162 CHAPTER II

163 REVIEW OF THE RELATED LITERATURE

164 This chapter presents the various literature and studies conducted in

165 relation with the present undertaking. Also included in this chapter are the

166 synthesis of the state-of-the-art, the gap bridged by the study, the theoretical and

167 conceptual frameworks and the definition of terms.

168 Banking Institutions

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

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

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

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

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

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

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

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

177 obtained in the form of deposits.2 Banking institutions play a key role to helping

178 economies grow in terms of investments and money circulation.

179 Banks are regulated by governments around the world to prevent

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

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

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

183 next ten years, especially now with the integration of e-banking and other
 10

184 technological advances making banking an international experience with both

185 Visa and MasterCard. It is also apparent that because of the widespread of

186 Overseas Filipino Workers, money transfers through interbank transactions has

187 also grown for the past 5 years. Such money transfers are also monitored closely

188 by the government, especially by the different central banks.

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

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

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

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

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

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

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

196 loss of money invested grew, hence the government formed the Philippine

197 Deposit Insurance Corporation. Membership of banks to the PDIC is mandatory.

198 As of March 18, 2018, there are over 47 universal and commercial member bank

199 PDIC. These banks offer a wide range of bank products that would suit the

200 different needs of Filipinos, especially with services offered.

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

202 both universal and rural. Legazpi is home to 2 large rural banks namely, Camalig

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

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

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

206
 11

207 China Bank

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

209 owned local commercial bank in the Philippines. It initially catered to the Filipino-

210 Chinese community and adapted a Chinese organizational structure guided by

211 an in-depth understanding of the Chinese way of doing business called the

212 xìnyòng. Xìnyòng means “to trust.”

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

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

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

216 lending heavily to business and entrepreneurs in critical industries. This

217 pioneered their lead into corporate governance and social responsibility.

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

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

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

221 in the Philippines to offer telephone banking in 1991.

222 In 2006, China bank embarked on an aggressive branch network

223 expansion in the number of branches from 148 in 2006 to 596 in 2017, including

224 160 branches from its subsidiary, China Bank Savings. This was complemented

225 by electronic banking generals that provided secure and reliable 24/7 banking

226 services such as, ATMs, China bank tellerPhone, China bank online, and China

227 bank mobile banking app.

 12

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

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

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

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

232 wealth management house in the Philippines by the asset magazine. Since 2011

233 until present, corporate governance has been the flagship of China bank,

234 receiving the Bell Awards of the Philippine Stock Exchange twice from 2012 to

235 2013 as one of the best governed companies in the Philippines and is the only

236 bank in the top 5 publicly listed companies’ category. Also, receiving the Institute

237 of Corporate Director’s Gold Award for Corporate Governance through 2011 and

238 2012. At present, China Bank is part of the top 50 ASEAN publicly listed

239 companies as to corporate governance and top 3 in the Philippines.4

240 China Bank opened its doors to the banking industry of Legazpi, City in

241 1980 and since then grew stronger through the years. It was one of the first

242 universal banks established in the city along with Development Bank of the

243 Philippines and Bank of the Philippine Islands. The number of Filipino-Chinese in

244 Legazpi, City made China Bank more successful compared to its competitors in

245 the area especially with its reputation of having a high corporate governance

246 status.

247 Corporate Governance

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

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

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

 13

251 creditors, government and community. Corporate governance also involves

252 ethical practices in which it satisfies its Corporate Social Responsibility.5

253 According to Dannug, governance requires sound imagination processed

254 by sound judgment leading to sound decisions that will produce sound

255 outcomes.6 Governance in a corporation is carried out in the most satisfactory

256 rate that clients and employees could avail and these business entities should

257 uphold the law with thorough judgment to end up on its best result as possible.

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

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

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

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

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

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

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

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

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

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

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

269 have aligned incentives.8

270 Moreover, the article by Gonzalez, defines good governance as the

271 science of decision-making and the exercise of power and authority so that

272 society is able to manage its development processes and resolve social conflict. 9
 14

273 Social conflict and interest in the local setting affects the use of control by

274 mangement primarily because of the goal to balance such conflicting interest and

275 cause to a more concise outcome.

