Triple Bottom Line Concept Research Articles

INFLUENCE OF THE TRIPLE BOTTOM LINE CONCEPT ON SUSTAINABILITY AND SUCCESS OF TOFU SMEs IN MAGELANG

Business sustainability is essential for enterprises to endure in the future and provide economic, social, and environmental opportunities for future generations. By establishing business sustainability in economic, social, and environmental aspects, a business can enhance its success. This study seeks to analyse business sustainability and success in tofu SMEs in Magelang Regency, with a focus on sustainable practices. The study was conducted using purposive sampling technique with specific criteria and considerations to determine the sample. A total of 60 participants from the tofu industry hub in Candimulyo District were included in the sample. The analysis employed quantitative methods and a descriptive analysis approach, using variables and indicators. The research findings indicate that the sustainability of tofu SMEs is influenced by economic, social, and environmental variables within the triple bottom line concept. Meanwhile, the success of small and medium-sized enterprises producing tofu is determined by economic and social factors, operating within the framework of the triple bottom line concept.

Sustainable tourism from the perspective of tourists in Nganjuk Indonesia

Purpose: This study aims to analyze tourists' perspectives regarding the sustainability of four tourism destinations, namely Sedudo Waterfall, Roro Kuning, TRAL, and Margo Tresno Cave in Nganjuk East Java, Indonesia. Moreover, this study attempts to reveal tourists' sustainability awareness based on the triplebottom-line concept and which dimensions are considered the most important for tourists. Research Methodology: Data were obtained from a survey of visitors (16 years old and over) to the four tourist objects in Nganjuk. Furthermore, this study utilized Principal Component Analysis (PCA) and ANOVA tests to evaluate the differences between types of tourists and their views on sustainability. Results: The number of types of tourists found in the Nganjuk tourist destination was change, amusement, rupture, interest, and dedication. The ANOVA test results show a different tourist perception of sustainability issues from the five types of tourists in Nganjuk. Limitations: This study involved only young respondents who did not consider tourists beyond a young age. In addition, this study focused only on one regency in Indonesia. Contributions: To create a tourism industry that can last and protect the environment, the vital role of tourists cannot be ignored. This research makes a theoretical contribution by expanding the theory to explain aspects that have never been studied before regarding tourists' understanding of the sustainability issue in the tourism sector. Novelty: This study is one of the first to discuss tourists' perceptions of sustainability issues in the Indonesian context.

Implications of dynamic capabilities on triple bottom line performance after the COVID-19 pandemic: An empirical insight from B2B marketing perspective

Triple bottom line (TBL) is a concept of business which highlights that firms should not measure their business success based only on their financial performance, but they should also measure their social and environmental impacts. In other words, the concept of triple bottom line also includes people, planet, and profit. Also, dynamic capabilities help a firm to address rapid environmental changes, and studies have shown that they can improve a firm's sustainability performance. Other studies have shown that TBL initiatives can also improve a firm's sustainability performance. But no studies have investigated how dynamic abilities as well as TBL initiatives could simultaneously impact sustainability performance of B2B firms in the post COVID-19 period. Therefore, the aim of this study is to examine the implications of dynamic capabilities on TBL performance after the COVID-19 pandemic, especially from the B2B marketing perspective. Drawing on dynamic capability view (DCV), TBL theory and the extant literature, a conceptual research model was developed which was subsequently validated with the PLS-SEM technique using 377 responses from different manufacturing and service-oriented firms. This is the first study to extensively analyze the combined impacts of these two dimensions on firms' sustainability performance, and thus it has enriched the literature related to DCV, TBL, and sustainability.

Profitability as a Moderator in the Implementation of Environmental Management Accounting for Corporate Sustainability

This study aims to examine the effect of implementing environmental management accounting on corporate sustainability moderated by company profitability in mining and manufacturing companies listed on the Indonesia Stock Exchange from 2019-2022. Environmental management accounting is measured by eco-efficiency, and company sustainability is measured by GRI standards using content analysis with a scoring approach in assessing environmental and social achievements. Profitability is measured by return on equity (ROE). This research uses a panel data method with a fixed effect model approach. The sampling technique was purposive sampling with the criteria of companies that publish annual reports, and disclose sustainability reporting successively during the 2019-2022 period so that a total of 33 companies were obtained. The research results show that there is a positive influence on the application of environmental management accounting on corporate sustainability strengthened by profitability as a moderator. The application of environmental management accounting can increase its influence on corporate sustainability when the company's profitability is high. This condition is expected to have an impact on achieving corporate sustainability by fulfilling economic, environmental, and social aspects by the triple bottom line concept as a pillar that can create a sustainable business.

