Global Reporting Initiative Standards Research Articles

Integrated approach for sustainability assessment and reporting for civil infrastructures projects: Delivering the UN SDGs

Large civil infrastructure projects, such as airports, highways, railways, townships, and other developments, are critical for contributing to the social, economic, and environmental pillars of sustainability along with the UN-SDGs. However, it is not enough to simply assess their impacts; organizations and stakeholders involved in creating, operating, and maintaining these projects must also report on them. Recent reports by UNEP indicate that the civil infrastructure sector is slow in adopting these principles of sustainability assessment and reporting. The aim of this study is to develop an integrated approach for assessing the sustainability of civil infrastructure projects and sustainability reporting for organizations and stakeholders while achieving the UN-SDGs. To achieve this aim, the study employs a two-step process. In the first step, a correspondence matrix is derived from the sustainability assessment parameters of various infrastructure rating tools (InRTs), Global Reporting Initiative (GRI) standards, and UN-SDGs targets. In the second step, a composite indicator called the Sustainability Alignment Index (SAI) is developed. The SAI comprises two sub-indices, namely the TBL-Sustainability Coverage Index (TSCI) and the TBL-Sustainability Disclosure Quality Index (TSDQI). The correspondence matrix, indices, and sub-indices are then used to evaluate the quantitative and qualitative aspects of the sustainability disclosures of selected civil infrastructure companies in Asia and Europe. The study's findings question the comprehensiveness of the evaluating criteria used in InRTs. It also reveals the lack of alignment between an infrastructure project's sustainability assessment criteria, GRI standards, and UN-SDGs targets. Moreover, the results emphasize the insufficient coverage of environmental sustainability assessment and reporting parameters in the disclosures made by the companies. The developed correspondence matrix, indices, and sub-indices can be used by organizations for comparing both quantitative and qualitative measures to understand their relative positions. Additionally, it will enable the public, policymakers, and other key stakeholders to compare different dimensions of sustainability more effectively.

Sustainable development goals disclosure and analyst forecast quality

PurposeThis study aims to investigate the relationship between corporate sustainable development goals (SDGs) disclosure and analyst forecast quality.Design/methodology/approachThe study focuses on a sample of 95 Italian-listed companies preparing the mandatory non-financial declaration (NFD) according to the Global Reporting Initiative (GRI) standards over a five-year period (2017–2021), corresponding to an unbalanced sample of 438 observations. Analyst forecast quality was proxied by earnings forecast accuracy (FA) and earnings forecast dispersion (FD), built on data retrieved from the Refinitiv database. A manual content analysis was performed on NFDs to derive an SDG disclosure score (SDGD) for each sampled company.FindingsThis study provides empirical evidence suggesting that voluntary SDG disclosure matters to the capital market in that it helps enhance the information environment of companies, evidenced by improved analyst forecast quality. In particular, this study highlighted that SDG disclosure positively influences analyst FA while negatively affecting analyst FD.Research limitations/implicationsThis study focuses on the Italian context, which has idiosyncratic characteristics regarding the structure of the financial market, the composition of corporate ownership and experience in non-financial reporting practices.Practical implicationsThis study indicates to corporate managers that following GRI standards may represent the right way to better integrate SDG disclosure in corporate non-financial reports and increase the relevance of such information for investors and other capital market participants.Originality/valueTo the best of the authors’ knowledge, this is the first study that empirically examines the association between SDG disclosure and analyst forecast quality.

STATISTICAL DEPENDENCIES BETWEEN NON-FINANCIAL DISCLOSURES AND EX-POST FINANCIAL PERFORMANCE IN THE BULGARIAN ROAD FREIGHT TRANSPORTATION INDUSTRY

