In e na ional Jou nal o Managemen and Humani ies (IJMH)
ISSN: 2394-0913 (Online), Volume-12 Issue-3, No embe 2025
1
Re ie al Numbe : 100.1/ijmh.C184812031125
DOI: 10.35940/ijmh.C1848.12031125
Jou nal Websi e: www.ijmh.o g
Published By:
Blue Eyes In elligence Enginee ing
& Sciences Publica ion (BEIESP)
© Copy igh : All igh s ese ed.
Sus ainabili y and Financial Pe o mance:
Analyzing he Rela ionship Be ween B Impac
Assessmen Sco es and Re enue G ow h in
Ce i ied B Co po a ions
Chanae B. Child ess, Oli e Jones
Abs ac : This esea ch examines he associa ion be ween B
Impac Assessmen (BIA) sco es and annual e enue g ow h o
155 licensed B Co po a ions in he Uni ed S a es. Ce i ied B
Co ps and o he s akeholde s need o know abou his associa ion,
as i p o ides empi ical e idence o he po en ial p o i ad an ages
o emb acing sus ainabili y. Spea man’s ank-o de co ela ions
indica e no s a is ically signi ican associa ion be ween o e all B
Impac Assessmen sco es and e enue shi s, sugges ing ha
sus ainabili y assessmen s a e no di ec ly associa ed wi h sho -
e m inancial pe o mance. None heless, qui e a ew high posi i e
co ela ions we e obse ed ac oss speci ic BIA dimensions,
no ably be ween go e nance s. wo ke - ela ed sco es, cus ome
sco es, and wo ke s’ well-being sco es. No ably, well-go e ned
businesses p io i ise employees’ well-being, o en wi h an
en i onmen al ocus. In con as , no signi ican co ela ions we e
seen wi h o he dimensions o he BIA, sugges ing ha communi y
in e en ions exis independen ly o o ganisa ional p io i ies.
While go e nance, wo ke well-being, en i onmen al
pe o mance, and long- e m inancial pe o mance ha e a di ec
mone a y impac , his pape a gues ha he esea ch lacks
quan i ica ion and a di ec e ec on income in he sho e m. The
s udy's esul s sugges ha sus ainable businesses should adop a
long- e m app oach o inancial e u ns om social ini ia i es.
The s udy adds o ou unde s anding o he co ela ion be ween B
Co po a ions and economic g ow h and iden i ies po en ial
esea ch di ec ions.
Keywo ds: B Co ps, B Impac Assessmen , Sus ainabili y, T iple
Bo om Line, Re enue G ow h, Co ela ion Analysis, Co po a e
Social Responsibili y, Finance Pe o mance.
Nomencla u e:
CSR: Co po a e Social Responsibili y
ESG: En i onmen al, Social and Go e nance
TBL: T iple Bo om Line
FPC: Fini e Popula ion Co ec ion
IRB: Ins i u ional Re iew Boa d
BIA: Be ween B Impac Assessmen
Manusc ip ecei ed on 14 Oc obe 2025 | Fi s Re ised
Manusc ip ecei ed on 21 Oc obe 2025 | Second Re ised
Manusc ip ecei ed on 09 No embe 2025 | Manusc ip
Accep ed on 15 No embe 2025 | Manusc ip published on 30
No embe 2025.
*Co espondence Au ho (s)
Chanae B. Child ess*, Depa men o James T. Geo ge School o
Business, Hamp on Uni e si y, Hamp on (Vi ginia), Uni ed S a es o
Ame ica (USA). Email ID: ChanaeChild [email protected], ORCID ID: 0009-
0002-2149-7274
D . Oli e Jones, P o esso , Depa men James T. Geo ge School o
Business, Hamp on Uni e si y, Hamp on (Vi ginia), Uni ed S a es o
Ame ica (USA). Email ID: Oli e @Sou ceEne gyGlobal.com
© The Au ho s. Published by Blue Eyes In elligence Enginee ing and
Sciences Publica ion (BEIESP). This is an open-access a icle unde he
CC-BY-NC-ND license h ps://c ea i ecommons.o g/licenses/by-nc-nd/4.0/
I. INTRODUCTION
The idea o social esponsibili y has been s udied o qui e
some ime. Kei h Da is add essed he concep o social
esponsibili y as a unc ion o business in 1960, a guing ha
business leade ship p ac ices a e bene icial o socie y and
hus consis en wi h he pe spec i e o social
en ep eneu ship (Nu malasa i e al., 2023) [9]. Social
en ep eneu ship e e s o ma ke -based, non-go e nmen al
ini ia i es ha aim o add ess social challenges wi h a social
and inancial impac . A signi ican elemen o hem is
c ea ing legisla i e policies and mobilising p i a e
in es men , which c ea es sys emic change (S aicu, 2021)
[11]. Social en ep eneu ship is a p ocess o p oac i e
s a egies, such as blending comme cial en e p ise and social
impac owa ds a single pu pose and inno a ion in p oduc s
and se ices o mee socie al needs (Diaz-Sa achaga & A iza-
Mon es, 2022) [4].
