Two Birds with One Stone: The Quest for Addressing Both Business Goals and Social Needs with Innovation

  • Marina Candi
  • Monia Melia
  • Maria Colurcio
Original Paper


This research examines whether and how firms can meet both business goals and social needs through their innovation activities. We examine antecedents and consequences of innovation that addresses social needs, in addition to business goals, using data collected from European for-profit firms. We find that innovation including social intent is more likely under conditions of high market turbulence, which represents an important form of demand-driven threats. Meanwhile, we find no relationship with competitive intensity, a form of pressure driven threats. Together, these findings suggest that customers and other stakeholders are more likely to drive firms to focus on the social dimension than competitors. The findings also indicate that innovation including social intent is positively related with customer acceptance, which supports the notion that innovation can meet both business goals and social needs. This relationship is partially mediated by perceived market turbulence, which highlights the importance of customers and their demands for social responsibility. This research advances both theory and practice as we add to existing discourses on innovation by providing a broader than common perspective that includes the social dimension as a potential part of innovation conducted to meet business goals. Furthermore, we shed light on how and when firms are likely to include intended social outcomes in their innovation (with resultant improvement in performance) and when they are less likely to do so, which highlights a potential untapped opportunity.


Innovation including social intent External threats Customer acceptance 



Part of the funding for this work has been provided from the European Union’s Seventh Framework Programme for research, technological development and demonstration under Grant Agreement No. 324448.

Compliance with Ethical Standards

Conflict of interest

The authors declare that they have no conflict of interest.

Human and Animal Rights

Data were collected from managers of European firms. The survey instrument consisted solely of questions about the firms with no data collected about the individuals responding. Therefore, this study does not fall under the category of studies with human participants performed by any of the authors.