In the Republic of Bulgaria, as a member of the EU, possessing a strategic geographical position through which five of the 10 Pan-European transport corridors pass, road freight transport occupies a leading place. It has a significant role in contributing to the country’s GDP, but at the same time, it has a strong negative impact on society and the environment, given its serious climatic footprint. In the specialized literature, data on research conducted looking for the presence or rejection of dependence between non-financial disclosures and ex-post financial performance in the road freight transportation industry are highly limited or almost absent. The lack of a legal obligation for non-financial disclosure by enterprises in Bulgaria creates the necessity to research and confirm the relationship between non-financial disclosure and the ex-post financial performance of the companies in the short-term or medium-term future. In the course of the analysis carried out in this article, the two largest Bulgarian enterprises from the road freight transportation industry by default and a major environmental polluter are examined. By applying key environmental and social disclosure indicators in accordance with the Global Reporting Initiative standards calculated on the basis of real empirical data, a statistical analysis is performed. A multiple regression model is built based on a value analytical approach, which is focused on the economic value added of the enterprise, and the economic value added indicator is used as an efficiency measurement of the enterprises’ activity. The results of the analysis establish a certain dependence between non-financial disclosure and financial performance.

Regulating Sustainability Reporting in Europe: De Jure Harmonisation or De Facto Standardisation?

ABSTRACT The paper aims to contribute to the debate about sustainability reporting through an evidence-based analysis of the contribution of the Global Reporting Initiative (GRI) to the standardisation of the non-financial disclosures prepared by the Italian public interest entities (PIEs). For the purpose of this study, we considered a sample of Italian PIEs affected by the effects of the Directive 2014/95/EU during the period 2017-2020. Following previous studies about financial accounting harmonisation, the analysis was built using the Herfindahl index (H-Index) and Comparability index (C-Index). The analysis reveals that the GRI standards contributed to achieving a higher degree of harmonisation. Furthermore, the analysis underlines an isomorphic approach related to the disclosure of non-financial information on a mandatory basis. Despite common legal requirements, we found virtuous companies voluntarily adopted a more sophisticated reporting approach to signal their orientation to sustainable and ethical paradigms.

CEO career horizons, foreign experience, and state ownership impact on the adoption of the Global Reporting Initiative standards for corporate social responsibility reporting

AbstractThis study investigates the influence of chief executive officers' (CEOs) career horizon on the adoption of Global Reporting Initiative (GRI) standards for corporate social responsibility (CSR) reporting. Using data from A‐share Chinese listed firms on the Shanghai and Shenzhen stock exchanges from 2010 to 2020, we employ logistic regression analysis to examine the empirical relationship. Our findings indicate that companies led by CEOs with shorter career horizons (older CEOs) are less inclined to adopt GRI reporting standards for CSR reporting. This association is particularly pronounced in non‐state‐owned enterprises compared to state‐owned enterprises. Additionally, we observe a weaker relationship between CEO career horizon and GRI adoption when the CEO possesses foreign experience. These results remain robust across various measures of CEO career horizons and econometric methodologies as well. The implications of our findings are significant for understanding the development and implementation of GRI standards for CSR reporting, particularly within the context of China.

Embedding sustainability education into hospitality, tourism, and events management curricula - a preliminary best practice model

With over seventy percent of millennials preferring to spend disposable income on experiences rather than consumer goods, organizations operating in the tourism, hospitality, and events sectors are predicted to see increasing demand. Despite being recognized as a major contributor to economic activity, these sectors have been criticized for being a root cause of environmental degradation, acculturation, economic leakage, and migration. The recent collapse of international travel firms with far-reaching consequences for employees, suppliers, and destinations has highlighted the vulnerability of organizations to volatility in the business environment and calls for a reassessment of business and leadership models. Since the adoption of the United Nations Sustainable Development Goals in 2015, sustainability initiatives are becoming more embedded into corporate strategies with an increasing focus on the triple bottom line. Following the creation of the Global Reporting Initiative Standards and sector-specific standards, there is a growing expectation that organizations demonstrate accountability for their sustainability initiatives. In Western societies, this reflects a shift away from the liberalist notion of the “Theory of the Firm” towards the sustainability paradigm. The purpose of this exploratory paper is to propose a preliminary framework for embedding innovative sustainability education in undergraduate degree programs. The paper first reviews UK-based guidelines for sustainability education at the university level. It then proposes a framework for the development of a corresponding curriculum audit tool that assesses how comprehensively sustainability education is embedded into undergraduate curricula. The University of Gloucestershire’s degree programs in International Hospitality and Tourism Management and Event Management are used as case studies to demonstrate how an audit tool design based on relevant principles can be used in practice for assessing and enhancing sustainability education. The paper recommends the further development of the tool into a best practice model integrating graduate attributes, key learning outcomes and skills, and an appropriate learning and teaching infrastructure. Transferability across subjects and transnationally is identified as an area for further research.

