Content uploaded by Colin Dey
Author content
All content in this area was uploaded by Colin Dey on Aug 13, 2017
Content may be subject to copyright.
1
Developments in social impact measurement in the third sector:
scaling up or dumbing down?
Jane Gibbon
Newcastle University Business School
Newcastle University
jane.gibbon@newcastle.ac.uk
Colin Dey
Stirling Management School
University of Stirling
colin.dey@stir.ac.uk
Accepted for publication in Social and Environmental Accountability Journal
published by Taylor and Francis. http://dx.doi.org/10.1080/0969160X.2011.556399
2
Developments in social impact measurement in the third sector:
scaling up or dumbing down?
Abstract
This paper outlines the merits of two approaches to social impact measurement that are currently
the subject of debate within the third sector: Social Accounting & Audit (SAA) and Social Return
On Investment (SROI). Although there are significant similarities between the methods, a number
of important differences remain. In particular, while SAA involves a more „conventional‟ mix of
narrative and quantitative disclosures, SROI outcomes are more explicitly quantitative and
reductive. This is most evident in the production of the „SROI ratio‟, which calculates a monetised
„return‟ on a notional £1 of investment. In the UK, with available resources becoming increasingly
scarce, the third sector is facing demands for increased accountability as well as being encouraged
to „scale up‟ in preparation for assuming greater responsibility for public service delivery. In this
context, it is easy to see why the simplicity and clarity of SROI is attractive to policy-makers,
fundraisers and investors, who are keen to quantify and express social value creation and thus
make comparative assessments of social value. However, this apparent simplicity also risks
reducing the measurement of social impact to a potentially meaningless, or even misleading
headline figure, and should therefore be treated with caution. This is especially so where exact
measures are unobtainable, and approximations, or so-called „financial proxies‟ are used. The use
of such proxies is highly subjective, especially when dealing with „softer‟ outcomes. There is
nothing to prevent SROI being used within an SAA framework: indeed a greater emphasis on
quantitative data could improve many social accounts. Nevertheless, we conclude that current
efforts to promote SROI adoption, to the likely detriment of SAA, may ultimately promote a one-
dimensional funder and investor-driven approach to social impact measurement in the third sector.
Word count: 4938
1. Introduction
3
Most people within the third sector and beyond would endorse the view that “social economy
organisations should report on what they do and how they work for the common good, and we, as
society, should require such reporting” (Pearce, 2009:32). On a practical level, however, the basis
of such reporting is perhaps less immediately obvious. The most well-known approaches to social
reporting, including AA1000 and the GRI guidelines, may appear excessively complex, costly and
better suited to large corporate settings, rather than smaller values based enterprises. More
generally, it has been argued that the CSR agenda for large organisations may not always be
applicable or easily transferable to either an SME (Jenkins, 2004, 2006; Spence, 2004) or a
community enterprise setting, where impacts may involve externalities that are inherently difficult
to measure.
The objective of social valuation and impact measurement in the third sector is to understand (in
social, environmental and economic terms) what difference an organisation's activities make to the
world and to communicate that value to the organisation itself and to its stakeholders (nef, 2009).
Over the last two decades, the search for evaluation methods relevant to values based organisations
has led to a range of alternative tools being developed and made available to social enterprise
organisations. Such diversity may be welcome, but this has now created a situation in which best
practice in social enterprise reporting, and the underlying reasons for such reporting, remain a
matter of some dispute. To reach agreement on a common reporting framework that is acceptable
to organisations, investors and funders has been the „holy grail‟ of the social economy for the last
twenty years (Pearce & Kay, 2008). This search has parallels with the difficulties faced in the
search for a triple bottom line reporting framework that could adequately include the social,
environmental and economic (Gray & Milne, 2004). The authors of this current paper have a
particular interest in the search for a common framework, since both have research experience of
4
practical experimentation with SAA in values-based organisations (Dey, et al., 1995; Gray, et al.,
1997; Dey, 2007; Gibbon & Affleck, 2008; Gibbon, 2010).
Of the ten social impact measurement tools currently available (nef, 2009), the two methods that
are generally recognised to be most likely to be developed towards a common reporting
framework, and which have been most widely used in practice over the last decade, are social
accounting & auditing (SAA) (Pearce, 2001) and social return on investment (SROI) (Nicholls, et
al., 2009). While SAA has a longer history of innovation and use in the UK, it has been to some
extent eclipsed by the importing and development of the American SROI approach, which has been
supported by recent UK and Scottish government initiatives (Nicholls, et al., 2009).
