163 CHAPTER II

164 REVIEW OF THE RELATED LITERATURE

165 This chapter presents the various literature and studies conducted in

166 relation with the present undertaking. Also includes in this chapter are the

167 synthesis of the state-of-the-art, the gap to be bridged by the study, the theoretical

168 and conceptual frameworks and the definition of terms.

169 Banking Institutions

170 Banking institutions as a business primarily deals with the receipt of

171 deposits and loaning out of funds. Banking as a business is termed as one that

172 makes money with other people’s money. Banking business itself involves credit

173 and credit transactions involves three basic elements; Trust and confidence, risk

174 and futurity. With this, depositors trust banks for and these deposits in turn is given

175 out as loans. By giving out loans the bank receives the safekeeping of their

176 deposits interest in which it becomes income.1 This holds true as the General

177 Banking Law of 2000 defines the role of banks as entities that lend funds obtained

178 in the form of deposits.2 Banking institutions play a key role to helping economies

179 grow in terms of investments and money circulation.

180 Banks are regulated by governments around the world to prevent

181 corruptions and misuse of their client’s deposits. Such policies have been strictly

182 implemented through the years since the 2007 and early 2009 Global Financial

183 Crisis. Since then, the banking industry has grown and will grow rapidly for the next

184 ten years, especially now with the integration of e-banking and other technological
 10

185 advances making banking an international experience with both Visa and

186 Mastercards. It is also apparent that because of the widespread of Overseas

187 Filipino Workers, money transfers through interbank transactions has also grown

188 for the past 5 years. Such money transfers are also monitored closely by the

189 government, especially by the different central banks.

190 In the Philippines, banking is regulated by the Bangko Sentral ng Pilipinas.

191 The Bangko Sentral ng Pilipinas is not the first bank, the Philippines had. It was

192 only during the Commonwealth Period that plans to establish a Central Bank was

193 formed. In 1948, with the proclamation of the Central Bank Act, the Central Bank

194 was formed.3 Banking in the Philippines started with Banco Filipino and from then

195 on, the industry grew rapidly servicing many Filipinos. Due to the increase in the

196 number of depositors per bank and with higher amounts deposited, the risk in loss

197 of money invested grew, hence the government formed the Philippine Deposit

198 Insurance Corporation. Membership of banks to the PDIC is mandatory. As of

199 March 18, 2018, there are over 47 universal and commercial member bank PDIC.

200 These banks offer a wide range of bank products that would suit the different needs

201 of Filipinos, especially with services offered.

202 Legazpi City, the capital of Albay Province is also home to these banks both

203 universal and rural. Legazpi is home to 2 large rural banks namely, Camalig Bank

204 and Legazpi Savings Banks. Universal banks on the other hand have many

205 branches in Legazpi alone to more than 30 branches from different banking

206 brands. One of the prominent banks is China Bank.

207
 11

208 China Bank

209 China Bank was established on August 16, 1920 as the first privately owned

210 local commercial bank in the Philippines. It initially catered to the Filipino-Chinese

211 community and adapted a Chinese organizational structure guided by an in-depth

212 understanding of the Chinese way of doing business called the xìnyòng. Xìnyòng

213 means “to trust.”

214 In 1942, during the invasion of the Japanese, China Bank had to be

215 liquidated by the Japanese military authorities. On July 23, 1945, China Bank

216 reopened and play the key role in direct construction and economic recovery by

217 lending heavily to business and entrepreneurs in critical industries. This pioneered

218 their lead into corporate governance and social responsibility.

219 Since then, China Bank has steered itself in the center stage of modern

220 banking. It was the first local bank listed on the Manila Stock Exchange in 1927,

221 the first in Southeast Asia to process deposit account online in 1969, and the first

222 in the Philippines to offer telephone banking in 1991.

