Sunday, October 13, 2019
The Importance Of Going Green
The Importance Of Going Green A definition of green management according to is the process within an organisation of applying innovation in order to achieve sustainability, waste reduction, social responsibility and a competitive advantage by the aids of continuous learning and development. Organisations shall be doing such developments, by implementing environmental goals and strategies which match the goals and strategies of the organization. This will therefore help the organization to stay focused to its mission and vision. Nowadays, it is found that companies advertise their products by promoting their environmentally friendly behaviour. It does not matter whether it is on TV or on banner; the message of go green is almost always used. But why green? Green is not simply a color. Going green is a way of making changes in the lifestyle of some organizations as well as the society also. This implies bringing in some changes which are friendlier towards the environment. It is to note that the mere truth while doing every simple thing impacting on the planet good or bad, an individual has all the right to make choices, thus the later can control the impact generated. (Team Treehugger, HTGG, 2007) 2.1.1 Importance of going green Moreover, another main thing is the importance of going green. Not many organisations have realized the importance that going green can have on their business. Firstly, adopting green management system means that it will be here forever. Other forms of energy are all finite, but green system will never be depleted. The renewable source of energy will always be here to keep the human needs ongoing. Secondly, by using green materials and workmanship it helps to keep the environment safe as compared to the energy imports which is quite costly. It has been therefore proved that in the United States, green technologies have been able to provide a boost to the economy`s trade deficit. Thirdly, going green will surely benefits the company in terms of its savings. Paying bills online means less money when companies go paperless, it is also a form of savings in terms of postages and paper costs. Hence both the individual and the businesses benefit from the green initiative. Similarly, if you use compact fluorescent light (CFLs) bulbs, you are like to save money on each bulb you purchase. According to Energy Star, replacing a fluorescent bulb you with an incandescent bulb consumes 75 percent less energy. Thus, if you replace a 100-watt incandescent bulb with a 25-watt CFL, you will save over $100 per year, based on U.S. Department of Energy figures. (Chris Dinesen Rogers, 2010) According to (Chris Dinesen Rogers 2010) going green can be beneficial to economic growth. Following the National Recycling Coalition, the recycling industry employing over 1 million people and generating approximately $200 billion in annual revenues is extremely good for the economy. It is also stated that that When you recycle, you are contributing to the sustained growth of the economy. In addition to the above, while using recyclable or organic products implies that toxic materials are removed from the production process hence it can be considered as an environmentally-friendly activity. This explains why organisations must reduce their disposal rates, because the more they dispose of, the more valuable and costly materials are being wasted, as well as producing more greenhouse gases as these landfills decompose. (Green Energy Choice 2013) Going green also means a more sustainable world. According to an article published on (All-recycling-facts.com 2009-2012) the rate at which we are utilizing the world`s resources and deteriorating the globe with several kind of pollution could be very disastrous. A result of these dreadful action is leading to the destruction of the earth`s ecosystem which implies that, we will soon be left with no clean air, water, land and food. It is also stated that the day we reach such a stage, there would be nothing which will be able to save us or even nothing to talk about. Our very lives would be threatened since there will be an atmosphere of impure air, undrinkable water, unhygienic food and probably nothing to save us from the ruthless climate change. Hence, it is primordial that each and every one of us contributes equally as a human community towards a greener environment and promotes green behaviour as something which others must follow. Following the competitive market in companies operates; organisations found it necessary to go divert their production towards greener products since consumers are becoming far more aware of green products are ready to move to competitors. The fact that a company uses a product which has already been used simply reduces the cost of production while at the same time reducing the needs for power as the company is consuming less energy. (Madhurjya Bhattacharyya 2011) also pointed out the fact that the Bank of America now uses much less paper as a result of which has lead to an increase in its customers. The bank also recycles paper internally and gives cash back offer facilities to employees up to a certain limit if ever they decide to buy hybrid vehicles in other words ecological vehicles. Few are those who moved from being traditional, but successful are those who took the risk and implemented the new green management system. Furthermore, with the evolution of the technologies, companies have begun to adopt the EMS approach. This can be referred to as Environmental Management System. This approach helps in gathering information, formulating goals, making the right choices while at the same time improving performance. In other words, EMS is a broader version of quality programs to managing the environment. Hence over the past decades, increasing number of companies has initiated new strategies to integrate the environment into their business strategy so as to improve both their environmental and business performance (Porter 1991; Smart 1992; Porter and van der Linde 1995a, 1955b; Hart and Ahuja 1994). To set the ball rolling on, while some managers are investing in the environment and this is most welcomed by the society, others will have to derive ideas about how to identify circumstances which will be favoring both the public benefits and corporate benefits. Some may want just the ISO 14001 label on their product while simultaneously for some other firms better utilizing their resources may be beneficial to the environment as a whole. All this gave rise to competitive advantage between firms. In the 1990s there was a big debate in the field of Business and Environment about whether it pays to be green. According to the following strategies put forward; free lunch, double dividend and win-win hypothesis, chances for businesses to be profitable in the environmental investments is uprising. However on the other hand, Reinhardt (1998) argued that, the question is not whether companies will be able to do it, but it was about the time factor, that is, when the companies will be able t o implement such strategies and when they will begin to benefit from such investments. 2.1.2 Porter`s Strategies Similarly, Michael Porter identified two different types of competitive advantage generated by firms in 1980; Low cost and differentiation. According to Porter, selling products or services with the lowest costs in the industry would be beneficial to the company in terms of competitive advantage. Hence the firm will be selling its product either at the price prevailing in the industry in order to earn higher profits than that of rival or adopting a price which is below the average price in the industry so as to gain in terms of market share. Such a situation is called a price war among firms in the same industry. During such a situation, a firm can maintain its profitability level to the detriment of its competitive edge on the market. However, it is to note that even if there is no such price war, as the industry grows older, price will decline as a result of which; the firm producing at the lowest cost will remain profitable for a longer time period. The differentiation strategy is when the organisation develops a particular product which offers unique attributes that are valued by consumers and the same product is seen differently from the products of the competitors. According to Porter (1985: 13), a cost leader cannot ignore differentiation. This means that differentiation is as important as lowering the cost of production. Similarly, Levitt (1980) pointed out that everything can be differentiated even a commodity. He says this can be applied for industries dealing in primary metals, grains, chemicals, plastics, and money also. However, Peters and Austin (1985: 61) did not totally agree on this theory. They argued that if we put the label of commodity on a product it becomes a self-fulfilling prophecy. Buzzell and Gale (1987: 113) supported this idea with their argument: if you think of your product/service offering as a commodity, thats what it will bea commodity. 