ABSTRACT
The purposes of the business
activities is making profit and make the entity value grow from time to
time. But, business entity trapped to
make profit and value grow at all cost. Labor
exploitation, ignore the externalities to environment, event sacrifice the
customer. The Triple Bottom Line concept
(People, Planet, and Profit) from Elkington (1997) is different and because
propose a holistic concept of business.
First, business entity should pay
attention to empowering people like employee, customer, and community to keep
the going concern. If the people and
community educated they will be loyal customer to the entity. Educated employee will worked with high
motivation to produce good product.
Educated customer will be loyal customer because they know the quality
of the product and entity. The community
will be enjoy with the entity because the entity pay attention and taking care
to them.
Second, the business entity should take
care about the environment issues. The
entity should Keep the nature in the good condition and keep the environment
secure to ensure their going concern.
Natural resources like water, energy, and raw materials should keep in
the good condition to ensure the long term operational of the entity. Minimize the externalities like garbage and
pollution make the people live in the good condition and enjoy consume the
entity’s product.
Third, if the business entity have
educated and loyal consumers, taking care the community, pay attention to the
environmental issues, and produced high quality product, sales will be high,
profit will be high, and the value of the entity will be grow also. So, the profit and the value of the entity
are not just from operational
matter only but from the responsibility to the people and planet.
The long term profit, value growth,
and going concern of the entity are the purpose of the Triple Bottom Line
Concept. The Stakeholder Theory and the
Legitimacy Theory are the basis theory of the Triple Bottom Line Concept.
Keywords: Triple Bottom Line, Going Concern, Value Growth, People and Planet Before
Profit, Stakeholders Theory, Legitimacy Theory
INTRODUCTION
The
environmental issues became the important agenda in the international forum
since 1972. After the International
Conferrence on the Human Environment
in Stockholm, Sweden and Earth Summit in Rio De Janiero, Brazil 1992,
international community make sure that environmental issues are international
responsibility. Environmental conservation issue,
developmental activity issue, and social issue are influenced one another.
Sustainable
development ensures
economic activities, environmental conservation, and social empowerment running
together (Nuraini, 2010). People,
Planet, and Profit from the Tipple Bottom Line is the concept that ensure the
sustainable business should pay attention to the community empowerment to
create the prosperity, environmental conservation keep the natural resources in
the good condition, and making long term profit for growth of value of the
entity.
Gray,
el al., (1995) stated that social and
environmental responsibility are business entity responsibility, to ensure the
accountable to all stakeholders, The
social responsibility and environmental responsibility report should embedded
to the yearly report of the entity. The comprehensive
report will bring the legitimating to the entity about social and environmental
activities. The legitimation ensures the
support from community and makes the going concern of the entity created.
Prior,
et al., (2008) stated that social and
environmental responsibility performance
in the yearly report
can be the insurance for the management in front of stockholders. Social
and
environmental
performance can be another appraisal beside the financial or profit
performance. The management have more
information from stakeholders and use it for their benefit, as the Agency
Theory stated.
The Tipple Bottom Line Concept
Elkington
(1997) stated that Triple Bottom Line in the principal bases of the Corporate
Social Responsibility. The three
purposes are one purpose of the entity.
1.
People
People and community are the
stakeholders of the entity. Entity
should pay attention to the prosperity of the people and community to ensure
the going concern of the entity. Educate
and empower the people and community will make the long term commitment and
good relationship with the entity.
Educate and empower the people and community are a long term investment
to ensure the long term life and going concern of the entity.
2.
Planet
Environmental is the habitat
and resources of the entity. Nature conservation will ensure the
natural resources (energy, water, etc.) available for long term. Minimize the externalities (garbage and
pollution) ensure clean and safe habitat for people and entity.
3.
Profit
Profit is the main purpose of the
entitiy or business activities. Profit
is the extended wealth to keep the long term activity of entity, to ensure the
going concern of the entity.