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

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

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

279 corporate governance should take into account sustainability which is the ability

280 of the company to meet needs of the present thus resulting to the company’s

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

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

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

284 components are part of a corporate governance measurement tool called

285 Balanced Scorecard.

286 Balanced Scorecard

287 The Balanced Scorecard is a strategic planning management system that

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

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

290 took previous metric performance measures and adapted them to include

291 nonfinancial information.10

292 The concept of Balanced Scorecard in regards with the corporate

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

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

 15

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

296 reporting establishes principles by which a company should operate to

297 concentrate on the total effect of their positive and negative actions.

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

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

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

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

302 the financial aspect, but rather consider other aspects.

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

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

305 become increasingly important in global development. In order for business and

306 society to gain long term sustainability it needs to focus also on the non –

307 monetary variables such as customer satisfaction and learning and growth. This

308 will lead to enhanced sustainability in the future, with a motivated workforce,

309 satisfied customers, comfortable place to work with and enough earnings to

310 finance future growth and development.11

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

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

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

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

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

316 strategies to stay ahead from the competition. In every strategy or tool they

317 create, it is necessary for the company not to disregard other aspects so that it
 16

318 can achieve its long term goal on sustainability. Thus, it is regarded as a

319 necessity that a company should measure their level of performance that

320 includes both financial and non-financial aspects.

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

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

323 perspective but also on the learning and growth of the business and its

324 customers and internal business process. It also contains to recognize the

325 strengths and weaknesses of the competitors and focus on improving the quality

326 of these. Balanced Scorecard is a tool to help manage and evaluate

327 organizational performance effectively.

328 Barrios and Claveron’s study emphasized that Balanced Scorecard is

329 most effective when it is able to tell the story of the organization’s strategy

330 through cause and effect relationships, communicated to all employees by

331 understandable operational strategies, and help focus on key measures useful in

332 identifying the most critical areas for progress.13

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

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

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

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

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

338 organization to improve its operation in its financial, learning and growth,

339 business processes, customer and social perspectives.

 17

340 Financial Perspective

341 Financial measures convey the economic consequences for the actions

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

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

344 shareholders.14

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

346 business to improve its products and services. It is generated by adding value to

347 a product more than the cost to procure. Through profit companies may be able

348 to grow and achieve partial sustainability.

349 According to Lawler, many organizations still have the “profit – above –

350 all” mentality. The Balanced Scorecard Approach tells that profit being the only

351 basis of performance won’t help sustain an organization in the long run. They

352 must understand that considering the learning and growth of the business and its

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

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

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

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

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

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

359 contributes to the overall success a firm achieves.

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

361 Economic and Environmental Impacts of Balogo Farm Resort, Oas Albay,”
 18

362 shows that employment opportunities were rate having the highest percentage in

363 regards to economic impact perceived by the respondents. This means that one

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

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

366 opportunities will not only benefit the development project builders, but also the

367 people in the community while at the same time promoting how to save, protect,

368 conserve the species and the ecosystem.16

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

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

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

372 financial perspective alone creates higher risks especially for companies that rely

373 not only on profit, but also on the learning and growth of the business and

374 employee and customer perspective.

375 Customer Perspective

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

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

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

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

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

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

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

383 customer is the king or queen and therefore decides any future business.
 19

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

385 organization must create differentiated and sustainable value to satisfy targeted

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

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

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

389 these targeted segments. Once the organization understands who its targeted

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

391 strategy towards customer perspective.18

392 Raciles and Ramirez study stressed that SEDCen hires an external

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

394 being reached by their programs. Profiling, statistical sampling questionnaires

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

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

397 programs.19

398 Customer care and satisfaction are increasingly considered a baseline of

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

400 organization. The customer perspective includes also several common measures

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

402 strategies such as customer satisfaction, customer retention, customer

403 acquisition, customer profitability and market share.

404

405
 20

406 Internal Business Process

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

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

409 expectation. This is because excellent customer performance derives from

410 internal processes, decisions and actions occurring through an organization.

411 Raciles and Ramirez states that the organization focuses on outcome

412 evaluation to learn how their programs have made impacts on program

413 participants and to the society. SEDCen implements a tool that will focus on all

414 the activities of the programs and key processes which are required in order for

415 the organization to excel at providing the sustainable social enterprise to

416 customers.20

417 The internal business process perspective also measures the efficiency

418 and effectiveness with which the firm produces the product or services. This

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

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

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

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

423 business processes that have the greatest impact on customer satisfaction,

424 factors that would affect cycle time, quality, employee skills and productivity.

