THE NEED OF EXTRA-FINANCIAL MEASURES OF PERFORMANCE IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT

Globalization and sustainable development, requires national and international companies to meet corporate performance standards that exceed the economic area. Thus, for long term success, companies must integrate into their business strategy coordinates of a sustainable approach, which aims to harmonize economic, ecological and social objectives. Traditional performance measures are primarily financial ones that were developed starting from the 1920s. Some strategic goals are financial, but most are not focused on money issues. Trying to track things like customer service, quality, flexibility and innovation-using 1920s' tools seems a bit of a stretch (Denton, 2005). This paper is trying to emphasis the need for non-financial measures of performance in the context of sustainable development.