Creating Competitive Advantage by Institutionalizing Corporate Social Innovation
This study builds on corporate innovation, social innovation, and corporate social innovation literature to develop a preliminary theory. The study then uses case studies to build a framework that describes factors leading to successful corporate social innovation (CSI).The study focuses on social innovations that create social value and competitive advantage. In the framework, three organizational components enhance CSI: strategic alignment, institutional elements, and clarity in intent. Three institutional elements enable CSI processes: stakeholder engagement, operational structures and processes, and organizational culture. Integrating CSI into strategy and operations creates opportunities for co-creation, thereby creating shared value and enhancing competitive advantage. This study concludes by highlighting managerial implications and future research opportunities.