425 Companies should also concentrate and measure their core competencies, the

426 critical technologies needed to ensure continued market leadership.

 21

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

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

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

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

431 using generic metrics.22

432 Learning and Growth

433 The learning and growth perspective addresses if companies can continue

434 to improve and create value. This performance indicator focuses to the

435 employees of the organization, and it measures the extent to which the

436 organization exerts efforts to provide its employees with opportunities to grow

437 and learn in their domain.

438 Norton states that business that uses a Balanced Scorecard will provide

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

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

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

442 community and the region in which the company operates.23

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

444 and the interests of shareholders are independent. Responsibility towards

445 employees may be provided by companies, among others, by treating employees

446 according to the principles of fairness and honesty in mutual relations, creating

447 the best working conditions in terms of safety, ensuring satisfactory terms of

448 employment or supporting the process of development.

 22

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

450 social aspect of Bacacay Municipal Women Federation ascertains the behavior

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

452 can therefore conclude that employees are skillful and are dedicated in their line

453 of work.24

454 Furthermore, Segovia states that the learning and growth perspective

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

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

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

458 increasing the financial aspect of the company. 25

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

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

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

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

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

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

465 which technology cannot copy.

466 Synthesis of the State-of-the-Art

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

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

469 decisions that will guide the company to its goal called corporate governance.
 23

470 That corporate governance may be measured through many tools such as the

471 balanced scorecard.

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

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

474 to achieve long term sustainability. The balanced scorecard has four

475 perspectives which a company has to consider and these are; Financial

476 Perspective, Customer Satisfaction, Learning and Growth and Internal Business

477 Process. All of these components when aligned with the companies’ goals, will

478 help the company to grow sustainably through future ethical and sound

479 decisions.

480 Gap bridged by the Study

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

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

483 were some distinctive differences.

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

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

486 corporate performance of the businesses in line with the environmental, social

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

488 since the previous study used another kind of performance measurement tool

489 which is the Triple Bottom Line.

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

491 Maybank Legazpi found out that the utilization of the Balanced Scorecard as a
 24

492 tool for measuring corporate performance may not be 100% effective at all times

493 due to the difficulties of maintaining the Balanced Scorecard.26

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

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

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

497 accuracy of the Balanced Scorecard as performance measuring tool and not the

498 actual outcome of Maybank Legazpi’s initiatives that would affect their overall

499 corporate governance. Additionally, they focused on a different banking

500 institution.

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

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

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

504 measurement tool that helped improve their overall corporate performance.

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

506 because both utilizes the Balanced Scorecard as a performance measurement

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

508 the present study focused on a for-profit institution.

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

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

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

512 Scorecard serves as the foundation which accordingly affects the other

513 perspectives.
 25

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

515 Balanced Scorecard, which is learning and growth and seeks its importance to

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

517 present study it will seek an equal utilization of the four components on its

518 application to the current corporate governance of China Bank.

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

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

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

522 initiative of China Bank using the Balanced Scorecard as a performance

523 measurement tool in order for them to attain, maintain or even surpass there

524 current ranking in the top ten (10) banks in the Philippines. This was the gap

525 bridged by the study.

526 Theoretical Framework

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

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

529 scorecard supplements traditional way of measuring performance with financial

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

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

532 monitor the intangible assets needed for future growth.

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

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

535 for a strategic measurement and management system.

 26

536

537

538

539

540 Figure 1

541 Theoretical Paradigm

542 Balanced Scorecard by Drs. Robert Kaplan and David Norton

543

544
 27

545 The measures are arranged in four measures and each measure should

546 contain both outcome measure that indicate excellent prior performance, along

547 with the performance drivers that will create a successful future performance and

548 governance.

549 This is made possible by recognizing the relationships among equally

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

551 are aligned with the intended objectives of the organization.

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

553 measurement tool evolved into a strategic management system intended to

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

555 strategy and plan.

556 Conceptual Framework

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

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

559 their shareholders. However, banks must establish a sustainable business which

560 includes concerns for their customer satisfaction, learning and growth and

561 internal business process perspectives, aside from income generation.

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

563 governance of China Bank was the focus of this study. The initiatives undertaken

564 by the bank relative to financial perspective, customer satisfaction, learning and

565 growth and internal business processes was determined.

566
 28

567

568

569

570

571

Initiatives
572
Recommendations

573
Current status

574

575
Level of Effectiveness
576

577
Strategies
578

579 Figure 2

580 Conceptual Paradigm

581

582

583
 29

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

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

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

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

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

589 governance.