2.1.3 Spending Green With regard to green marketing in practice, the health report are somewhat uncertain. A surge in products and services claiming more or less legitimate claims to environmental friendliness was noted in the 1990s, when a significant proportion of consumer advertising campaigns in many countries contained messages related to the environment (Banerjee et al., 1995; Carlson et al., 1993) Today, however, observation suggests a decline in green claims for mainstream products. In some developed countries, this has at least resulted in a correspondingly less widespread occurrence of vague claims related to doubtful green product attributes, meaning that consumers are now more aware about green products. Consecutively, it is found that when it comes to green consumption, women are doing their part of responsibility when making purchases (i.e.) they are making much more green purchases than men do. While doing so, they also promote their products and services to be environmentally-friendly. Following a study on the purchasing habits of consumers, it was found that women are more environmentally-conscious when it comes to decision making in business that their male counterparts. Women clearly disagreed on the fact that some business owners still believe that promoting their products and services as being environmentally-friendly has little impact on consumers buying habits. It even goes further when Dr. Myra Hart, reported that environmental friendliness was ranked in the top three factors by women business owners, influencing consumer purchasing decision of consumers. It was ranked just below quality (98%) and price (85%) and finally cited environmental friendliness as a moderate infl uencer (76%). As a result of this study, it showed that consumers do take into consideration the environmental factor when making purchases either for them or their business (Lahle Wolfe 2013) Likewise, it is quite obvious that cannot consume the same thing for a long period of time. Consumers always tend to move to other new products and sometimes their behaviour are affected by means of advertising or even their past experience they had with a particular product. By consuming more of less environmentally harmful products and services, consumers can bring in positive changes and therefore lessen the impacts on Earth. Consumers don`t realise, but they have enormous power to improve the world. While on one hand, consumers are advised to consume less in order to protect the environment, on the other hand the money saved can be utilized in order to advance the green economy. Green shopping can be termed as a situation where consumers normally spend money on products that are less harmful towards the environment which is likely to build a more sustainable world. Small changes in consumer behaviour like adopting products that comes with less packaging and those which are made w ith plastics can improve the green economy. Hence, the spending pattern of consumers will determine the type of world they will create in the future. (Richard Matthews 2012) In addition to the above, according to (Debra Atlas 2013) 71% of consumer consider the welfare of the environment when they shop. He also claimed that green thinking has been increased among consumers minds. Environmental concerns are now becoming important to firms also since they have the opportunity to develop their green products demanded by consumers and therefore position their company on the market as a being a green company. This will also help the firm in terms of competitive advantage and increased performance. (Singh 2010) Following globalization, consumers now have access to information which raise their awareness about the manufacturing processes of the products and this made them seek green products. (Hailes 2007) For example; consumers may be interested in the green attributes (whether the product is recyclable, biodegradable, etc) of a product as well as the manufacturing process (whether environmental norms have been respected during the process). (Singh 2008) Practically, with the new trend of green management, consumers are willing even more to spend greener. This means that consumers tend to behave more positive towards the sustainability of the environment than the green movement. In other words, the green products will gradually replace the traditional power products because of their environmental benefits. This is likely to be a successful venture because according to (Wiser 1998) consumers are willing to pay for green products. As a result of this, it will generate a new market for renewable energy products. Hence, this may help to put forward green marketing as a successful tool in the energy market. However, sometimes it not about meeting the consumers expectation; businesses have to surpass the expectations to meet quality products demanded by consumers (Gupta Lehman, 2002; Blackwell et al., 2001; Naumann et al., 2001; Foreman, 2000). Another option which may help the company to build a relationship with its customers` is to create a strong brand image so that it the purchaser decision will rely more on perceptions than on reality. (Vrontiss Thrassou, 2007) This also helped organizations to realise the fact that they have to shape the perceptions of consumer in regard to their products by making use of every marketing communication tools at their disposal. This has therefore led to a situation where consumers were overflowed with adverts and became unresponsive over a period of time. As a result of this, the job of producers to influence the mind of the consumers became much harder and needed extra effort. (Blackwell et al., 2006) Hence it can be said that consumer decision m aking is therefore based on information processing (Johnson Puto, 1987) Also, when it comes to accountability, Robins (2008) points out that a company must be ready to accept its responsibility for its operations and their impact on society and natural environment. Companies should work for welfare of the society as a whole and therefore towards a greener world. Similarly, (Sirsly, 2008) recommended that Corporate Social Responsibility is not always generating the monetary and economic value for the firms, but it help firms to differentiate among themselves. When a third party endorsed its corporate efforts, the reputation of a firm is reinforced in the eyes of both market and non-market stakeholders Sirsly and Lametrz(2008). Eventually, Karna et al. (2003) argued that environmental issues were all in the hands of the government. Hence marketing strategies along with government aids can help to build strong green marketing campaign and therefore helps to protect the environment in better and efficient way. If a firm is introducing a highly differentiated product, it is maximizing the stockholders returns and effectively using environmental strategy. A firm engaged in the cause related marketing because of its long term benefits i.e. to attract and retain consumer for longer period of time. In such type of marketing activity, consumers are emotionally motivate to take part and because they wanted to feel different from other members of society or in their groups Ottman (1993, p.91). 