A comparative study on sustainability standards with specific reference to GRI standards and BRSR framework

PurposeThe main objective of the study was to compare Business Responsibility and Sustainability Report (BRSR) norms with Global Reporting Initiative (GRI) standards, so as to establish whether BRSR norms match the global standards and best practices or not. Additionally, an effort was made to ascertain and highlight areas where BRSR norms are more comprehensive, just match, or require further refinement to be at par with the GRI standards. The study highlights the similarities and dissimilarities between the internationally accepted GRI standards and the BRSR framework; thereby suggesting areas of improvement for the BRSR framework.Design/methodology/approachScrutinised all the 36 standards of the Global reporting initiative and BRSR format and guidelines of the Securities Exchange Board of India. The Content Analysis Technique was used to ascertain the percentages of similarities between the two frameworks.FindingsThe content analysis found that there are 52.30% similarities between BRSR norms and GRI standards. Further, this study shows the factors that led to the dissimilarities between BRSR and GRI standards. This study found 18 areas where BRSR is more informative than GRI, and 7 areas where BRSR could be further refined.Originality/valueThis study contributes to research in the sustainability reporting framework to be adopted by Indian listed companies. There are a few Indian listed companies who are already reporting as per the GRI framework and might perceive the BRSR as a separate reporting altogether. But as found in this study, more than half of the BRSR framework is similar to the GRI framework; thus, half the work is almost done. As such this study helps Indian firms in developing an understanding of the BRSR and puts in perspective its standing among global sustainability reporting standards. This study shall help institutional investors, rating agencies, and external assurers to better visualize an Indian entity, by referring to its Business Responsibility and Sustainability Reporting.

Analisis penerapan akuntansi manajemen lingkungan pada perusahaan sub sektor kayu dan pengolahannya di Bursa Efek Indonesia (BEI) dan kesesuaiannya dengan Standard Global Reporting Initiative (GRI)

Poor company environmental management requires an Environmental Management Accounting system as environmental control which is used to identify, assess, measure and present waste management costs from operational activities. This research aims to find out whether the application of environmental management accounting in the reporting of manufacturing companies in the wood and processing sub-sector is in accordance with global reporting initiative standards. The method used in this research is a qualitative descriptive approach, so it can be seen whether the environmental management accounting system and sustainability reports of manufacturing companies in the wood and processing sub-sector have been presented properly and correctly. Based on the research results, it can be concluded that 4 companies in the wood sub-sector manufacturing and processing companies listed on the Indonesia Stock Exchange (BEI) are in accordance with the Global Reporting Initiative (GRI) Standard and only one company provides an internal failure environmental cost report.

Corporate social responsibility and sustainable development goals: evidence from responsible business leaders

Purpose This study aims to provide a framework aligning corporate social responsibility (CSR) initiatives with sustainable development goals (SDGs) 2030, applying the triple bottom line (TBL) approach. The research examines and evaluates the reach of Maharatna Central Public Sector Enterprises’ (CPSE) CSR spending towards sustainability and maps them with SDGs focusing on economic, social and environmental aspects. In addition, state-wise spending for CSR of all eligible Indian companies has been discussed. Design/methodology/approach The study used secondary data related to CSR spending and disclosure from the annual reports and sustainability reports accessible on the official websites of CPSE, Global Reporting Initiative standards, CSR Guidelines of Department of Public Enterprises and Securities Exchange Board of India, Government of India’s National Guidelines on Responsible Business Conduct (NGRBC) (2018) research papers, financial dailies and websites. The study includes the CPSEs awarded with the status of Maharatna companies under the Guidelines of Maharatna Scheme for CPSEs. Findings The top CSR initiatives focused on by Maharatna companies were related to poverty, hunger, sanitation and well-being, promotion of education and contribution to the Prime Minister’s National Relief Fund. These initiatives aligned with the top SDGs related to life on land, education and health care, which proved responsible business leadership (RBL) through TBL. The alignment indicates that India is moving towards sustainable development achievements systematically. Practical implications The practical consequences can be understood through the CSR spending of Maharatna Public Sector Undertakings towards economic, social and environmental aspects. The spending demonstrates their commitment, which other public and private sector organizations can adopt. Social implications The Government of India’s NGRBC’s guidelines towards inclusive growth and equitable development, addressing environmental concerns, and being responsive to all its stakeholders is a thorough indication of driving the business towards being more responsible. This research has developed a framework aligning CSR and SDG through the TBL approach, which other developing countries can adopt as a model. Originality/value There is dearth of research among public sector company’s contribution towards attaining SDGs and demonstrating RBL. This research fulfils this gap. Mapping CSR activities to SDG’s also has not been clearly carried out in previous research, which is a contribution of this study.

