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What Are the Dimensions of Egsee That Were Discussed in the Journal Articles?

By:   •  May 17, 2016  •  Study Guide  •  1,152 Words (5 Pages)  •  1,508 Views

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  1. What are the issues being discussed in the journal articles?

            The issue that being discussed are about how to develop non-financial risk management, emphasizing the need for managing environmental and social issues which can help to enhance corporate sustainability. The benefits, opportunities, and challenges related to the non-financial risk management are discussed in the article on the implications.

  1. What are the dimensions of EGSEE that were discussed in the journal articles?

Environment and social issues are the dimensions of EGSEE that were discussed in the journal article. The article described the environment and social are among the point in non-financial management which related to corporate sustainability.        

From the perspective of sustainable development, non-financial risk management is the main benefit that it can include a wider range of sustainable development issues, environmental risks, and social risks into the company's board of directors are not just the environmental management capacity. In addition, such a framework could include risks associated with the probability of these emerging computing to the company's operating system, without which progress will be lethargic at best (Bowden et al., 2001;Alijoyo, 2002;Epstein, 2008;Lundgren and McMackin, 2004;Chester and Woofter, 2005;Koller, 2007). 

In the past, improve environmental conditions and social conditions within the company and improve workers' use is considered to be a social cost (Frankental, 2001); debate can be done now that the company will build a good reputation, improve financial performance and seek competitive advantage through non-financial risk management. It is important to recognize that this incorporation of environmental and social aspects into business also creates risks (Anderson and Anderson, 2009;Bischoff, 2008;Epstein, 2008;Galea, 2009).

Other more intangible and unpredictable and environmental and social issues and other factors get less concern, as is definite scientific evidence or quantification may be insufficient, or because the probability of occurrence is difficult to estimate accurately (Busch and Hoffmann, 2007). Non-financial risk management is a necessary measure of any business (Welford, 1999;UNEP, 2003;Spedding and Rose, 2008;Anderson and Anderson, 2009). Society increasingly demanding large multinational companies to improve their performance in terms of human rights, the environment, labor standards and other governance issues (Schwartz and Gibb, 1999;Welford, 1999;Welford, 2000;Solomon and Darby, 2005;Sapountzaki, 2007;Spedding and Rose, 2008). Failed to address the environmental and social consequences of their business operations may result in a significant risk to the sustainable development of enterprises (Epstein, 2008;Galea, 2009). 

Moreover, Wally and Whitehead (1994) apply in the business regulatory environment and other related social problems, which can reduce risk costs, increase overall revenue to be construed as the advantages to maximize profits (Knox Maklan, 2004). Other (Potter, 1985; Shrivastava, 1995 Nian; Bonifant et al., 1995; Garrod and Chadwick, 1996) apart from that to improve the bottom line, management of the environment and social issues are the main benefits of improving the company's competitiveness. As reflected in the non-financial risk management tools to implement the earlier section, the benefits of such a system is by reducing costs and differentiation strategies to gain competitive advantage (Porter, 1985). 

The system is also preferred because of the complex interactions between the areas such as environment and cannot be solved by another method of the social environment (Wood, 1991;Shrivastava, 1995b;Gough, 1997;Mehta, 1997;Welford, 1997b;Etherton, 2007;Spedding and Rose, 2008). Non-financial risk management provides all the potential adverse effects of a consistent framework for analysis and this allows different aspects of the activity can be compared on a common basis (UNEP, 2003). Different type of non-financial risks allows various the company of information included, such as social, cultural, economic, ecological and technical, which is essential for business competitiveness and sustainable development, although between the competitiveness of enterprises in close contact criticism environmental management and social issues has been drawn by others (Wagner et al., 2002).

  1. How are the findings applicable to the current practice of sustainability reporting?

Some of the findings include environmental and social concerns that usually being deemed as intangible issues which need to be properly articulated and managed by an effective non-financial risk management system for enhancing corporate sustainability.

 According to the articles, there is also a finding that links could be drawn via different interpretations of sustainability for highlighting the significance of non-financial risk management and corporate sustainability. The incorporation of different types of non-financial risks allows various information to be included, such as social, cultural, ecological and technical, that essential for the business to be competitive and sustainable, although criticism on the strong linkage between corporate competitiveness and the management of environmental and social issues has been drawn by others.

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