2.1.4 The Cost Factor While going green, several factors influencing the financial aspect of the project should be taken into consideration; one of the most important one is the energy cost. It is found that over time, energy costs usually change and thus it becomes difficult to reap profit from the investment. It is assumed that if the energy costs are low, then the cost benefit of implementing the green system will be low too, but on the contrary assuming fluctuations in the economy, the energy costs might increase which will result in striking payback in the future. For example; the cost of buying a hybrid car may be as the same as a normal car for a long term basis assuming a constant price of gas, but suppose the price of gas experience an increase in the future, then the hybrid car will help one to save much more money than expected. (Gregory Hamel, 1999; 2013) Besides, (Rebecca Lake, 2010) pointed out the fact that several practices and behaviours of going green slogan are all motives of saving money, but still there are still ways while adopting green living can be from moderate to very expensive. It is found that, the technology associated with green living is not beneficial to the environment but often at a much higher cost than their traditional counterparts. For instance: let`s consider the installation of solar panel. It can be very useful in saving money on a long term basis, but at the same time it may cost thousands of dollars to install the equipment. Energy saving appliances is normally to be used so as to save water and energy, but they usually come in a high priced package which sometimes is very costly to organisations. Similarly, eating organic food is another to go green, but in order to get these; one has to pay a significant price unless you decide to grow your own food. Basically, (Chris Joseph, 2013) put forward the fact that when companies implement environmental norms within the organisation, it always ends in costlier products. This implies the switch from the traditional way of production to producing green products which can lead to expensive products to the consumers. It can affect the organisation`s source of revenue if it is operating in developing country, since consumers in developing country have less buying power compared to those in developed country. Similarly, according to Jon Kaplan who owns a Greenworks Cabinetry in Florida manufactures eco-friendly furniture products. Since he has to get most of his materials from the West-Coast and Asian countries too, his products cost much more on the market. This means that he has to sell his products at higher prices which may lead to a situation where consumers will obviously shift to competitors. As a whole, while companies decide to go green, many consumers would like to see the organisation actively doing things so as to prevent the depletion of natural resources. Going green does not happens in a matter of minutes, it is a whole process and it involves huge costs which is not always effective for the company. (Admin, 2013), stated that deciding on whether being environmentally responsible or the level of spending is more will be crucial. If ever the spending out way the desire to be eco-friendly, then it will not be a successful project. Problems may pop up on the side of suppliers also. The company will now need to find new suppliers who will be providing materials on time; else significant losses will be incurred by the company. Producing the same quality of finish product will be primordial for the organisation in order to maintain its image on the market failure to do so will be disastrous. Similarly, implementing the green system within the company will mean; trainin g the employees. Employees will have to be trained to deal with the new approach and different method of work. Training may be costly and at the same time lowering productivity while employees are at their training session. 2.2 Supply Chain Management Supply chain management was views years ago, as the process of converting raw materials to finished products and finally delivered to the end-user (Bearmon, 1999). This process can therefore be defined as the extraction and exploitation of the natural resources gifted by the nature (Srivastava, 2007). It is hence very important to note that environmental sustainability has been something primordial since the last decades in business practice. Since the early 1990`s companies were faced with the dilemma of implementing Environmental Management in their supply chains (Wu Dann, 1995) which is however not an easy task. Therefore the green concept to the supply chain of business increases the level of competitiveness among firms which will have a direct relation to the environment. This therefore gave rise to the Green Supply Chain Management. (GrSCM) 2.2.1 Green Supply Chain Management Green Supply Chain Management is the revolutionized version of the traditional supply chain. This involves a direction relationship with the environment. The quality revolution in the late 1980s and the supply chain revolution in the early 1990s has awaken several business conscience to become environmental friendly (Srivastava, 2007, p. 53). Green Supply Chain Management became not just a simple fad, as it aimed at both practionners and academics in waste-reduction programs as well as preserving the quality of the products` life and the natural resource. In order to achieve excellence in business, Eco-Efficiency and renewably processes became something most businesses shall be adopting (Ashley, 1993; Srivastava, 2007). Businesses are bearing the pressure of both governmental and global market demands to become more sustainable (Guide Srivastava, 1998; Gungor Gupta, 1999). Waste management is another topic that pop up from the GrSCM literature. This proved its importance with the work of Roy and Whelan (1992). It therefore gave rise to a standardized model for reducing electronic waste without harming the environment. As a result of this, different waste management issues came into context which emphasized mainly on recycling and remanufacturing. Owen (1930), Hannah and Newman (1995); Sarkis and Cordeiro (2001) and Nagorney and Toyasaki (2005) are all examples of trends of waste management becoming an issue. 2.2.2 Green Design Green design is an important sub-part in the Green Supply Chain Management. It states that each product or service should be design in such a way that it encourages environmental awareness. Beamon (1999) developed ISO14000 which was introduced as a result of the Rio Summit on the Environment in 1992. Tremendous pressure groups were for the fact that firms should encourage greening in their respective supply chain. In 1991, the first green design literature came to existence. NavinChandras (1991) pointed out the first literature in order to reduce the number of wastage that is more businesses going green. Works of Ashley (1993); Allenby and Richards (1994) and Zhang, Kuo, Lu and Huang (1997) came into context and expanded the framework of green design. Life-cycle analysis was an example of a framework that came out of green design. Works of Arena, Mastellone and Perugini (2003), Beamon (1999) and De Ron Penev (1995) all discussed life-cycle analysis as a framework. 2.2.3 Reverse Logistics Reverse Logistics (RL) is the complete reversal of the traditional or forward logistics (Beamon, 1999). Reverse logistics was defined as a process where manufacturers accept products which were shipped from the previous point for consumption which will be possibly use for recycling and re-manufacturing Dowlatshahi (2000) and Carter and Ellram (1998). Fiksel (1996) argues that becoming eco-friendly towards products re-manufacturing had a chance to emerge in some firms. Heavy industries having complex supply chains should see that they benefit from the reverse logistics (RL). Thierry, Wassenhove, Van Nunen and Salomon (1995) supported the fact that automobile industries were making full use of reverse logistics; examples would be: BMW and General Motors. The trend does not end only with those companies, Hewlett Packard, Storage Tek and TRW were also using reverse logistics as a supply chain process. All this were done in the simple main aim to remain competitive in their respective ind ustries (Srivastava, 2007). (Srivastava, 2007) stated that collection is the first stage in every recovery process. Products are then selected, assembled and transported to facilities for re-manufacturing. Used products came from various sources, but then had to be transferred to one particular place so that the converging process can begin (Thierry et al., 1995). It was also claimed that sorting and recycling are very essential mechanism in the process of sorting reusable products. The collection schemes were done on the basis of whether the materials were separated by the consumer (separation at source) or centralized (mixed waste) Cairncross (1992) and Srivastava (2007). Hence the main aim was to sort products so that it can be reused to reduce costs of making new products which is diagrammatically represented on the next page: Source: Jamal Fortes. (2009). Green Supply Chain