223 In 2006, China bank embarked on an aggressive branch network expansion

224 in the number of branches from 148 in 2006 to 596 in 2017, including 160 branches

225 from its subsidiary, China Bank Savings. This was complemented by electronic

226 banking generals that provided secure and reliable 24/7 banking services such as,

227 ATMs, China bank tellerPhone, China bank online, and China bank mobile banking

228 app.
 12

229 Through 2009 to 2012, China Bank has received a number of awards and

230 was recognized both nationally and internationally. They became top 100 ASEAN

231 companies in terms of delivering shareholder value by the American Consulting

232 Firm Stern Stewart Company in 2009. In 2011, they were awarded the best wealth

233 management house in the Philippines by the asset magazine. Since 2011 until

234 present, corporate governance has been the flagship of China bank, receiving the

235 Bell Awards of the Philippine Stock Exchange twice from 2012 to 2013 as one of

236 the best governed companies in the Philippines and is the only bank in the top 5

237 publicly listed companies’ category. Also, receiving the Institute of Corporate

238 Director’s Gold Award for Corporate Governance through 2011 and 2012. At

239 present, China Bank is part of the top 50 ASEAN publicly listed companies as to

240 corporate governance and top 3 in the Philippines.4

241 Corporate Governance

242 Governance is the mechanisms, relations and processes by which a

243 corporation is controlled and directed and involves balancing the many interest of

244 the stakeholders such as shareholders, management customers, suppliers,

245 creditors, government and community. Corporate governance also involves ethical

246 practices in which it satisfies its Corporate Social Responsibility.5

247 According to Dannug, governance requires sound imagination processed

248 by sound judgment leading to sound decisions that will produce sound outcomes.6

249 Governance in a corporation is carried out in the most satisfactory rate that clients

250 and employees could avail and these business entities should uphold the law with

251 thorough judgment to end up on its best result as possible.

 13

252 Such practices may include honesty, integrity, loyalty and fairness that can

253 be trained in programs such as teambuilding and leadership workshops that are

254 included in internal control.7 Performance measurement and corporate disclosure

255 is also part of corporate governance as it adheres with the ethical practices of a

256 business. Corporate governance does not only involve seminars and workshops

257 but it also involves policy making, rules and policies, set to dictate corporate

258 behavior and such can either lead to good or bad corporate governance.

259 Bad corporate governance can cast doubt on a company’s reliability,

260 integrity or obligation to stakeholders, that can have major implications on the

261 firm’s financial health. On the other hand, good corporate governance creates a

262 transparent set of rules and controls which shareholders, directors and officers

263 have aligned incentives.8

264 Moreover, the article by Gonzalez, defines good governance as the science

265 of decision-making and the exercise of power and authority so that society is able

266 to manage its development processes and resolve social conflict.9 Social conflict

267 and interest in the local setting affects the use of control by mangement primarily

268 because of the goal to balance such conflicting interest and cause to a more

269 concise outcome.

270 Most companies strive to have a high level of corporate governance. For

271 many shareholders, it is not enough for company to be merely profitable but to

272 adhere to ethical standards established by law and society. A measurement of

273 corporate governance should take into account sustainability which is the ability of

274 the company to meet needs of the present thus resulting to the company’s ability
 14

275 to survive in the long run. According to Kaplan and Norton the concept of

276 sustainability is composed of four fundamental components; financial aspect,

277 customer satisfaction, internal business process and learning and growth. These

278 components are part of a corporate governance measurement tool called

279 Balanced Scorecard.

280 Balanced Scorecard

281 The Balanced Scorecard is a strategic planning management system that

282 organizations use. It was developed by Dr. Robert Kaplan and David Norton and

283 was published in a 1992 Harvard Business Review article. Kaplan and Norton took

284 previous metric performance measures and adapted them to include nonfinancial

285 information.10

286 The concept of Balanced Scorecard in regards with the corporate

287 governance paves the way to long term sustainability to meet the goals of the

288 corporation. It measures performance in the areas of Financial aspect, Customer

289 satisfaction, Internal business process and Learning and growth. This type of

290 reporting establishes principles by which a company should operate to concentrate

291 on the total effect of their positive and negative actions.

292 The ultimate goal of any business is to earn profit. Business operates with

293 more concern on the financial aspect because they want to minimize cost and

294 maximize income. However, this brings more risks as it may lead to more losses.

295 This is why organizations especially businesses should not only be focusing on the

296 financial aspect, but rather consider other aspects.

