Publish Sustainability Reports Research Articles

The Role of Gender Equality at the Country Level on the Relationship Between Women’s Board Representation and Sustainability Assurance Adoption

Purpose: The purpose of this study is to investigate the role of gender equality in the relationship between the critical mass of women’s representation on boards and companies’ decisions to adopt external assurance on their sustainability reports. Design and methodology: The relationship is investigated using secondary data from an international sample of 1924 firms across 41 countries sourced from the Eikon database, ensuring comprehensive coverage of firms that publish sustainability reports. The study uses a logistic regression model to study two aspects: first, the relationship between the critical mass of women’s representation on boards and companies’ decisions to provide external assurance on their sustainability reports, and second, the moderating role of countries’ gender equality policies using the World Bank’s Women, Business and the Law (WBL) index. Findings: The findings of this study indicate that in the case of sustainability assurance adoption, the critical mass of women’s representation on boards is important in countries where the gender equality index is low. Therefore, this study extends the findings of prior studies investigating the critical mass of women’s representation on boards by proving that critical mass is more effective in countries that have a lower gender equality index. Originality: The two main contributions of this study are the findings that (i) the association of women’s representation on boards with companies’ decisions to provide assurance over their sustainability reports is affected by critical mass, and (ii) the critical mass of women’s representation on boards is essential in countries that have a lower gender equality index.

Netnography Study: Suitability of Environmental Accounting Reporting of PT. Halmahera Persada Lygend on the Response of YouTube and Instagram Users

This study aims to understand the suitability between environmental accounting reporting of PT Halmahera Persada Lygend (HPAL) and the reality in the field based on community responses on the YouTube platform (https://youtube.com/@haritanickel?si=rimm0rUeZOuILjBq) and Instagram (https://www.instagram.com/harita.nickel?igsh=Z2J6MTVjMTBrd2cw). As part of Harita Nickel, HPAL is committed to operational sustainability by prioritizing environmental responsibility, which includes mangrove conservation, coral reef rehabilitation, environmentally friendly smelter development, and community empowerment of Obi Island. Using a netnography approach, this study analyzes user responses and comments on both platforms regarding HPAL's published sustainability reports and the implementation of environmentally friendly principles. The 2024 Merdeka Awards won by Harita Nickel also strengthened the positive perception of the company in terms of social and environmental responsibility. Based on data during the research period from September 14 to November 11, 2024, HPAL received 5,497 likes and 368 positive comments on YouTube, and 1,581 likes and 52 positive comments on Instagram, indicating that HPAL's environmental accounting implementation is in line with public perception and emphasizes the importance of synergy between industrial operations and social and environmental sustainability.

The induce of environmental and social disclosure on stock returns

The world community has begun to realize the importance of sustainability amidst the many adverse conditions. In Indonesia, all public companies and financial institutions are required to publish sustainability reports which include information regarding their environmental and social responsibilities. This study aimed to elucidate the impact of corporate environmental and social disclosures on stock returns, moderated by profitability. By selecting the moderating variable and using the LQ-45 index for a certain period, the researchers hope that the results will create novelty from previous research and give rise to new information. The Sustainability Report (SR) is evaluated by the quantity of sustainable items reported in the Sustainability Report Disclosure Index (SRDI) in accordance with the Global Reporting Initiative (GRI) Standards, relative to the number of sustainable goods that ought to be disclosed. For environmental, social, and governance variables, compare the quantity of declared environmental, social, and governance elements in the SRDI to the quantity that ought to be disclosed. This study employs the Moderated Regression Analysis (MRA) technique utilising SPSS software. This study's population comprised 45 companies from the LQ-45 Index, incorporated in the IDXESGL index utilising the GRI Index, from February to July 2024, which issued sustainability and annual reports for 2021-2022, marking the inception of the IDXESGL Index. Thirty-five companies met the criteria. This study uses a data processing program, the SPSS version 25. This study employs descriptive statistical tests, coefficient of determination tests, and hypothesis testing for data analysis. The findings of this study demonstrate no impact of environmental and social transparency on stock returns. Profitability as a moderating element does not enhance the impact of social transparency on stock returns. Nonetheless, profitability can enhance the impact of environmental disclosure on stock returns.