Management: A Literature Review, Otago Management Graduate Review 2.3 Empirical Literature Review According to the empirical studies carried on in order to test the relationship between the firm`s performance and environmental concerns it was found that the results varied. Some results delivered positive results (Judge and Douglas, 1998; King and Lenox, 2002; Melnyk et al., 2003) while on the contrary some did not identified positive outcomes of environmental proactivity on businesses` performance (Cordeiro and Sarkis, 1997; Gilley et al., 2000; Link and Naveh, 2006). In addition to the above, it was found that firms are facing various pressures from both within the company and governmental parties to become more responsible and at the same time greener. Those pressures have as main aim to reduce the level of impact of firms on the natural environment and the society as a whole. As a matter of fact, social responsibility and being conscious about the environment are being integral among nowadays firms. Hence, the most important issue is about these aspects and the financial performance of the business. That is, in other words, are firms being able to protect the environment as well as being profitable? Bowen (1953) supported the fact that corporate social responsibility is not the remedy and thus it will not cure the society of all its ills immediately, but he thinks that it a new venture that should be supported and implemented by each organization who wants to survive in the industry. He also argued that the social responsibilities of businessme n also known as the obligations of firms must follow the policies which will be beneficial to the society as a whole. Josà © F. Molina-Azorà n, Enrique Claver-Cortà ©s, Maria D. Là ³pez-Gamero, Juan J. Tarà , (2009),Green management and financial performance: a literature review, Management Decision, Vol. 47 Iss: 7 pp. 1080 1100 Moreover, it is found that, the pressure exerted by environmental management on firm performance, this influence can really help firms to cut down on their costs while at the same time respecting the environment. Reducing or if possible prevent pollution will allow the firm to save on control costs, input, and energy consumption, and to recycle used materials (Hart, 1997; Taylor, 1992). Thus, producing and delivering goods while simultaneously reducing the ecological impact and use of resources will surely help the firm to attain eco-efficiency (Schmidheiny, 1992; Starik and Marcus, 2000). However, on the contrary, those firms which continue to pollute the environment are therefore regarded as a sign of inefficiency (Porter and Van der Linde, 1995). Companies must learn to view environmental improvement in terms of resource productivity. Managers should not only focus on the costs of eliminating or treating pollution, they should review their approach, and thus pay more attention to the cost they have forgone while polluting the environment, in other words, the opportunity of pollution. (wasted resources, wasted effort, and diminished product value to the customer). In addition to the above, it is found that by using practical environmental strategies, firms can eliminate wastages, redesign existing product systems to reduce life cycle impacts, and therefore develop new products with lower life cycle costs (Hart, 1995). If ever organizations go deeper to extend their strategies, this will surely help them to achieve organizational efficiency. In fact, by responding to market pressures firms may save costs so as to achieve greater production efficiency and gathering gains which are easily obtained associated with reducing excessive wastes, material, and energy use. (Hart and Ahuja, 1996) Therefore, it should be noted that green management can provide opportunities to lessen costs while simultaneously increase revenues. Ambec and Lanoie (2008) argued the fact that there are four possible opportunities for companies to use in order to reduce costs (risk management and relations with external stakeholders; cost of material, energy, and services; cost of capital; and cost of labor) and three opportunities to increase revenues (better access to certain markets; differentiating products; and selling pollution-control technology). Furthermore, environmental management can help to maintain and improve relationships between the different stakeholders as well as reducing the level of conflicts between them which can sometimes prove to be costly (Hull and Rothenberg, 2008). Organizations maintaining good relationships with their stakeholders are likely to achieve success much more effectively than competitors (Donaldson and Preston, 1995). Similarly, while creating, developing and maintaining ties with the stakeholders it will surely help to better financial performance of the companies (Jones, 1995; Brammer and Millington, 2008). In the case of the influence of green management impacting on corporate environmental performance, did not generate a clear result. While some studies showed positive impacts. For example, Dasgupta et al. (2000) found positive effects of green management measures on self-assessed compliance with environmental regulations. Anton et al. (2004) found that the Environment Management System helps to reduce the level of toxic emission, and Potoski Prakash (2005) found that companies which have been already certified ISO 14001 reduce their level of pollution more than non-certified ones. Hence, these studies point out to possible problems with regard to their measures of green management and therefore try to develop approaches which shall be useful to such problems. However, their instruments based on cross-sectional data are not fully convincing. In the sense that, Dahlstrà ¶m et al. (2003) did not find that the ISO 14001 certification improves the compliance with environmental regulatio ns and Lenox and Nash (2003) even showed that firms which are less environmental friendly are more attracted to public voluntary environmental programs. Besides, it should be noted that the measures for corporate environmental performance such as toxic emissions or the compliance with environmental regulations are mostly one-dimensional indicators, meaning they look at one facet of the coin. There is more technological environmental performance whi
Saturday, October 12, 2019
Self-Concepts in Julius Caesar :: Julius Caesar Essays
Self-Concepts in Julius Caesar All people have definite concepts of self. In different situations, one may feel short, tall, smart, slow, fast, talkative, reserved, etceteras. These self-concepts are usually very different than how others view us. Depending on one's actions, words or even tone of voice, one may misrepresent oneself and be misinterpreted. One may be so arrogant or so humble that they prevent themselves from seeing themselves through others' eyes. In William Shakespeare's play Julius Caesar, two main characters, Julius Caesar and Marcus Brutus, present different personas- one being each characters actual self-characterizations, which we learn through their discussions with others, and another is how they are actually perceived in the eyes of others. Their inability to project their true motives in performing certain actions eventually brings about their tragic downfalls. Julius Caesar believed that people needed one strong ruler in order to have maximum production and proper function of a society. He believed that he possessed many, if not all, of the characteristics required of a great leader. He spoke to others in a way which he believed exhibited authority, told people why he should be the one to lead them, and thought that his own advice was best. His unwillingness to listen to others is received as arrogance. Though already warned by the soothsayer to "beware the ides of March," Caesar refuses to heed advice to stay home from Calpurnia, his wife, because he feels that she is trying to keep him from obtaining power and status. Calpurnia believes Caesar to be a prince and is convinced that some falling meteors are warnings of a prince's death. When she hears her husband boast that he is more dangerous than danger itself, she recognizes that this is simple arrogance, and tells him so, saying, "Alas, my lord/ Your wisdom is consumed in confidence (Act II, scene 2)." In response to her criticism and humble petitions, Caesar momentarily agrees to pacify her. However, when he changes his mind and decides to leave against her admonitions, she reluctantly, but obediently fetches Caesar's robe and he departs for the Senate, and his meeting with fate. Caesar's greatest character flaw, however, is thinking that he is far above others and somehow invincible. When he compares his own perseverance with that of the North Star, saying "But I am as constant as