 15

297 Galamadien’s study stressed that a business institution remains to be the

298 most powerful institution in a capitalist society and its role will continue to become

299 increasingly important in global development. In order for business and society to

300 gain long term sustainability it needs to focus also on the non – monetary variables

301 such as customer satisfaction and learning and growth. This will lead to enhanced

302 sustainability in the future, with a motivated workforce, satisfied customers,

303 comfortable place to work with and enough earnings to finance future growth and

304 development.11

305 Siapno, Velasco and Vergara study’s entitled, “Assessment on Triple

306 Bottom Line Approach of SEDCEN,” they stated that every business is different

307 and one approach won’t suit all organizations. Every organization must develop

308 tools and strategies matched for their business, which is independent from

309 competitors.12 Entities engaged in banking would most likely use tools and

310 strategies to stay ahead from the competition. In every strategy or tool they create,

311 it is necessary for the company not to disregard other aspects so that it can achieve

312 its long term goal on sustainability. Thus, it is regarded as a necessity that a

313 company should measure their level of performance that includes both financial

314 and non-financial aspects.

315 The idea on the Balanced Scorecard paradigm is that a corporation’s

316 ultimate success or well-being should be measured not just by the financial

317 perspective but also on the learning and growth of the business and its customers

318 and internal business process. It also contains to recognize the strengths and

319 weaknesses of the competitors and focus on improving the quality of these.
 16

320 Balanced Scorecard is a tool to help manage and evaluate organizational

321 performance effectively.

322 Barrios and Claveron’s study emphasized that Balanced Scorecard is most

323 effective when it is able to tell the story of the organization’s strategy through cause

324 and effect relationships, communicated to all employees by understandable

325 operational strategies, and help focus on key measures useful in identifying the

326 most critical areas for progress.13

327 To sum up, the Balanced Scorecard is a performance measurement tool

328 used by many organizations to evaluate the performance of the different aspects.

329 The model considers not only the organization’s performance internally, but

330 externally many of the investors and shareholders, are able to monitor the results

331 of this organization, assess and ensure. This model really helped the organization

332 to improve its operation in its financial, learning and growth, business processes,

333 customer and social perspectives.

334 Financial Perspective

335 Financial measures convey the economic consequences for the actions

336 already taken by the organization, and focus on the market value and profitability

337 among others, as indicators of how well the firm satisfies its owners and

338 shareholders.14

339 Profit has been the primordial goal of a business. It is used by the business

340 to improve its products and services. It is generated by adding value to a product
 17

341 more than the cost to procure. Through profit companies may be able to grow and

342 achieve partial sustainability.

343 According to Lawler, many organizations still have the “profit – above – all”

344 mentality. The Balanced Scorecard Approach tells that profit being the only basis

345 of performance won’t help sustain an organization in the long run. They must

346 understand that considering the learning and growth of the business and its

347 customers and environment will help them produce more income. Avoiding costs

348 on employee training, customer warranties, and environmental restoration will

349 provide them absolute return from operations, rather than spending on those

350 mentioned costs for not considering them in their evaluation.15 Profit is only a part

351 and does not constitute success individually for every organization. With learning

352 and growth of the business and its customers and environment perspective, it

353 contributes to the overall success a firm achieves.

354 Moreover, the study of Cleo Regilme et. Al “The Perceived Social,

355 Economic and Environmental Impacts of Balogo Farm Resort, Oas Albay,” shows

356 that employment opportunities were rate having the highest percentage in regards

357 to economic impact perceived by the respondents. This means that one of the

358 factors that one has to consider is the availability of job for people in the community

359 where it will be built. In terms of community economic growth, job opportunities will

360 not only benefit the development project builders, but also the people in the

361 community while at the same time promoting how to save, protect, conserve the

362 species and the ecosystem.16

 18

363 The financial aspect of a corporation is only a component of a bigger

364 objective. The main objective of companies is to maximize shareholder’s wealth

365 while attaining long term sustainability. Arguably, by concentrating on the financial

366 perspective alone creates higher risks especially for companies that rely not only

367 on profit, but also on the learning and growth of the business and employee and

368 customer perspective.