Konstruksi Model Sustainability Report Pada Hotel Bintang Lima Di Bali

Currently, the hotel industry in Bali does not yet have guidelines or models for carrying out sustainability reporting, known as the Sustainability Report (SR). Based on this, it is deemed necessary to construct an SR model for hotels in Bali so that it can be used as a guide in submitting sustainability reports. This research aims to construct an SR model for five-star hotels in Bali. Through a qualitative research method, namely Husserl's transcendental phenomenology with interview techniques with several informants, the results were obtained that the SR implemented by five star hotels in Bali has a basis, namely based on the Tri Hita Karana (THK) philosophy. The THK concept is very compatible with the Triple Bottom Line (TBL) concept. The implementation of SR practices with the THK concept in the form of parahyangan, pawongan and palemahan has been carried out by the hotel both internally and externally. The TBL concept is adapted to the THK concept which is in accordance with Hindu philosophy and culture in Bali, so additional aspects of spirituality are needed. Meanwhile, the social aspect is added to culture so that it becomes a socio-cultural aspect. So the SR model with a new construction is SR with four aspects in it consisting of economic aspects, socio-cultural aspects, environmental aspects and spiritual aspects. This adapted SR model construction is called the Harmony Sustainability Report (HSR).
 Keywords: Sustainability Report; Spiritual; Socio-cultural; THK; HSR

Addressing the Global Environmental Crisis: Strategies for Sustainable Development

The global environmental crisis presents an urgent challenge that requires comprehensive strategies for sustainable development. This research employs a bibliometric analysis and VOSviewer visualization to examine the evolving landscape of literature on strategies to address the crisis. The study identifies clusters of research themes, influential authors, and key concepts. Results reveal prominent clusters discussing environmental governance, economic growth, ecological crises, and the role of education in sustainable development. Highly cited publications encompass the triple bottom line concept, sustainable business strategies, and knowledge systems. The analysis underscores the interdisciplinary nature of the field and the need for integrated approaches to achieve ecological, social, and economic sustainability. This research offers insights into current trends and informs future research and policy directions.

Climate Change Mitigation and Adaptation Strategies for Sustainable Resource Management

The interplay between sustainable development and natural resource management has become central to addressing global challenges such as climate change, resource depletion, and social inequities. This study employs bibliometric analysis to explore the evolution, trends, and influences in this critical interdisciplinary field. Utilizing reputable databases, relevant publications are collected, preprocessed, and analyzed using VOSviewer. Co-authorship, citation, and keyword analyses unveil the intellectual landscape, prominent contributors, and core themes. Results showcase clusters such as climate change and resource management, highlighting challenges and strategies. Highly cited works underline key influences, from the natural-resource-based view of the firm to the triple bottom line concept. Insights empower researchers, policymakers, and practitioners to navigate the complexities of sustainable development and resource management.

Exploring sustainable human manufacturing: industry 4.0, manufacturing, and green marketing for a balanced future

This study provides a comprehensive overview of a study examining the correlation between human industrial production and sustainability, with a specific focus on the implications of Industry 4.0 (I4) and Industry 5.0 (I5) technologies. The research investigates the potential benefits of integrating I4 technologies, such as artificial intelligence and additive manufacturing, in industrial processes to optimize efficiency, reduce environmental impact, and enhance worker safety. The study highlights the significance of sustainable human manufacturing practices, including the implementation of Green innovations, fair labor conditions, and the adoption of recycled materials. These practices not only contribute to social sustainability but also foster job creation and provide essential support to local economies. Moreover, the research underscores the instrumental role played by I4 and I5 technologies in advancing industrial production efficiency, competitiveness, and collaboration through tools like the Internet of Things, big data, and artificial intelligence. The Triple Bottom Line (TBL) concept emerges as a valuable framework for evaluating companies based on their economic, social, and environmental performance. By adopting the TBL approach, businesses can promote sustainable development and achieve a balanced approach that caters to the interests of diverse stakeholders. Additionally, the study emphasizes the importance of Green marketing strategies aligned with sustainability principles and the TBL. These strategies play a crucial role in encouraging environmentally conscious choices in the market, meeting societal demands, and contributing to sustainable development goals. In conclusion, this study emphasizes the need to integrate sustainable practices and embrace technological advancements in industrial production while considering the social, environmental, and economic dimensions. The findings present vital insights for industries, policymakers, and stakeholders, guiding them in fostering sustainable human manufacturing practices and shaping a more sustainable and prosperous future.

