Integration of sustainability-oriented practices in the oil palm cooperatives performance: Proposal of a conceptual model
List of Authors
  • Abdul Rahman Abdul Rahim , Zaifalaila Zakaria

Keyword
  • cooperatives performance, oil palm cooperatives, palm oil industry, and sustainability practices

Abstract
  • This study aims to build a conceptual model of cooperative performance by elucidating the concept and phenomenon of sustainability-oriented practices (SOP) as well as its outcomes on performance. Cooperatives are widely recognised as a democratically controlled and voluntarily joint member-owned-and-governed business. However, cooperative sector performance in Malaysia, only recorded minimal growth in revenue as evidenced by Cooperatives Sector Statistics Report 2018. This alarming statistic has motivated this study to be undertaken and to affirm the relevance of the cooperative sector to the nation’s socio-economic development in the longer term. This study focuses on oil palm cooperatives due to the various sustainability issues linked to palm oil industry such as transboundary haze, deforestation, loss of biodiversity, and forced labour practices that negatively alleged upon the industry. This conceptual study, therefore, identifies past literature that describe on phenomena and outcomes of sustainability orientation in business as a basis for developing an applicable model which depicts the influence of SOP for more exceptional oil palm cooperatives performance.

Reference
  • 1. ‘Aini, Y. M., Hafizah, H. A. K., & Zuraini, Y. (2012). Factors Affecting Cooperatives’ Performance in Relation to Strategic Planning and Members’ Participation. Procedia - Social and Behavioral Sciences, 65, 100–105. https://doi.org/10.1016/j.sbspro.2012.11.098

    2. A. S. A. Ferdous Alam, A. C. Er, & Halima Begum. (2015). Malaysian oil palm industry: Prospect and problem. Journal of Food, Agriculture and Environment, 13(2), 143–148. Retrieved from https://www.researchgate.net/publication/281275048_Malaysian_oil_palm_industry_Prospect_and_problem

    3. Abazue, C. M., Er, A. C., Ferdous Alam, A. S. A., & Begum, H. (2015). Oil Palm Smallholders and Its Sustainability Practices in Malaysia. Mediterranean Journal of Social Sciences, (December). https://doi.org/10.5901/mjss.2015.v6n6s4p482

    4. Abdul Aris, N., Madah Marzuki, M., Othman, R., Abdul Rahman, S., & Hj Ismail, N. (2018). Designing indicators for cooperative sustainability: the Malaysian perspective. Social Responsibility Journal, 14(1), 226–248. https://doi.org/10.1108/SRJ-01-2017-0015

    5. Aderinto, A., Agbelemoge, A., & Dada, O. M. (2017). Effectiveness of Extension Service Delivery and Productivity of Cassava Farmers in Southwestern Nigeria. Journal of Agricultural Sciences, 12(1), 14. https://doi.org/10.4038/jas.v12i1.8202

    6. Ador, S. F., Siwar, C., & Ghazali, R. (2016). A Review of Palm Oil Impact on Sustainability Dimension: SPOC Initiative for Independent Smallholders. International Journal of Agriculture, Forestry and Plantation, 2(feb.), 104–110.

    7. Aguinis, H., & Glavas, A. (2012). What We Know and Don’t Know About Corporate Social Responsibility. Journal of Management, 38(4), 932–968. https://doi.org/10.1177/0149206311436079

    8. Ahmad Kushairi, D. (2017). Malaysian Oil Palm Industry Performance 2016 and Prospects for 2017. Palm Oil Economic & Outlook Seminar 2017, (Red Ii), 6. Retrieved from http://www.mpob.gov.my/images/stories/pdf/2017/2017_Dr.KushairiPALMEROS2017.pdf

    9. Aini, M. Y., Hafizah, H. A. K., Zuraini, Y., & Zaliha, H. (2014). Modelling the Impact of Strategic Planning, Structural Capital, Relational Capital, Members’ Participation, Governance Practices and Human Capital Development on Cooperatives’ Performance. Journal of Business and Management (COES&RJ-JBM), 2(2), 249–256.