  1. Ang, S. H. (2008). Competitive intensity and collaboration: Impact on firm growth across technological environments. Strategic Management Journal, 29(10), 1057–1075.CrossRefGoogle Scholar
  2. Auh, S., & Menguc, B. (2005). Balancing exploration and exploitation: The moderating role of competitive intensity. Journal of Business Research, 58, 1652–1661.CrossRefGoogle Scholar
  3. Austin, J., Stevenson, H., & Wei-Skillern, J. (2006). Social and commercial entrepreneurship: Same, different, or both? Entrepreneurship Theory and Practice, 30(1), 1–22.CrossRefGoogle Scholar
  4. Ayuso, S., Rodriguez, M. A., & Ricart, J. E. (2006). Responsible competitiveness at the ‘micro’ level of the firm using stakeholder dialogue as a source for new ideas: A dynamic capability underlying sustainable innovation. Corporate Governance, 6(4), 475–490.CrossRefGoogle Scholar
  5. Bagozzi, R. P. (2011). Measurement and meaning in information systems and organizational research: Methodological and philosophical foundations. MIS Quarterly, 35, 261–292.CrossRefGoogle Scholar
  6. Baltazar Herrera, M. E. (2015). Creating competitive advantage by institutionalizing corporate social innovation. Journal of Business Research, 68(7), 1468–1474.CrossRefGoogle Scholar
  7. Barnett, W. P. (1997). The dynamics of competitive intensity. Administrative Science Quarterly, 42, 128–160.CrossRefGoogle Scholar
  8. Benner, M. J., & Tushman, M. L. (2003). Exploitation, exploration, and process management: The productivity dilemma revisited. Academy of Management Review, 28(2), 238–256.Google Scholar
  9. Billing, R., & Scott, B. (1995). Renewable reporting: New material on environmental performance. CA Magazine-Chartered Accountant, 128(2), 62–66.Google Scholar
  10. Bocken, N. M. P., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of Cleaner Production, 65, 42–56.CrossRefGoogle Scholar
  11. Bocquet, R., Le Bas, C., Mothe, C., & Poussing, N. (2013). Are firms with different CSR profiles equally innovative? Empirical analysis with survey data. European Management Journal, 31(6), 642–654.CrossRefGoogle Scholar
  12. Boons, F., & Lüdeke-Freund, F. (2013). Business models for sustainable innovation: State-of-the-art and steps towards a research agenda. Journal of Cleaner Production, 45, 9–19.CrossRefGoogle Scholar
  13. 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.CrossRefGoogle Scholar
  14. Brammer, S., & Millington, A. (2008). Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal, 29(12), 1325–1343.CrossRefGoogle Scholar
  15. Cadogan, J. W., Cui, C. C., & Li, E. K. Y. (2003). Export market-oriented behavior and export performance: The moderating roles of competitive intensity and technological turbulence. International Marketing Review, 20(5), 493–513.CrossRefGoogle Scholar
  16. Cajaiba-Santana, G. (2014). Social innovation: Moving the field forward. A conceptual framework. Technological Forecasting and Social Change, 82(2), 42–51.CrossRefGoogle Scholar
  17. Candi, M., Jae, H., Makarem, S., & Mohan, M. (2017). Consumer responses to functional, aesthetic and symbolic product design in online reviews. Journal of Business Research, 81, 31–39.CrossRefGoogle Scholar
  18. Chan, R. Y. K., Hongwei, H., Chan, H. K., & Wang, W. Y. C. (2012). Environmental orientation and corporate performance: The mediation mechanism of green supply chain management and moderating effect of competitive intensity. Industrial Marketing Management, 41, 621–630.CrossRefGoogle Scholar
  19. Chen, H., Zeng, S., Lin, H., & Ma, H. (2017). Munificence, Dynamism and complexity: How Industry Context Drives Corporate Sustainability. Business Strategy and the Environment, 26, 125–141.CrossRefGoogle Scholar
  20. Choi, N., & Majumdar, S. (2014). Social entrepreneurship as an essentially contested concept: Opening a new avenue for systematic future research. Journal of Business Venturing, 29(3), 363–376.CrossRefGoogle Scholar
  21. Cohen, B., & Winn, M. I. (2007). Market imperfections, opportunity and sustainable entrepreneurship. Journal of Business Venturing, 22, 29–49.CrossRefGoogle Scholar