The remainder of this paper examines the two most widely favoured methods, SAA and SROI. We
firstly outline the details of how these techniques work in practice, and the similarities and
differences between them. The paper then discusses the main difference, and area of controversy,
between the two methods: the use of financial proxies. This is an aspect of SROI that is unlikely to
be included within the SAA framework. The paper argues that the recent push from within the UK
Government, as well as from other influential parts of the third sector, to embrace SROI rather
than SAA may reflect both greater demands for financial accountability amongst the voluntary
sector and charities, as well as a concern to make social enterprises more „investment-ready‟ in
order to „scale up‟ their potential to grow and assume responsibility for some areas of public
service delivery. However, we conclude that the emphasis in SROI on focussed reports for
funders/investors may lead to a one-dimensional and arguably „dumbed-down‟ portrayal of the
organisation‟s activities. To be genuinely empowering and transformative, any social impact
reporting framework should be firstly owned by the organisation and driven from an internal
5
reporting requirement (Pearce & Kay, 2006). From this perspective, SAA may be argued to
possess greater potential.
2. Social Accounting & Auditing (SAA)
The SAA methodology (Pearce, 2001; Pearce & Kay, 2005; Pearce & Kay, 2008) is specifically
designed for small, values driven organisations working within the social economy and was first
developed in the UK during the early 1990s. It was pioneered through the work of Pearce (1993,
1996, 2001, 2003), who defines social accounting as:
“a framework which allows an organisation to build on existing documentation and
reporting and develop a process whereby it can account for its social performance,
report on that performance and draw up an action plan to improve on that
performance, and through which it can understand its impact on the community and
be accountable to its key stakeholders” (Pearce, 2001:9 emphasis in the original).
The terms „social accounting‟ and „social audit‟ refer to component parts of the process, but are
often confusingly used interchangeably for the whole process. The internal data collection and
analysis procedures (social accounting) are followed by an independent audit of the results (social
auditing) before finally disseminating the outcome more widely (reporting).
In the UK the actions of community based organisations in their various forms are strongly linked
to stakeholders (Pearce, 1996, 2001). Their primary purpose is to achieve a specific community
benefit and the second is to achieve this whilst operating in a way that is beneficial both to people,
planet and the local economy (Pearce, 2009). The primary purpose is also underpinned by five
other principles: caring for human resources, good governance and accountability, „asset lock‟, and
the use of profits, co-operation and subsidiarity (Pearce & Kay, 2008).
6
The original SAA manual developed by Pearce has been gradually developed by the Social Audit
Network to simplify the approach and encourage increased usage of the technique (Pearce & Kay,
2008). The manual states that the approach “can be adopted and adapted to suit a wide range of
community organisations, large and small.” (Pearce, 2001:6). The current three step process (see
Fig. 1 below) includes a preliminary „getting ready to take the three steps‟ section, which provides
helpful as guidance with the first phase of preparing to do SAA. As a reporting framework within
which social impact assessment can fit, SAA offers many potential benefits, including the
possibility of increased transparency and accountability. Social accounting is argued to provide a
social economy organisation with a way of knowing that “it is achieving its objectives, if it is
living up to its values and if those objectives and values are relevant and appropriate.” (Pearce,
2001:9 emphasis in the original). SAA advances the democratic ideals of stakeholder
representation and influence
7
Getting Ready…to take the Three Steps
Understanding social accounting and audit
What does your organisation already do?
Commitment within your organisation
Making it manageable and being clear about who does the work
Finding the resources and paying for it
Making the decision
Step One: Social, Environmental and Economic Planning
Mission
Values
Objectives
Activities
Stakeholders
Key stakeholders
Step Two: Social, Environmental and Economic Accounting
Deciding and managing the scope
Agreeing indicators
Collecting quantitative and qualitative data
Reporting on environmental and economic impacts
Social Accounting Plan
Implementing the Social Accounting Plan
Step Three: Social, Environmental and Economic Reporting and Audit
Drafting the Social Accounts
Social Audit Panel
Process of the Social Audit Panel meeting
Social Audit statement
Using the Social Accounts
Disclosure
Figure 1: A three step framework for developing a SAA (Pearce & Kay, 2005)
by enabling the reader to see how the organisation has made an impact within its community. The
benefits could also include the focus on organisational learning (Gond & Herrbach, 2006), the
embedding of organisational information systems and the systematic improvement of stakeholder
dialogue (e.g. Pay, 2001; Thomson & Bebbington, 2005; Zadek & Raynard, 2002).