Triple Bottom Line (People, Planet,
and Profit) is important for entity.
Triple Bottom Line ensure long term life or going concern of the
entity. The comprehensive and holistic
peformances that entity should preformed.
THE BASIC THEORY OF TRIPLE BOTTOM LINE
Stakeholders
Theory
The social responsibility concept
established since 1970, known as the stakeholder theory. The theory are talking about the values and
practices about stakeholders. Values,
concepts, rules, implementation, and commitment that contribute to the
prosperity for stakeholders and sustainable development. The stakeholder theory is the important part
of the business or entity activities (Freeman, et al., 2014).
Ghozali & Chariri (2007) stated
that the stakeholders theory mean that entity is not operational just for their
benefit. The entity should make benefit
for stakeholders like employees, creditor, supplier, customer, government,
community, and many else. The entity
going concern influenced by the support from the stakeholders. Deegan (204) stated that stakeholders theory
are a theory that ensure all stakeholders have right to know the information
about the operational of the entity for the decision usefulness. The stakeholders can choose to use the
information for their decision in the entity.
Budimanta, et al., (2008) stated there are two kind of the stakeholders
approaches, the old corporate relation and new corporate relation. The old corporate relations concentrate to
the form of entity activities, the separated form of entity activities,
internal and external. The relationship
among the internal and external are short time and transactional only. There is no long term relationship and no
joint benefit, conflict among internal dan external entity happened. The new corporate relation make collaboration
among the stakeholders. Entity is not
separated from social system, entity is part of social
system. The relationship among
stakeholders builds from the togetherness, partnership, collaboration, and
benefit for all. Entity did not gain
wealth for their own but build the quality of life of stakeholders.
Tunggal (2008) stated that stakeholders
theory can be explain in the 3 approaches.
1.
Descriptive approach
The
stakeholder theory descripts the reality about the operational of the
entity. The purpose of the stakeholder
theory is to understand the stakeholders need and interest. Managers should performance for stakeholders
not just for shareholders.
2.
Instrumental approach
The
stakeholder theory stated that the management’s strategy for high performance
is pay attention to the stakehoder’s
interest. Lawrence & Weber (2008)
descript that 450 entities that committed to the
stakeholders have a high financial performance.
The instrumental approach purposed is to study the consequences of
relationship among entity and their stakeholders also relationship
among the corporate governance and multi stakeholders relationship governance.
3.
Normative approach
The
stakeholders theory stated that every people and community already giving their
contribution to the value of the firm.
Firm of entity should give back rewards to the stakeholders. The normative approach purposed are identify
the moral or philosophy rule with the entity activities,
So, the stakeholder
theory is a theory that concern to the need and interest of the stakeholders
that influenced the entity’s strategy.
Stakeholders are part of the entity that influenced the uses of
resources in the entity’s activities.
The stakeholder strategy is not
for financial performance but for social performance also. The corporate social responsibility (CSR) is
the strategy to fulfill the need and interest of stakeholders. The disclosure of social (CSR) performance is
to satisfy the stakeholders and bring support to the entity activities to make
higher performance for entity. The
stakeholders theory stated that entity is not perform just for their selves but perform for all
stakeholders. Freeman (1984) stated that
stakeholders (individual and group) affect to the entity’s purposes. .
Roberts (1992) stated
that stakeholders influenced the entity, direct or indirect way. The development of the stakeholder concept
are three stages (entity planning, business planning, and CSR). The disclosure of the social and
environmental performance is part of the communication among the entity and the
stakeholders. So, when stakeholders
control the economic
resources, entity should find the way to satisfy the stakeholder’s need and
interest.
Gray, et al., (1995) stated that the going
concern of an entity depend on the support of the stakeholders. Support from stakeholders should build to
make entity’s performance
high. The stakeholders theory explicitly
consider to the impact of entity performance disclosure to the stakeholder. The information disclosure is a tool for
management to control the information for the stakeholders. Thus,
management should to disclose the social and environmental performance to gain
support from the stakeholders to gain the going concern.