    10. Albore, A. (2018). Review on Role and Challenges of Agricultural Extension Service on Farm Productivity in Ethiopia. Journal of Agricultural Education and Extension, 4(1), 93–100.

    11. Alexander, J. (2018). Business Performance Management. In Financial Planning & Analysis and Performance Management (pp. 135–156). https://doi.org/10.1002/9781119491460.ch7

    12. Alho, E. (2015). Farmers’ self-reported value of cooperative membership: evidence from heterogeneous business and organization structures. Agricultural and Food Economics, 3(1), 23. https://doi.org/10.1186/s40100-015-0041-6

    13. Ali, A. (2013). Impact of Agricultural Extension Services on Technology Adoption and Crops Yield: Empirical Evidence from Pakistan. Asian Journal of Agriculture and Rural Development, 3(11), 801–812.

    14. Altman, M. (2010). History and Theories of Cooperatives. International Encyclopedia of Civil Society Springer, New York, NY, (December), 563–570.

    15. Anisul Huq, F., Stevenson, M., & Zorzini, M. (2014). Social sustainability in developing country suppliers: An exploratory study in the ready made garments industry of Bangladesh. International Journal of Operations & Production Management, 34(5), 610–638. https://doi.org/10.1108/ijopm-10-2012-0467

    16. Arcas, N., García, D., & Guzmán, I. (2011). Effect of Size on Performance of Spanish Agricultural Cooperatives. Outlook on Agriculture, 40(3), 201–206. https://doi.org/10.5367/oa.2011.0051

    17. Awan, U., Kraslawski, A., & Huiskonen, J. (2017). Understanding the Relationship between Stakeholder Pressure and Sustainability Performance in Manufacturing Firms in Pakistan. Procedia Manufacturing, 11(June), 768–777. https://doi.org/10.1016/j.promfg.2017.07.178

    18. Ayish Yusof. (2019). Malaysia to cap 6.5m ha of oil palm plantations by 2023 | New Straits Times | Malaysia General Business Sports and Lifestyle News. Retrieved October 9, 2019, from New Straits Times website: https://www.nst.com.my/business/2019/03/466143/malaysia-cap-65m-ha-oil-palm-plantations-2023

    19. Azmah, O., Fatimah, K., Rohana, & Rosita, H. (2012). Factors Influencing Cooperative Membership and Share Increment : An Application of the Logistic Regression Analysis in the Malaysian Cooperatives. World Review of Business Research, 2(5), 24–35.

    20. Beck, C., Frost, G., & Jones, S. (2018). CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of Management, 43(4), 517–537. https://doi.org/10.1177/0312896218771438

    21. Bidin, Y. H. (2007). Positioning knowledge management as key success factors in the growth of cooperatives in Malaysia. Asian Academy of Management Journal, 12(1), 69–82. Retrieved from http://web.usm.my/aamj/12.1.2007/AAMJ 12-1-5.pdf

    22. Bititci, U. S. (2015). Managing Business Performance: The Science and the Art. In U. S. Bititci (Ed.), Managing Business Performance: The Science and the Art. https://doi.org/10.1002/9781119166542

    23. Bititci, U. S., Ackermann, F., Ates, A., Davies, J., Garengo, P., Gibb, S., … Firat, S. U. (2011). Managerial processes: Business process that sustain performance. In International Journal of Operations and Production Management (Vol. 31). https://doi.org/10.1108/01443571111153076

    24. Boons, F., Montalvo, C., Quist, J., & Wagner, M. (2013). Sustainable innovation, business models and economic performance: An overview. Journal of Cleaner Production, 45, 1–8. https://doi.org/10.1016/j.jclepro.2012.08.013

    25. Brundtland, G. H. (1987). Our Common Future—Call for Action. Environmental Conservation, 14(04), 291. https://doi.org/10.1017/S0376892900016805