590 The identified initiatives by the company’s management were the factors

591 that helped China Bank grow into becoming one of the Philippines leading

592 banking institution. The company can generate from the findings, the factors that

593 can be used to maintain the company’s value and image and ways of improving

594 its services.

595 Definition of Terms

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

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

598 Corporate Governance. It is a system by which companies are directed

599 and controlled.27 In this study, corporate governance is the ethical decision and

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

601 Balanced Scorecard. It means a strategic management system that

602 helps organization to identify strategies and make it executable.28 In this study, it

603 is the measurement tool that helps identify the current corporate governance of

604 the company by identifying the strategies undertaken by the organization.

 30

605 Initiatives. It is an act or strategy intended to resolve a difficulty or

606 improve a situation.29 In this study, initiatives are the strategies, programs,

607 projects and activities undertaken by the company to achieve its targets per

608 perspective.

609 Financial Perspective refers to the financial outlook of the company.30 In

610 this study, it means the financial health of the company.

611 Customer Satisfaction refers to the direct effect of actions undertaken by

612 an entity directed to the customer.31 In this study, it is the overall satisfaction of

613 the customer towards the initiatives of the company.

614 Internal Business Processes refers to the internal efficiency of the

615 company’s operation.32 In this study, it is the smoothness of the company’s

616 operation that makes use of less.

617 Learning and Growth refers to the skills and knowledge acquired by the

618 internal management through skills training and seminars.33 In this study, it is the

619 ability of the employee adapts new practices that would further improve the

620 company’s growth internally.

621

622

623

624

625
 31

626 Notes

1 M.M Leuterio and Estepa C. B. “Banking Theory and Practice.” Anvil

Publishing, Inc., 2013.

2 Dizon, E.L. and Dizon, E.V.M. “Banking Laws and Jurisprudence.” Rex Book
Store, Inc., 2013.

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

4 “Corporate 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 Dannug, Roman R. “Politics and Governance.” Published 2003.

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

on November 15, 2018.

8 Ibid.

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

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

10 “What is Balanced Scorecard.” Sourced from www.balanced

scorecards.com, accessed on November 15, 2018.

11 Galamadien, P.A. “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. “Assessment on the Triple Bottom Line Approach of

12

SEDCEN.” 2012.

13Barrios and Claveron. “The Application of Balanced Scorecard in Maybank

Legzapi City”, An undergraduate thesis, DWCL. 2015.

14 Abofaied, Abdurizzag. “Evaluation of Bank’s Performance by using

Balanced Scorecard: Practical Study in Libyan Environment,” 2017. Sourced
from www.balancedscorecard.org, accessed on November 17, 2018.

15 Lawler, E. E. “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.

17 Abofaied, Abdurizzag. “Evaluation of Bank’s Performance by using

Balanced Scorecard: Practical Study in Libyan Environment,” 2017. Sourced
from www.balancedscorecard.org, accessed on November 17, 2018.

18 Ibid

19Raciles, Russell and Ramirez, Ryan. “The Integration of the Balanced

Scorecard in Social Enterprise Development Center (SEDCen)” An
undergraduate thesis, DWCL. 2012.

20 Ibid

21 “What is Balanced Scorecard.” Sourced from www.balanced

scorecards.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.balanced

scorecards.com, accessed on November 17, 2018.

24 Berce, et.al, “Utilization of Resources by Bacacay Municipal Women

Federation (BAMWOF): A Triple Bottom Line Approach,” An undergraduate
thesis, DWCL 2018.

25 Segovia and Ortega. “Cascading Optimization: Linking Organizational

Commitment as a Learning and Growth tool of Infinit Outsourcing Legazpi Inc.”
An undergraduate thesis, DWCL 2016.

26Barrios and Claveron. “The Application of Balanced Scorecard in Maybank

Legzapi City”, An undergraduate thesis, DWCL. 2015.

27“What is Corporate Governance.” Sourced from www.icaew.com, accessed

on November 19, 2018.

28Defining Balanced Scorecard Aspects in Banking Industry Using FAHP

Approach.” Sourced from www.balancedscorecards.com, accessed on
November 19, 2018.

29
Initiative. Sourced from en.oxforddictionaries.com, accessed on April 1,
2019

30 Ibid.

31 Ibid.

32 Ibid.

33 Ibid.