Ghozali & Chariri
(2007) stated that the stakeholder controlled the uses of economic resources of
an entity. The stakeholder influenced by
the power of the control to the economic resources. The control
to the capital resources, human resources, access to media, will be influenced
the ability of the entity to create profit.
So, the entity’s performance influenced by the support of the entity’s
stakeholders
The
Agency Theory
The agency theory is explaining the conflict of
interest between agent or management and principal or shareholders. The separation among the principle and agent
create a conflict, the agency theory arise to cope and manage the conflict in
the agency relationship. The agency
theory says when principal give the mandate to agent, principle delegate the authority
to make decision to agent. In the agency
contract, agent should make benefit to the principal’s prosperity (Jensen &
Meckling, 1976)
Principal want to know the
agent’s activity information about investment
or fund in the company. The principal
ask the responsibility reporting from agent.
The principal use the report for agent’s performance appraisal. But agent tends to make the report well. Agent use the report to make benefit for
their selves
like maximize the profit or other earnings management. The action makes the wrong economics decision.
Gray et al., (1995) stated
that corporate social and environmental disclosure (CSED) is a signal to distract
the shareholders from the earnings management or other issues that impact the
share price. But the disclosure of
social and environmental performance gives accurate information about risk to
the investors. So, when agent does
earnings management they will disclose the social and environmental report very
well.
Legitimacy Theory
The legitimacy theory came from organization
legitimating from Dowling & Pfeffer (1975). The legitimacy theory stated that legitimacy
is a condition or status when entity value system congruence with the community
values system.
When the differences arise, potentially or manifest, will be influence
to the entity. O’Donovan (2002) stated
that legitimacy is an idea to ensure the success of an entity when the entity
value and operation inline whit the community value. Deegan (2004) stated legitimacy theory is a
theory about entity going concern. Entity value should harmonize with the
community value and voluntary disclose and share their performance to
community.
Ghosali
& Chariri (2007) stated that the basis of the legitimacy theory is social
contract among the entity and community in the operational area and uses of
economic resources. Every entity should have
a real contract with community to operate in line with the community
value. If the entity operates in line with
the value the community will support the operational of the entity. Ahmad, et al., (2004) stated that the social
and environmental report is the
mechanism tool to communicate among the entity and community also as the
entity’s legitimacy mechanism. Disclose the social and environmental report
is the way to synchronize the entity value and activities to the value of the
community. Entity should disclose the
social and environmental reporting for the positive reaction from community and
stakeholders for the entity legitimacy.
Saidi (2004) stated that
entity should disclose the social and environmental performance reporting to
get the benefit in the future.
O’Donovan (2002) stated
that legitimacy theory as the idea
that in order for an organization to continue operating successfully, it must
act in a manner that society deems socially acceptable. Barkemeyer
(2007) stated that legitimacy is
sought by organizations as
it affects understanding and actions of people towards the organization. People
perceive a legitimate organisation as more trustworthy. Organizational
legitimacy is a generalized perception or assumption that the actions of an
entity are desirable, proper, or appropriate within some socially constructed
system of norms, values, beliefs, and definitions.
Legitimacy is action or
activitiies inline with community value, norms, ethics, and laws. Ghozali & Chariri stated that one of many
motive of social and environmental disclosure is the legitimating of the entity
operational. Legitimacy is the legality expression
of the entity from community. O’Donovan
(2002) stated that organization legitimating is one of the benefit and
potential resource for the entity to survive and going concern. Organization legitimating is legalization
from community to entity. The existency of an entity
influenced by the legitimacy from the community.
Gray, et al., (1995) stated
that entity will survive and going concern when their operational dan value in line with the community
value. The legitimacy theory stated that
entity activities and values should be in line with the community
values. The entity top management should
make the entity operational and values in line
with public values and stakeholder interest.