369 Customer Perspective

370 This key area of Balanced Scorecard provides a view on how customers

371 perceive the organization. The customer perspective should be considered the

372 central element of any business strategy that provide the unique mix of products,

373 price, relationships, and image that the company offers to its customers.17

374 Customers are the source of existence of any organization, whether it is

375 private or public. A company’s first task is to create and keep a customer. Thus,

376 corporate executives are always reminded that in any organizational setting, the

377 customer is the king or queen and therefore decides any future business.

378 In the Balanced Scorecard model, Kaplan and Norton states that an

379 organization must create differentiated and sustainable value to satisfy targeted

380 customer segments. Managers need to identify the targeted customer segments

381 in which the organization or a particular business unit competes and must

382 recognize suitable measures of the business unit’s performance for customers in

383 these targeted segments. Once the organization understands who its targeted
 19

384 customers are, it is able to identify the objectives and measures of the company’s

385 strategy towards customer perspective.18

386 Raciles and Ramirez study stressed that SEDCen hires an external

387 consultant to gather relevant outputs and remarks regarding how the clients are

388 being reached by their programs. Profiling, statistical sampling questionnaires and

389 over-all assessment of how their clients perceive the programs are being

390 evaluated, whether it be a negative or positive assessment on their established

391 programs.19

392 Customer care and satisfaction are increasingly considered a baseline of

393 corporate performance and are a possible standard of excellence for any

394 organization. The customer perspective includes also several common measures

395 of the successful outcomes from well-formulated and implemented corporate

396 strategies such as customer satisfaction, customer retention, customer acquisition,

397 customer profitability and market share.

398 Internal Business Process

399 Customer-based measures are important but they must be translated into

400 measures of what the company must do internally to meet its customers’

401 expectation. This is because excellent customer performance derives from internal

402 processes, decisions and actions occurring through an organization.

403 Raciles and Ramirez states that the organization focuses on outcome

404 evaluation to learn how their programs have made impacts on program participants

405 and to the society. SEDCen implements a tool that will focus on all the activities of
 20

406 the programs and key processes which are required in order for the organization

407 to excel at providing the sustainable social enterprise to customers.20

408 The internal business process perspective also measures the efficiency and

409 effectiveness with which the firm produces the product or services. This

410 perspective looks to address what companies must excel in order to meet

411 customer and shareholder expectations. Efficiency is important here. It’s all about

412 reducing waste and speeding things up, and doing more with less.21

413 These internal measures of the balanced scorecard should stem from the

414 business processes that have the greatest impact on customer satisfaction, factors

415 that would affect cycle time, quality, employee skills and productivity. Companies

416 should also concentrate and measure their core competencies, the critical

417 technologies needed to ensure continued market leadership.

418 There are two kinds of business processes may be identified first is the

419 mission-oriented processes, and second is the support processes. Mission

420 oriented processes are the special functions of government offices. The support

421 processes are more repetitive in nature hence easier to measure and benchmark

422 using generic metrics.22

423 Learning and Growth

424 The learning and growth perspective addresses if companies can continue

425 to improve and create value. This performance indicator focuses to the employees

426 of the organization, and it measures the extent to which the organization exerts
 21

427 efforts to provide its employees with opportunities to grow and learn in their

428 domain.

429 Norton states that business that uses a Balanced Scorecard will provide fair

430 wages towards their employees, fair working hours and fair annual leave and

431 holidays. Also, some of the generated profit over the year will be invested back

432 towards their producers. Business practices should be fair to the labor community

433 and the region in which the company operates.23

434 A company creates a social structure in which a company’s good, work and

435 the interests of shareholders are independent. Responsibility towards employees

436 may be provided by companies, among others, by treating employees according

437 to the principles of fairness and honesty in mutual relations, creating the best

438 working conditions in terms of safety, ensuring satisfactory terms of employment

439 or supporting the process of development.