    26. Cai, R., Ma, W., & Su, Y. (2016). Effects of member size and selective incentives of agricultural cooperatives on product quality. British Food Journal, 118(4), 858–870. https://doi.org/10.1108/BFJ-11-2015-0456

    27. Cantele, S., & Zardini, A. (2018). Is sustainability a competitive advantage for small businesses? An empirical analysis of possible mediators in the sustainability–financial performance relationship. Journal of Cleaner Production, 182, 166–176. https://doi.org/10.1016/j.jclepro.2018.02.016

    28. Chagwiza, C., Muradian, R., & Ruben, R. (2016). Cooperative membership and dairy performance among smallholders in Ethiopia. Food Policy, 59, 165–173. https://doi.org/10.1016/j.foodpol.2016.01.008

    29. Cheney, G., Santa Cruz, I., Peredo, A. M., & Nazareno, E. (2014). Worker cooperatives as an organizational alternative: Challenges, achievements and promise in business governance and ownership. Organization. https://doi.org/10.1177/1350508414539784

    30. Chong, L. L., Ong, H. B., & Tan, S. H. (2018). Corporate risk-taking and performance in Malaysia: the effect of board composition, political connections and sustainability practices. Corporate Governance (Bingley), 18(4), 635–654. https://doi.org/10.1108/CG-05-2017-0095

    31. Corrigan, L. T., & Rixon, D. (2017). A dramaturgical accounting of cooperative performance indicators. Qualitative Research in Accounting and Management, 14(1), 60–80. https://doi.org/10.1108/QRAM-08-2016-0060

    32. da Gama, A. P. (2011). An expanded model of marketing performance. Marketing Intelligence and Planning, 29(7), 643–661. https://doi.org/10.1108/02634501111178677

    33. Dale, A., Duguid, F., Lamarca, M. G., Hough, P., Tyson, P., Foon, R., … Herbert, Y. (2013). Cooperatives and Sustainability : An investigation into the relationship. Report International Co-Operative Alliance, 1–76.

    34. David, F. R., & David, F. R. (2017). Strategic Management A Competitive Advantage Approach, Concepts and Cases (Sixteenth). Retrieved from https://www.pearson.com.au/products/D-G-David-David/D-G-David-Fred-R-David-Forest-R/Strategic-Management-A-Competitive-Advantage-Approach-Concepts-and-Cases-Global-Edition-eBook/9781292148502?R=9781292148502

    35. Donaldson, T., & Preston, L. E. (1995). Stakeholder theory: Concepts, evidence, and implications. Academy of Management Review.

    36. Duguid, F., Lamarca, M. G., Hough, P., Tyson, P., Foon, R., Newell, R., … Jeremy Murphy. (2013). Cooperatives and sustainability: An investigation into the relationship. Retrieved from http://www.ssg.coophttp//ica.coop

    37. Eccles, R. G., Ioannou, I., & Serafeim, G. (2011). The Impact of Corporate Sustainability on Organizational Processes and Performance. In SSRN. https://doi.org/10.2139/ssrn.1964011

    38. Elkington, J. (1998). Cannibals with forks. The triple bottom line of 21st century business. New Society Publishers. https://doi.org/0865713928

    39. Elkington, J. (2013). Enter the triple bottom line. In The Triple Bottom Line: Does it All Add Up. https://doi.org/10.4324/9781849773348

    40. Epstein, M. J., Verbeeten, F., & Widener, S. K. (Sally K. (2016). Performance measurement and management control : contemporary issues. 386.