For example in the UK and Ireland, it is important to acknowledge, however, that SAA has been
the subject of some criticism, not least by academics who have themselves experimented with the
8
approach. O‟Dwyer‟s (2005) work exposed the contradictions, tensions and obstacles within the
complex nature of SAA processes, which he concluded were “emasculated by management and
designed to serve organisational as opposed to broad stakeholder interests” (O‟Dwyer, 2005:292).
Dey‟s (2007) study of social accounting at Traidcraft found that “a formal, calculative social
bookkeeping became a useful asset in the [company‟s] attempts to justify a radical strategic shift,
away from „behaving like a charity‟ and towards „commercial Christianity‟” (Dey, 2007:443). The
longitudinal study by Gibbon (2010) developing SAA with a social enterprise found accountability
to be more fluid and complex when developed in practice. The forms of accountability developed
in practice are often are multiple and developed through a multitude of responses by third sector
organisations when accountability is being demanded within the public sphere. The reality of
accountability in practice is not a neutral or unproblematic concept and there are many practical
implications played out such as resistance, fear, confusion and uncertainty (Gibbon, 2010). In all
these studies, social accounts were used to support more formal and narrow (individualistic or
hierarchical) models of accountability rather than informal and broader (communitarian or
socializing) models of accountability, even though the latter might be the expected model within
values based organisations with a strong mission of social justice.
3. Social Return on Investment (SROI)
Rather like SAA, SROI aims to understand and manage the impacts of a project, organisation or a
policy, and is based on the recognition of a wide range of stakeholders. Crucially, however, SROI
seeks to place a financial value on important impacts that do not have market values as identified
by the stakeholders. The aim is to include the value of people excluded from traditional market
valuation, in order to provide a voice to those excluded in any resource allocation decisions. The
SROI framework enables an understanding that, in effect, is intended to provide both a „story‟
(that explains how value was created) and a „number‟ (that demonstrates how much value was
9
created). SROI is different from cost benefit analysis because it is designed as a practical
management tool for both small and large organisations. Whereas cost benefit analysis is based
upon the Green Book, a guidance framework for the core principles upon which all UK
Government public sector economic assessment is made. The framework is used by the UK
Government appraises and evaluates policies, programmes and projects at the level of UK society.
Both techniques use financial proxies to measure costs and benefits arising from an investment,
activity or policy (Nicholls, et al., 2009:95).
The use of monetised social value within a SROI was originally developed by the Roberts
Enterprise Development Fund (REDF) in the US and based upon traditional cost-benefit analysis.
The REDF model was constructed upon a „blended value‟ model (Lingane & Olsen, 2004) where
organisations could achieve both economic success and maximize social benefits. The REDF
model was also designed for a particular sector of social enterprise, one that provided market
driven goods and services to customers whilst providing a supportive work environment for those
who wish to improve their lives (Flockhart, 2005). The original work was developed and adapted
for use in the UK by the new economics foundation using a ten stage approach (nef, 2004, 2005;
Rotheroe & Richards, 2007). The current SROI guide published by the Cabinet Office (Nicholls,
et al., 2009) has refined this to six stages as set out in figure 2.