440 Berce et. Al study stressed that the range of resource utilization under social

441 aspect of Bacacay Municipal Women Federation ascertains the behavior of

442 employees towards his work and the degree of satisfaction of customers. It can

443 therefore conclude that employees are skillful and are dedicated in their line of

444 work.24

445 Furthermore, Segovia states that the learning and growth perspective

446 serves as foundation of the Balanced Scorecard which accordingly affects the

447 other three perspectives. Therefore, it can be concluded that the effects of the
 22

448 activities at the L & G produce a chain effect in which the ultimate goal is increasing

449 the financial aspect of the company.25

450 An organization whether for-profit or not-for-profit, such relation of the

451 company to the people is important. The source of labor is primarily from the

452 community in which the company either directly or indirectly influence. If such

453 relation fails, the company will be short of manpower hence the effectivity of the

454 organization would decrease, resulting to more losses. A company does not

455 merely exist without the skills of professionals and the human factor of ethics in

456 which technology cannot copy.

457 Synthesis of the State-of-the-Art

458 This chapter focused on Banking institutions, specifically China Bank. That

459 China Bank a universal commercial bank follows ethical based set of rules and

460 decisions that will guide the company to its goal called corporate governance. That

461 corporate governance may be measured through many tools such as the balanced

462 scorecard.

463 The balanced scorecard was developed by Drs. Kaplan and Norton that

464 combines both the financial and non-financial perspectives of a business in order

465 to achieve long term sustainability. The balanced scorecard has four perspectives

466 which a company has to consider and these are; Financial Perspective, Customer

467 Satisfaction, Learning and Growth and Internal Business Process. All of these

468 components when aligned with the companies’ goals, will help the company to

469 grow sustainably through future ethical and sound decisions.

 23

470 Gap bridged by the Study

471 The review of related literature established the foundation of the present

472 study. The present study proved to be similar to the other studies and yet there

473 were some distinctive differences.

474 The studies Cleo Regilme et.al and Berce et.al were about the application

475 of the Triple Bottom Line. They tackled on their activities that help improve the

476 corporate performance of the businesses in line with the environmental, social and

477 economic aspect. The previous and present study was found to be different since

478 the previous study used another kind of performance measurement tool which is

479 the Triple Bottom Line.

480 Barrios and Claveron’s study on the Application of Balanced Scorecards in

481 Maybank Legazpi found out that the utilization of the Balanced Scorecard as a tool

482 for measuring corporate performance may not be 100% effective at all times due

483 to the difficulties of maintaining the Balanced Scorecard.26

484 The previous and present study was found out to be related since both

485 studies focused on the same performance measurement tool which is the

486 Balanced Scorecard. However, the study of Barrios et, al. focused on the accuracy

487 of the Balanced Scorecard as performance measuring tool and not the actual

488 outcome of Maybank Legazpi’s programs, projects and activities that would affect

489 their overall corporate governance. Additionally, they focused on a different

490 banking institution.

 24

491 The study of Raciles and Ramirez on the Integration of the Balanced

492 Scorecard in Social Enterprise Development Center (SEDCEN), found out that the

493 entities strategies aligned with the application of the Balanced Scorecard as a

494 measurement tool that helped improve their overall corporate performance.

495 It was found out that both the previous and present study were related

496 because both utilizes the Balanced Scorecard as a performance measurement

497 tool, however, in the previous study, focused on a non-profit organization while the

498 present study focused on a for-profit institution.

499 Segovia and Ortega’s study on Cascading Organization: Linking

500 Organizational Commitment as a Learning and Growth Tool of Infinit Outsourcing

501 Legazpi Inc. concluded that the learning and growth component of the Balanced

502 Scorecard serves as the foundation which accordingly affects the other

503 perspectives.

504 In the previous study, they focused on one of the perspectives of the

505 Balanced Scorecard, which is Learning and Growth and seeks its importance to

506 be the foundation and its relation to the other perspectives. However, in the present

507 study it will seek an equal utilization of the four components on its application to

508 the current corporate governance of China Bank.

509 With the studies reviewed, it was found out that no study concentrated on

510 assessing the corporate governance of a universal bank, more specifically China

511 Bank. The study focused on the current status and level of effectiveness of the

512 projects, programs and activities of China Bank using the Balanced Scorecard as
 25

513 a performance measurement tool in order for them to attain, maintain or even

514 surpass there current ranking in the top ten (10) banks in the Philippines. This was

515 the gap bridged by the study.