Sustainable tourism from the perspective of tourists in Nganjuk Indonesia

Purpose: This study aims to analyze tourists' perspectives regarding the sustainability of four tourism destinations, namely Sedudo Waterfall, Roro Kuning, TRAL, and Margo Tresno Cave in Nganjuk East Java, Indonesia. Moreover, this study attempts to reveal tourists' sustainability awareness based on the triplebottom-line concept and which dimensions are considered the most important for tourists. Research Methodology: Data were obtained from a survey of visitors (16 years old and over) to the four tourist objects in Nganjuk. Furthermore, this study utilized Principal Component Analysis (PCA) and ANOVA tests to evaluate the differences between types of tourists and their views on sustainability. Results: The number of types of tourists found in the Nganjuk tourist destination was change, amusement, rupture, interest, and dedication. The ANOVA test results show a different tourist perception of sustainability issues from the five types of tourists in Nganjuk. Limitations: This study involved only young respondents who did not consider tourists beyond a young age. In addition, this study focused only on one regency in Indonesia. Contributions: To create a tourism industry that can last and protect the environment, the vital role of tourists cannot be ignored. This research makes a theoretical contribution by expanding the theory to explain aspects that have never been studied before regarding tourists' understanding of the sustainability issue in the tourism sector. Novelty: This study is one of the first to discuss tourists' perceptions of sustainability issues in the Indonesian context.

CSR Program Social Return on Investment Analysis Case Study: PT PLN Indonesia Power PLTGU Cilegon OMU

Responsibility and sustainability play a larger role in the activities of global businesses. The practice of Corporate Social Responsibility (CSR) can be used to promote more responsible and sustainable behavior. PT PLN Indonesia Power PLTGU Cilegon OMU is a sub holding of an Indonesian state-owned corporation committed to fostering a responsible and sustainable culture through CSR. The old CSR program in Margasari village, the company’s first ring area, must be replaced because it has come to its exit time. Based on the Social Mapping Document 2022 and interviews, a SWOT analysis is conducted taking into account the current situation of the community. The analysis indicates that a new sewing group named Pujasari could be implemented as the new CSR program in the village of Margasari. Nevertheless, since a CSR program is a social investment, the company must be confident in the program’s future return for the community. This study aims to determine the program’s economic feasibility, Social Return on Investment (SROI) value, variables that may influence SROI achievement, and contribution to the Sustainable Development Goals (SDGs). In calculating SROI, the triple bottom line concept will be used, while the economic feasibility will use capital budgeting method. A sensitivity analysis will be conducted to determine the critical variable for achieving SROI. The study demonstrates that the calculation utilizing the triple bottom line concept (considering economic, social, and environmental benefit) over a 5-year project period yields an NPV of IDR 1,988 mio, an IRR of 109%, with a WACC of 13.349%. The program’s SROI is 20.39, indicating that for every IDR 1 invested by the company in this program, IDR 20.39 in social benefit will be generated. Analysis of sensitivity reveals that WACC, the selling price of rags, working productivity, and price of rag primary materials are, in order, the most sensitive variables affecting the project’s SROI value. In addition, the program demonstrates contribution to SDGs 1, 5, 8, 12, and 13.

Evaluating the sustainability of demand oriented biogas supply programs under different flexible hierarchies: A suggested approach based on the triple bottom line principle

In this paper, a decision-making approach based on the triple bottom line concept is presented for evaluating the sustainability of demand-oriented biogas supply (DOBS) programs with regard to their environmental, economic, and social impacts. For the assessment, an indicator system was developed, whose main parameters were quantified by integrating emergy analysis, economic benefit assessment, and a proposed social risk accounting method. The Charnes-Cooper-Wei-Huang (CCWH) model with constrained cone was adopted to calculate the comprehensive sustainability via the synthesis of the economic, environmental, and social indicators, in which eight scenarios were set according to the flexibility hierarchy of biogas supplied for load demand, biogas production mode, and feeding substrates. The evaluation results show that the DOBS scenario of supplying for real-time varying power demand by using straw and livestock manure has the highest sustainability score in our case study. Based on the results, corresponding managerial implications are proposed.