10
Stage 1
Establishing scope, identifying stakeholders and deciding how to involve stakeholders
It is important to have clear boundaries about what the SROI analysis will cover,
who will be involved in the process and how
Stage 2
Mapping outcomes:
Starting on the impact map
Identifying inputs
Valuing inputs
Clarifying inputs
Describing outcomes
Engaging with stakeholders will develop an impact map, or theory of change, which
shows the relationship between inputs, outputs and outcomes
Stage 3
Evidencing outcomes and giving them a value
Developing outcome indicators
Collecting outcomes data
Establishing how long outcomes last
Putting a value on the outcome
This stage involves finding data to show whether outcomes have happened and then
valuing them
Stage 4
Establishing impact
Deadweight and displacement
Attribution
Drop off
Calculating your impact
Having collected evidence on outcomes and monetised them, those aspects of change
that would have happened anyway or are a result of other factors are eliminated from consideration
Stage 5
Calculating the SROI
Projecting into the future
Calculating the net present value
Calculating the ratio
Sensitivity analysis
Payback period
This stage involves adding up all the benefits, subtracting any negatives and comparing
the result to the investment. This is also where the sensitivity of the results can be tested
Stage 6
Reporting, using and embedding
Reporting to stakeholders
Using the results
Assurance
The last step involves sharing findings with stakeholders and responding to them,
embedding good outcomes processes and verification of the report
Figure 2: The six stages in SROI (Nicholls et al., 2009:4-5 & 9-10 (itals))
In the UK, the Office of the Third Sector (OTS) within the Cabinet Office has sponsored the
Measuring Social Value project (2008-2011). The aim of the OTS project is to promote, facilitate
and standardize the use of social impact measurement tools among the third sector, with particular
emphasis on SROI. In addition, a complementary project funded by the Scottish Government‟s
Third Sector Division is responsible for developing an SROI portal and training materials for
practitioners.
11
The benefits claimed for SROI include: a consistent and clear approach to understanding and
reporting on the changes caused by an organisation; improved strategies, systems and
accountability; better ability to manage risk, identify opportunity and raise the finance required to
achieve their mission (nef, 2009). At the same time, however, there are four major underlying
issues and limitations of SROI that need to be acknowledged. First, social impact can be a viewed
from either a personal perspective or used as a political measure. These two differing perspectives
can thus be open to interpretation depending upon the view of social impact being taken. The use
of positive or negative impact within a SROI calculation is open to manipulation depending upon
those doing the calculating. Second, there are some unresolved issues around quantification within
SROI. The quality and availability of data, the underlying measurement issues, causality and
correlation and the timeframe used; are all factors that should lead to users of SROI being cautious
when making comparisons between organisations. Third, if the use of SROI is to raise investment
opportunities through aligning investors and enterprises, then in the absence of SROI and social
impact data from a large number of organisations, those seeking to understand the context of their
investment will be unable to do so. Finally, SROI is just one of many measurement and reporting
tools available and should not be the sole indicator of social performance in much the same way
that a single return on investment (ROI) would not be used in the context of financial decision
making (Lingane & Olsen, 2004).
The current guide to SROI sets out the specific methodological approaches to calculating financial
proxies. The guide is 95 pages long and this is indicative of the lengthy and resource intensive
process of stages that developing a SROI ratio involves. The use of financial values underpins the
end of stage 3 and within stages 4 & 5 of the SROI calculation. The subjectivity of valuation is
acknowledged, in stage 3, and the methods state that there are some items that are easily
12
monetised, like cost savings of interventions or increased income, whereas the more challenging
valuations use techniques like contingent valuation, revealed preferences, the travel cost method
and average household spending (Nicholls, et al., 2009:47). The problem with each of these
valuation techniques is also acknowledged, as there are multiple approaches to how all these
values can be calculated. Thus adding to the uncertainty and possible confusion as to how a final
value has been arrived at. In stage 4, see Fig. 2, of SROI the focus of calculation is to
acknowledge and calculate deadweight, displacement, attribution and drop-off. The calculation of
value needs to acknowledge issues of deadweight (the outcomes that would have happened
anyway), displacement (did one outcome displace another outcome), attribution (how much of an
outcome is attributable to other people or organisations) and, if applicable, drop-off where an
outcome lasts longer than can be claimed for the investment, for example, more than a year. The
valuation and calculations in stages 3 & 4 are then developed further in the „optional‟ stage 5,
where the calculations are projected into the future through the use of net present values,
sensitivity analysis and payback periods (Nicholls, et al., 2009:65). The current guide to SROI
acknowledges these future projections are controversial with a risk that these techniques can focus
on short-term measures by discounting the future and the use of payback (Nicholls, et al.,
2009:67).
4. Discussion
Both approaches, briefly outlined in this paper, seek to measure the creation of social value.
Indeed, those involved in the development of SROI have acknowledged that it is much easier to
accomplish if built on the foundations of a good set of social accounts (Nicholls, et al., 2009:95).