In line wi h he p inciple o social esponsibili y, Co po a e
Social Responsibili y (CSR) has eme ged. Ini ia ed by he
company i sel , his olun a y co po a e en i y aims o
inco po a e business p ac ices ha can p oduce socio-
economic alue o he a ge socie y while inc easing
accoun abili y o i s social and en i onmen al oo p in
(Wi ba, 2024) [17]. CSR s udies ha e been ex ensi ely
conduc ed in academic li e a u e and in eg a ed in o business
school cu icula, and i is widely implemen ed in U.S.
business p ac ices (S aicu, 2021). CSR has now e ol ed
alongside s uc u ed social esponsibili y amewo ks,
including En i onmen al, Social and Go e nance (ESG)
c i e ia and Ce i ied B Co po a ion (B Co p) ce i ica ion. In
bo h s uc u es, emphasis is placed on sus ainabili y and
s akeholde accoun abili y ega ding esponsible business
p ac ices. By he end o 2022, 98% o S&P 500 companies
we e epo ing ESG- ela ed in o ma ion. As o Feb ua y
2025, app oxima ely 9,486 companies had become B Co p
ce i ied. This e lec s he b oad sp ead o socially
esponsible business p ac ices since 2025 (B Lab, 2025) [2].
Al hough social esponsibili y p ac ices a e widely used,
he e is no consensus ha hey a e associa ed wi h highe
co po a e inancial pe o mance (Go indan e al.) [5]. In
pa icula , he business case o B Co p ce i ica ion emains
deba ed. While mo e han 50,000 companies ha e used he
Business Impac Assessmen (BIA; Liu e & De Giacomo,
2022) [7] as an ins umen o measu e and compa e hei
social and en i onmen al
impac s, only a iny pe cen age
a e cu en ly ce i ied B Co ps.
Sus ainabili y and Financial Pe o mance: Analyzing he Rela ionship Be ween B Impac Assessmen Sco es and
Re enue G ow h in Ce i ied B Co po a ions
2
Re ie al Numbe : 100.1/ijmh.C184812031125
DOI: 10.35940/ijmh.C1848.12031125
Jou nal Websi e: www.ijmh.o g
Published By:
Blue Eyes In elligence Enginee ing
& Sciences Publica ion (BEIESP)
© Copy igh : All igh s ese ed.
This a iance would indica e ouble mee ing ce i ica ion
equi emen s and aise doub s abou he pe cei ed me i s and
p ac icali y o pu suing a B Co p classi ica ion. Resea ch on
ce i ied B Co ps in A lan ic Canada indica ed ha businesses
pu sue ce i ica ion chie ly o ma ke alida ion and as
e idence o adhe ence o high social and en i onmen al
s anda ds. Howe e , as in o he s udies on his esea ch, he e
is s ill no e iden link be ween ce i ied B Co ps and inance
(Alam e al., 2022) [1]. Howe e , his gap sugges s ha
u he s a is ical esea ch is needed o de e mine whe he he
inancial ad an age o B Co p ce i ica ion is p ac ical o
me ely a s a us symbol and a o m o e hical engagemen .
While exis ing esea ch has explo ed he sus ainabili y o
ce i ied B Co ps using quali a i e and explo a o y me hods,
li le is known om quan i a i e s udies abou he ela ionship
be ween inancial pe o mance and BIA sco es. This s udy
aims o add ess a speci ic gap and, using co ela ion analysis,
s a is ically measu e he di ec ion and magni ude o he
ela ionship be ween BIA sco es and inancial pe o mance
in he ce i ied B Co p wo ld. BIA sco es, which a e he only
nume ical me ic in he B Co po a ion ce i ica ion p ocess,
ha e begun o d aw a en ion in e o s o assess sus ainabili y
and, he e o e, business iabili y. These sco es cap u e a
holis ic unde s anding o an o ganisa ion’s socie al and
ecological oo p in and p o ide a quan i iable amewo k o
he sus ainabili y o business ope a ions (B Lab U.S. &
Canada, 2025).