Audit committee attributes, board of director’s independence and energy disclosure for environmental sustainability in Nigeria

Purpose This study aims to examine how audit committee (AC) attributes influence quality and quantity disclosure of energy consumed by the listed nonfinancial firms for the period of five years (2016–2020). The study aims at providing empirical evidence on how board of director’s independence influences the relationship between AC attributes and firms’ energy in achieving sustainable development goals (SDGs) on world climate policy. Design/methodology/approach The study obtained data from a sample of 83 listed nonfinancial firms, content analysis technique was used to compute energy disclosure indexes using global reporting initiative standards, while regression analysis was conducted to test the relationship among research variables. Findings The study revealed that AC independence, diversity and meetings were significantly related with energy disclosure. Also, the study found that other variables were insignificantly related with energy disclosure. Research limitations/implications The study is constrained for not considering all listed firms in the country. Furthermore, the study considered selected attributes, other important audit-committee size attributes such as audit-committee size, audit-committee size tenure could be study in by the future study. Practical implications The study’s findings would have practical implications for corporations and other business organizations seeking to actively involve the energy-related SDGs 7 and 13 in their business models and successfully communicate these efforts to stakeholders. Originality/value To the best of author’s knowledge, this is the first study that provides empirical evidence on the effect of AC attributes on the energy disclosure using effect of board independence as moderator in Nigeria.

Corporate Social Responsibility (CSR) Disclosure, Internationalization and Tax Avoidance: Evidence from Indonesia

This research aims to explore the association between corporate social responsibility (CSR) disclosure, internationalization and tax avoidance of manufacturing companies in Indonesia during (2013-2015). The three-year-period was chosen to represent the last three years before the Global Reporting Initiative (GRI) guidelines, which are used to measure the CSR disclosure, transitioned to GRI Standards, which are more structured, flexible and dynamic. Under the GRI guidelines regime, we expected to document the associations among the three main variables before significant impacts of several events on reporting, such as the transition to new standards, the launch of Sustainable Development Goals (SDGs) and the implementation of tax amnesty in Indonesia in 2016. Empirical analyses were conducted on a sample comprising 153 firm-year observations. Relationships between CSR disclosure and tax avoidance, internationalization and tax avoidance and the moderating role of internationalization were examined using multiple regression analyses, whereas t-test analysis was used to find any significant differences in each association. The results indicated that CSR disclosure positively affects tax avoidance. Meanwhile, internationalization has no effect on tax avoidance and has no moderating role in the positive relationship between CSR disclosure and tax avoidance. This study is among the early research studies which provide evidence from Indonesia, as one of the G20 countries, investigating the associations among CSR disclosure, internationalization and tax avoidance, as well as the moderating role of internationalization, which has not been given much attention in the literature.

