will a "for profit" comapny that Practices triple bottom line reporting be successful why or why...

will a "for profit" comapny that Practices triple bottom line reporting be successful why or why not?

Expert Solution

Triple Bottom line or 3BL is a three-part accounting framework that includes: Social, financial, and environmental aspects. Some companies are using the TBL framework in order to assess their business and performance in a broader view to make better business value. This term was coined by writer John Elkington in 1994.
According to 3BL, the company must mix up the finance's standard metrics with those that assess the social justice and sentimental aspects.

Yes, it is possible that for-profit companies use this strategy and become successful. It not only helps companies to increase their profitability but also makes them more socially and environmentally responsive.

There are many companies using this stage. some of them are:

Lego group: Lego has made a partnership with the NGOs, WWF, etc, and also is committed to decreasing its carbon footprint and aims to become 100% renewable energy capacity by the year 2030.

Mars, Incorporated: It is a company that sells cocoa using fair trade policy and it required farmers to have fair trade certificates which ensures that they have followed the code of fair treatment.

Starbucks corp: it is known for being socially and environmentally focused since 1971 and promised to hire more than 25000 veterans by 2025.

keosha answered 1 year ago

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