  22. Corner, P. D., & Ho, M. (2010). How opportunities develop in social entrepreneurship. Entrepreneurship Theory and Practice, 34(4), 635–659.CrossRefGoogle Scholar
  23. Cui, A. S., Griffith, D. A., & Cavusgil, S. T. (2005). The influence of competitive intensity and market dynamism on knowledge management capabilities of multinational corporation subsidiaries. Journal of International Marketing, 13(3), 32–53.CrossRefGoogle Scholar
  24. Danneels, E. (2002). The dynamics of product innovation and firm competences. Strategic Management Journal, 23(12), 1095–1121.CrossRefGoogle Scholar
  25. Danneels, E., & Sethi, R. (2011). New product exploration under environmental turbulence. Organization Science, 22(4), 1026–1039.CrossRefGoogle Scholar
  26. Dawson, P., & Daniel, L. (2010). Understanding social innovation: A provisional framework. International Journal of Technology Management, 51(1), 9–21.CrossRefGoogle Scholar
  27. De Medeiros, J. F., Vidor, G., & Ribeiro, J. L. D. (2015). Driving factors for the success of the green innovation market: A relationship system proposal. Journal of Business Ethics, 2015, 1–15.Google Scholar
  28. Dean, T. J., & McMullen, J. S. (2007). Toward a theory of sustainable entrepreneurship: Reducing environmental degradation through entrepreneurial action. Journal of Business Venturing, 22, 50–76.CrossRefGoogle Scholar
  29. Dellyana, D., Simatupang, T. M., & Dhewanto, W. (2016). Business model innovation in different strategic networks. International Journal of Business, 21(3), 191–215.Google Scholar
  30. Delmas, M. A., & Pekovic, S. (2015). Resource efficiency strategies and market conditions. Long Range Planning, 48(2), 80–94.CrossRefGoogle Scholar
  31. Dembek, K., Singh, P., & Bhakoo, V. (2016). Literature Review of Shared Value: A Theoretical concept or a Management Buzzword? Journal of Business Ethics, 137(2), 231–267.CrossRefGoogle Scholar
  32. Demil, B., & Lecocq, X. (2010). Business model evolution: In search of dynamic consistency. Long Range Planning, 43(2), 227–246.CrossRefGoogle Scholar
  33. Doane, D., & Abasta-Vilaplana, N. (2005). The myth of CSR. Stanford Social Innovation Review, 3(3), 22–29.Google Scholar
  34. Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91.Google Scholar
  35. Droge, C., Calantone, R., & Harmancioglu, N. (2008). New product success: Is it really controllable by managers in highly turbulent environments? Journal of Product Innovation Management, 25(3), 272–286.CrossRefGoogle Scholar
  36. Elkington, J., & Hartigan, P. (2007). The power of unreasonable people: How social entrepreneurs create markets that change the world. Boston, MA: Harvard Business School Press.Google Scholar
  37. Fernández-Kranz, D., & Santalo, J. (2010). When Necessity Becomes a Virtue: The Effect of Product Market Competition on Corporate Social Responsibility. Journal of Economics & Management Strategy, 19(2), 453–487.CrossRefGoogle Scholar
  38. Frankenberger, K., Weiblen, T., & Gassmann, O. (2014). The antecedents of open business models: An exploratory study of incumbent firms. R&D Management, 44(2), 173–188.CrossRefGoogle Scholar
  39. Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman.Google Scholar
  40. Garriga, E., & Mele, D. (2004). Corporate social responsibility theories: Mapping the territory. Journal of Business Ethics, 53, 51–71.CrossRefGoogle Scholar
  41. Gilley, K. M., Worrell, D. L., Davidson, W. N., & El-Jelly, A. (2000). Corporate environmental initiatives and anticipated firm performance: The differential effects of process-driven versus product-driven greening initiatives. Journal of Management, 26(6), 1199–1216.CrossRefGoogle Scholar
  42. Grant, R. M. (2010). Contemporary strategy analysis. West Sussex: Wiley.Google Scholar
  43. Grewal, R., Cote, J. A., & Baumgartner, H. (2004). Multicollinearity and measurement error in structural equation models: Implications for theory testing. Marketing Science, 23(4), 519–529.CrossRefGoogle Scholar
  44. Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society, 36(1), 5–31.CrossRefGoogle Scholar
  45. Griffin, A., & Page, A. L. (1993). An interim report on measuring product development success and failure. Journal of Product Innovation Management, 10(4), 291–308.CrossRefGoogle Scholar
