26

This study of the multi-stakeholder governance model of Lebanese SMEs highlights the role of adopting and implementing ESG standards (environmental, social, governance) as management tools enabling this governance. We review the stakeholders of two case-study SMEs according to a three dimensional objective (economic, social/societal, and environmental) in order to show their CSR commitment. Multi-stakeholder governance systems attribute particular importance to the environment, employees, and customers. The implementation of international standards supports this commitment. From a managerial point of view, the case studies can serve as examples encouraging SME managers to engage in social and environmental responsibility in order to ensure their sustainability.