The cu en s udy examines he ela ionship be ween B
Co ps' e enue g ow h and BIA and i s signi icance. Highe
BIA sco es p edic highe e enue g ow h. Mo e p ecisely, i
explo es he ela ionship be ween indi idual BIA
(go e nance, wo ke s, en i onmen , communi y, cus ome s)
dimensions and inancial esul s. Ce i ied B Co ps,
ce i ica ion pu poses, po en ial in es o s, and policymake s
seeking o inc ease business sus ainable p ac ices need o
unde s and his ela ionship, whe e s a is ical e idence can be
ci ed ega ding he ac ual mone a y impac o sus ainable
ini ia i es.
We use he T iple Bo om Line (TBL) amewo k as he
co ne s one o s uc u e he in e p e a ion, analysis, and
concep ualiza ion o he cu en esea ch. The T iple Bo om
Line heo y was p oposed by John Elking on, who posi ed
ha business mus p io i ize h ee majo dimensions o a ain
sus ainabili y – p o i s, people, and he plane (See Figu e 1;
Shim e al., 2021). Elking on i s de eloped he concep o
he 'bo om line' in a 1994 a icle in Cali o nia Managemen
Re iew and expanded on i in a 1998 book, Cannibals wi h
Fo ks: The T iple Bo om Line o he 21s Cen u y (Zak,
2015) [18]. His posi ion is ha companies need o compa e
hei pe o mance on h ee sepa a e bo om lines: (1)
economic sus ainabili y — an o ganiza ion’s inancial
condi ion and i s capaci y o expand while sa is ying a ious
obliga ions unde he sha eholde and p o i obliga ion
sys ems; (2) social sus ainabili y — whe e an o ganiza ion’s
con ibu ion o he well-being o all in socie y including
communi y in es men , social, and educa ion; and (3)
en i onmen al sus ainabili y — how a company’s impac on
he en i onmen (Walke e al., 2020; Law ence & Meko h,
2023) [6] will a ec i s p o i abili y. Based on he TBL
amewo k, his s udy examines he ela ionship be ween
sus ainabili y, as measu ed by BIA sco es o social and
en i onmen al me ics, and inancial pe o mance, as
measu ed by e enue g ow h.
We hypo hesize, based on his amewo k, ha inancial
pe o mance is posi i ely ela ed o highe BIA sco es, and
his sco e e lec s he le el o s akeholde engagemen and
sus ainabili y p ac ices. To es his hypo hesis, a co ela ion
analysis was conduc ed o assess he s eng h and di ec ion o
he ela ionship be ween B Impac Assessmen (BIA) sco es
and e enue g ow h among ce i ied B Co po a ions.
II. LITERATURE REVIEW
A.Co po a e Social Responsibili y (CSR)
The de ini ion and concep o Co po a e Social
Responsibili y (CSR) ha e e ol ed o e he yea s. Acco ding
o he Wo ld Business Council o Sus ainable De elopmen
(WBCSD) [14], CSR means “ he commi men o business o
con ibu e o sus ainable economic de elopmen , wo king
wi h employees, hei amilies, he local communi y, and
socie y a la ge o imp o e hei quali y o li e” (Global Hand,
2022). The p esen e sion o his de ini ion po ays CSR in
a b oad, mul i-s akeholde amewo k, wi h businesses
assuming esponsibili y o hei con ibu ions o socie y's
social, economic, and en i onmen al p ocesses, in he name
o gi ing some hing back. This means CSR can be iewed
om he pe spec i e o esou ce ex ac ion, as As Naha and
Khu ana (2023) [8] a gue, businesses' e hical esponsibili y
owa d socie y (i.e., p o iding esou ces/ aw ma e ials,
human capi al, and non- enewable asse s). CSR has e ol ed
om i s ea ly philan h opic oo s in o a ield wi h clea
epo ing amewo ks and heo ies, such as ESG c i e ia and
Ce i ied B Co po a ions. Such de elopmen s, acco ding o
S u z (2021) [13], e lec an inc easing push o inco po a e
sus ainabili y in o basic business p ac ices. This e lec s a
ansi ion om co po a e philan h opy owa ds sus ainable
business p ac ices and a mo e sys ema ic app oach o
a aining long- e m de elopmen goals.
B. Ce i ied B Co po a ions (B Co ps)
Ce i ied B Co po a ions (B Co ps) a e also a he o e on
o he ques o inco po a e social and en i onmen al
esponsibili y in o con en ional business models. I is wo h
explaining his dis inc ion. Dis inguishing be ween B Co ps
and bene i co po a ions is impo an . A bene i co po a ion
is a legal- o -p o i en i y egula ed a he s a e le el. In
con as , a Ce i ied B Co p is a o -p o i company ha has
ecei ed ce i ica ion om B Lab, a nongo e nmen al
o ganisa ion ha assesses a company's social and
en i onmen al pe o mance. B Lab’s ce i ica ion is secu ed
by demanding s anda ds o pe o mance, accoun abili y,
and, impo an ly, anspa ency ac oss employee bene i s,
cha i able gi ing, sus ainabili y, and supply chain
managemen (B Lab, 2025) [3].
