledBangladesh Garment

Manufacturers andExport Association(BGMEA) operating ina global community

1. Conductinginterviewswith seniorexecutivesof BGMEA

2. Contentanalysis ofannualreportsreleased byBGMEAfrom 1987to 2005

1. Particular stakeholdergroups placedpressure on theBangladeshi clothingindustry in terms of its

social performance2. The clothing industry

in Bangladesh directlyresponded to thesocial pressures asthey were perceivedto exist by themanagers within theindustry

3. The disclosureappeared to bemotivated by survivalconsiderations, ratherthan any realattempts to embracebroader accountabilityfor their activities

BikramChaterjee &Monir ZamanMir (2008)

Exploring the state ofenvironmentalreporting by Indiancompanies

Legitimacytheory(managingpublicimpression)

Measurementmethod:Number ofsentences in

Top 39 Indiancompanies by marketcapitilisation as listenonwww.indiainfoline.com as on 31December, 2003. Thislist excludescompanies in thefinancial sector

1. Contentanalysis:Websites ofcompanies

2. Contentanalysis:Annualreports ofcompanies

1. Although, there are noregulations enforcingthe disclosure ofenvironmentalinformation, most ofthe Indian companieshave disclosedenvironmentalinformation

2. These companiesprovided moreenvironmental

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the annualreportpertaining toCSR disclosure

information on theirwebsites compared tothe informationprovided in theirannual reports

SuneeRatanajongkol, HowardDavey &

Mary Low(2006)

Extent and nature ofCSR practices inThailand

1. Legitimacy

theory

2. Political

economy

theory

Measurement

method:

Number of

words in the

annual report

and web sites

pertaining to

CSR disclosure

and percentage

of total

disclosures

Largest 40 companieslisten on the StockExchange of Thailandas at 31

December1997, 1999and 2001

Contentanalysis:Annual reportsof companies

1. There is a trend ofincreasing amounts ofcorporate socialdisclosure

2. CSR among Thaicompanies was foundto be primarilyfocused on humanresources

3. These companiesprimarily provideddeclarative goodnews

4. The key areas ofcompany socialexposure are reflectedby CSR

Y. Sumiani,Y. Haslinda& G. Lehman(2006)

1. To explore thevoluntaryenvironmentalreporting practicesof Malaysiancorporations

2. Does certificationof ISO 14000standards forcecompanies toreportenvironmental

1. Stakeholdertheory -Externalpressuresforcompaniesto reportenvironmentalinformation

2. Legitimacytheory -

Top 50 Malaysianpublic companiesfrom variousindustries listed onthe Bursa Malaysia inthe financial year2003

Contentanalysis:Websites ofthe companies

1. Trading/servicesindustry comprisedthe highest number ofcompanies thatvoluntarily reportenvironmentalinformation

2. ISO 14001certification has putsome pressure uponthe companies tomake some form of

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information? Newdevelopments in the ISO14000standards

environmentalreporting (as all ISOcompanies reportedsome environmentalinformation)

Sukru Ozen&Fatma Kusku(2009)

Why some companiesin developingcountries go beyondenvironmental

regulations whenimplementing theircorporateenvironmental socialresponsibilities orcitizenship behavior?

Newinstitutionaltheory

Institutionalfactorsconsidered:

Marketorientation

Industrycharacteristic

Corporateidentity

Institutional effects ofmarket orientations,industryconcentrations, and

organisationalidentity as factorsshaping CECbehaviour indeveloping countries

Contentanalysis

1. Companies fromdeveloping countriesthat are orientedtoward market in

developed countrieswould be at higherlevels of CEC adoption(i.e. normative orcognitive) thaninward-orientedcompanies, given thehigher level ofregulative andnormative pressuresfor CEC behaviour indeveloped countries.

2. Companies fromdeveloping countriesthat operate in highlyconcentratedindustries would be at

higher levels of CECadoption companiesoperating in low-concentratedindustries, given thelower level of (oremerging) customerexpectations of CECbehaviour indeveloping countries.