Organizational sensemaking and environmental performance: A longitudinal study of publicly traded firms' sustainability reports

AbstractEnvironmental strategy research has often used organizational interpretation as a key lens for understanding how firms engage in sensemaking around natural environmental issues and environmental performance. This work has rarely empirically tested the proposed relationships of organizational interpretation in firms' sensemaking around environmental issues nor the relationship between firms' environmental sensemaking and environmental performance. We empirically test this relationship, capturing environmental sensemaking through computer‐aided text analysis (CATA) of published sustainability reports, and environmental performance with the Trucost environmental dataset. Mixed‐effects general linear modeling on a bespoke longitudinal dataset of 117 publicly traded companies from 2005 to 2018 reveals the three stages of the organization interpretation model of sensemaking—scanning, interpreting, and responding—align as expected. We also find firms' environmental scanning relates with year‐over‐year improvement in environmental performance, yet environmental interpreting correlates with worsening environmental performance. Additionally, larger firms and firms in industries with high carbon emissions gather more environmental data and exhibit more extensive environmental interpreting. This research provides insight for scholars by testing environmental sensemaking and exploring the boundary conditions of sensemaking and performance, and for practitioners and policymakers by offering a new framework for analyzing and interpreting sustainability reports and corporate environmental performance.

SUSTAINABILITY REPORTING AND FIRM VALUE: SYSTEMATIC LITERATURE REVIEW

Sustainability reporting disclosure is a clear indication that a company is striving to meet the needs of stakeholders to enhance firm value. This study is dedicated to mapping the research on the pivotal role of sustainability disclosure in bolstering firm value in Indonesia. The research method employed is a systematic literature review (SLR), utilizing 29 articles from the period 2014-2024. The results reveal a spectrum of relationships between sustainability reporting and firm value. On one end, companies are driven by various motivations to boost investor confidence and firm value, necessitating a balance between economic, social, and environmental performance. On the other end, some companies are hesitant to publish sustainability reports, while others fail to adhere to the standards set by GRI, leading to inconsistent disclosures that do not add value to the company's worth.

지속가능경영보고서 발간이 기업지배구조 및 재무성과 개선에 미치는 영향

[Purpose] As corporate social responsibility gains importance, sustainability reports have become essential for demonstrating a company’s commitment to sustainable management across environmental, social, and economic dimensions. [Purpose] This study examines the relationship between the publication of sustainability reports and corporate self－improvement, focusing on listed companies in South Korea from 2018 to 2022. [Findings] The analysis reveals that sustainability reports positively influence corporate governance and have a limited yet favorable impact on financial performance, as measured by return on assets (ROA). [Implications] These findings indicate that publishing sustainability reports can lead to voluntary enhancements in corporate governance, improving management efficiency and decision－making quality, which ultimately boosts profitability. Thus, issuing sustainability reports is proposed as a valuable strategy for future－oriented corporate development.

Do Enterprises That Publish Sustainability Reports Have a Better Developed Environmental Responsibility and Are They More Transparent?

Enterprises increasingly publish sustainability reports to address concerns about their environmental and social impact. However, the voluntary nature of these reports and the lack of independent auditing often lead to skepticism regarding their authenticity, with some perceiving them as mere marketing or greenwashing tools. This study aims to investigate whether the publishing of sustainability reports truly reflects transparency and responsible behavior. The relationship between the publishing of sustainability reports, environmental responsibility policies, and transparency policies is analyzed. The research was conducted in Uruguay. A quantitative methodology was used. The sample was made up of a group of companies that evaluate their social and environmental responsibility practices. This is a non-probabilistic sample, which includes companies that publish sustainability reports and companies that do not publish them. The environmental responsibility and transparency of both groups were compared. Thirteen indicators were used to measure environmental responsibility, and eight indicators were used to measure transparency. To evaluate the relationship between the variables, different statistical techniques were used: chi-square, difference of means test, and simple correlations. Our findings reveal that: (1) enterprises publishing sustainability reports tend to have more developed environmental responsibility policies and greater transparency compared to those that do not publish, and (2) interestingly, the choice of reporting standards, particularly the Global Reporting Initiative, does not significantly impact the observed outcomes. Furthermore, the relationship among report publication, environmental responsibility, and transparency is influenced by enterprise size but remains unaffected by public trading status or capital origin (local or international). Despite its methodological limitations, this work contributes to the debate on the sincerity of companies that publish sustainability reports. Its results contribute to reducing the skepticism and distrust that exists about these reports. Also, the work contributes to the study of the relationship between environmental responsibility and the publishing of reports because it included segments of companies that are not considered in most research: medium-sized companies and private companies that are not listed on the stock market.