The ce i ica ion p ocess equi es h ee basic condi ions: a
legal amewo k, an impac analysis, and anspa ency. To
become ce i ied, companies mus ea n a leas 80 poin s on
he B Impac Assessmen (BIA), which assesses success
ac oss s akeholde ca ego ies such as go e nance, wo ke s,
cus ome s, supplie s,
communi ies, and sha eholde s.
B Co ps s and ou om legacy
businesses by ocusing on
In e na ional Jou nal o Managemen and Humani ies (IJMH)
ISSN: 2394-0913 (Online), Volume-12 Issue-3, No embe 2025
3
Re ie al Numbe : 100.1/ijmh.C184812031125
DOI: 10.35940/ijmh.C1848.12031125
Jou nal Websi e: www.ijmh.o g
Published By:
Blue Eyes In elligence Enginee ing
& Sciences Publica ion (BEIESP)
© Copy igh : All igh s ese ed.
collec i e s akeholde conce ns and s i ing o achie e
ou comes ha a e socially and en i onmen ally bene icial
and ensu e balance shee sol ency. P io esea ch has
examined he impac o B Co ps on sus ainabili y.
In B azil, Wecke (2022) [16] conduc ed a desc ip i e
s udy o B Co ps, no ing bo h he s eng hs and he pi alls o
hese companies’ social and en i onmen al p ac ices. These
indings sugges ha B Co ps ake a p oac i e ole in
add essing social and en i onmen al issues, e en when hese
e o s do no ela e o co e business ope a ions. In he same
ein, S ubbs (2017) [12] explo ed 14 B Co ps in Aus alia,
a guing ha B Co ps exempli y he alue o balancing p o i
and impac . B Co ps uses he BIA as a s uc u ed amewo k
o sus ain inancial iabili y while gene a ing posi i e social
and en i onmen al ou comes, illus a ing he g owing
impo ance o sus ainabili y in business models.
C.T iple Bo om Line (TBL) Theo y
Walke e al. (2020) [15] applied hei TBL amewo k, and
hei empi ical s udy collec ed da a om 746 i ms. This
sugges s ha businesses need o balance hese h ee
dimensions o sus ain hei ope a ions. This sugges s
pe o mance weaknesses in one dimension o en led o
weaknesses in he o he wo. Howe e , o he esea che s
p opose ha hese dimensions do no necessa ily go hand in
hand.
Shim e al. (2021). [10] in es iga ed he in e ac ion
be ween CSR and inancial pe o mance by employing he
TBL amewo k o public es au an companies in he U.S.
They concluded ha economic CSR posi i ely a ec ed
es au an alue. A he same ime, en i onmen al CSR had
an ad e se e ec associa ed wi h con lic when social,
en i onmen al, and economic pu poses con lic ed.
In con as o Walke e al.'s p e ious s udy, Shim e al.
(2021) sugges ha aspec s o he TBL amewo k may
unc ion independen ly a he han in conce . An ex ensi e
s udy (Liu e & De Giacomo, 2021) used he TBL amewo k
o measu e he en i onmen al pe o mance o 68 UK B
Co ps, wi h a ocus on he manu ac u ing and
wholesale/ e ail indus y. Thei esea ch showed ha B Co ps
could a ain ce i ica ion in he “people” dimension, wi h
conside able social impac , e en i hey did no make
subs an ial en i onmen al (plane ) con ibu ions. This inding
in i es an impo an conside a ion o he ex en o which he
TBL amewo k’s en i onmen al ac o s can be applied o he
quali ica ions o B Co po a ions, which may place mo e
weigh on social han on en i onmen al impac s.
III. RESEARCH DESIGN AND METHODOLOGY
This s a is ical s udy in es iga es he associa ion be ween B
Impac Assessmen (BIA) sco es and e enue g ow h among
ce i ied B Co po a ions. I is mean o de e mine whe he
highe BIA sco es ansla e in o be e inancial pe o mance.
This s udy aims o answe wo main ques ions. The main
ques ion is whe he he e is a signi ican co ela ion be ween
o e all BIA sco es and e enue g ow h in ce i ied B Co ps.
The second esea ch ques ion add esses whe he he
subca ego ies o BIA, go e nance, wo ke s, communi y,
en i onmen , and cus ome s a e ela ed o e enue g ow h.
The ollowing hypo heses a e o mula ed as pe he esea ch
ques ions:
P ima y Hypo hesis
H₀₁: The e is no s a is ically signi ican posi i e
ela ionship be ween o al BIA sco e and e enue g ow h in
B Co ps.