Equally, representatives of SAA, in the UK, have argued that “this shouldn‟t be about one or the
other. The two models can work together… Where there are impacts that can be easily
„financialised‟, like people moving off benefits into work, by all means use SROI. But there will
13
always be impacts which are difficult to attribute reasonably in this way. In these cases how
people think and feel is important and social audit methods will be more appropriate.” (Pearce in
Parker, 2008:19). Whilst there are differences and contested areas between the two methods, there
are also several common principles and these and other points of differentiation are outlined in
figure 3.
Principle
Definition
Stakeholder
engagement
Engaging with and consulting stakeholders is central to the process of
social accounting in order to understand what impact an organisation is
having
Scope and
materiality
Acknowledge and articulate all the values, objectives and stakeholders
of the organisation before agreeing which aspects are to be included
in the social accounting process; and then determine what must be
included in the account such that stakeholders and others can draw
conclusions about the performance and impact of the organisation
Understanding
change
Articulate clearly how activities work to achieve the stated objectives
of an organisation and its stakeholders and evaluate this through
evidence gathered
Comparative
Make comparisons of performance and impact using appropriate
benchmarks, annual targets and external standards
Transparency
Demonstrate the basis on which the findings may be considered
accurate and honest; and show that they will be reported to and discussed
where appropriate and feasible, with stakeholders
Verification
Ensure appropriate independent verification of the social accounts for
example, through a robust social audit panel process (SAA only – two
levels of verification optional in SROI)
Embedded
(SAA only)
Ensure that the process of social accounting and audit becomes
embedded in the life cycle and practices of the organisation
Financial
proxies
(SROI only)
Use financial proxies as indicators in order to include the values
of those excluded from markets in the same terms as used in markets
Figure 3: Principles of SAA and SROI (Pearce and Kay, 2008:16)
Despite the apparent large overlap between SAA and SROI, important differences remain. In
addition to the financial proxy calculation, which is unique to SROI, the method focuses on the
14
perspective of expected or actual change to different stakeholders as a result of activity, while
SAA starts from the organisation‟s stated social objectives. There is an explicit requirement for
assurance and audit in SAA, while some degree of verification is only a recommendation in SROI.
A further key difference is in core objectives. SAA aims to prove and improve the organisational
objectives through social disclosure (nef, 2009), and has a greater emphasis on „embedding‟ itself
in the life cycle of the organisation. In contrast, current experimentation with SROI has tended to
produce one-off snapshots for a specific point in time. Whereas the purpose of calculating a SROI
is to reduce inequality, environmental degradation and improve wellbeing through the
incorporation of social, environmental and economic costs and benefits (Nicholls et al., 2009)
these aims are unlikely to be achieved through a one off snapshot in time.
However in the UK, there are those within the third sector who fear that SROI, through the use of
financial proxies and the calculation of the benefit into the simple common unit of money, adds
unintentional support to a current dominant business case perspective. A more corporate view is
likely to give a one dimensional focus on funder and investor-driven approaches to social value
measurement and financial accountability rather than achieving a broader stakeholder
accountability. Thus the simple headline of a financial proxy could further provide evidence for
“powerful elites steering society „in a direction which solidifies their own dominance‟ (Welford,
1998, p.9; see also Gray, et al., 1997; Owen, et al., 2000; O‟Dwyer, 2003)” (Brown & Fraser,
2006). The funder and investor perspective is also supported by the UK Government, where the
forward to the latest SROI guide contains a statement from the previous Minister for the Cabinet
Office and the Minister for the third sector who state that SROI
“will help third sector organisations to communicate better their impact to customers,
government and the public, through measuring social and environmental value with
confidence, in a standardised way that is easy for all to understand…..also underpin the
15
thinking of commissioners and investors. For the public sector, it will help show us
what really matters to the people who use public services and who benefit from third
sector activity” (Liam Byrne & Kevin Brennan in Nicholls, et al., 2009:3).
The concern is that the UK and Scottish governments‟ enthusiastic support for SROI, that
assumes all impacts can be financialized, will result in a controlling rather than supportive view of
social economy organisations that gives investing stakeholders priority over other stakeholders
(Pearce, 2009).