Apakah Corporate Governance dan Kinerja Perusahaan meningkatkan Kualitas Sustainability Reporting?

The operational activities of the company have the objective of maximizing profits. Every profit made will come at a cost of the social and environmental circumstances. The continual existence of humans and other living things associated with the company's operations will be impacted by this issue. Due to their need to survive, businesses are now more concerned with the environment and its surroundings, as shown by the CSR that they report on in their sustainability reports. The performance of the company and the presence of good corporate governance both support this disclosure. The purpose of this study was to gather empirical data regarding the impact of corporate performance and governance on sustainability report disclosure. The companies that are used are those that publish sustainability reports between 2020 and 2022 and are classified as basic material, cyclical, and non-cyclical companies. Purposive sampling was used to choose the research sample, which included 37 companies in total. Regression analysis on panel data was utilized to test the research hypothesis. The findings show that while leverage has a negative impact on disclosure in sustainability reports, governance, liquidity, and profitability have no effect on disclosure. Stakeholders can learn from this study what elements may improve the disclosure of information in corporate sustainability reports.

Corporate Governance Mechanism for Carbon Emission Disclosure: Evidence from State-Owned Enterprises in Indonesia

Purpose: The purpose of this study is to explore how governance-related determinants affect carbon emission disclosure; if yes, whether government ownership, board diversity, and firm size mediates the relation between these determinants and carbon emission disclosure. We test ownership structure and firm-specific characteristics (board diversity, audit reputation, firm size, audit quality, leverage, and return on asset) towards carbon emission disclosure. Design/methodology/approach: Panel data analysis is used on a final sample of 120 firm-year observations of state-owned enterprises, having published sustainability reports with CED within the last 10 years (2012 - 2021). The direct and mediating effects were tested based on two econometric models and Sobel-Goodman test was conducted to check for the robustness. Findings: Results find that government ownership and board diversity can be employed as a corporate governance mechanism to facilitate public, institutional ownership and audit reputation respectively, towards improved accountability and transparency of CED. Smaller firms with lower financial performance tend to be more motivated to participate in CED in order to attract investment. Research limitations/implications: Several implications arise for various stakeholders including policymakers, and regulatory bodies interested in enhancing sustainability disclosure of firms through good CG mechanism, especially for firms with high government ownership. The findings of this research have wide implications in formulating an efficient CG mechanism for developing countries as SOEs are still prevalent. Originality/value: This study proposes the role of government ownership and board diversity as a CG mechanism and contributes to the voluntary literature, in particular, the link between CG determinants and practices underlying CED.

Indonesia Shariah Stock Index (ISSI) firms and environmental, social, and governance (ESG) disclosure in Indonesia

Purpose This study aims to examine the relationship of Indonesia’s Sharia Stock Index (ISSI) firms on environmental, social and governance (ESG) disclosure. This study is interesting because ISSI firms are supposed to comply with Islamic values as this has been reflected in good corporate governance activities, demonstrating responsibility to others and participating in preserving nature/environmental activities. Design/methodology/approach The authors use sample firms that are listed on the Indonesia Shariah-compliant Stock Index (ISSI) from 2011 to 2020, which also published sustainability reports. Findings The study found that sharia firms are positively related to ESG disclosure. The authors also found that ESG disclosure of sharia firms is more pronounced in the reporting section of general, economic, environmental and social. Other findings suggest differences in the segments reported in the COVID and pre-COVID periods. This result is also robust by conducting a self-selection bias test with Heckman’s two-stage regression and Coarsened Exact Matching regression. Practical implications For policymakers, these results indicate that different characteristics of firms can affect ESG disclosure, and economic conditions will determine which sectors are disclosed the most. Originality/value This study provides empirical evidence that Indonesian Shariah-compliant stock index firms carried out their mission to disclose more information about their environmental and social responsibilities and governance issues.