Hₐ₁: The e a e s a is ically signi ican posi i e co ela ions
o o al BIA sco es and B Co ps e enue g ow h.
Seconda y Hypo heses
H₀₂: No signi ican posi i e co ela ion be ween sco es on
he i e subca ego ies o BIA (go e nance, wo ke s,
en i onmen , communi y, cus ome s) and e enue g ow h.
Hₐ₂: Re enue g ow h is posi i ely and signi ican ly
co ela ed o a leas one BIA subca ego y sco e, such as
go e nance, wo ke s, en i onmen , communi y, and
cus ome s. Me hodology.
A. Me hodology
This was a quan i a i e co ela ional s udy o B Impac
Assessmen (BIA) sco es and e enue g ow h among
ce i ied B co po a ions. This s uc u e was sui able o
es ablishing s a is ical ela ionships be ween a iables
wi hou expe imen al in e en ion. In pa icula , he
in es iga ion examined whe he gene alised BIA sco es and
hei subca ego ies (go e nance, wo ke s, communi y,
en i onmen , and cus ome s) we e s a is ically signi ican
p edic o s o 3-yea e enue changes.
Since his s udy was mo e quan i a i e and no designed as
an in e en ion, we adop ed a quan i a i e app oach and used
Spea man’s ank-o de co ela ion analysis on a
nonpa ame ic basis. Spea man’s co ela ion was chosen
because i p o ides s ong analy ical insigh s o mapping
o dinal BIA sco es o e enue da a when he e enue
dis ibu ion is no no mal.
Such s udies adhe e o e hical esea ch p inciples ega ding
da a in eg i y, con iden iali y, and esponsible epo ing. Da a
we e used o ob ain BIA sco es. Wo ld, an open-access
da abase, whe eas e enue da a o P i a e Company
Financial In elligence (P i Co) was ob ained h ough ee-
based access. Bo h sou ces a e in ended o a gene al
audience and con ain no p op ie a y o con iden ial
in o ma ion. The s udy adhe ed o da a-cleaning me hods and
analyses, including checks o ampe ing, inaccu acies, and
manipula ion.
The s udy's design was aimed a in es iga ing ela ionships
a he han a ou ing one company, sec o , o ou come a he
expense o ano he . The s udy o his na u e used seconda y
da a and in ol ed no human pa icipan s; he e o e, no
ins i u ional e iew boa d (IRB) app o al was equi ed.
B. Da a Collec ion and Analysis
B Impac Assessmen (BIA) da a was ob ained om he
da a. Wo ld ia he B Lab da ase . Da a. Wo ld is an
en e p ise da a ca alogue and go e nance pla o m designed
o suppo s a egic da a ini ia i es and is also a ce i ied B
Co po a ion. Re enue da a was sou ced om P i a e
Company Financial In elligence (P i Co), a business
in elligence pla o m specialising in inancial da a, ma ke
esea ch, in es o de ails, and analysis o p i a ely held
companies in he Uni ed S a es and globally.
Powe analysis was conduc ed
o de e mine he minimum
equi ed sample size o his
s udy. Unlike Coch an’s
Sus ainabili y and Financial Pe o mance: Analyzing he Rela ionship Be ween B Impac Assessmen Sco es and
Re enue G ow h in Ce i ied B Co po a ions
4
Re ie al Numbe : 100.1/ijmh.C184812031125
DOI: 10.35940/ijmh.C1848.12031125
Jou nal Websi e: www.ijmh.o g
Published By:
Blue Eyes In elligence Enginee ing
& Sciences Publica ion (BEIESP)
© Copy igh : All igh s ese ed.
o mula, which is p ima ily used o es ima ing p opo ions
In la ge popula ions, powe analysis is mo e sui able o
hypo hesis es ing in co ela ional esea ch.
Gi en ha his s udy examines he ela ionship be ween B
Impac Assessmen (BIA) sco es and e enue g ow h using
Spea man’s ank-o de co ela ion, powe analysis was
chosen o ensu e su icien s a is ical powe . Using G*Powe ,
he analysis was conduc ed wi h a signi icance le el (α) o
0.05, powe (1-β) o 0.80, and an expec ed medium e ec size
( =0.3). The ini ial calcula ion ecommended a sample size o
88. Howe e , applying a ini e popula ion co ec ion (FPC)
o he 3,841 ce i ied B Co po a ions esul ed in an adjus ed
sample size o app oxima ely 168.
This app oach ensu es adequa e powe o de ec meaning ul
co ela ions while accoun ing o popula ion cons ain s.
Fu u e s udies wi h la ge da ase s may e ine hese es ima es
and examine indus y-speci ic a ia ions.