Within the UK, beyond the practitioner-led debates currently going on within the third sector,
there is (to the best of our knowledge) a dearth of academic (and critical) views on SROI. In the
absence of any specific studies, it is perhaps still helpful to draw on prior empirical studies in
social accounting (see, for example, O‟Dwyer, 2005; Gray, et al., 1997; Dey, 2007; O‟Dwyer,
2007), which have emphasised the substantial difficulties involved in social impact assessment
and reporting in values-based organisations. While those criticisms were largely directed at forms
of accounting similar to SAA, we would contend that the features of SROI are only likely to
further magnify the risk of outcomes such as managerial capture occurring. Likewise, the use of an
SROI model based upon financial proxy plays out all the same tensions raised when aiming to
achieve triple bottom line (TBL) reporting that can include the social, environmental and
economic. The tensions remain in place where “the TBL report remains something of a mirage,
and will continue to do so as long as the debate about, and the practice of, social and
environmental reporting continue to owe more to rhetoric and ignorance than to practice and
transparency” (Gray & Milne, 2004:76)
5. Conclusions
16
In deciding on which method of reporting is the most appropriate a social economy organisation
needs to be clear about whether they are making an external business case to funders or investors,
or trying to achieve stakeholder accountability. In seeking to achieve both the business case and
stakeholder accountability, organisations may risk falling somewhere in between and not realize
anything through the reporting process (Tinker et al., 1991). Social reporting for social economy
organisations may be viewed as making too many claims to solve complex problems (O‟Dwyer,
2007) and being open to the risk of political hijacking. If the financial is privileged over the social
or environmental within a social economy setting, it goes against the “old co-operative adage that
members should control capital and not vice versa.” (Pearce, 2009:32). The principles and
methodology of SROI need to be able to satisfy the demands of a TBL for the social,
environmental and economic, that goes beyond “public relations puff” (Gray & Milne, 2004:75)
and provides an honest and complete report whilst overcoming the tensions that arise when the
financial dominates.
The social economy provides a rich source for future research within social and environmental
accounting, where the development of improved understandings at the practice-theory interface or
praxis is enacted. The practice of social reporting needs more rigorous approaches to theory
development, as much current work is practitioner led and the support of academics who
understand practice based research is needed. Also, the considerable body of work within both the
accounting and the SEA academy needs to be recognised and added to these debates. We finish
with a call for more detailed critical studies of practice on social impact measurement and
reporting with social economy organisations…..now where have we heard that before?
17
References
Bonbright, D. (2004) „NGO accountability and performance: Introducing ACCESS‟,
AccountAbility Forum. 1 (2):2-6.
Brown, J and Fraser, M. (2006) Approaches and perspectives in social and environmental
accounting: an overview of the conceptual landscape Business Strategy and the Environment 15
pp.103-117.
De Colle, S. & Gonella, C. (2002) „The social and ethical alchemy: An integrative approach to
social and ethical accountability‟. Business Ethics: A European Review, 11:86-96.
Dey, C.R., Evans, R., & Gray, R. H. (1995) „Towards social information systems and
bookkeeping: a note on developing the mechanisms for social accounting and audit‟. Journal of
Applied Accounting Research, 2 (3):33-63.
Dey, C. R. (2007) „Social accounting at Traidcraft plc: A struggle for the meaning of fair trade‟.
Accounting, Auditing and Accountability Journal, 20 (3):423-445.
Emerson, J. & Cabaj, M. (2000) „Social Return on Investment‟. Making Waves, 11 (2):10-14.
Flockhart, A. (2005) „The use of social return on investment (SROI) & investment ready tools
(IRT) to bridge the financial credibility gap‟. Social Enterprise Journal, 1 (1):29-42.
Gibbon, J. & Affleck, A. (2008) „Social enterprise resisting social accounting: reflecting on lived
experience‟. Social Enterprise Journal, 4 (1):41 -56.
Gibbon, R. J. (2010) „Enacting social accounting within a community enterprise: actualising
hermeneutic conversation‟. Unpublished PhD thesis. University of St Andrews, Scotland.
Gray, R. H., Dey, C. R., Owen, D. L., Evans, R., & Zadek, S. (1997) „Struggling with the praxis of
social accounting Stakeholders, accountability, audits and procedures‟. Accounting, Auditing and
Accountability Journal, 10 (3):325-364.
Gray, R. & Milne, M. (2004) Towards reporting on the triple bottom line: mirage, methods and
myths. In Henriques, A. & Richardson, J. (eds.) The Triple Bottom Line, Does it all add up?