516 Theoretical Framework

517 This study was anchored on the theory of the balanced scorecard

518 developed by Dr. Robert Kaplan and Dr. David Norton in 1992. The balanced

519 scorecard supplements traditional way of measuring performance with financial

520 measure by adding measures from the perspectives of the customers, internal

521 processes, and learning and growth. In this way, it enables organizations to

522 monitor the intangible assets needed for future growth.27

523 The balanced scorecard translates an organization’s mission and strategy

524 into a comprehensive set of performance measures that provides the framework

525 for a strategic measurement and management system. The measures are

526 arranged in four measures and each measure should contain both outcome

527 measure that indicate excellent prior performance, along with the performance

528 drivers that will create a successful future performance and governance.28

529 This is made possible by recognizing the relationships among equally

530 important focus areas from which to measure performance and ensure that they

531 are aligned with the intended objectives of the organization.

532

533
 26

534

535

536

537 Figure 1

538 Theoretical Paradigm

539 Balanced Scorecard by Drs. Robert Kaplan and David Norton

540

541

542
 27

543 Furthermore, the usage of the balanced scorecard as mere performance

544 measurement tool evolved into a strategic management system intended to

545 evaluate past events and support the management in the implementation of a

546 strategy and plan.

547 Conceptual Framework

548 Banks are for-profit service oriented institutions and, like any other for-profit

549 establishments, banks exist to earn profit and to maximize the wealth of their

550 shareholders. However, banks must establish a sustainable business which

551 includes concerns for their customer satisfaction, learning and growth and internal

552 business process perspectives, aside from income generation.

553 The balanced scorecard as an accounting tool in assessing the corporate

554 governance of China Bank was the focus of this study. The project, programs and

555 activities undertaken by the bank relative to financial perspective, customer

556 satisfaction, learning and growth and internal business processes was determined.

557 After identifying such, this study sought to know the current status of the

558 above cited variables using the balanced scorecard as the measurement tool

559 together with the assessment of the level of effectiveness of China Bank’s

560 corporate governance as perceived by the clients. Also, this study sought the

561 strategies crafted to further enhance the company’s existing corporate

562 governance.

563

564
 28

565

566

567

568

569

570 Projects, Plans and Activities

Recommendation

571
Current status of the projects, plans and
572 activities.

573
Level of Effectiveness
574

575
Strategies crafted to enhance existing
corporate governance
576

577 Figure 2

578 Conceptual Paradigm

579

580

581

582
 29

583 The identified projects, programs and activities by the company’s

584 management, were the factors that helped China Bank grow into becoming one of

585 the Philippines leading banking institution. The company can generate from the

586 findings, the factors that can be used to maintain the company’s value and image

587 and ways of improving its services.

588 Definition of Terms

589 To have a clear overview of the things discussed and to facilitate clear

590 understanding, the following terms were conceptually and operationally defined:

591 Corporate Governance. A system by which companies are directed and

592 controlled.29 In this study, corporate governance was the ethical decision and

593 actions taken into action by the corporation that would lead to its long term goals.

594 Balanced Scorecard. A strategic management system that helps

595 organization to identify strategies and make it executable.30 In this study, it was

596 the measurement tool that helps identify the current corporate governance of the

597 company by identifying the strategies undertaken by the organization.

598 Financial Perspective. Refers to the financial outlook of the company. 31 In

599 this study, it was the financial health of the company.

600 Customer Satisfaction. Refers to the direct effect of actions undertaken

601 by an entity directed to the customer.32 In this study, it was the overall satisfaction

602 of the customer towards the programs, projects and activities of the company.
 30

603 Internal Business Processes. Refers to the internal efficiency of the

604 company’s operation.33 In this study, it was the smoothness of the company’s

605 operation that makes use of less.

606 Learning and Growth. Refers to the skills and knowledge acquired by the

607 internal management through skills training and seminars.34 In this study, it was

608 the ability of the employee adapt new practices that would further improve the

609 company’s growth internally.