Friday, October 11, 2019
Complaint handling Essay
Fair Trading Factsheet Complaints handling November 2007 Need more information? Call Consumer Affairs Victoria on 1300 55 81 81. Quick tip Successful businesses work hard to keep their customersà satisfied. Although prevention is better than cure, it is almost inevitable that at some stage you will receive a customerà complaint. Donââ¬â¢t presume a customer complaint is a negativeà experience because, if handled well, it can be a valuable learning tool. An effective complaintsà handling system needsà someone in the company toà drive it and take ultimateà responsibility. Benefits for your business How to do it An effective complaints handling system is essential to your business. Your business can benefit in several ways: Handle complaints effectively by: â⬠¢ improved product quality and service delivery â⬠¢ fewer mistakes and less time spentà fixing them â⬠¢ better understanding of customersââ¬â¢Ã needs â⬠¢ greater customer loyalty â⬠¢ more customers through word of mouth advertising from satisfied clients â⬠¢ having a policy of welcoming customer complaints â⬠¢ setting up a system to handle complaints effectively â⬠¢ training your staff to handle complaints well â⬠¢ dealing with the complaints you receive immediately â⬠¢ ensuring the process for makingà complaints is easy for your customers â⬠¢ regularly reviewing yourà complaints record. â⬠¢ less time and money spentà attracting customers â⬠¢ improved business reputation â⬠¢ a healthier bottom line. Remember you could be pushingà profits out of the door if you do notà have an effective complaints handlingà system. Page 1 of 4 à © Copyright State of Victoria 2008 www.consumer.vic.gov.au 1300 55 81 81 Fair Trading Factsheet Quick tip Implement a company policyà that contact is to be madeà with the customer withinà 48 hours of the initial complaint. Set up a system to handleà complaints effectively Train your staff to handleà complaints constructively An effective complaints handlingà system needs someone in theà company to drive it and take ultimateà responsibility. This is a person whoà has the best interest of both theà customer and the company at heart,à and the interpersonal and managerialà skills to ensure the system isà performing well. Make sure all staff understand the complaints handling policy, why it was introduced, how it will work and the benefits for your business. The complaints officer needs to ensure that: â⬠¢ there is adequate information available to the public about how to address any problems with your business, especially at the point of sale â⬠¢ front line staff are aware of: â⬠¢ the complaints handling policy Encourage and reward your staff for dealing with disgruntled customers and handling their complaints well. Deal with the complaintsà you receive immediatelyà Implement a company policy thatà contact is to be made with theà customer within 48 hours of the initialà complaint. This will ensure that theà customer knows the complaint isà being processed. Although the issueà may not be resolved, the customerà will be aware that it is beingà addressed. â⬠¢ their authority to settleà complaints â⬠¢ when and to whom theyà need to refer complaints â⬠¢ there is a process to handle theà more difficult and complex cases â⬠¢ complaints are reviewed regularlyà to identify any ongoing issues â⬠¢ reports are made to seniorà management about complaints. Page 2 of 4 à © Copyright State of Victoria 2008 www.consumer.vic.gov.au 1300 55 81 81 Fair Trading Factsheet Date of Issue: November 2007 Ensure the process forà making complaints is easyà for your customers Some suggestions are: â⬠¢ Have a desk within your storeà where people can take theirà enquiries or complaints. â⬠¢ Arrange a dedicated phone lineà for complaints or problems. â⬠¢ Consider using a simple sign atà your point of sale, or a paragraphà on company invoices, such asà ââ¬ËYour custom is important to us. If you are not satisfied, please let us knowââ¬â¢. â⬠¢ Include a customer feedbackà option on your website. Review your complaints regularly Regular reviews of complaints will give you a good indication of how and where your business could improve. â⬠¢ Use a standard form to record the details of complaints (see following page for example). â⬠¢ Review complaints monthly or quarterly to establish whether there are any trends, or obvious things you could change or improve. â⬠¢ Use complaint records to check how well and how quickly your staff handle complaints. More information Information on fair trading isà available from: Consumer Affairs Victoria Victorian Consumer & Business Centre 113 Exhibition Street Melbourne 3000 Telephone 1300 55 81 81 Website www.consumer.vic.gov.au Regional Offices Consumer Affairs Victoria also has regional offices located in Ballarat, Bendigo, Geelong, Morwell, Mildura, Wangaratta and Warrnambool together with a mobile outreach service that regularly visits rural communities. To find details on the office or mobile service nearest you, ring 1300 55 81 81 or go to the Consumer Affairs Victoria website on www.consumer.vic.gov.au and click on the Contact Us link. Because this publication avoids the use of legal language, information about the law may have been summarised or expressed in general statements. This information should not be relied upon as a substitute for professional legal advice or reference to the actual legislation. Authorised by the Victorian Government 121 Exhibition Street Melbourne Victoria 3000. F1-01-02 Page 4 of 4 à © Copyright State of Victoria 2008 www.consumer.vic.gov.au 1300 55 81 81 Customer Complaint Form 1. Customer details Title (Mr, Mrs, etc) Family name (surname) Given names Street address Suburb Home telephone number Business telephone number Postcode Mobile telephone number Email address (if applicable) 2. Details of other person or supplier involved in this complaint Name Street address Suburb Home telephone number Business telephone number Postcode Mobile telephone number Email address (if applicable) 3. Details of goods or services supplied to the customer Date of purchase or service / / Description of the goods or service including make, model, type of service, purchase method, etc. 4. Details of what the customer complaint is Office use only Complaint received by Date received / Action taken or required Date action completed / / Signature In person / In writing
Thursday, October 10, 2019
Economic Freedom
Part I. Introduction It has become apparent in recent years that the issue of vast globalization, economic development and its impact on various aspects of state wellbeing is the one that needs to be looked at very carefully. Moreover, direct investments into the countryââ¬â¢s development and as a result improved quality of life are an additional incentive to increase the economic freedom level.Throughout the centuries scholars and economists have argued on whether economic freedom based on private property and free markets is the only beneficial and effective form of economy formation or centralized system of governing is better. Myriad researches have been brought to public, however, our group believes economic freedom is currently in increasing phase of its development, and thus should be thoroughly examined and reviewed basing on country background and scores obtained.This, in our view, will help to accelerate the wellbeing of Kazakhstan and possibly attract additional cash in flows from external market players. The paper will examine the issue of economic freedom and indices it defines in more details, will cover all the aspects included in consideration of the latter concept and will try to assess the relationship between economic freedom and potential investments rise. Brief definition of basic concepts In order to be in line with the topic and understand it deeply, below we present some underlying definitions of basic concepts that will be used throughout the paper.The classic definition of economic freedom and its index is outlined below: ââ¬Å"Individuals have economic freedom when property they acquire without the use of force, fraud, or theft is protected from physical invasions by others and they are free to use, exchange, or give their property as long