CORPORATE SOCIAL RESPONSIBILITY AND VALUE CREATION IN ROMANIA

"This paper examines the relationship between corporate social responsibility (CSR) and value creation in Romania. Specifically. This paper aims to identify the key CSR practices that companies in Romania are engaging in, and to explore how these practices are impacting business performance and creating value for stakeholders. By examining the extent to which companies in Romania are embracing CSR and the outcomes they are achieving, this paper will contribute to a deeper understanding of the role of CSR in creating sustainable and socially responsible businesses in Romania. The main tool at the basis of such an analysis is the international GRI (Global Reporting Initiative) – Social indicators reporting, differently approached by different companies within their sustainability reports, collected within a database, converted into comparable information based on a scoring method, as the indicators are either qualitative or quantitative, most of the times very difficult to bring to a common denominator. Such a method we also consider useful in further valuation and ranking. The findings of this paper suggest that corporate social responsibility (CSR) practices are becoming increasingly important for businesses operating in Romania. The analysis reveals that companies in Romania are engaging in a range of CSR practices, including philanthropy, environmental sustainability, and employee welfare, and that these practices are having a positive impact on both business performance and stakeholder perceptions. Specifically, the study finds that companies that engage in CSR are more likely to attract and retain talent, enhance their reputation, and brand value, and generate higher levels of customer loyalty and satisfaction. Moreover, the analysis indicates that CSR practices can also lead to cost savings and improved operational efficiencies, further contributing to value creation. Overall, these findings underscore the importance of CSR as a strategic tool for businesses seeking to create long-term sustainable value in Romania. The Sustainability Disclosure Database provides the existing sustainability reports of major companies in Romania, along recent years. Given such data, these reports have been processed and the information has been tailored into rather homogenous sets, starting with the GRI Standards’ indicators and generating an hierarchy of social activities and their results. We consider such an enterprise necessary if it is aimed at achieving a clear evaluation and identification of company’s both financial and social performance. This paper contributes to the literature on corporate social responsibility (CSR) and value creation by providing insights into the current state of CSR practices in Romania, a context that has received relatively little attention in the CSR literature. The paper builds on previous studies by focusing specifically on Romania, a transitional economy that has undergone significant political and economic changes in recent years, and by examining the relationship between CSR and value creation in this context. The paper’s findings highlight the importance of CSR for businesses operating in Romania and offer practical insights for companies seeking to implement CSR strategies that create sustainable value for stakeholders. This study also provides a foundation for future research on CSR in Romania and other emerging economies, thereby advancing our understanding of the role of CSR in driving positive social and environmental outcomes while also creating business value."

Application of the Global Reporting Initiative Standards and Sustainability Disclosure Performance: An Analysis of the Largest Chinese Companies Listed in Hong Kong

Abstract In the wake of rising demand for corporate social responsibility, international organizations have been set up for establishing sustainability reporting standards. The standards issued by the global reporting initiative (‘GRI’) have become the most prevalently referred to sustainability reporting standards across the globe. Even though some research studies have investigated the impact of applying the GRI Standards on sustainability reporting performance, few studies have focused on companies listed in Hong Kong, an international financial center. The purpose of this article is to examine the extent to which Hong Kong-listed companies have applied the GRI Standards and how such practice has affected their sustainability disclosure quality. As an introductory study on this subject in Hong Kong, the current research focuses on the 100 largest Hong Kong-listed Chinese companies. This study shows that the rate of applying the GRI Standards among the sample companies has fluctuated in a narrow range over the past five years, and the sustainability reporting performance of companies which apply the GRI Standards outperformed their peers not applying the GRI Standards. Furthermore, the results indicate that government ownership and industry have an impact on the sample companies’ preference for referring to the GRI Standards.

Is Sustainability Reporting Really About Reporting Sustainability?

Global Reporting Initiative (GRI) introduces a sustainability reporting framework known as GRI standards. Despite its popularity, the GRI standards receive criticism for having covered a broad range of topics but seemingly irrelevant to stakeholders. The objective of this paper is to examine whether the GRI standards truly provide guidelines for reporting what sustainability ought to be reported. This paper uses the thematic analysis to examine whether themes that appear in the GRI standards are in line with Ben-Eli’s (2018) five domains of sustainability (the material, economic, life, social, and spiritual domains). This paper finds that the GRI’s sustainability standards lack the spiritual domain. The spiritual dimension is fundamental to sustainability reporting quality and the coherence of the whole reporting process. The main contribution of this paper is in the form of providing insights into the need to report sustainability as it is, with its root in the ecology field.
 Keywords: sustainability reporting, sustainability domains, reporting framework, thematic analysis

Sustainability reporting practices and environmental performance amongst nordic listed firms