  46. Griffin, A., & Page, A. L. (1996). PDMA success measurement project: Recommended measures for product development success and failure. Journal of Product Innovation Management, 13(6), 478–496.CrossRefGoogle Scholar
  47. Haigh, N., & Hoffman, A. J. (2012). Hybrid Organizations: The Next Chapter of Sustainable Business. Organizational Dynamics, 41(2), 126–134.CrossRefGoogle Scholar
  48. Haigh, N., Walker, J., Bacq, S., & Kickul, J. (2015). Hybrid Organizations: Origins, Strategies, Impacts, and Implications. California Management Review, 57(3), 5–12.CrossRefGoogle Scholar
  49. Hall, J. K., Daneke, G. A., & Lenox, M. J. (2010). Sustainable development and entrepreneurship: Past contributions and future directions. Journal of Business Venturing, 25(5), 439–448.CrossRefGoogle Scholar
  50. Hämäläinen, T. J., & Heiskala, R. (2007). Social innovations, institutional change and economic performance: Making sense of structural adjustment processes in industrial sectors, regions, and societies. Cheltenham: Edward Elgar Publishing.CrossRefGoogle Scholar
  51. Harrison, J. S., & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of Management Journal, 42(5), 479–485.CrossRefGoogle Scholar
  52. He, Z. L., & Wong, P. K. (2004). Exploration versus exploitation: An empirical test of the ambidexterity hypothesis. Organization Science, 15(4), 481–494.CrossRefGoogle Scholar
  53. Heirati, N., O’Cass, A., Schoefer, K., & Siahtiri, V. (2016). Do professional service firms benefit from customer and supplier collaborations in competitive, turbulent environments? Industrial Marketing Management, 55, 50–58.CrossRefGoogle Scholar
  54. Hockerts, K. (2015). How hybrid organizations turn antagonistic assets into complementarities. California Management Review, 57(3), 83–106.CrossRefGoogle Scholar
  55. Hockerts, K., & Morsing, M. (2008). A literature review on corporate social responsibility in the innovation process (pp. 1–28). Frederiksberg: Copenhagen Business School (CBS), Center for Corporate Social Responsibility.Google Scholar
  56. Hockerts, K., & Wüstenhagen, R. (2010). Greening Goliaths versus emerging Davids — Theorizing about the role of incumbents and new entrants in sustainable entrepreneurship. Journal of Business Venturing, 25(5), 481–492.CrossRefGoogle Scholar
  57. Holt, D., & Littlewood, D. (2015). Identifying, mapping, and monitoring the impact of hybrid firms. California Management Review, 57(3), 107–125.CrossRefGoogle Scholar
  58. Hughes, M., & Morgan, R. E. (2007). Deconstructing the relationship between entrepreneurial orientation and business performance at the embryonic stage of firm growth. Industrial Marketing Management, 36(5), 651–661.CrossRefGoogle Scholar
  59. Isaksson, R., Johansson, P., & Fischer, K. (2010). Detecting supply chain innovation potential for sustainable development. Journal of Business Ethics, 97(3), 425–442.CrossRefGoogle Scholar
  60. Jansen, J. J., Van Den Bosch, F. A., & Volberda, H. W. (2006). Exploratory innovation, exploitative innovation, and performance: Effects of organizational antecedents and environmental moderators. Management Science, 52(11), 1661–1674.CrossRefGoogle Scholar
  61. Janssen, O., Van De Vliert, E., & West, M. (2004). The bright and dark sides of individual and group innovation: A special issue introduction. Journal of Organizational Behavior, 25(2), 129–145.CrossRefGoogle Scholar
  62. Jaworski, B. J., & Kohli, A. K. (1993). Market orientation: Antecedents and consequences. The Journal of Marketing, 57, 53–70.CrossRefGoogle Scholar
  63. Johns, G. (2006). The essential impact of context on organizational behavior. Academy of Management Review, 31(2), 386–408.CrossRefGoogle Scholar
  64. Johnson, M. W., Christensen, C. C., & Kagermann, H. (2008). Reinventing your business model. Harvard Business Review, 86(12), 50–59.Google Scholar
  65. Joyce, A., Paquin, R., & Pigneur, Y. (2015). The triple layered business model canvas: A tool to design more sustainable business models. In ARTEM organizational creativity international conference, 26–27 March 2015, Nancy, France.Google Scholar