Analisis Pengungkapan Informasi Penerapan Reklamasi Pascatambang dalam Laporan Keberlanjutan Berdasarkan Ketentuan Peraturan Menteri ESDM No. 07 Tahun 2014

Mining is an activity that utilizes and manages natural resources to meet human needs. In the mining sector, if the mining process is not managed well, mining activities can cause environmental damage such as the decline in soil and water conditions on mining land, disruption of biodiversity, and disruption of social, cultural and economic life in the surrounding community. In this case, mining companies need to carry out post-mining reclamation to reduce the impact of environmental damage. Post-mining reclamation activities need to be disclosed by the company in the sustainability report. This research aims to determine the analysis of disclosure of information on the implementation of post-mining reclamation in the 2021 sustainability report and analyze the suitability of the disclosure based on the provisions of Minister of Energy and Mineral Resources Regulation No. 07 of 2014 (articles 12&16). This research was conducted on coal mining companies that were listed on the Indonesia Stock Exchange (BEI) in 2021. The total sample taken was 34 company units selected using a non-probability sampling technique, namely Purposive Sampling. Based on the criteria created, 13 mining companies were selected and then content analysis and scoring techniques would be carried out based on the criteria in the regulations used. The results of the research analysis show that the disclosure of post-mining reclamation information is still less than optimal/maximum. Based on the established criteria, the average suitability of information disclosure is still quite low, in the range of 45-50%. Thus, mining companies must remain consistent in publishing sustainability reports and need to increase the suitability of disclosure of post-mining reclamation activities in accordance with applicable regulations. For further research, more variables, company sectors and regulatory references should be used to analyze the disclosure of a company's sustainability report.

The Impact of Stakeholders Pressure on Sustainability Report Disclosure

The purpose of the study to analyze how stakeholder demand impact sustainable reports disclosure. Factors that can influence social and environmental responsibility disclosure policies are exposure to the media, shareholders, employees, and the government. The population of study consisted of manufacturing companies that were listed between 2020 and 2022 on the Indonesian Stock Exchange (IDX). Researcher using the purposive sampling technique to choose the sample, and criteria included listing of the Indonesian Stock Exchange (IDX) in 2020–2022, publishing sustainability reports during the fiscal year, and having data processed. 231 imbalanced observational data point and 106 corporate samples made up the final sample. The study's secondary data collection shows the sustainability report and an annual report that are available on the official website of each corporation. The results show that these companies are currently only disclosing 58,2% of the mandatory sustainability reports. The study's findings demonstrate that media coverage significantly improves the disclosure of sustainability reports.

Does Corporate Sustainability Reporting Influence Financial Performance? Evidence from Kenyan Listed Companies

Corporate sustainability reporting is currently a prominent issue in the global business world, with companies worldwide actively publishing sustainability reports to meet the demands of different stakeholders regarding social, environmental, economic, and governance concerns. The existing literature has proved that companies that participate aggressively in corporate sustainability reporting tend to have higher firm value, experience tremendous growth rates in terms of size and profitability, have a high capital and asset base, are lowly geared, and gain a competitive edge in the industry in which they operate. The study examines the link between corporate sustainability reporting and the financial performance of firms listed at the Nairobi Securities Exchange. Corporate governance, social, environmental, and economic pillars were used as indicators of corporate sustainability reporting. The Global Reporting Initiative framework will be employed to establish the corporate sustainability reporting scores and construct the sustainability reporting index. Financial performance was measured by return on assets. The study is anchored on the stakeholder theory supported by legitimacy and the tripled bottom-line theories. The target population comprises sixty-seven companies listed in Kenya. Secondary data was collected from the company integrated reports, published accounts, and the accounts filed with the Nairobi Securities Exchange for the period 2011 to 2020. The study adopted a cross-sectional correlational research design. Descriptive statistical tests carried out include mean, standard deviation, kurtosis and skewness. Correlation analysis was done to test and establish the direction of the relationship between the study variables. Regression analysis was employed to test the hypotheses of the study. Generally, the study findings are that corporate sustainability reporting had a significant positive effect on financial performance. The empirical results of this study showed that corporate sustainability reporting led to improved financial performance among listed companies, although sustainability reporting in Kenya was purely voluntary. Therefore, Kenya’s Capital Markets Authority should consider making corporate sustainability reporting compulsory for all listed companies. Further research can be extended to include non-listed companies and the application of other sustainability reporting frameworks. Keywords: Corporate Sustainability Reporting, Financial Performance, Global Reporting Initiative, Nairobi Securities Exchange.