Corporate social responsibility (CSR) initiatives have increasingly been adopted for legitimacy purposes. Sustainability reporting practices have also been widely debated. In this study, we investigate whether sustainability reporting practices, such as sustainability reports, Global Reporting Initiative (GRI) Standards, and external assurance, are associated with environmental performance. We study a sample of 210 Nordic-incorporated listed firms from 2002 to 2020 across Denmark, Finland, Norway, and Sweden. The baseline model with ordinary least squares regression shows that issuing sustainability reports and reporting under GRI Standards are positively associated with environmental performance whilst external assurance is insignificant. However, we find that environmentally non-certified and CSR awards non-receiving firms have all considered sustainability reporting practices positively related to environmental performance. Employing the substantive versus symbolic approach to legitimacy, we argue that firms with inadequate environmental commitment or reputation might be under immense pressure to achieve corporate legitimacy and may thus use sustainability reporting practices as a substantive approach to legitimacy. Our findings have important policy relevance in the context of the increasing focus on sustainability reporting standards in Europe and other countries. We suggest that quality-enhancing sustainability reporting practices which may curtail firms' symbolic behaviour should be required under mandatory regimes. Meanwhile, firms’ existing practices and initiatives should be considered to provide complementary effects related to environmental performance.

An energy company's journey toward standardized sustainability reporting: addressing governance challenges

PurposeThis paper aims to provide a comprehensive examination of corporate sustainability reporting strategies, focusing on the rationale for adopting the Global Reporting Initiative (GRI) Standards, the challenges to be faced and the implications that can arise for accounting professionals, managers, policymakers and scholars alike.Design/methodology/approachThe single case study approach was followed. Qualitative content analysis and thematic analysis were used for an in-depth, contextual examination of Enel Green Power's sustainability reporting practices and the adoption of the GRI Standards. The documents analyzed include annual sustainability reports, integrated reports and press releases over the period ranging from 2018 to 2022.FindingsThe GRI Standards' adaptability, modular structure and emphasis on stakeholder involvement emerged as stimulating factors for Enel Green Power. GRI Standards allowed the company to benchmark its sustainability performance against competitors and identify areas for improvement. The company faced challenges during the implementation of the GRI Standards concerning data collection and management across global operations, stakeholder identification and engagement and alignment of sustainability reporting with corporate strategy. The company addressed these challenges by investing in robust data management systems, maintaining active communication with stakeholders and embedding sustainability into its corporate culture.Research limitations/implicationsThis research contributes to the academic literature on sustainability reporting and accounting, offers valuable insights for managers and professionals and informs policymakers about the potential benefits and challenges associated with the adoption of GRI Standards. The paper highlights the importance of aligning organizational strategies with global sustainability frameworks and fostering a culture of transparency and stakeholder engagement.Originality/valueThis work offers a novel contribution to the scholarly discourse on sustainability reporting standardization, shedding light on the governance challenges to be faced and providing potential solutions.

The role of the board of directors and the sharia supervisory board on sustainability reports

This study aimed to investigate the impact of Board of Directors and Sharia Supervisory Board (SSB) characteristics on sustainability reporting in global Islamic banks. A sample of 136 Islamic banks (IB) was examined, encompassing 536 observations from 2018 to 2021. Sustainability reporting was measured using an index developed by A. Jan et al. (2019), which modified the Global Reporting Initiative standards to suit the characteristics of Sharia-compliant financial institutions. The data was analyzed using a panel data estimation technique known as the Random Effects Model. The study findings revealed that certain board characteristics, such as the size of the Board of Directors, independence of the Board of Directors, size of the SSB, and cross-membership in the SSB, had a positive influence on sustainability reporting in Islamic banks. Additionally, board meetings of the Board of Directors were found to have a negative effect on sustainability reporting. These findings provide valuable insights for companies and policymakers, enhancing their understanding of the board composition that encourages firms to pursue reporting strategies based on sustainable development. Overall, the study contributes to the existing literature by examining the relationship between board attributes and sustainability reporting, particularly from an Islamic perspective.