3. Missionaryorganisations within

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developing countrieswould be at higherlevels of CEC adoptionthan non-missionaryorganisations.

StephenChen & PetraBouvain(2008)

Does the adoption of aglobal CSR standard,such as the GlobalCompact by firms

affect firms reportingpractices of CSRperformance?

Institutionaltheory

Top listed firms in theUS, UK, Australia andGermany (largest bymarket capitilisation):

151 firms in total

1. Contentanalysissoftwarepackage

calledLeximancer CSRreports onthewebsites ofthe largestcompaniesin differentcountries

2. ANOVA inSPSS

3. MANOVA inSPSS

4. Linearregressionin SPSS

1. Global Compactmembership has aneffect only in certainareas of reporting,

related to theenvironment andworkers

2. Businesses fromdifferent countriesvary significantly inthe extent to whichthey promote CSR andCSR issues that theychoose to emphasizein their reports

3. Global Contactmembership wasshown to have asignificant effect onthe inclusion ofmeasured CRS

performance statisticsin the report

Holder-Webb,Cohen, Nath& Wood

1. What CSRreporting is beingprovided by U.S.firms?

No theoryspelled out inthe journalarticle

Size-and industry-stratified-sample of50 publicly tradedU.S. firms during

Contentanalysis of CSRdisclosures

1. 44 of 50 firms in thesample provided someCSR disclosures

2. The most common

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(2009) 2. What reportingformats are U.S.firms choosing toprovide CSRdisclosures?

Measurementmethods:Examiningwebsites,annual reports,mandatoryfilings, CSRreports,governance

documents,product factsheets andpress releases

2004 types of informationdisclosed pertained tocommunity relations,health ad safetymatters, and diversity,and HR

3. Corporate website,followed by pressreleases and bymandatory filings, are

the most popularavenue for publicizingCSR disclosures

4. Use of websites ispositively related tofirm size, while theuse of mandatoryfilings is negativelyrelated to firm size

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In the paper written by Chatterjee and Mir (2008), there appeared a

significant weakness. The authors disregarded companies belonging to the

financial sector from the sample as they claimed that these companies do

not have any impact on the environment. This does not necessarily hold

true. There have been studies done in the past that consider environmental

reporting in the financial sector. One of them is Kolk et al. (2001), which

found that out of the largest 250 multinationals in the sample, reporting

frequencies were quite different in financial and non-financial sectors, at 15%

and 44% respectively. Ratanajongkol et al (2006) does consider the finance

sector in its study though. One of the findings in the paper by Chatterjee and

Mir (2008) was that companies disclosed more environmental information in

their websites compared to in the annual reports. This finding is different

from the findings of Cormier and Magnan (2005) where they found common

characteristics of print and web disclosure by a sample of companies on the

Toronto Stock Exchange.

The main drivers of CSR reporting in developing nations were found to be

cultural traditions, international standardization and socio-economic

priorities as opposed to drivers like community expectations and ethical

considerations in developed nations. The literature suggests that distinction

between liberal market economies and coordinated market economies may

be too simplistic to capture all differences in CSR reporting and a more

refined typology is required.

4.2 CSR reporting by industry

The literature involving CSR reporting by industries explores the different

extent of CSR reporting in different industries like oil and gas, financial,mining, telecommunications, banking, and hospitality in line with the impact

of the companies activities on the society as a whole. The articles chosen

under this theme belong to a wide-range of journals.