The Effect of ESG Disclosure, Audit Quality, Internal Audit, on Company Value

This study aims to examine the presence or absence of the effect of ESG Disclosure, Environmental Disclosure, Social Disclosure, Governance Disclosure, Audit Quality, and Internal Audit on Company Value. The population used in this study is companies listed on the IDX in several non-financial sectors, namely the energy, raw materials, health, industry, and infrastructure sectors in the 2020-2022 period that successively publish sustainability reports, annual reports, and financial statements for the fiscal year December 31. The total population in this study was 346 companies with the number sampled being 45 companies using purposive sampling techniques. The data was analyzed using regression panel data made into two models and processed using E-Views software version 9. The results of this study provide results that in model 1 ESG Disclosure, Audit Quality, Internal Audit partially affect Company Value. The results in model 2 provide results that Environmental Disclosure affects Company Value, Social Disclosure does not affect Company Value, Governance Disclosure does not affect Company Value, Audit Quality affects Company Value, Internal Audit does not affect company value. In model 1 and model 2, the Leverage control variable, ROE has a significant positive influence on Company Value, while Firm Size does not have a positive influence on Company Value

PROFITABILTAS SEBAGAI MODERATING PENGARUH KINERJA ESG, GREEN INNOVATION, ECO-EFFICIENCY TERHADAP NILAI PERUSAHAAN

Firm that listed on the Indonesia Stock Exchange need to publishing sustainability reports at the end of their accounting period as a form of corporate environmental responsibility and concern in meeting the interests of stakeholders. This research aims to examine the effect of Environmental, Social and Governance performance, green innovation and eco-efficiency on firm value with profitability as the moderator. The object of this research is non-financial firm that listed on the Indonesia Stock Exchange and rated by Bloomberg for the 2020-2022 period. This research data was obtained from annual reports and company sustainability reports using purposive sampling techniques, resulting in a sample of 136 companies. Multiple linear regression analysis was used to process the data with the help of Statistical Product and Solutions version 25 software. The results of this research show that Environmental, Social and Governance performance has a positive effect, green innovation has no effect, while eco-efficiency has a negative effect on firm value. Profitability weakens the effect of Environmental, Social and Governance performance on firm value. On the contrary, profitability actually strengthens the effect of green innovation and eco-efficiency on firm value.

Evidence of sustainable development goals disclosure in publicly traded Brazilian companies

Purpose: This article examines if publicly traded Brazilian companies listed on the Brazil 50 Index (IBrX50) and the Corporate Sustainability Index (ISE) use Sustainable Development Goals to guide their environmental, social, and governance practices (ESG).
 Methodology: The evaluation is carried out through the descriptive content analysis of companies listed on the IBrX50. We highlight that they were also listed on the ISE B3 in the year 2022. Data was gathered from the companies’ sustainability reports and on websites specialized in ESG assessments.
 Results: The research presents analogies between the ISE B3 and the IBrX50 theoretical portfolios while analyzing the assets in their portfolios and ESG scores. We additionally look into the proximity of the assets in relation to the disclosure of the Sustainable Development Goals in their sustainability reports. We found that, although most companies publish sustainability reports and mention the SDGs, few disclose the goals and initiatives aimed at sustainable development practically.
 Contributions of the Study: The article contributes to the field of research on the voluntary disclosure of information on sustainability. It presents an initial overview on SDGs disclosure in sustainability reports within the Brazilian context. Future studies may explore analyzes which include ESG practices in companies.

Good Corporate Governance, Stakeholders, and Sustainability Report Disclosure

Indonesia currently lacks a mandatory framework for sustainability reporting, with the existing reporting requirements focusing on Corporate Social Responsibility (CSR) reports rather than comprehensive sustainability reporting. This situation has resulted in a significant gap in the disclosure of sustainability reports, as organizations often merely comply with CSR reporting obligations, neglecting broader sustainability considerations. In 2020, challenges in sustainability reporting were evident, particularly in the environmental, agrarian, and energy sectors. The Indonesian Forum for the Environment highlighted issues such as the overexploitation of energy resources for corporate profits and potential biases from the government in supporting energy and manufacturing markets, posing threats to sustainability reporting. This study investigates the influence of Good Corporate Governance (GCG) and stakeholder pressure on sustainability report disclosure. Utilizing a quantitative approach, the research focused on companies listed on the Indonesia Stock Exchange (BEI) operating in the energy, raw materials, industry, and infrastructure sectors, specifically those actively publishing sustainability reports. The data, extracted from sustainability reports available on the BEI website, underwent statistical multiple regression analysis. The findings reveal a significant positive impact of both good corporate governance and stakeholder pressure on sustainability report disclosure, accounting for 77.5%. The implications suggest that social pressure and GCG practices contribute to enhanced sustainability reporting, urging the government to establish more stringent regulations. Future research recommendations include expanding the sample size and incorporating additional variables.