    41. Esim, S. (2017). Co-Operatives and the Sustainable Development Goals. Retrieved from www.ilo.org/coop

    42. Fassin, Y., & Van Rossem, A. (2009). Corporate governance in the debate on CSR and Ethics: Sensemaking of social issues in management by authorities and CEOs. Corporate Governance: An International Review. https://doi.org/10.1111/j.1467-8683.2009.00738.x

    43. Fischer, E., & Qaim, M. (2012). Linking Smallholders to Markets: Determinants and Impacts of Farmer Collective Action in Kenya. World Development, 40(6), 1255–1268. https://doi.org/10.1016/j.worlddev.2011.11.018

    44. Freeman, R. E. (1984). The Stakeholder Approach. In Strategic Management (pp. 1–2). https://doi.org/10.1017/CBO9781139192675.003

    45. Freeman, R. E. (2015). Strategic management: A stakeholder approach. In Strategic Management: A Stakeholder Approach. https://doi.org/10.1017/CBO9781139192675

    46. Fulton, J. R., & King, R. P. (1993). Relationships among information expenditure, economic performance, and size in local grain marketing cooperatives in the upper midwest. Agribusiness, 9(2), 143–157. https://doi.org/10.1002/1520-6297(199303)9:2<143::AID-AGR2720090205>3.0.CO;2-M

    47. Gadenne, D., Mia, L., Sands, J., Winata, L., & Hooi, G. (2012). The influence of sustainability performance management practices on organisational sustainability performance. Journal of Accounting and Organizational Change, 8(2), 210–235. https://doi.org/10.1108/18325911211230380

    48. Gan, P. Y., & Li, Z. D. (2014). Econometric study on Malaysia׳s palm oil position in the world market to 2035. Renewable and Sustainable Energy Reviews, 39(June), 740–747. https://doi.org/10.1016/j.rser.2014.07.059

    49. Ghalem, Â., Chafik, O., Chroqui, R., & Alami, S. EL. (2016). Performance: A concept to define. Unpublished, (May 2017). https://doi.org/10.13140/rg.2.2.24800.28165

    50. Goyal, P., Rahman, Z., & Kazmi, A. A. (2013). Corporate sustainability performance and firm performance research: Literature review and future research agenda. Management Decision, 51(2), 361–379. https://doi.org/10.1108/00251741311301867

    51. Grashuis, J. (2017). Branding by U.S. Farmer Cooperatives: An empirical study of trademark ownership. Journal of Co-Operative Organization and Management, 5(2), 57–64. https://doi.org/10.1016/j.jcom.2017.09.002

    52. Grashuis, J. (2018). A quantile regression analysis of farmer cooperative performance. Agricultural Finance Review, 78(1), 65–82. https://doi.org/10.1108/AFR-05-2017-0031

    53. Grashuis, J., & Su, Y. (2019). A REVIEW OF THE EMPIRICAL LITERATURE ON FARMER COOPERATIVES: PERFORMANCE, OWNERSHIP AND GOVERNANCE, FINANCE, AND MEMBER ATTITUDE. Annals of Public and Cooperative Economics, 90(1), 77–102. https://doi.org/10.1111/apce.12205

    54. GRI. (2015). Interpretations on the G4 Sustainability Reporting Guidelines. Retrieved from https://www.globalreporting.org/resourcelibrary/grig4-part1-reporting-principles-and-standard-disclosures.pdf

    55. Grüning, M. (2002). Ansätze zum Performance Measurement. In Performance-Measurement-Systeme (pp. 21–65). https://doi.org/10.1007/978-3-663-08089-3_3

    56. Gutiérrez-Martínez, I., & Duhamel, F. (2019). Translating sustainability into competitive advantage: the case of Mexico’s hospitality industry. Corporate Governance: The International Journal of Business in Society, ahead-of-p(ahead-of-print). https://doi.org/10.1108/cg-01-2019-0031

    57. Hammad Ahmad Khan, H., Yaacob, M. A., Abdullah, H., & Abu Bakar Ah, S. H. (2016). Factors affecting performance of co-operatives in Malaysia. International Journal of Productivity and Performance Management, 65(5), 641–671. https://doi.org/10.1108/IJPPM-05-2014-0077