as their actions do not violate the identical rights of othersâ⬠James Gwartney and Robert Lawson Economic Freedom of the World: 1996 Annual Report As obtained from www. economicfreedom. org , ââ¬Å"economic freedom is the key to greater opportunity and an improved quality of life.Itââ¬â¢s the freedom to choose how to produce, sell, and use your own resources, while respecting othersââ¬â¢ rights to do the same. While a simple concept, economic freedom is an engine that drives prosperity in the world and is the difference between why some societies thrive while others do not. â⬠Considering economic freedom is the issue of highest importance as it deals with each and every aspect of our life. Having greater economic freedom, the society ensures higher income levels, decreased poverty, less unemployment percentages and overall healthier state position in terms of economical, financial and political development.Economic freedom index (EFI) is defined as ââ¬Å"a ranking of countries based on the number and intensity of government regulations on wealth-creating activity. Metrics that an economic freedom index evaluates include international trade restrictions, g overnment spending relative to GDP, occupational licensing requirements, private property rights, minimum wage laws and other government-controlled factors that affect people's ability to earn a living and keep what they earn. â⬠(Extracted from www. investopedia. com).For all over the years, The Heritage Foundation in partnership with The Wall Street Journal has tracked the trends in economic freedom around the world and assigned indices to each country. It is a valuable source to gather information from, and the current paper is mostly based on the latter findings. The key factors influencing the level of economic freedom are the personal choice, voluntary exchange coordinated by markets, freedom to enter and compete in markets and protection of individual property from aggression of other including the government intervention.This implies that in economically free society government protects the individuals and their property, maintain stable monetary environment, refrain fr om creating barriers to trade and fairly allocate benefits; however, in case a government substitutes taxes, government expenditures, and regulations for personal choice, voluntary exchange, and market coordination, it may reduce economic freedom and thus diminish quality of life of the whole state.Five broad areas are considered when summarizing and stating the index for a country: * Size of the government: meaning sound taxing (low marginal tax rates) and wise spendings from the side of the government. * Legal Structure and Security of Property Rights: this indicates the consistence of a stateââ¬â¢s legal framework with property protection and application of the laws in various spheres of business conducting and everyday life. * Access to sound money: the essence of this concept is whether a government is able not to abuse its monopolistic power. To get high ratings here, a countryââ¬â¢s inflation must be low and stable, and the government must permit people to own currencie s of other nationsâ⬠(Lawson, Robert A. , Economic Freedom, Library of Economics and Liberty) * Freedom to Trade Internationally: the core idea here is the presence of any barriers to free trade (quotas, restrictions or tariffs). * Regulation of Credit, Labor and Business: such concepts as minimum wages for workers, price controls, business licensing ; potential barriers to entry the business might be reviewed at this stage.Having examined the surface of the issue to be researched, we formulated the research question we are going to obtain the answer to at the end of the paper. Research question: Do countries that exhibit greater degrees of economic freedom perform better than those that do not and will the latter help Kazakhstan to attract more potential investments? Part II. Economic Freedom: Kazakhstani case In 2012 Kazakhstan scored 63. 6 in terms of economic freedom level, and thus ensuring Kazakhstani economy to be number 65th in the world list.As per the Heritage Foundat ion Report as of 2012, current country score is 1. 5 points higher in comparison with last year index. This amount represents slight improvements in property rights freedom, freedom from corruption and public spendings. Figure 1. 1 represents the history of indices obtained by the state in the last 5 years. Country| Year| Overall Freedom| Business Freedom| Financial Freedom| Kazakhstan| 2008| 61. 10| 56. 80| 60| Kazakhstan| 2009| 60. 10| 57. 90| 60| Kazakhstan| 2010| 61| 73. 50| 50| Kazakhstan| 2011| 62. 10| 74. 30| 50| Figure 1. 1 Figure 1. shows the overall trends of economic freedom indices throughout the time. It is clearly seen than in 2009 Kazakhstan scored the lowest, and the backup for this might be the substantial rise of global economic crisis. At that time the state encountered myriad barriers to healthy economic, financial and political environments, as it should have sustained positive financial balances all over the country, diminished bankruptcy potential, saved money of its citizens and remained attractive for the external investments. From that time on Kazakhstan tend to increase its economic reedom index and the line of indicating the latter steadily goes up throughout the years 2010-2012, and the last Heritage Foundation Report proves the fact that the country continues its positive trend of advancing economic freedom and ensuring constant development. As presented in the graph on Figure 1. 2, the state has become one of the first to turn back to the expansion and recovery from the global crisis. This is ensured by the enhanced regulation efficiency (at least endeavors towards that) and constant policy reforms in various areas of country wellbeing.Figure 1. 2 The country also scores higher results if compared to the world and regional averages. As according to The Heritage Foundation, Kazakhstan ranks 11th out of 41 countries in Asia-Pacific region, and it is recorded one of the 20 largest score improvements in the 2012 Index considerations. Figure 1. 3 summarizes the above stated information and graphically represents Kazakhstani standpoint in comparison with global and regional averages indices. Figure 1. 3The government of Kazakhstan being aware of the increased significance of economic freedom stability makes efforts in order to continue its positive index rising over time trend and adapts vast amount of laws, amendments and promotes individualââ¬â¢s freedom protection. ââ¬Å"The link between economic freedom and prosperity is undeniable: the countries that score highly in terms of economic freedom also offer their people the best quality of lifeâ⬠(Azis Isa, Central Asian Free Market Institute Policy Analyst).Many empirical studies using the Economic Freedom Index reveal that a countryââ¬â¢s economic freedom is highly correlated with its level of capital investment and the rate of economic growth (Gwartney and Lawson ; Holcombe, 2006). Non-monetary measures such as social welfare and peaceful and healt hy state environment also directly correlate with EFI. Scully (2002) has found that economic freedom is correlated with more equal distributions of income across countries. Rise of GDP per capita levels, promotion of decreased poverty percentages in a given country are also affected by the economic freedom situation of the country.Below is the session of graphs analyzing the correlation of economic freedom levels with various aspects of a state development. Countries with more economic freedom have substantially higher per-capita incomes ans thus more stable economic wellbeing of the society. Figure 1. 4. As seen from the graphical representation, those states that fall into ââ¬Å"most freeâ⬠group tend to have more vast growth rates and as a result higher level of economic growth throughout the country.The difference between the first and the last groups is rather big, and that proves the above stated assumption. Figure 1. 6 represents the correlation between economic growth and income per capita among the poorest strata of the society. As per the graph, we can suppose there is a direct positive relationship between the variables. Figure 1. 