The ini ial sample consis ed o 3,841 U.S.-based ce i ied B
Co po a ions ac oss a ious sec o s and indus ies. To ensu e
da a consis ency, he sample was il e ed o include only
cu en ly ce i ied companies ha had main ained
ce i ica ion o a leas h ee yea s, esul ing in 398
companies. This e ined lis was hen p o ided o P i Co,
which supplied e enue da a o he companies a ailable in
i s da abase. A e me ging he B Impac Assessmen (BIA)
da a wi h he P i Co e enue da ase , he inal sample
comp ised 155 companies wi h comple e BIA sco es and 3-
yea e enue da a.
To examine he ela ionship be ween B Impac Assessmen
(BIA) sco es and e enue g ow h among ce i ied B
Co po a ions, wo Spea man co ela ion analyses we e
conduc ed using SPSS (Ve sion 28). These analyses aimed o
assess he s eng h and di ec ion o associa ions be ween
o e all and speci ic BIA dimensions and inancial
pe o mance. The analyses examined O e all BIA sco es and
subca ego ies (go e nance, wo ke well-being,
en i onmen al impac , cus ome , and communi y).
i.Co ela ion Analysis 1
A Spea man co ela ion analysis was conduc ed be ween
Re enue Change-3 Yea and O e all BIA. Cohen's s anda d
was used o e alua e he s eng h o he ela ionship, whe e
coe icien s be ween .10 and .29 ep esen a small e ec size,
be ween .30 and .49 a mode a e e ec size, and abo e .50 a
la ge e ec size.
ii. Co ela ion Analysis 2
A Spea man co ela ion analysis was conduc ed among
Re enue Change-3 Yea , BIA-Communi y, BIA-
Go e nmen , BIA-En i onmen , BIA-Cus ome , and BIA-
Wo ke . Cohen's s anda d was used o e alua e he s eng h
o he ela ionships, whe e coe icien s be ween .10 and .29
ep esen a small e ec size, be ween .30 and .49 a mode a e
e ec size, and abo e .50 a la ge e ec size.
IV. RESULTS
A. Co ela ion Analysis 1
The esul s o Co ela ion Analysis 1 we e examined using
an alpha alue o .05. No signi ican co ela ions we e ound
be ween any pai s o a iables. Based on hese esul s, we do
no ejec he null hypo hesis (H₀₁), indica ing ha he e was
no signi ican posi i e co ela ion be ween o e all BIA
sco es and e enue g ow h in he h ee yea s— ables I and II
p esen he co ela ion esul s.
Table I: Analysis 1
Va iable
1
2
1. O e all_BIA
-
2. Re enue_Change_3_Yea
-.11
-
No e. *p < .05.
Table II: Analysis 1
Combina ion
R
95.00% CI
n
p
O e all_BIA-
Re enue_Change_3_Y
ea
-.11
[-.26, .05]
155
.179
Table III: Analysis 2
Va iable
1
2
3
4
5
6
1.
Re enue_Change_3_Yea
-
2. BIA_Communi y
-.09
-
3. BIA_Go e nmen
.06
.05
-
4. BIA_En i onmen
.00
-.11
.36*
-
5. BIA_Cus ome
.04
-.07
.62*
.17
-
6. BIA_Wo ke
.06
-.03
.72*
.27*
.67*
-
No e. *p < .05.
Table IV: Model 2
Combina ion
R
95.00% CI
n
p
Re enue_Change_3_Yea -
BIA_Communi y
-.09
[-.24, .07]
155
1.000
Re enue_Change_3_Yea -
BIA_Go e nmen
.06
[-.10, .21]
155
1.000
Re enue_Change_3_Yea -
BIA_En i onmen
.00
[-.16, .16]
155
1.000
Re enue_Change_3_Yea -
BIA_Cus ome
.04
[-.12, .20]
155
1.000
Re enue_Change_3_Yea -
BIA_Wo ke
.06
[-.10, .22]
155
1.000
BIA_Communi y-
BIA_Go e nmen
.05
[-.11, .21]
155
1.000
BIA_Communi y-
BIA_En i onmen
-.11
[-.26, .05]
155
1.000
BIA_Communi y-
BIA_Cus ome
-.07
[-.22, .09]
155
1.000
BIA_Communi y-
BIA_Wo ke
-.03
[-.19, .13]
155
1.000
BIA_Go e nmen -
BIA_En i onmen
.36
[.21, .49]
155
< .001
BIA_Go e nmen -
BIA_Cus ome
.62
[.51, .71]
155
< .001
BIA_Go e nmen -
BIA_Wo ke
.72
[.64, .79]
155
< .001
BIA_En i onmen -
BIA_Cus ome
.17
[.01, .32]
155
.378
BIA_En i onmen -
BIA_Wo ke
.27
[.12, .41]
155
.007
BIA_Cus ome -
BIA_Wo ke
.67
[.57, .75]
155
< .001
No e. P- alues adjus ed using he Holm co ec ion.