Ahmad & Sulaiman (2014)
stated that legitimacy theory based on the social contrat among entity and
community. Entity needs legitimacy from community
for going concern. Gray, et al., (1996)
stated that legitimacy theory based on the going concern of the entity founded
from the congruence value of entity and community. Entity discloses their report not only financial
performance but social and environmental performance also. The report describes the position of the entity
among the community. The investor needs
the information to make their investment
decision.
Ghozali & Chariri
(2007) stated that legitimacy theory is important to analyzed entity
behavior. Legitimacy theory has comprehensive perspective
of entity’s performance disclosure, social, environment, and financial
performance. Reverte (2008) stated that
legitimacy theory explicitly describe that business should have social contract
to ensure the support from the community for their going concern. Lindblom (1994) stated that legitimacy theory
ensure the congruence of the entity and community. Conflict among entity and community value
will threatening the entity’ s going concern.
So, the social and environmental report disclosure is legitimacy for entity that their
activities are
supported by the community.
Hasibuan (2001) stated that
pracitices of corporate social and environmental disclosure (CSED) is effort
from entity to fulfill the expectation of the community. Corporate social and environmental responsibility
rises up the relationship among entity and their stakeholders (shareholders,
supplier, creditor, etc.). Social and
environmental performances
have positive relationship with financial performance. So, the social and environmental disclosure
is a communication mechanism of entity to their stakeholders.
Gray et al., (1995) stated
that social and environmental disclosures are part of financial
disclosure. Social and environmental
disclosures ensure the entity’s reputation especially relations with the
community. Legitimacy theory describes the relation mechanism
social and environmental performance with corporate governance and
profitability. The legitimacy from community will
increase the entity’s governance and profitability.
CORPORATE SOCIAL AND
ENVIRONMENTAL RESPONSIBILITY
Triple Bottom Line
Elkington (1997) stated the
concept of the triple bottom line in term social justice, environmental
quality, and economic prosperity or people and planet before profit or 3P. The going concern of corporate depends on the
3P. Before corporate earn the profit,
they should actively contributing
to the community prosperity and actively support the environmental
conservation.
Wibisono (2007) stated the
aspects of the triple bottom line:
1. Profit
Profit is the most important thing for
the corporate. The main focus of the corporate
activities is earn profit to increase the stock price. Profit is the adding of corporate income to
ensure the going concern. The activities
to leverage the profit are productivity
(effective) and cost efficiency to ensure the corporate competitive advantage
and create the maximum value added.
2. People
Community around the corporate is one
of the stakeholders, so corporate should give them attention. Support from community is needed, because
make the activities run well and ensure the corporate going concern. Corporate should create many activities to
fulfill the community’s need like community development and other social
programs. So, corporate going concern influenced
by the corporate social responsibility.
3. Planet
Corporate should pay attention to the environmental
issue. The environmental conservation
ensure the corporate going concern, because it’s make sure the natural
resources enough for long time. The
corporate environmental responsibility also minimize the externalities of
corporate activities to prevent from sue against the environmental protection
law. The disclosure of corporate
environmental responsibility is communication mechanism from corporate to the
stakeholders about the corporate attention
about the environmental issues.
Concept and Definition of the
Corporate Social and Environmental Responsibility
Siregar
(2010) stated that Global Reporting Initiative (GRI) corporate social and
environmental responsibility as corporate
social reporting/sustainability reporting is a process for publicly disclosing an organization’s economic,
environmental, and social performance. World Bank (2003) stated as the commitment of business to contribute to
sustainable economic development, working with employees, their families, the
local community and society at large to improve their quality of life. Untung (2008) stated as corporate
commitment to contribute in sustainable economic development with the balance
of economic, social, and environmental aspect,
Corporate social and
environmental responsibility should make sure the balance of economic, social, and environmental aspects. Corporate social responsibility (CSR),
corporate environmental responsibility (CER), and corporate financial responsibility
(CFR) cannot separated. Wineberg (2004)
stated that corporate social responsibility (CSR) is corporate contribution to
the social investment, philanthropy programs, and obligation to public
services. European Commission (2001) stated
CSR as a concept where by companies
integrate social and environmental concerns in their business operations and in
their interaction with their stakeholders on a voluntary basis. CSR Asia (2008) stated CSR is a company’s commitment to operating
in an economically, socially and environmentally sustainable manner whilst
balancing the interests of diverse stakeholders. Heals (2004) stated that goals of CSR
and CER are responsibilities of corporate to cope the social and environmental
externalities from the corporate activities and to ensure the corporate going
concern.