Pengaruh Stakeholder Pressure, Ukuran Perusahaan dan Kinerja Keuangan terhadap Sustainability Reporting Disclosure

The aim of this research is to determine the influence of employee pressure, foreign ownership, management ownership, financial performance, and company size on Sustainability Reporting Disclosure in environmentally sensitive companies. The independent variables used in this study are employee pressure, foreign ownership, management ownership, Return on Assets (ROA), and the logarithm of total assets. The dependent variable, Sustainability Reporting Disclosure, is measured according to the Global Reporting Initiative (GRI) reporting guideline with 79 indicator items. This research employs a quantitative approach. The research population includes companies categorized as environmentally sensitive and listed on the Indonesia Stock Exchange (IDX) that have published Sustainability Reports during the research period from 2019 to 2021. The data collection technique used purposive sampling, in which the sample was based on predefined criteria. The sample consists of 46 companies with 138 observations. Data analysis was conducted using multiple linear regression technique using IBM SPSS Statistics 25 software. The research findings reveal that the foreign ownership and company size variables have a significant influence on Sustainability Reporting Disclosure, while employee pressure, management ownership, and financial performance variables do not exhibit any significant influence.

Exploration of Sustainability Accounting Practices in Small and Medium Enterprises in Bali Province, Indonesia

This research aims to explore sustainability accounting practices in small and medium enterprises (SMEs) in Bali Province, Indonesia. Exploration of these practices is seen from the perspective of institutional issues, regulatory environment, social issues and environmental issues. The research sample was 397 SMEs in Bali Province, Indonesia selected using simple random sampling. Questionnaires were sent to SMEs (CEO/director/financial manager/accounting). Analysis was carried out using descriptive statistics with SPSS 25 software. Research findings show that awareness of sustainability reporting among SMEs in Bali Province is still low. SMEs have not published sustainability reports, despite being very reactive in accepting and introducing sustainability measures. The biggest obstacle to implementing sustainability accounting practices is a lack of understanding or information about the risks/benefits of sustainability. This research provides implications for the need to educate SMEs with sustainability knowledge and create a new approach to sustainability reporting, specifically developed for SMEs according to the organizational context. This research has limitations because it was only conducted in the context of a developing country, in Bali Province, Indonesia, thereby limiting the understanding of sustainability accounting practices in SMEs. This study used a limited sample with a usable response rate of 17.94% which limits the findings of this study. This research contributes to the sustainability accounting literature by diagnosing gaps related to sustainability reporting practices in SMEs. This research is the first attempt to explore sustainability accounting practices in the context of developing countries, especially SMEs in Bali Province, Indonesia.

A Framework for Sustainability Reporting of Renewable Energy Companies in Greece

The purpose of the current study is to collect and evaluate data on whether and to what extent the renewable energy companies within Greece disclose non-financial information in line with global and international standards. Renewable energy has grown rapidly over the last 20 years as a key aspect of the transition to a less energy-intensive and more sustainable energy system. However, constant competition between companies, finances, taxes, politics and other factors have in many cases created environmentally harmful situations. Even though technology is advancing and supporting these companies, even though international laws for the environment and the safety measures for operations have become stricter, it was, nevertheless, impossible to avoid these situations. The concerns of the public, but also of the renewable energy companies to control, monitor and measure the impacts from their operations to the environment and the life of society around the sites of their operations, lead many companies to publish sustainability reports. This report is published by a company or organization concerning the economic, environmental and social impacts caused by its everyday activities and demonstrates the link between its strategy and its commitment to a sustainable global economy. A framework with specific economic, environmental and social indicators to support reporting for renewable energy companies is corporate social responsibility (CSR) together with the Global Reporting Initiatives (GRI). GRI is an independent international organization that has pioneered sustainability reporting. It is very important to determine the extent to which these enterprises really contribute to sustainable development.