  66. Kandemir, D., Yaprak, A., & Cavusgil, S. T. (2006). Alliance orientation: Conceptualization, measurement, and impact on market performance. Journal of the Academy of Marketing Science, 34(3), 324–340.CrossRefGoogle Scholar
  67. Ketata, I., Sofka, W., & Grimpe, C. (2015). The role of internal capabilities and firms’ environment for sustainable innovation: Evidence for Germany. R&D Management, 45(1), 60–75.CrossRefGoogle Scholar
  68. Kuckertz, A., & Wagner, M. (2010). The influence of sustainability orientation on entrepreneurial intentions — Investigating the role of business experience. Journal of Business Venturing, 25(5), 524–539.CrossRefGoogle Scholar
  69. Lee, M., & Jay, J. (2015). Strategic responses to hybrid social ventures. California Management Review, 57(3), 126–148.CrossRefGoogle Scholar
  70. Lindell, M. K., & Whitney, D. J. (2001). Accounting for common method variance in cross-sectional research designs. Journal of Applied Psychology, 86(1), 114.CrossRefGoogle Scholar
  71. Longoni, A., & Cagliano, R. (2016). Sustainable innovativeness and the triple bottom line: The role of organizational time perspective. Journal of Business Ethics, 1–24.
  72. Lüdeke-Freund, F. (2010). Towards a conceptual framework of ‘business models for sustainability’. In R. Wever, J. Quist, A. Tukker, J. Woudstra, F. Boons & N. Beute (Eds.), Knowledge collaboration & learning for sustainable innovation, Delft. ERSCP-EMSU Conference 2010, The Netherlands, October 25–29, 2010Google Scholar
  73. Lusch, R. F., & Laczniak, G. R. (1989). Macroenvironmental forces, marketing strategy and business performance: A futures research approach. Journal of the Academy of Marketing Science, 17(4), 283–295.CrossRefGoogle Scholar
  74. Magretta, J. (2002). Why business models matter. Harvard Business Review, 80(5), 86–92.Google Scholar
  75. March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71–87.CrossRefGoogle Scholar
  76. Marquaridt, D. W. (1970). Generalized inverses, ridge regression, biased linear estimation, and nonlinear estimation. Technometrics, 12(3), 591–612.CrossRefGoogle Scholar
  77. Martin, D. (1976). Planning and the corporate philosophy. Managerial Planning, 25(2), 1.Google Scholar
  78. McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127.Google Scholar
  79. Meek, W. R., Pacheco, D. F., & York, J. G. (2010). The impact of social norms on entrepreneurial action: Evidence from the environmental entrepreneurship context. Journal of Business Venturing, 25(5), 493–509.CrossRefGoogle Scholar
  80. Meyer, H. (1999). When the cause is just. The Journal of Business Strategy, 20(6), 27–31.CrossRefGoogle Scholar
  81. Miller, D., & Friesen, P. H. (1982). Innovation in conservative and entrepreneurial firms: Two models of strategic momentum. Strategic Management Journal, 3, 1–25.CrossRefGoogle Scholar
  82. Moore, J. F. (1993). Predators and prey: A new ecology of competition. Harvard Business Review, 71(3), 75–83.Google Scholar
  83. Moorman, C., & Rust, R. T. (1999). The role of marketing. The Journal of Marketing, 63, 180–197.CrossRefGoogle Scholar
  84. Morioka, S. N., Evans, S., & De Carvalho, M. M. (2016). Sustainable business model innovation: Exploring evidences in sustainability reporting. Procedia CIRP, 40, 659–667.CrossRefGoogle Scholar
  85. Mulgan, G. (2006). The process of Social Innovation. Innovations, 1(2), 145–162.CrossRefGoogle Scholar
  86. Murray, R., Caulier-Grice, J., & Mulgan, G. (2010). The open book of social innovation. London: National endowment for science, technology and the art.Google Scholar
  87. Nicolopoulou, K., Karataş-Özkan, M., Vas, C., & Nouman, M. (2015). An incubation perspective on social innovation: The London Hub—A social incubator. R&D Management, 47(3), 368–384.CrossRefGoogle Scholar
  88. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3), 403–441.CrossRefGoogle Scholar
  89. Osburg, T., & Schmidpeter, R. (2013). Social innovation: Solutions for a sustainable future. Berlin: Springer.CrossRefGoogle Scholar
  90. Osterwalder, A., & Pigneur, Y. (2010). Business Model Generation. New Jersey: John Wiley & Sons Inc.Google Scholar