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Table 3: Annotation of articles for CSR reporting by industries

Authors(Year)


Theory/Concepts


PeterJones,DaphneComfort &DavidHillier

(2006)

Exploring corporatesocial responsibility(CSR) issues addressedand reported within thepub sector of thehospitality industry

No theoryspelled out inthe journalpaper

CSR reporting

elements- Marketplace

Workplace

Environment

Community

Top ten puboperators listedin LeisureReview UK(2005)

Case study-Search on theworldwide webandInvestigatingwebsites of the

leading puboperators in theUK

1. Majority of the UKs topten pub operators reporton their commitment toCSR

2. The pub operators thatreport tend to cover

similar sets of themes andthere are generalcommitments to differentCSR issues

3. CSR reports andinformation posted on theworldwide web by the puboperators focus on theiraspirations rather thanoperational imperatives

ChristineCoupland(2006)

How distance is createdbetween CSR issues andaccounting practices inthe web-based literatureof banking firms?How CSR is constructedas a concern of the

organisations and toinvestigate how this islegitimated


Measurement

method:Examiningweb-basedforms of thereports and CSRdocuments offirms

Five bankinggroupsoperating in theUK Lloyds/TSB,The Royal Bankof Scotland,HSBC, Barclays

and Co-operative Bank

DiscourseanalysisMedia analysisContentanalysis

The location of CSRinformation disclosures isdisguised on the web and theinformation is peripheralisedand marginalisedBanks which are typicallyobserved as profit-oriented

organisations are beginning toarticulate a stance withregard to CSR, as increasinglymore attention is being paidto social and environmentalissues

EdeltraudGuenther,HolgerHoppe &Claudia

Overview of the currentstatus quo inenvironmental reportingpractices (quantityaspect) of mining and oil


29 miningcompanies and19 oil and gascompaniesregistered with

Quantitativeand qualitativecontentanalysis

The quantity of the reportedindicators vary, depending onfactors such as the relevanceof the environmental aspectsand impacts to the industry or

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Poser(2007)

and gas companiesTesting the quality of thereports in line with theGlobal ReportingInitiative (GRI) G2guidelines

Measurementmethod:Adherence toGRI Guidelines

GRI for theperiod 2005

company assessedWater and compliance are thetwo most reported categoriesby the mining companiesEmissions, effluents, waste,compliance andtransportation are thecategories most reported bythe oil and gas industryIn general, the mining

industry reports theenvironmental indicators in ahigher or similar quantity tothe oil and gas industry. Onlytransportation is not reportedby the mining industryThe percentage of thecompletely reportedindicators (all informationrequired by G2 was provided)in relation to all indicatorsreported is higher in themining industry

Hsiang-LinChih,Hsiang-Hsuan

Chih &Tzu-YinChen(2009)

What are the conditionsunder which corporationsmay or may not act insocially responsible

ways?


Measurementmethod:Examiningannual reportsof companies

520 financialfirms in 34countries, whichare listen on the

Dow Jones WorldIndex and on theDJSI World,between theyears 2003 and2005

Regressionanalysis

1. Firms with larger size aremore CSR minded, and thefinancial performance andCSR are not related

2. Firms would act in a moresocially responsible waysto enhance theircompetitive advantageswhen the marketcompetitiveness is moreintense

3. Financial firms in countrieswith stronger levels oflegal enforcement tend toengage in more CSRactivities

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4. Financial firms in countrieswith stronger stakeholderrights tend to engage inless CSR activities

5. Self-regulation within thefinancial industry has asignificantly positiveimpact on CSR

6. Financial firms in countrieswith more cooperative

employer-employeerelations, higher qualitymanagement schools anda better macroeconomicenvironment will be moreCSR minded

LorraineSweeney& JosephCoughlan(2008)

1. Do different industriesreport CSR differently?

2. How organizationsbelonging to differentindustries take a focusedstakeholder view of CSR?

Stakeholdertheory

Measurementmethod:Examiningannual reportsand CSR reportsof companies

Mainstakeholdergroups to whichthe CSR reportsare focused CustomersEmployeesSuppliersShareholdersEnvironmentCommunity

Top 28 firms onthe FTSE4Goodindices in UK, USand Europe as atDecember 2004,attributing to sixdifferentindustries

Contentanalysis:Annual reportsof thecompanies inthe sample

Many of the organizationsstudied had separate annualand CSR reports. They alsoprovided extra CSRinformation online andreferred to it in their annualreportsCSR activities werecommunicated as theirresponsibilities and policieswith regard to their main

stakeholder groupsCustomers and communitiesidentified as primarystakeholders in the financialservices industryPharmaceutical industryfocused substantially on theshareholders and not onenvironmental issues in theirreportThe growingtelecommunications industry

