Business model innovation for sustainability : the roles of corporate social responsibility and environmental, social, and governance practices

Abstract

The global collective movement for sustainable development has prompted corporate actors to integrate sustainable practices into their core operations. While the literature has extensively focused on proposing new business models to foster more radical changes in business practices, real-life businesses are adopting sustainability at their own pace using tools such as Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) frameworks. This creates a gap between theoretical models and practical implementations, which may pose barriers to achieving long-term sustainable goals globally.

Adopting a qualitative, phenomenological method, this thesis delves into the business sustainability landscape by gathering insights from both industry and academic experts who are directly involved in the field. By maintaining a broad perspective, the study identifies regional differences within the phenomenon. Further, the research investigates the prospects of advancing sustainability, focusing on the so-called ‘nature-positive’ approach.

The thesis addresses key questions regarding the current landscape of sustainability discourses in the business realm and applies the business model innovation approach to achieve a deeper integration of CSR/ESG in business operations. Theoretical and managerial implications explored include the essential roles and relationships of CSR/ESG activities within business model innovation for sustainability. Additionally, it highlights new developments in the evolution of sustainable business models, offering insights into how businesses can enhance their sustainability practices both theoretically and practically.