A customized multi-neighborhood search algorithm using the tabu list for a sustainable closed-loop supply chain network under uncertainty

Environmental pollution and social inequalities have prompted the agricultural industry to implement sustainable supply chain management practices. However, supply chain operations and planning in developing countries such as Iran are often not economically, environmentally, and socially sustainable. To address this challenge, this paper presents a practical optimization model for sustainable closed-loop supply chain (SCLSC) management in the agricultural industry of Iran, with a focus on the olive crop. Based on the triple bottom line concept, which considers economic, environmental, and social sustainability, the proposed model makes location, allocation, and inventory decisions under uncertainty by developing a scenario-based robust optimization model. To solve this complex network design problem, we propose a metaheuristic algorithm with a multi-neighborhood procedure that efficiently handles the complexity of the problem. Specifically, we develop a customized Simulated Annealing (SA) algorithm using a tabu list to improve the initial solution found by a constructive heuristic algorithm. Our extensive analysis and comparison of our metaheuristic algorithm against the exact solver and two other powerful metaheuristic algorithms demonstrate the applicability of our SCLSC model for the agricultural industry in Iran and the high performance of the proposed metaheuristic algorithm for solving large-scale networks.

Does Board Gender Diversity Moderatively Affect the Relationship Between Business Characteristics and Corporate Sustainability Performance?

Business sustainability is a process of increasing the positive impacts, while at the same time, is expected reducing negative effects of operations in order to achieve sustainable economic, social, and environmental performance. This study aims to examine how company characteristics, company size and indutry type, impact corporate sustainability performance refers to Triple Bottom Line concept. Further, whether the impacts are moderated by board gender diversity. Using partial least square – structural equation modeling (PLS-SEM) to asses the panel data consists of 18 Indonesian companies from participant of Asia Sustainability Reporting Rating (ASRR) extracted on National Center Sustainability Reporting (NCSR) website during observation period 2017–2019. The empirical finding reveals that company characteristics – size and industry type, both significantly impact the performance of corporate sustainability in different ways. This shows a solid evidence that stakeholder demands has shifted business behavior through implementation of sustanability practices. In moderating role, the low persentage women on board shows no influence on corporate sustainability performance, as presence of female directors on corporate boards level only compliance role as corporate governance mechanism. Hence, we should consider to increase the proportion of women on board level as female chairperson offers new perspectives and skills set in business decision making process to enhance sustainable value in the long run.

The Triple Bottom Line Accounting from Scientia Sacra Perspective

The purpose of this article is to analyze the concept of Triple Bottom Line Accounting in the perspective of Scientia sacra. The alignment of Triple Bottom Line accounting in the Scientia sacra perceptive is essential to deal with crises in all aspects of life in terms of carrying out corporate sustainability. Scientia sacra is the knowledge of reality that is at the heart of every revelation obtained through revelation and the intellectual intuition that envelops the hearts and minds of man. This article uses interpretative method. The concept of triple bottom line in Scientia sacra's perspective is analyze in ontological, epistemological, and axiological meanings. In the ontological aspect of scientia sacra refers to the existence of God. In line with that, ontological aspect in triple bottom line also refer to the existence of God through religious-ecocentrism or spiritual dimension. In the epistemological aspect, the triple bottom line uses eco-theological principles that originate from the scriptures. In the axiological aspect, the triple bottom line has a transformative function from profit oriented to 3P (profit, people, planet) oriented. However, this transformative function has not yet fully achieved since some companies still committed irregularities, such as environmental pollution as a result from the company's business activities.Keywords: Scientia sacra, Triple Bottom Line, Ontological, Epistemologis, Axiological.