CSR
is corporate commitment in the 3 elements: economic, social, and
environmental. CSR ensure that corporate
going concern depend on the relationship
among corporate and community and other stakeholders. In line
with legitimacy theory that stated company has
social contract with community to ensure the conqruences
among corporate activities with the community values and justice value. Haniffa and Cooke (2005) stated that conflict among corporate activities and values with the
community and justice values influenced the corporate going concern because
lost of the legitimacy.
CSR and CER are the
corporate responsibility to the social and environmental issues, the corporate
concern to the public issues. CSR and
CER are corporate commitment to responsible on externalities of corporate
activities with or without regulation.
Corporate should operate with ethics and morality principles, make sure
benefit and prosperity for all.
Corporate Social and
Environmental Disclosures
Suwardjono (2005) stated
that disclosure is important part of the financial reporting. Disclosure is the lass step of accounting
process to present the information in the form of financial report. Hendriksen (1991) stated that disclosure is
presentation of information to ensure the optimal operation of capital
market. Ghozali and Chariri (2007)
stated that disclosure is information and explanation of financial report to
describe the activities of an entity.
Suwardjomo (2005) stated
that disclosure as information presentation should serve all stakeholders with
many interest. Chrismawati (2007) stated
that Security Exchange Committee (SEC)
demands more disclosure because financial report have social and public
aspect. The disclosure of financial
report is not financial reporting only but quantitative and qualitative information also, mandatory and voluntary.
Anggraeni (2006) stated
that corporate sholud disclose about the good corporate governance. The corporate should disclose the social and
environmental responsibility. Community
needs the
information about the corporate social and environmental performance to ensure
the corporate concern and attention
to the public issues. Nurlaela and
Islahuddin (2008) stated that social and environmental responsibility
disclosure is important for employee prosperity and justice and for consumer
safety when consume the corporate product.
Event the corporate social and
environmental responsibility reporting are voluntary, unaudited, and
unregulated, the information from the report is very important to the
stakeholder. The information is about
the corporate atention to
the public issues and long term perspective. Corporate social and environmental responsibility
makes sure that corporate concern to the community value and justice value to
ensure the corporate going concern.
CONCLUSION
The triple bottom line show
that corporate should be pay atention to multiple aspects, not single aspect,
financial only. Corporate should pay
attention and concern to the social aspect and environmental aspect first
before earn the profit. Corporate should
concern to all stakeholder prosperity before corporate prosperity itself. Triple bottom line is the long term
perspective, not short term perspective.
Corporate should not make profit only without concerning the going
concern. To ensure the going concern,
corporate activities and values should conqruence
to the community values and common justice values. Corporate should minimize and cope the
externalities of their activities to
ensure that social and environmental safe and conserve for long time.
Stakeholders and regulators demanding the disclosure
of the corporate
performance report not financial report only.
The triple bottom line performance or sustainable report, corporate social
performance, corporate environmental performance, and corporate financial
performance became the mandatory report.
Stakeholder needs
the comprehensive report as information to make economic decision. The information that guarantees entity going
concern is the most important information.
Triple bottom line or sustainable report is the only comprehensive and
long term perspective report. Thus,
corporate should disclose their triple bottom line or sustainable report to
ensure stakeholder
attention to the corporate.
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