    58. Han, J.-J., Kim, H. J., & Yu, J. (2016). Empirical study on relationship between corporate social responsibility and financial performance in Korea. Asian Journal of Sustainability and Social Responsibility, 1(1), 61–76. https://doi.org/10.1186/s41180-016-0002-3

    59. Harun, M. Z. M., & Mahmood, R. (2012). The Relationship between Group Cohesiveness and Performance : An Empirical Study of Cooperatives Movement in Malaysia The Relationship between Group Cohesiveness and Performance : An Empirical Study of Cooperatives Movement in Malaysia. International Journal of Cooperative Studies, 1, No.1(November), 15–20. Retrieved from https://www.researchgate.net/publication/268370078

    60. ICA. (2018). Home | International Cooperative Alliance - Asia and Pacific. Retrieved July 3, 2019, from International Co-operative Alliance website: http://ica-ap.coop/

    61. ICA. (2019). Facts and figures | ICA. Retrieved from https://www.ica.coop/en/cooperatives/facts-and-figures

    62. ILO and ICA. (2015). Cooperatives and the Sustainable Development Goals: A Contribution to the Post-2015 Development Debate A Policy Brief. International Labour Organization: International Cooperative Alliance, 1–16. Retrieved from www.ica.coop

    63. Intan Waheedah, O., Maslinawati, M., & Azizah, A. (2013). Cooperative movements in Malaysia: The issue of governance. International Journal of Social, Educational, Economic and Management Engineering, 7(6), 660–664. https://doi.org/10.1002/jtr

    64. Issen, J. P., & Harriot, J. (2012). Business Performance Tracking: Execution and Measurement. In Win with Advanced Business Analytics (pp. 321–341). https://doi.org/10.1002/9781119205371.ch16

    65. Kyriakopoulos, K., Meulenberg, M., & Nilsson, J. (2004). The impact of cooperative structure and firm culture on market orientation and performance. Agribusiness, 20(4), 379–396. https://doi.org/10.1002/agr.20021

    66. Laskar, N., Chakraborty, T. K., & Maji, S. G. (2017). Corporate Sustainability Performance and Financial Performance: Empirical Evidence from Japan and India. Management and Labour Studies, 42(2), 88–106. https://doi.org/10.1177/0258042x17707659

    67. Laskar, N., & Gopal Maji, S. (2018). Disclosure of corporate sustainability performance and firm performance in Asia. In Asian Review of Accounting. https://doi.org/10.1108/ARA-02-2017-0029

    68. Lerman, Z., & Parliament, C. (1991). Size and industry effects in the performance of agricultural cooperatives. Agricultural Economics. https://doi.org/10.1016/0169-5150(91)90013-B

    69. Liebrand, C. B. (2007). Measuring the Performance of Agricultural Cooperatives - Research Report 213. https://doi.org/10.1016/j.envpol.2011.04.025

    70. Lourenço, I. C., Branco, M. C., Curto, J. D., & Eugénio, T. (2012). How Does the Market Value Corporate Sustainability Performance? Journal of Business Ethics, 108(4), 417–428. https://doi.org/10.1007/s10551-011-1102-8

    71. Manap, N. A., & Tehrani, P. M. (2014). The contribution of cooperative law to economic development in Malaysia. Asian Social Science, 10(15), 283–290. https://doi.org/10.5539/ass.v10n15p283

    72. Martins, F. S., & Lucato, W. C. (2018). Structural production factors’ impact on the financial performance of agribusiness cooperatives in Brazil. In International Journal of Operations and Production Management (Vol. 38). https://doi.org/10.1108/IJOPM-10-2015-0637

    73. Masuku, T. A., Masuku, ---M B, & Mutangira, † ---J P B. (2016). PERFORMANCE OF MULTI-PURPOSE COOPERATIVES IN THE SHISELWENI REGION OF SWAZILAND. International Journal of Sustainable Agricultural Research, 3(4), 58–71. https://doi.org/10.18488/journal.70/2016.3.4/70.4.58.71

    74. Matt Matrisian. (2015). Managing Business Performance. In The Power Of Practice Management (pp. 67–75). https://doi.org/10.1002/9781119202936.ch8

    75. Mohamad, M., & Othman, I. W. (2013). Reputation and Transparency of Cooperative Movement in Malaysia. World Academy of Science, Engineering and Technology, 7(8), 328–331.