Assessing the sustainability of business and CSR: 70-80 Earthscan: London.
Jackson, C. & Bundgard, T. (2002) „Achieving quality in social reporting: the role of surveys in
stakeholder consultation‟. Business Ethics: A European Review, 11:253-259.
Jenkins, H. (2004) „Corporate social responsibility and the mining industry: conflicts and
constructs‟. Corporate Social Responsibility and Environmental Management, 11 (1):23-34.
Jenkins, H. (2006) „Small business champions for corporate social responsibility‟. Journal of
Business Ethics, 67 (3):241-256.
Lingane, A. & Olsen, S. (2004) „Guidelines for Social Return on Investment‟. California
Management Review, 46 (3):116-135.
18
Logsdon, J. M., & Lewellyn, P. G. (2000) „Expanding accountability to stakeholders: trend and
predictions‟. Business and Society Review, 105 (4):419-435.
new economics foundation (2004) Measuring value creation in Social Firms: a do-it-yourself
training manual for SROI, London: new economics foundation.
new economics foundation (2005) Social Return on Investment: Valuing what matters: findings
and recommendations from a pilot study, London: new economics foundation.
new economics foundation (2009) Proving and improving: a quality and impact toolkit for social
enterprise available at: http://www.proveandimprove.org/new/ (downloaded October 2010).
Nicholls et al., (2009) A Guide to Social Return on Investment, London: Office of the Third Sector,
Cabinet Office.
O‟Dwyer, B. (2005) „The construction of a social account: a case study in an overseas aid agency‟.
Accounting Organizations and Society, 30 (3):279-296.
O‟Dwyer, B. (2007) „NGO Accountability‟. In J. Unerman, J. Bebbington and B. O‟Dwyer (eds.)
Sustainability Accounting and Accountability: 285-306. London: Routledge.
Parker, D. (2008) „Prove and Improve‟ New Sector, (81):18-19. Available at:
http://www.newsector.co.uk/articles/81_socialReturnOnInvestment.html (Accessed: November
2010).
Pay, C. (2001) „Social Accounting: A Method for Assessing the Impact of Enterprise Development
Activities?‟. Available:
www.sed.manchester.ac.uk/research/iarc/.../SocialAccounting.doc
(Accessed: October 2010).
Pearce, J. (1993) At the heart of the community economy: Community enterprise in a changing
world. London: Calouste Gulbenkian Foundation.
Pearce, J. (1996) Measuring Social Wealth: A Study of social audit practice for community and co-
operative enterprises. London: new economics foundation.
Pearce, J. (2001) Social Audit and Accounting Manual. Edinburgh: Community Business Scotland
(CBS) Network Ltd.
Pearce, J. (2003) Social Enterprise in Anytown. London: Calouste Gulbenkian Foundation.
Pearce, J. (2009) „Social economy: engaging as a third system?‟. In A. Amin (ed.) The Social
Economy: international perspective on economic solidarity: 22-33. London: Zed Books.
Pearce, J., & Kay, A. (2005) Social Accounting and Audit The Manual. Edinburgh: CBS Network
Ltd.
Pearce, J., Raynard, P., & Zadek, S. (1996) The Workbook Social Auditing for Small
Organizations. London: new economics foundation.
19
Pearce, J. & Kay, A. (2008) Really Telling Accounts! Exeter: Social Audit Network.
Rotheroe, N. & Richards, A. (2007) „Social Return on Investment and social enterprise:
transparent accountability for sustainable development‟. Social Enterprise Journal, 3 (1):31-48.
Spence, L. (2004) Small Firm Accountability and Integrity. In Brenkert, G. (Ed.) Corporate
Integrity and Accountability pp. 115-128 Thousand Oaks: Sage.
Thomson, I., & Bebbington J. (2005) „Social and environmental reporting in the UK: a pedagogic
evaluation‟. Critical Perspectives on Accounting, 16 (5):507-33.
Tinker, T., Lehman, C., & Neimark, M. (1991) „Corporate social reporting: falling down the hole
in the middle of the road‟. Accounting, Auditing and Accountability Journal, 4 (1):28-54.
Zadek, S., & Raynard, P. (2002) „Accounting for Change: The Practice of Social Auditing‟. In M.
Edwards & A. Fowler (eds.) The Earthscan Reader on NGO Management: 319-28. London:
Earthscan.