6 Kazakhstan has mostly faced economic freedom challenges throughout its history. Being a young state, it had no solid experience to rely upon rather than remaining habits and regimes obtained during Soviet Union times of ruling.Kazakhstani people do not have much influence over the government and its regulations and laws and majority of them encounter many difficulties in business sphere entry levels, further conducting and maintaining of the latter as well as improving their own individual micro economy. However, there are some positive trends in formation of economic freedom in Kazakhstan, and year to year steady development as shown in the Heritage Foundation Report proves that same fact.As according to the Heritage Foundation Report, ââ¬Å"excessive dependence on raw commodity exports makes the economy particul arly vulnerable to global price changes. Rising commodity prices and improved domestic conditions encouraged substantial economic growth in 2010 and 2011â⬠. The organization in partnership with the World Bank states Kazakhstan has an ambitious economic development program, which is planned to be outperformed in the nearest years, and outlines some problematic zones government of the country should pay intent attention to.The further section of the paper discusses the inefficient potential risk spheres the state should work on in order to relieve the situation in the future and continue its positive trend in developing economic freedom. Economic Freedom in Kazakhstan: Challenging restrictions Once the Annual 2012 Report is over and the country obtained its rating results, we recommend the government to consider the following currently inefficient spheres of the state wellbeing.Kazakhstan still faces many challenges on the way of improving its economic freedom level. * Rule of La w As stated in the Heritage Foundation Report, legal framework is currently very inefficient and actually does not cover some spheres of the freedom the way it should. For instance, intellectual property rights are still in a very shaky position and there is no clearly stated and stable position on that sophisticated issue from the side of the government.Although in the beginning of the current 2012 year there were some endeavors made in order to improve intellectual property rights in the country (banning some Internet resources sites, increased fines and jurisdiction cases), this particular policy just raised a new set of problems and questions and was vastly criticized from the side of the business owners as well as general public, because the new Law on Intellectual Property Rights interfered with basic Constitutional rights of every citizen to express the opinion and thoughts.In addition, the court system lacks the capacity to prove its stability and honesty ââ¬â this year there were many cases of court system failure: judges were taken with bribes, inefficient cases regulations and many more. Recent changes in anti-corruption law only deepened the definition and presence of the latter in the society as it implies indirect potential involvement from the side of the governmental bodies. * Limited governmentOverall tax burden that exist in the country amounts in 21. 5 % of total domestic income. Government spendings are equivalent to 23. 5 percent of total domestic output. The difference between the two variables kept the substantially large oil revenues, thus relieving the whole situation and leaving public state debt standing at less than 15% of GDP. (as per the Heritage Foundation Annual 2012 report). * Regulatory efficiency ; Open marketsBusiness freedom, labor freedom, monetary freedom inefficiencies cases could be considered in that particular section. They in overall have many problems, bureaucratic barriers and lack of regulation from the side o f the government. Business freedom in Kazakhstan, for instance, lack the easy entry possibilities for the individuals, as it is very costly and takes much more time than it is expected to, moreover, increased level of governmental taxes, quotas and tariffs are also barriers to free trade between people and states.However, there are some positive sides in that area ââ¬â potential WTO entry, expansion of Customs Union are the positive measures Kazakhstan is undertaking in this regard. As for the labor freedom, there is a tendency to think only about employers, leaving the employees aside. Thus, it is very cheap for a company to hire new employee, and it costs nothing to fire him/her. Moreover, in many national companies and even governmental bodies working day are non-scheduled and overtimes are not paid at all.This is a large problem for the whole country. Child labor issue should also be considered attentively when pondering about economic freedom rise. Monetary freedom could be interfered by the government as it may tend to distort domestic prices and try to influence many industries in a row. Inflation rate is also increasing from year to year. This year it tends to be fluctuating thus leaving the individual suffer from potential commodity prices rise. Below is the summary of inflation rates statistics.
Impact of Internal and External Environment on Business Function
Football refers to a number of sports that involve, to varying degrees, kicking a ball with the foot to score a goal. The most popular of these sports worldwide is association football, more commonly known as just ââ¬Å"footballâ⬠or ââ¬Å"soccerâ⬠. Unqualified, the word football applies to whichever form of football is the most popular in the regional context in which the word appears, including association football, as well as American football, Australian rules football, Canadian football, Gaelic football, rugby league, rugby union,[1] and other related games. These variations of football are known as football codes. Various forms of football can be identified in history, often as popular peasant games. Contemporary codes of football can be traced back to the codification of these games at English public schools in the eighteenth and nineteenth century. [2][3] The influence and power of the British Empire allowed these rules of football to spread to areas of British influence outside of the directly controlled Empire,[4] though by the end of the nineteenth century, distinct regional codes were already developing: Gaelic Football, for example, deliberately incorporated the rules of local traditional football games in order to maintain their heritage. 5] In 1888, The Football League was founded in England, becoming the first of many professional football competitions. During the twentieth century, the various codes of football became amongst the most popular team sports in the world. [6] information Football is the game which is played on the rectangular grass. It is played with the ball. In this game, the goalkeeper is the only player who allowed to use their hands and arms to propel the ball. The main purpose of the game is to score by manoeuvring the ball into the opposing goal and the remaining members of the goalkeeper are use their feet to kick the ball into a position. The team that scores the most goals by the end of the match wins. The width of the fields for the non-international matches is in the range of 50-100 yards and the length is in the range of 100-130 yards. The international adult matches may be 64-75 meters in width and the 100-110 meters in length. In the front of each goal, there is also a one area for the penalty. Football game has been established with the team sport and it is played by two teams of 11 players. It is one of the most popular game in the world. In this game, the points are scored in a variety of ways, by throwing the ball to another player, including carrying the ball over the goal line or kicking the ball through the goal posts on the opposing side. The main object of the game is to score a point by just clicking the ball into the goal of the other team. There is also a one referee and the two assistant referees. The basic equipment for the players are required to wear a footwear, shorts, socks, shirt and adequate shin guards. But the goalkeeper must wear the clothing for the easily distinguishable from that worn by the other players and the match officials. Compare OddsUse the mashbet website to compare online bookmakers and find out who is offering the best odds for the sporting even you want to bet on. Professional Punting Elite Ratings: A Leading provider of Professional Punting strategies and the best customer service in horse betting tips. Sports Nutrition Supplements Sports Trophies & Awards Wide selection of trophies & awards from Broadway Trophy & Engraving. Thailand Lottery sports mentoring Integralperformancecoach. com ââ¬â Leaders in sports mentoring and provides training