  91. Paramanathan, S., Farrukh, C., Phaal, R., & Probert, D. (2004). Implementing industrial sustainability: The research issues in technology management. R&D Management, 34(5), 527–537.CrossRefGoogle Scholar
  92. Parrish, B. D. (2010). Sustainability-driven entrepreneurship: Principles of organization design. Journal of Business Venturing, 25(5), 510–523.CrossRefGoogle Scholar
  93. Pedersen, E. R. G., Gwozdz, W., & Hvass, K. K. (2016). Exploring the relationship between business model innovation, corporate sustainability and organisational values within the fashion industry. Journal of Business Ethics, 1–18.
  94. Peloza, J., & Shang, J. (2011). What business leaders should know: Investing in CSR to enhance customer value. Director Notes Series, The Conference Board Governance Center 3(3), February 2011.Google Scholar
  95. Phills, J., Deiglmeier, K., & Miller, D. (2008). Rediscovering Social Innovation. Stanford Social Innovation Review, 6(4), 34–43.Google Scholar
  96. Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879.CrossRefGoogle Scholar
  97. Porter, M. E., & Kramer, M. R. (2011). The big idea: Creating shared value. Harvard Business Review, 89(1), 2.Google Scholar
  98. Rettab, B., Brik, A., & Mellahi, K. (2009). A study of management perceptions of the impact of corporate social responsibility on organisational performance in emerging economies: The case of Dubai. Journal of Business Ethics, 89(3), 371–390.CrossRefGoogle Scholar
  99. Rindova, V. P., Williamson, I. O., Petkova, A. P., & Sever, J. M. (2005). Being good or being known: An empirical examination of the dimensions, antecedents, and consequences of organizational reputation. Academy of Management Journal, 48(6), 1033–1049.CrossRefGoogle Scholar
  100. Rueda-Manzanares, A., Aragón-Correa, J. A., & Sharmaw, S. (2008). The Influence of Stakeholders on the Environmental Strategy of Service Firms: The Moderating Effects of Complexity, Uncertainty and Munificence. British Journal of Management, 19, 185–203.CrossRefGoogle Scholar
  101. Russo Spena, T., Colurcio, M., & Melia, M. (2017). Framing the new social-service innovation Midset. In T. Russo Spena, C. Mele, & M. Nuutinen (Eds.), Perspectives and experiences (pp. 205–235). Cham: Springer.Google Scholar
  102. Saemundsson, R. J., & Candi, M. (2014). Antecedents of Innovation Strategies in New Technology-based Firms: Interactions between the Environment and Founder Team Composition. Journal of Product Innovation Management, 31(5), 939–955.CrossRefGoogle Scholar
  103. Santos, F., Pache, A. C., & Birkholz, C. (2015). Making Hybrids Work: Aligning business models and organizational design for social enterprises. California Management Review, 57(3), 36–58.CrossRefGoogle Scholar
  104. Santos-Vijande, M. L., & Álvarez-González, L. I. (2007). Innovativeness and organizational innovation in total quality oriented firms: The moderating role of market turbulence. Technovation, 27(9), 514–532.CrossRefGoogle Scholar
  105. Schaltegger, S., Lüdeke-Freund, F., & Hansen, E. G. (2012). Business cases for sustainability: The role of business model innovation for corporate sustainability. International Journal of Innovation and Sustainable Development, 6(2), 95–119.CrossRefGoogle Scholar
  106. Schmidpeter, R. (2013). Social innovation: A new concept for a sustainable future? Social innovation (pp. 1–9). Berlin: Springer.Google Scholar
  107. Shah, R., & Goldstein, S. M. (2006). Use of structural equation modeling in operations management research: Looking back and forward. Journal of Operations Management, 24(2), 148–169.CrossRefGoogle Scholar
  108. Shepherd, D. A., & Patzelt, H. (2011). The new field of sustainable entrepreneurship: Studying entrepreneurial action linking “what is to be sustained” with “what is to be developed”. Entrepreneurship Theory and Practice, 35(1), 137–163.CrossRefGoogle Scholar
  109. Siguaw, J. A., Simpson, P. M., & Enz, C. A. (2006). Conceptualising innovation orientation: A framework for study and integration of innovation research. Journal of Product Innovation Management, 23(6), 556–574.CrossRefGoogle Scholar