Triple Bottom Line, Sustainability, and Economic Development: What Binds Them Together? A Bibliometric Approach

The importance given to sustainable development paved the way for the development of the triple bottom line (TBL) concept. TBL is vital for the assessment of nations’ economic development (ED) beyond traditional economic measures. Despite this relevance, few studies still seek to deepen our understanding of the interaction between TLB and ED. Thus, this bibliometric study aimed to analyse the relationship between TBL, sustainability, and ED, adding business strategy concepts such as competitiveness, decision making, planning, and performance. We intended to reinforce the extension of TBL’s dominant rhetoric to sustainable ED. The results revealed the relationship between TBL and ED and allowed the identification of four clusters, from which a theoretical–conceptual model of the theory and application of TBL to achieve ED was formulated. This model can be adopted for the consolidation of ED through the TBL framework and as a tool to support business strategy related to obtaining competitive advantage; decision making; planning; and stimulating economic, social, and environmental performance.

DAMPAK KEBERHASILAN CORPORATE SOCIAL RESPONSIBILITY (CSR) PT. ASTRA INTERNASIONAL TERHADAP KESEJAHTERAAN MASYARAKAT

Corporate Social Responsibility (CSR) is a company's commitment to participate in economic Corporate Social Responsibility (CSR) is a company's commitment to participate in economic development that adjusts the achievement of economic performance with social and environmental performance. CSR is expected to have an impact on the welfare of the community after receiving the program from the company. Tanon Hamlet, Ngrawan Village is one of the recipients of the CSR program of PT. Astra International through the Kampung Berseri Astra (KBA) program. From the observations, the CSR program has had an impact on the community. However, there is no research that proves the truth. This study aims to: 1) knowing the implementation of the CSR program provided by PT. Astra International towards the whole community and village government. 2) knowing the impact of the CSR program of PT. Astra International towards the welfare of society. This type of research is descriptive qualitative. Data were obtained by conducting in-depth interviews with KBA managers, village heads, and communities receiving CSR programs. Test the validity of the data using technical triangulation and source triangulation. The results showed that the implementation of CSR consisted of Stage I, Stage II, Stage III, Stage IV, Stage V and 4 pillars consisting of: pillars of education, pillars of health, pillars of environment and pillars of entrepreneurship and evaluation; evaluation and rewards. In the implementation, it has fulfilled the triple bottom line concept. CSR PT. Astra International has a positive impact on people's welfare.

Application of triple bottom line concept to artisanal and small-scale mining activities in Wa East District, Ghana

<p align="justify">The artisanal and small-scale mining (ASM) sector offers a supplementary livelihood strategy to agriculture in northern Ghana, acting as a source of capital to support agriculture. However, the sector has been associated with several adverse environmental and socio-economic consequences, making its sustainability dimensions extremely complex and inconclusive across the literature. This study sought to investigate the dynamics of ASM operations in line with the Triple Bottom Line concept. Specifically, the paper explored the influence of the small-scale mining law and institutional framework on ASM operations, examined the relationship between the economic benefits of ASM and other livelihood activities, and assessed the adverse environmental effects of ASM in the host communities. The research design was a mixed method and cross-sectional survey. Household questionnaires, semi-structured interviews and non-participant observation were the main primary data collection techniques. Secondary data were provided by satellite images sourced from USGS Earth Explorer. They were analysed to determine the land cover types. The results indicate that the relevant regulatory state institutions lag behind their law enforcement duty. The ASM is a lucrative job that provides quick income to the youth. However, ASM activities affect food crop farming and decrease the quantity and quality of vegetation causing variations in land cover. Consequently, the host communities and ASM cooperatives have employed some land reclamation strategies. The study recommends increased government support to the relevant regulatory state institutions to constantly monitor and sanitize the ASM sector. To eradicate illegal mining, the study advocates for multi-stakeholder consultation and action.</p>

Tourist walkability and sustainable community-based tourism: conceptual framework and strategic model

