ABSTRACT

The notion of a ‘triple bottom line’ continues to grow in importance (Cronin et al. 2010). The concept refers to the fact that modern business models are expected to address not only economic, but also social and environmental objectives (Elkington 1998). Corporations are encouraged to build their businesses in a way that creates value, not only for the corporation itself, but also for society (Porter and Kramer 2011). As a part of this process, corporate social responsibility (CSR) has become a multifaceted concept that embraces accountability. It is a new business imperative that enables opportunities for business and innovation, but which is also associated

with great challenges, as it implies that businesses need to question and rethink their business models on a conceptual as well as operational level. The challenge is particularly noticeable in large corporations and multinational companies that, due to their complex and extensive character, face challenges in adapting to new expectations by rebuilding business models (Rainey 2010; Prahalad and Hart 2002).