610

611

612

613

614

615

616

617

618

619

620

621

622
 31

623 Notes

1 M.M Leuterio, C. B. Estepa, (2013) Banking Theory and Practice, Anvil

Publishing, INC.

2E.L. Dizon, E.V.M. Dizon, (2013) Banking Laws and Jurisprudence. Rex
Book Store, INC.

3 History. Sourced from www.bsp.gov.ph, accessed on November 14, 2018

4Corporate Governance. Sourced from www.chinabank.ph, accessed on

February 21, 2019

5 What is Corporate Governance. Sourced from www.icaew.com,

accessed on November 15, 2018

6 Roman R. Dannug, Politics and Governance, Published 2003, p. 102

7 What is Corporate Governance. Sourced from www.icaew.com,

accessed on November 15, 2018

8 Ibid.

9 Hilda V. Gonzalez, The Leadership Framework: Ateneo’s Response to

Education for Good Governance. I-Governance for Development, C & E
Publishing, Inc. 2004. p. 179

10 What is Balanced Scorecard. Sourced from www.balanced

scorecards.com, accessed on November 15, 2018

11 P.A. Galamadien, Sustainability and Triple Bottom Line Reporting in

the Banking Industry. Sourced from space.nwu.ac.za, accessed on November
15, 2018
 32

Siapno, et.al (March 2012) “Assessment on the Triple Bottom Line

12

Approach of SEDCEN”

13Barrios and Claveron (April 2015). “The Application of Balanced

Scorecard in Maybank Legzapi City”, An undergraduate thesis, DWCL

14Abdurizzag Abofaied (2017). Evaluation of Bank’s Performance by

using Balanced Scorecard: Practical Study in Libyan Environment. Sourced
from www.balancedscorecard.org, accessed on November 17, 2018

15 E. E. Lawler III, Sustainability: It Should Be About More Than the

Bottom Line. Sourced from www.forbes.com, accessed on September 9, 2018

16 Cleo et.al “The Perceived Social, Economic and Environmental

Impacts of Balogo Farm Resort, Oas, Albay,” An undergraduate thesis, DWCL

17Abdurizzag Abofaied (2017). Evaluation of Bank’s Performance by

using Balanced Scorecard: Practical Study in Libyan Environment. Sourced
from www.balancedscorecard.org, accessed on November 17, 2018

18 Ibid

19Raciles, Russell and Ramirez Ryan (March 2012) “The Integration of

the Balanced Scorecard in Social Enterprise Development Center (SEDCen)”
An undergraduate thesis, DWCL

20 Ibid

21 What is Balanced Scorecard. Sourced from

www.balancedscorecards.com, accessed on November 17, 2018

22 Process perspective. Sourced from

www.balancedscorecard.org,accessed on November 17, 2018
 33

23 What is Balanced Scorecard. Sourced from

www.balancedscorecards.com, accessed on November 17, 2018

24Berce et.al, (March 2018) “Utilization of Resources by Bacacay

Municipal Women Federation (BAMWOF): A Triple Bottom Line Approach,”
An undergraduate thesis, DWCL

25Segovia and Ortega (March 2016) “Cascading Optimization: Linking

Organizational Commitment as a Learning and Growth tool of Infinit
Outsourcing Legazpi Inc.” An undergraduate thesis, DWCL

26Barrios and Claveron (April 2015). “The Application of Balanced

Scorecard in Maybank Legzapi City,” An undergraduate thesis, DWCL

27 About the Balanced Scorecard. Sourced from

www.balancedscorecard.org, accessed on November 18, 2018

28
Robert S. Kaplan and David P. Norton (1992) The Balanced Scorecard
– Measures that Drive Performance. Sourced from www.hbr.org, accessed on
November 19, 2018

29 What is Corporate Governance. Sourced from www.icaew.com,

accessed on November 19, 2018

30
Defining Balanced Scorecard Aspects in Banking Industry Using
FAHP Approach. Sourced from www.balancedscorecards.com, accessed on
November 19, 2018

31 Ibid.

32 Ibid.

33 Ibid.

34 Ibid.