    76. MPI. (2019). Data Sets for Agricommodities Industry in Malaysia. Retrieved from http://www.data.gov.my/data/en_US/dataset?organization=ministry-of-plantation-industries-and-commodities

    77. Nambiappan, B., Ismail, A., Hashim, N., Ismail, N., Shahari, D. N., Idris, N. A. N., … Kushairi, A. (2018). Malaysia: 100 years of resilient palm oil economic performance. Journal of Oil Palm Research, Vol. 30, pp. 13–25. https://doi.org/10.21894/jopr.2018.0014

    78. Narasimhan, R., & Das, A. (2001). The impact of purchasing integration and practices on manufacturing performance. Journal of Operations Management. https://doi.org/10.1016/S0272-6963(01)00055-9

    79. Needles, B. E., Frigo, M. L., Powers, M., & Shigaev, A. (2016). Integrated Reporting and Sustainability Reporting: An Exploratory Study of High Performance Companies. Studies in Managerial and Financial Accounting, 25, 41–81. https://doi.org/10.1108/S1479-351220160000031019

    80. Ni Ketut, S. A. (2016). Cooperative Performance Measurement as an Efforts in Supporting Microfinance Institutions Business Development (Viewed from the Perspective of Law No.1 Year 2013). South East Asia Journal of Contemporary Business, Economics and Law, 9(4), 30–37.

    81. Nolop, B. (2015). Driving Business Performance. In The Essential CFO (Vol. 60, pp. 205–219). https://doi.org/10.1002/9781119205036.ch16

    82. Omar, W., Jaafar, N. C., & Mansor, N. H. (2012). Smallholder Palm Oil Cluster : Sharing MPOB ’ s Experience By Definition of Smallholder. Retrieved from https://www.rt10.rspo.org/ckfinder/userfiles/files/PCPM2_4 Tn Hj Wahid Omar Presentation .pdf

    83. Osman, C. A., & Abbas, Z. (2016). A conceptual paper on the relationship between collaboration networks, absorptive capacity and Innovation performance of services industry SMEs in Malaysia. International Academic Research Journal of Social Science, 2(1), 15–26. Retrieved from www.iarjournal.com

    84. Othman, A., Mansor, N., & Kari, F. (2014). Assessing the performance of co-operatives in Malaysia: an analysis of co-operative groups using a data envelopment analysis approach. Asia Pacific Business Review, 20(3), 484–505. https://doi.org/10.1080/13602381.2014.933065

    85. Othman, I. W., Mohamad, M., & Abdullah, A. (2013). Cooperative Movements in Malaysia: The Issue of Governance. World Academy of Science, Engineering and Technology International Journal of Economics and Management Engineering, 7(6), 1488–1492. https://doi.org/doi.org/10.5281/zenodo.1070679

    86. Padin, C., Ferro, C., Wagner, B., Valera, J. C. S., Høgevold, N. M., & Svensson, G. (2016). Validating a triple bottom line construct and reasons for implementing sustainable business practices in companies and their business networks. Corporate Governance (Bingley), 16(5), 849–865. https://doi.org/10.1108/CG-12-2015-0163

    87. Pennerstorfer, D., & Weiss, C. R. (2013, February). Product quality in the agri-food chain: Do cooperatives offer high-quality wine? European Review of Agricultural Economics, Vol. 40, pp. 143–162. https://doi.org/10.1093/erae/jbs008

    88. Porter, M. E., & Linde, C. van der. (1995). Toward a New Conception of the Environment-Competitiveness Relationship. Journal of Economic Perspectives, 9(4), 97–118. https://doi.org/10.1257/jep.9.4.97

    89. Pye, O. (2018). Commodifying sustainability: Development, nature and politics in the palm oil industry. World Development. https://doi.org/10.1016/j.worlddev.2018.02.014

    90. Razif, A., & Rashid, A. (2016). The examination of multidimensional construct of members’ participation and its correlation to the cooperatives’ business performance. Journal of Business and Hospitality Management ( JBHM ), 2(1), 83–90.