Business Ethics of Islamic Financial Institutions in Pakistan: Theory, Practice and The Way Forward for Sustainable Development

Purpose: This research study aims at the identification of loopholes in the business ethical framework of Islamic Financial Institutions (IFIs) in Pakistan. Design/Methodology/Approach: The researchers analysed the business ethics of IFIs in Pakistan with the help of Global Reporting Initiative (GRI) Sustainability Reporting Standards and Islamic Business Ethics. Findings: Our analysis indicates that IFIs do not seem to follow the ethical principles of Islam in true spirit for their business ethical framework. Among all IFIs in Pakistan, Takaful companies are overall best performers in GRI Sustainability Reporting Standards. Similarly, full-fledged Islamic banks and Islamic banking windows of conventional banks are the best performers in applying or disclosing Islamic Business Ethics in their annual reports. Originality/Significance: This may be perhaps the first paper which explores the business ethics of IFIs in Pakistan w.r.t to GRI standards and Islamic Business Ethics. Research Limitations/Implications: The paper focuses only on annual reports of IFIs for five years. Practical and Social Implications: This paper can provide food for thought to rethink the process of the current business ethical framework of IFIs in Pakistan. Furthermore, it suggests some practical ways for achieving higher levels of sustainable social, economic and environmental development of the country.

Factors Affecting the Implementation of Corporate Social Responsibility in the Health Technology Industry in Greece.

Corporate social responsibility (CSR) is an evolving business strategy worldwide, focusing on the sustainability of the enterprise and the provision of multiple benefits to the societies and economies. The aim of this paper was to explore the encouraging and deterrent factors for the implementation of CSR actions in companies specializing in pharmaceutical andbiomedical products as well as in medical equipment in Greece. A cross-sectional study was conducted (April to June 2021) in member-companies of the Hellenic Association of Pharmaceutical Companies, the Panhellenic Association of Pharmaceutical Industry and the Association of Health-Research and Biotechnology Industry. Data collection was carried out via an anonymous, self-administered questionnaire. Descriptive and inferential statistical analyses were performed, using SPSS version 25 (IBM Corp., Armonk, NY, USA). The significance level was set at p≤0.05. One hundred twelve questionnaires were distributed, out of which 87 were returned (response rate 77.7%). 81.1% of companies included CSR in their annual strategy, while only 32.4% of them follow the Global Reporting Initiative standards. The majority (62.2%) disposes ≤€100.000 from their annual turnover for CSR actions. The contribution to society and the ethical commitment of the enterprise are stated as the main encouraging factors for CSR, while bureaucracy and the lack of incentives as deterrents. Pharmaceutical companies reported social acceptance as the major CSR enabler compared to other companies (p=0.034), while companies specializing only in medical equipment/biotechnology mentioned industry competition (p=0.003). Bureaucracy has been revealed as the major disincentive for all participating companies. Corporate advertising is found as an important encouraging factor for the adoption of CSR for the international companies compared to the national ones (p=0.023). Moreover, 97.3% stated that the government should reward socially responsible companies by increasing financial incentives. Conclusion: The health technology industry in Greece implements CSR actions. The company's contribution to society and its ethical commitment are important encouraging factors for CSR, while bureaucracy and lack of government incentives are the main deterrents. The reward of socially sensitive companies by the government would provide significant entrepreneurial and societal benefits, supporting the overall Greek economy.

Socially Responsible Investment in a Rising Populism Environment

Purpose: The aim of this study is to examine a framework of ESG elements and constituents to investigate socially responsible investment in a rising populist environment through a literature review. Theoretical framework: Socially responsible investment aims for long-term sustainability by combining financial return with positive change in the environment. The transformation of India’s populism towards environmental sustainability drives enterprises to incorporate ESG (environment, social, and governance) practices for the long term and craves to be an efficient tool for socially responsible investment. Design/methodology/approach: This paper offers an overview of many reviews that are connected to the study's main terms while also discussing literature reviews as a research methodologyand all data in the study comes from these secondary sources. Findings: As a result, this study finds out responsible investors' appetite for the identification of sustainability indicators and constituents and hunts for enterprise disclosures regarding their accomplishments towards ESG factors. The study focuses on developing an ESG constituent framework by integrating ESG compliances determined by a systematic review of literature, Global Reporting Initiative Standards, and other reporting standards. Research, Practical & Social Implications:Although this study was carried with the intention of providing socially responsible investors with a useful tool, more extensive study is warranted before an empirical analysis of SRI firms' performance can be conducted, and the study could also benefit from being extended into an international context in order to better assess the performance of ESG firms. Originality/Value:This study uses a five-year thematic analysis of S&P BSE 500 firms to determine which are most committed to corporate social responsibility.The study also helps investors by providing useful information about corporate ESG compliance.