B. Co ela ion Analysis 2
The esul s o Co ela ion Analysis 2 we e co ec ed using
he Holm co ec ion o accoun o mul iple compa isons.
He e, he alpha le el was .05. In
his case, we calcula ed he
ela ionship based on = .36, p <
In e na ional Jou nal o Managemen and Humani ies (IJMH)
ISSN: 2394-0913 (Online), Volume-12 Issue-3, No embe 2025
5
Re ie al Numbe : 100.1/ijmh.C184812031125
DOI: 10.35940/ijmh.C1848.12031125
Jou nal Websi e: www.ijmh.o g
Published By:
Blue Eyes In elligence Enginee ing
& Sciences Publica ion (BEIESP)
© Copy igh : All igh s ese ed.
.001, and a 95% CI [.21, .49], sugges ing a mode a e e ec
size. This indica es ha he highe he BIA-Go e nance, he
g ea e he BIA-En i onmen sco e.
On a ela ed no e, BIA-Go e nance showed a s ong
posi i e co ela ion wi h BIA-Cus ome ( = .62, p < .001,
95% CI [.51, .71]) and BIA-Wo ke ( = .72, p < .001, 95%
CI [.64, .79]). This implies ha as BIA-Go e nance sco es
inc ease, so do BIA-Cus ome and BIA-Wo ke sco es. The e
was also a signi ican posi i e co ela ion be ween BIA-
En i onmen and BIA-Wo ke ( = .27, p = .007, 95% CI [.12,
.41]), sugges ing a small e ec size and indica ing ha highe
BIA-En i onmen sco es a e associa ed wi h highe BIA-
Wo ke sco es.
On he o he hand, an e en s onge posi i e associa ion
was obse ed be ween BIA-Cus ome and BIA-Wo ke ( =
.67, p < .001, 95% CI [.57, .75]), indica ing a sizable e ec
size. No o he signi ican co ela ions ha e been de ec ed. As
such, he null hypo hesis (H₀₂) is no ejec ed, demons a ing
ha he e was no signi ican co ela ion be ween BIA sub-
ca ego y sco es and e enue g ow h o e 3 yea s. The
co ela ion esul s a e shown in Tables III and IV.
V. CONCLUSION AND DISCUSSION
The cu en s udy in es iga es he associa ions be ween B
Impac Assessmen (BIA) sco es and h ee-yea e enue
changes wi h espec o he T iple Bo om Line (TBL), a
amewo k o assessing business pe o mance ac oss
economic (p o i ), social (people), and en i onmen al
(plane ) dimensions. You ha e up- o-da e knowledge o
business impac assessmen , how hey in e ac , and wha
e ec s hey ha e on o ganisa ional e iciency.
No co ela ion was ound be ween o al income om he
Big Fi e and changes in e enue ac oss he en i e Big Fi e,
bu se e al s ong ela ionships we e iden i ied among he
BIA subca ego ies. Go e nance-o ien ed BIA sco es show
s ong co ela ions wi h wo ke , en i onmen al, and cus ome
dimensions, sugges ing ha high-go e nance o ganisa ions
alue employee well-being, cus ome sa is ac ion, and
en i onmen al sus ainabili y, as well as employee wel a e.
Mo eo e , he cus ome and wo ke dimensions we e
s ongly associa ed, illus a ing ha o ganiza ions ha ocus
on cus ome expe ience end o de elop a s ong in e nal
o ganiza ional cul u e when de eloping an a ac i e
expe ience o cus ome s. Ne e heless, he BIA sco e
associa ed wi h communi y-speci ic BIA did no show a
s ong co ela ion wi h o he dimensions, sugges ing ha
communi y engagemen ac i i ies may exis beyond
go e nance, en i onmen al, and wo ke -cen ic ac i i ies.
These indings also p o ide aluable lessons o businesses
ha commi o sus ainabili y and social esponsibili y om a
TBL iewpoin . Al hough he sus ainabili y domain’s social
and en i onmen al dimensions a e in e ela ed, he e is a
di ec link, bu i is no appa en how hey a ec inancial
pe o mance in he sho un. This indica es ha businesses
need o ake ha long iew when e alua ing he inancial
e u ns on sus ainabili y in es men s. The independence o
he communi y dimension also aises ques ions abou how
o ganisa ions measu e communi y engagemen and in eg a e
i in o a b oade co po a e impac amewo k/s a egy.