  110. Slater, S. F., & Narver, J. C. (1994). Does competitive environment moderate the market orientation-performance relationship? The Journal of Marketing, 58, 46–55.CrossRefGoogle Scholar
  111. Sommer, A. (2012). Managing green business model transformations. Berlin: Springer.CrossRefGoogle Scholar
  112. Staudt, S., Shao, C. Y., Dubinsky, A. J., & Wilson, P. H. (2014). Corporate social responsibility, perceived customer value, and customer-based brand equity: A cross-national comparison. Journal of Strategic Innovation and Sustainability, 10(1), 65–87.Google Scholar
  113. Strand, R. (2014). Strategic leadership of corporate sustainability. Journal of Business Ethics, 123(4), 687–706.CrossRefGoogle Scholar
  114. Stubbs, W., & Cocklin, C. (2008). Conceptualizing a “sustainability business model”. Organization & Environment, 21(2), 103–127.CrossRefGoogle Scholar
  115. Theodosiou, M., Kehagias, J., & Katsikea, E. (2012). Strategic orientations, marketing capabilities and firm performance: An empirical investigation in the context of frontline managers in service organizations. Industrial Marketing Management, 41(7), 1058–1070.CrossRefGoogle Scholar
  116. Tsai, K. H., & Yang, S. Y. (2013). Firm innovativeness and business performance: The joint moderating effects of market turbulence and competition. Industrial Marketing Management, 42, 1279–1294.CrossRefGoogle Scholar
  117. Van der Have, R. P., & Rubalcaba, L. (2016). Social innovation research: An emerging area of innovation studies? Research Policy, 45(9), 1923–1935.CrossRefGoogle Scholar
  118. Van Tonder, E., & Roberts-Lombard, M. (2013). A theoretical framework for managing CSR plans and related initiatives in the modern business environment. Journal of Business & Economics Research, 11(12), 503.Google Scholar
  119. Vargo, S. L., Wieland, H., & Akaka, M. A. (2015). Innovation through institutionalization: A service ecosystems perspective. Industrial Marketing Management, 44, 63–72.CrossRefGoogle Scholar
  120. Vilanova, M., Lozano, J. M., & Arenas, D. (2009). Exploring the nature of the relationship between CSR and competitiveness. Journal of Business Ethics, 87(1), 57–69.CrossRefGoogle Scholar
  121. Viñals, C. R. (2013). Introduction to social innovation as a new form of organisation in knowledge-based societies. In: C. R. Viñals & C. Parra Rodriguez (Eds.), Social Innovation: New Forms of Organisation in Knowledge-Based Societies (pp. 3–15). London: Rutledge.Google Scholar
  122. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance - Financial performance link. Strategic Management Journal, 18(4), 303–319.CrossRefGoogle Scholar
  123. Wei, Z., Yang, D., Sun, B., & Gu, M. (2014). The fit between technological innovation and business model design for firm growth: Evidence from China. R&D Management, 44, 288–305.CrossRefGoogle Scholar
  124. Wilson, F., & Post, J. E. (2013). Business models for people, planet (& profits): Exploring the phenomena of social business, a market-based approach to social value creation. Small Business Economics, 40(3), 715–737.CrossRefGoogle Scholar
  125. Wright, P., & Ferris, S. P. (1997). Agency conflict and corporate strategy: The effect of divestment on corporate value. Strategic Management Journal, 18(1), 77–83.CrossRefGoogle Scholar
  126. York, J. G., & Venkataraman, S. (2010). The entrepreneur–environment nexus: Uncertainty, innovation, and allocation. Journal of Business Venturing, 25(5), 449–463.CrossRefGoogle Scholar
  127. Yunus, M., Moingeon, B., & Lehmann-Ortega, L. (2010). Building social business models: Lessons from the Grameen experience. Long Range Planning, 43(2), 308–325.CrossRefGoogle Scholar
  128. Zhao, E. Y., & Lounsbury, M. (2016). An institutional logics approach to social entrepreneurship: Market logic, religious diversity, and resource acquisition by microfinance organizations. Journal of Business Venturing, 31(6), 643–662.CrossRefGoogle Scholar

Copyright information

© Springer Science+Business Media B.V., part of Springer Nature 2018

Authors and Affiliations

  1. 1.Center for Research on Innovation and EntrepreneurshipReykjavik UniversityReykjavíkIceland
  2. 2.University of Catanzaro “Magna Graecia”CatanzaroItaly

Personalised recommendations