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focused on customeracquisition and retention andnot on environmental issuesThe focus of CSR inautomobile industry as well asoil and gas industry rest onenvironmental performanceCompanies operating in theretail industry concentratedon the customers and to a

lesser extent, theenvironment

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It was found that CSR disclosures varied greatly between industries. One of

the crucial factors impacting the extent of reporting was the level of impact

of the companys activities on the environment. Companies in high-risk

industries like oil and gas and mining were more inclined to disclose CSR

information. The reported categories also varied among various industries,

depending on the relevance of the environmental aspects. The literature

suggested that the firms should focus on certain stakeholders more than

they should focus on others. One of the most interesting finding which is

consistent with all these articles under this theme was the lack of a clear

focus on the benefits of the shareholder as a specific stakeholder.

4.3 Relationship between CSR and financial performance

and effect of other variables

The final theme analyses the link between CSR and financial and economic

performance. It considers both directions of causality. The theme also

considers impact of ownership structures and privatisation on corporate

environmental performance. The article chosen under this theme belong to a

wide-range of journals.

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Table 4: Annotation of articles for Determinants of CSR performance

Authors(Year)


Theory/Concepts


DietrichEarnhart& LubomirLizal(2006)

1. Effects of differentownership structureson standardmeasures ofcorporate financialperformance in the

transition economyof Czech Republic

2. Link betweenfinancialperformance andenvironmentalperformance

3. Impact ofprivatisation oncorporateenvironmentalperformance


Model:

1. Assumingownershipand controlare notseparated

2. Allowing forseparationof ownershipand controlin privatefirms

3. Examiningthe impactof liquidityconstraints

1. Firm data fromthe CzechRepublicbetween 1993and 1998

2. Database

provided by theprivate vendorAspekt whichincludes allfirms traded onthe PragueStock Exchange

1. Standardunbalanced panelanalysis

2. Regressionanalysis

3. Successful financialperformance improvesfuture environmentalperformance

4. Increased state ownershipimproves environmental

performance related to allother ownership types

5. More concentratedownership improvesenvironmentalperformance in CzechRepublic

Jose M.Moneva &

EduardoOrtas(2009)

1. Evaluate thesignificance of the

link betweencorporateenvironmental andfinancialperformance

2. Aim is to showmanagers how anadequatemanagement ofenvironmentalfactors couldcontribute to the

Stakeholderanalysis

CEPmeasurementmethod: socialaudit proxies

CFPmeasurementmethod:market-basedand accounting-based measures

A sample of 230European

companies (2004-2007)

Multivariateanalysis

Partial leastsquares model(PLS)

1. Results indicate that firmsthat reached a high

degree of corporateenvironmentalperformance (CEP) in2004 improved theirinternal efficiency andobtained satisfactorycorporate financialperformance (CFP) levelsin 2005-2007

2. The link between CEP andCFP was significant in allthe periods analysed

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financial success ofthe firm

showing that it was apersistent effect and notbased on short-termissues

GeorgeBalabanis,Hugh C.Phillips &

Jonathan

Lyall(1998)

Testing the relationshipbetween CSR andeconomic performanceof corporations within aUK context


Economicperformanceincluded:

Financialperformance(return oncapitalemployed,return onequity andgross profitto salesratio), and

Capitalmarketperformance(systematicrisk andexcessmarketevaluation)

56 large UKcompaniesselected based onthe quotation onthe London Stock

Exchange and theavailability of CSRratings by the NewConsumer Group(NCG) a UKpublic-interestorganisation

1. Regressionanalysis

2. Principalcomponentanalysis

(PCA)3. ANOVA4. Hierarchica

l multipleregressionanalysis

1. A combination of highCSR performance anddisclosure found to havea positive effect on firmsoverall profitability

2. The reaction of the capitalmarkets in thesubsequent period tocompanies with high CSRdisclosure was found tobe negative