A. Limi a ions and Fu u e Resea ch
Though his s udy p o ides some insigh in o he posi i e
impac o B Impac Assessmen (BIA) sco es on e enue
g ow h, i also has some limi a ions. One p ima y limi a ion
o his s udy is he sample size. Al hough powe analysis
de e mined ha a minimum o 168 obse a ions was equi ed
o su icien s a is ical powe , he inal da ase included only
155 ce i ied B Co po a ions. This smalle - han-expec ed
sample size may educe he s udy’s abili y o de ec
signi ican co ela ions and limi he gene alizabili y o he
indings. Addi ionally, he sample was cons ained by he
a ailabili y o inancial da a, which es ic ed he inclusion o
all po en ial B Co po a ions in he analysis. Fu u e esea ch
should aim o expand he da ase o imp o e s a is ical powe
and enhance he obus ness o he esul s.
Secondly, while Spea man’s co ela ion iden i ies
ela ionships be ween a iables, i does no es ablish
causali y, meaning o he unexamined ac o s may in luence
e enue g ow h. Fu u e esea ch should conside longi udinal
designs o al e na i e s a is ical models o add ess hese
limi a ions.
Las ly, his s udy is limi ed by i s ocus on a h ee-yea
e enue change me ic, which may no ully cap u e he long-
e m inancial impac s o sus ainabili y ini ia i es.
Fu u e esea ch should conside longe ime ho izons and
explo e addi ional inancial pe o mance indica o s o
p o ide a mo e comp ehensi e unde s anding o hese
ela ionships. Fu he mo e, in es iga ing ex e nal ac o s
such as ma ke condi ions, egula o y en i onmen s, and
s akeholde expec a ions could o e deepe insigh s in o how
sus ainabili y e o s in luence inancial ou comes.
DECLARATION STATEMENT
A e agg ega ing inpu om all au ho s, I mus e i y he
accu acy o he ollowing in o ma ion as he a icle's au ho .
▪ Con lic s o In e es / Compe ing In e es s: Based on
my unde s anding, his a icle has no con lic s o
in e es .
▪ Funding Suppo : This a icle has no been unded by
any o ganiza ions o agencies. This independence
ensu es ha he esea ch is conduc ed wi h objec i i y
and wi hou any ex e nal in luence.
▪ E hical App o al and Consen o Pa icipa e: The
con en o his a icle does no necessi a e e hical
app o al o consen o pa icipa e wi h suppo ing
documen a ion.
▪ Da a Access S a emen and Ma e ial
A ailabili y: The adequa e esou ces o his a icle a e
publicly accessible.
▪ Au ho ’s Con ibu ions: The au ho ship o his a icle
is con ibu ed equally o all pa icipa ing indi iduals.
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AUTHOR’S PROFILE
Chanae B. Child ess holds a Bachelo o Science deg ee
in Accoun ing om Illinois S a e Uni e si y and a Mas e
o Business Adminis a ion deg ee om Webs e
Uni e si y-S . Louis, MO. Ms Child ess se es as an
Adjunc P o esso a Sou hwes e n Illinois College in
Belle ille, Illinois. She is also a seasoned Da a Resea ch
Consul an a Uni edHeal h G oup. Chanae is cu en ly pu suing he PhD in
Business Adminis a ion om Hamp on Uni e si y. He a eas o esea ch
include social esponsibili y and social en ep eneu ship.
D . Oli e Jones, is a P o esso o Business a Hamp on
Uni e si y’s School o Business and se es as he
Disse a ion Chai o doc o al candida es specialising in
sus ainabili y, en ep eneu ship, and inance. His
academic and p o essional expe ise ocuses on co po a e
social esponsibili y (CSR), sus ainable business
de elopmen , weal h ecology, and he in e sec ion o inno a ion and e hics
in global ma ke s. In addi ion o his academic leade ship, D . Jones ad ises
o ganiza ions on impac -d i en s a egies ha align inancial pe o mance
wi h social and en i onmen al goals. He has au ho ed and co-au ho ed
se e al esea ch s udies and s a egic amewo ks o ad ance e hical business
p ac ices ac oss indus ies.
Disclaime /Publishe ’s No e: The s a emen s, opinions and
da a con ained in all publica ions a e solely hose o he
indi idual au ho (s) and con ibu o (s) and no o he Blue
Eyes In elligence Enginee ing and Sciences Publica ion
(BEIESP)/ jou nal and/o he edi o (s). The Blue Eyes
In elligence Enginee ing and Sciences Publica ion (BEIESP)
and/o he edi o (s) disclaim esponsibili y o any inju y o
people o p ope y esul ing om any ideas, me hods,
ins uc ions o p oduc s e e ed o in he con en .