    91. Remaud, H., Atkin, T., Gilinsky, A., & Newton, S. K. (2012). Environmental strategy: Does it lead to competitive advantage in the US wine industry? International Journal of Wine Business Research, 24(2), 115–133. https://doi.org/10.1108/17511061211238911

    92. Reverte, C., Gómez-Melero, E., & Cegarra-Navarro, J. G. (2016). The influence of corporate social responsibility practices on organizational performance: Evidence from Eco-Responsible Spanish firms. Journal of Cleaner Production, 112, 2870–2884. https://doi.org/10.1016/j.jclepro.2015.09.128

    93. Sajjad, A., Jillani, A., & Raziq, M. M. (2018). Sustainability in the Pakistani hotel industry: an empirical study. Corporate Governance (Bingley), 18(4), 714–727. https://doi.org/10.1108/CG-12-2017-0292

    94. Sallehhuddin, A., Said, A. M. A., Hasmanto, N., Mustafa, M. A., Jais, M., Samsudin, A., … Ismail, H. (2017). Crafting Preliminary Model for Mosque Cooperatives’ Antecedents of Performance. Asian Social Science, 13(2), 116. https://doi.org/10.5539/ass.v13n2p116

    95. Schulz, S. A., & Flanigan, R. L. (2016). Developing competitive advantage using the triple bottom line: a conceptual framework. Journal of Business and Industrial Marketing, 31(4), 449–458. https://doi.org/10.1108/JBIM-08-2014-0150

    96. Sebhatu, S. P. (2009). Sustainability Performance Measurement for sustainable organizations : beyond compliance and reporting. 11th Quality Management and Organizational Development, (January 2009), 75–87.

    97. Shamsuddin, Z., Ismail, A. G., Mahmood, S., & Abdullah, F. (2017). Determinants of Agricultural Cooperative Performance Using Financial Ratio. International Journal of Business and Technopreneurship, 7(3), 385–396.

    98. Shamsuddin, Z., Mahmood, S., Ghazali, P. L., Salleh, F., & Nawi, F. A. M. (2018). Indicators for Cooperative Performance Measurement. International Journal of Academic Research in Business and Social Sciences, 8(12), 577–585. https://doi.org/10.6007/IJARBSS/v8-i12/5056

    99. Shaufique, S. F. (2017). Independent smallholders in the global palm oil value chain. A Case Study of Malaysia.

    100. SKM. (2011). National Cooperative Policy 2011-2020 (2010th ed.; M. C. S. C. SKM, Ed.). Retrieved from https://www.skm.gov.my/images/images/Dasar-Koperasi-Negara-2011-2020/DKN_versi_penuh.pdf

    101. SKM. (2018). Malaysia Cooperative Statistics 2017. In Malaysia Cooperative Societies Commision. Kuala Lumpur: Malaysia Cooperative Societies Commision.

    102. SKM. (2019). Malaysia Cooperative Statistics 2018. In Malaysia Cooperative Societies Commission. Retrieved from https://www.skm.gov.my

    103. Sroufe, R., & Gopalakrishna-Remani, V. (2018). Management, Social Sustainability, Reputation, and Financial Performance Relationships: An Empirical Examination of U.S. Firms. Organization and Environment. https://doi.org/10.1177/1086026618756611

    104. Suriyankietkaew, S., & Avery, G. (2016). Sustainable leadership practices driving financial performance: Empirical evidence from Thai SMEs. Sustainability (Switzerland), 8(4), 1–14. https://doi.org/10.3390/su8040327