3. The capital marketsseemed to be indifferentto firms that undertakesome CSR activities

4. Other factors than CSRperformance were moreimportant determinantsof investors behaviour

5. Firms with goodperformance in terms ofCSR are more inclined to

disclose more

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The link between social responsibility and financial performance suggests a

positive correlation between the two in the long run. Earnhart and Lizal

(2005) found that as financial performance improves, environmental

performance is also enhanced. As expected, state ownership of corporations

improves environmental performance considerably. The empirical research

in the relationship between corporate social responsibility and financial or

economic performance is unclear and not conclusive. One of the reasons for

obtaining the differences in the sign of the relationship could be the use of

different performance measures to evaluate financial and non-financial

performance. These measurement methods could be ROA, ROE, ROCE, etc.

for assessing financial performance and disclosures, CSR rankings, social

audits etc to measure social and environmental performance.

5.Conclusion

In the past, wealth maximization was considered as the main goal of

businesses. Growing concern about the environment and several social

issues surrounding us, however, has forced companies to disclose more than

just their financial performance. CSR is a concept that has attracted

worldwide attention and acquired fresh debate in the global economy. Social

and environmental performance is now seen as one of the biggest

challenges as well as an opportunity for companies to gain competitive

advantage. Thus, harming the society or environment and ignoring

environmental performance measures can be vital mistakes for

organisational managers.

Although there has been extensive research done in the area of social and

environmental reporting, the findings have proven to be inconclusive and at

times contradictory, especially when considering the link between financial

and non-financial performance of companies. There has been some single

industry research in the CSR area. Prior research found that firms in a

particular industry may be more socially responsible due to the nature of

their activities. Research analysing the relationship between financial andnon-financial performance has been contradictory depending on the varying

time periods, geographies and the methodologies used in the research.

CSR reporting is a growing and dynamic area of investigation. The numerous

pressures and expectations from the society faced by todays corporations

provide an important research area and further opportunities for

investigation. While social and environmental disclosures remain voluntary,

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more research would be done to observe managerial practices. Future

research should help to further develop theory to explain social and

environmental reporting practices by corporations.

Since these reports are not audited, their verifiability can be questioned.

Thus, there lies ample scope for further research in testing the validity andreliability of social and environmental reports. Careful study should also

include examine the accuracy of these reports and how they help in decision-

usefulness for the stakeholders.

Is CSR just another catchphrase, a senior management trend that will

disappear or be replaced over the next few years? Or is it a true change in

how companies are doing business, a new positive force in corporate

culture? There is much debate on the issue and future research would

consider such critical questions and optimistically, look for much needed

answers.

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References

Balabanis, G., Phillips, H. and Lyall, J. 1998. Corporate social responsibility

and economic performance in the top British companies: are they

linked? European Business Review, 98, 25-44.

BOWMAN, E. & HAIRE, M. 1976. Social impact disclosure and corporate annualreports.Accounting, Organizations and Society, 1, 11-21.

CORMIER, D., MAGNAN, M. & VAN VELTHOVEN, B. 2005. Environmental disclosurequality in large German companies: economic incentives, public pressures orinstitutional conditions? European Accounting Review, 14, 3-39.

FAROOK, S. & LANIS, R. Year. Determinants Of Corporate Social ResponsibilityDisclosure: The Case Of Islamic Banks. In, 2005.

JONES, T. 1983. An integrating framework for research in business and society: astep toward the elusive paradigm?Academy of Management Review, 8, 559-

564.KOLK, A., WALHAIN, S. & VAN DE WATERINGEN, S. 2001. Environmental reporting by

the Fortune Global 250: exploring the influence of nationality and sector.Business Strategy and the Environment, 10, 15-28.

MAIGNAN, I. & RALSTON, D. 2002. Corporate Social Responsibility in Europe and theUS: Insights from Businesses' Self-Presentations. Journal of InternationalBusiness Studies, 33, 497-515.

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