and coaching for top perfomance in sports. ingonodeposit. net Are you ready to get in shape, but HATE the gym? Join our lifestyle brand of healthy living with health & Crossfit sugar land. Barcelona football shirts frive and y8 games: play y8 and frive mni games online for free. Arsenal football shirts Medallas messi Lionel Andres ââ¬Å"Leoâ⬠Messi (Spanish pronunciation: [ljo?nel an?d?es ?mesi], born 24 June 1987) is an Argentine footballer who pl ays as a forward for La Liga clubFC Barcelona and the Argentina national team. He serves as the captain of his country's national football team. By the age of 21, Messi had received Ballon d'Or and FIFA World Player of the Year nominations. The following year, in 2009, he won his first Ballon d'Or and FIFA World Player of the Year awards. He followed this up by winning the inaugural FIFA Ballon d'Or in 2010, and 2012. He also won the 2010ââ¬â11 UEFA Best Player in Europe Award. At the age of 24, Messi became Barcelona's all-time top scorer in all official club competitions. At age 25, Messi became the youngest player to score 200 La Liga goals. Commonly rated by commentators, coaches and colleagues as the best footballer in the world and as one of the greatest layers in the history of the game,[2][3][4][5][6][7] Messi is the first football player in history to win four FIFA/Ballons d'Or ââ¬â all of which he won consecutively ââ¬â as well as the first to win threeEuropean Golden Shoe awards. Messi has won six La Ligas, two Copas del Rey, five Supercopas de Espana, three UEFA Champions Leagues, two Super Cups and tw o Club World Cups. In March 2012, Messi made Champions League history by becoming the first player to score five goals in one match. He also matched Jose Altafini's record of 14 goals in a single Champions League season. Messi became the first player to top-score in four successive Champions League campaigns. Messi set the European record for most goals scored in a season during the 2011ââ¬â12 season, with 73 goals. In the same season, he set the current goalscoring record in a single La Liga season, scoring 50 goals. On 16 February 2013, Messi scored his 300th Barcelona goal. On 30 March 2013, Messi scored in his 19th consecutive La Liga game, becoming the first footballer in history to net in consecutive matches against every team in the league. Messi was the top scorer of the 2005 FIFA World Youth Championship with six goals. In 2006, he became the youngest Argentine to play in the FIFA World Cup and he won a runners-up medal at the Copa America tournament the following year, in which he was elected young player of the tournament. In 2008, he won his first international honour, an Olympic gold medal, with the Argentina Olympic football team. SportsPro has rated Lionel Messi as the second-most marketable athlete in the world. His playing style and stature have drawn comparisons to compatriot Diego Maradona, who himself declared Messi his
Wednesday, October 9, 2019
Communication Portfolio Essay Example | Topics and Well Written Essays - 750 words
Communication Portfolio - Essay Example I also appreciate the lessons that I learned in the lectures about the CCCD Model of Communication because it taught me to become persuasive and to communicate well. Having gone through the course, I believe that my goals and objectives had changed for the better. Before the class started, I must admit that I share most of studentââ¬â¢s perspective to at least pass the subject and hopefully, to do well. This goal changed with the perspective and insight that I learned from the class. I believe I am now more ââ¬Å"professionally orientedâ⬠because I now look forward on getting my dream job and to get that, I have to prepare as early as now. My former mindset of just passing the subject has changed from actually learning it and set small achievable goals that can lead to achieving my bigger goals. Goals also do progression and we just do not achieve bigger goals immediately. We have to accustom ourselves in setting smaller goals and achieving it and it helps to actually write them down because it felt like we are committed to them. There are few lessons that I would like bring up in this paper because it resonated in me or left a lasting impression. It is about the lesson in conscious communication and interviewing. This chapter is important to me because I used to dread interviews, presentation and being ââ¬Å"interrogated by serious peopleâ⬠. But I realize that to get the job that I dreamed of, I have to handle if not master interviews and overcome my fear of it. And the course indeed helped me overcome my fear about interviews. It did sonot by telling me not to fear it but rather on understanding its dynamics and providing me the tools to be effective at it. I learned that interviews vary and not just those ââ¬Å"scary onesâ⬠and each type of them has different type of interactions of which the course taught me. I am glad however that I am provided with the tools to overcome my anxiety with interviews and succeed with it by using the CCCD model for interview which set the parameters for the interview that taught me the steps to become effective at it. It made me realize the common mistakes committed during interviews and by realizing it, taught me to avoid it and not to commit the same mistake. I believe that this knowledge and skills I learned from the course such as the CCCD model for interviewing will be invaluable in getting my dream job in a very prestigious company. I can simplify what I learned from this CCCD model of interview as setting the goal for interview, how to deliver during interview and to practice it. Learning this tools made me more confident about myself and my goal has inadvertently changed as I gain more confidence. Now my goal is to realize my dream of getting into a prestigious company and working my dream job that is related to communication. I am aware that I still have a lot to learn to realize my goal but knowing the essence and foundation is essential for my future growth. From now on, I will consciously practice what I learned from CCCD to make it an inherent skill. Practice makes it perfect and I want this skill to become my nature so I have to practice it. I also have to equip myself with knowledge and ski
Tuesday, October 8, 2019
Australian organisations must adopt sustainability reporting in the 21 Essay
Australian organisations must adopt sustainability reporting in the 21 century - Essay Example However, the companies do not need to follow any standard reporting frameworks. Each industry faces varied external issues which are considered as significant to its operations (Hubbard, 2011). It can be stated that the companies are pressurised to disclose the non-financial information because of several market mechanism. These market drivers are found in numerous ethical, social as well as environmental investment funds that have given rise to sustainability reporting (Vormedal & Ruud, 2009). There are many reasons behind the companiesââ¬â¢ disclosing sustainability reporting. They intend to persuade the non-stakeholders regarding the impacts of the performance of the company and strategies applied by it to stimulate the performance. The objective of sustainability reporting is to inform the shareholders regarding the fact that how well the company is handling with non-financial as well as financial risks. It also permits the company to recognize the areas of potential risks and evaluate its performance. Most of the companies prefer mandatory reporting since it sets up methods and structures for comprehending influences and risks which were not stated previously by the other organisations. It also offers institutional investors with the capability to avail the information on non-financial risks which further permits them to have better knowledge regarding the overall firm. Transparency and accountability to the stakeholders is promoted when companies tend to disclose sustainability reporting (Kolk, 2004). According to the views of Kolk, the main reasons behind sustainability reporting are to increase a companyââ¬â¢s capability to keep track of the developments against particular targets. It tends to help in the proper implementation of the environmental strategy. It is proper sustainability reporting that creates awareness regarding the environmental issues in the organisation. Most of the companies try to focus more upon the sustainability reporting since it
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