    105. Svensson, Goran, Høgevold, N. M., Petzer, D., Padin, C., Ferro, C., Klopper, H., … Wagner, B. (2016). Framing stakeholder considerations and business sustainability efforts: a construct, its dimensions and items. Journal of Business & Industrial Marketing, 31(2), 287–300. https://doi.org/10.1108/JBIM-05-2014-0094

    106. Svensson, Göran, & Wagner, B. (2015). Implementing and managing economic, social and environmental efforts of business sustainability. Management of Environmental Quality: An International Journal, 26(2), 195–213. https://doi.org/10.1108/MEQ-09-2013-0099

    107. Tarmuji, I., Maelah, R., & Tarmuji, N. H. (2016). The Impact of Environmental, Social and Governance Practices (ESG) on Economic Performance: Evidence from ESG Score. International Journal of Trade, Economics and Finance, 7(3), 67–74. https://doi.org/10.18178/ijtef.2016.7.3.501

    108. The Star. (2018). Banking on co-ops to boost economy - Nation | The Star Online. Retrieved July 3, 2019, from The Star website: https://www.thestar.com.my/news/nation/2018/07/17/banking-on-coops-to-boost-economy/

    109. Ubochioma, J., Pascal, N., & Agu, P. (2018). Perceived Competencies of Agricultural Extension and Advisory Services Providers in Building Rural Farmer Capability in Imo State Nigeria. International Journal of Research in Agriculture and Forestry, 5(6), 25. Retrieved from https://www.ijraf.org/papers/v5-i6/5.pdf

    110. UN. (2017). Cooperatives in Social Development: Report of the Secretary-General (Vol. 12080). Retrieved from https://documents-dds-ny.un.org/doc/UNDOC/GEN/N17/217/92/PDF/N1721792.pdf?OpenElement

    111. Uraon, R. S., & Gupta, M. (2019). Do HRD practices affect perceived market performance through operational performance? Evidence from software industry. International Journal of Productivity and Performance Management. https://doi.org/10.1108/ijppm-06-2018-0207

    112. Vandeplas, A., Minten, B., & Swinnen, J. (2013). Multinationals vs. Cooperatives: The Income and Efficiency Effects of Supply Chain Governance in India. Journal of Agricultural Economics, 64(1), 217–244. https://doi.org/10.1111/1477-9552.12004

    113. Venkatraman, N., & Ramanujam, V. (1986). Measurement of Business Performance in Strategy Research: A Comparison of Approaches. Academy of Management Review, 11(4), 801–814. https://doi.org/10.5465/amr.1986.4283976

    114. Weber, O. (2017). Corporate sustainability and financial performance of Chinese banks. Sustainability Accounting, Management and Policy Journal, 8(3), 358–385. https://doi.org/10.1108/SAMPJ-09-2016-0066

    115. Weber, O., Koellner, T., Habegger, D., Steffensen, H., & Ohnemus, P. (2008). The relation between the GRI indicators and the financial performance of firms. Progress in Industrial Ecology, An International Journal, 5(3), 236. https://doi.org/10.1504/PIE.2008.019127

    116. Winnard, J., Adcroft, A., Lee, J., & Skipp, D. (2014). Surviving or flourishing? Integrating business resilience and sustainability. Journal of Strategy and Management, 7(3), 303–315. https://doi.org/10.1108/JSMA-11-2012-0059

    117. Xiao, C., Wang, Q., van der Vaart, T., & van Donk, D. P. (2018). When Does Corporate Sustainability Performance Pay off? The Impact of Country-Level Sustainability Performance. Ecological Economics, 146(December 2016), 325–333. https://doi.org/10.1016/j.ecolecon.2017.11.025

    118. Yacob, Y., Ali, J. K., Roslin, R., & Ting, H. (2018). The relationships between member participation, trust, Behavioural loyalty, and the moderating effect of ethnicity: An explanatory study of value co-creation among cooperative members in Sarawak. International Journal of Business and Society, 19(2), 505–522.