PurposeThis paper aims to determine the significance of tourist walkability on three community-based tourism sustainability indicators, namely, the economic, social and environmental benefits and costs impacting community’s quality of life through the lens of the triple bottom line approach with the institutional theory.Design/methodology/approachThis study views institutions as either enabling or restricting the sustainable community-based tourism because institutions influence resource integration and value assessment by the beneficiary. Moreover, institutions also lead the co-creation of sustainable community-based tourism among various stakeholders. Drawing on this conceptualisation, the notion of sustainable community-based tourism is filtered through the lens of institutional theory. Thus, this work approaches sustainable community-based tourism as a dynamic process of co-creating a tourist destination formed by different actors’ and institutions within the ecosystem of the tourist destination. Meanwhile, the triple bottom line benefits and costs experienced by the overall community would produce net effects on the residents’ perceptions of sustainable tourism.FindingsThis paper classifies both tangible and intangible costs and benefits because of tourist walkability and its triple bottom line trade-offs experienced by tourists and residents. This paper penetrates new grounds by reviewing the triple bottom line impacts of tourist walkability on residents’ quality of life. Government policies as mediating variable and national culture and individual personalities of tourists and residents as moderating variables were discussed. A conceptual framework named Tourist Walkability Sustainable Tourism Impact on Residents (TWSTIR) is proposed. Finally, a Sustainable Community-based Tourism Strategic (SCBTS) model which is based on the two dimensions of intensity of tourist walkability and residents’ quality of life is proposed.Research limitations/implicationsResearch limitations may include a lack of assessment on political, technological and legal issues, and therefore, future research is warranted in these three areas. Some emotions and attitudes of the residents may not be captured since the Gross National Index (Gross National Happiness) may have its inherent blind spots.Practical implicationsThis paper would be of interest to the scholarly world, as its original idea and concluding research agenda are burrowing into a new sub-field of tourism research. In view of growth and degrowth of sustaining community-based tourism, the SCBTS model is presented to provide directions for tourism policymakers and entrepreneurs to formulate and implement appropriate strategy for the tourist walkability activity per se and investment in the accompanying infrastructure.Social implicationsThis paper also presents the sacrifices and inequities in the communities and the relevance of government policies, national culture and individual personalities of tourists and residents, in which the attention of tourism policymakers and the communities that thrive on the travel and tourism industry should not be neglected.Originality/valueThe idea and discussion of this paper is original. This paper burrows into a new sub-field of tourism research. Tourist walkability needs more attention from the scholars, as this tourist activity can have positive and negative effects on residents’ quality of life. The TWSTIR framework is developed to discuss the relationships of tourist walkability, triple bottom line concept and residents’ quality of life within the sustainable community-based tourism scope. The SCBTS model is presented for tourism policymakers and entrepreneurs to perform appropriate strategy for the tourist walkability activity and investment in the accompanying infrastructure.

Research on the Impact of Corporate Social Responsibility on Sustainable Performance: A Multi-dimensional Balance Perspective

ABSTRACT Corporate social responsibility (CSR) emphasizes the coexistence between enterprises and stakeholders so as to achieve the coordinated development of economy, society and environment. Based on the concept of CSR and triple bottom line, this article innovatively puts forward the concept of triple performance balance, which refers to the coordinated development level of corporate economic, social and environmental performance, and tests the impact of CSR fulfillment on corporate balance development. In order to examine the comprehensive balance consequences of CSR, this paper takes Chinese listed companies as samples, and the method of coefficient of variation, ordinary least squares regression as well as grouping test are employed. The results shown that CSR is conductive to the balance development of corporate triple performance, and the attributes of state-owned enterprises and mature period enterprises are beneficial to exerting the positive role of CSR on balance performance. Finally, this research emphasizes the balanced view of corporate responsibility to realize the harmonious and sustainable development of enterprise and society.

Exploring the impact of ecological dimension on municipal investment: empirical evidence from Russia

<abstract> <p>Investment has a crucial impact on the economic development of territories. Traditionally, scholars studied many factors influencing investment (cost of interest rate, labor productivity, GDP growth, financial firm's performance). At present, the existing body of literature demonstrates the shift of factors related to territorial investment attractiveness. Besides economic dimension, the ecological and social matters take key stages (the ESG concept and the triple bottom line concept). Our study is aimed at exploring the relationship between investment at municipal level and ecological factors, considering regional specifics and settlement patterns in Russia. We applied hierarchical (multilevel) modeling with spatial effects to accomplish a twofold goal: to estimate what share of investment variance attributed to municipal and regional scale; to distinguish between spatial error at regional level and influence of average investment in neighboring municipalities at municipal level. Our findings show that 32% total investment variance accounted for regional scale; investment is positively associated with population, production per capita and the ratio of circulating water and sequentially used water to used fresh water. The results of this paper could be useful in developing policy for attracting investment at regional and municipal levels. Given vast national territories, a variety of different regions and heterogeneous settlement patterns, our study lays an initial ground of assessing environmental impact on investment in Russia.</p> </abstract>