The concepts of corporate governance (CG) and corporate social responsibility (CSR) are rapidly gaining ground in todays competitive market place. As a result of this, many companies are trying to incorporate these concepts in their business models or in their logic of value creation to various stakeholders. In this study, the authors regard strategy and business models as different constructs and argue that institutional pressures from NGOs and other governing bodies and associations as postulated by the Total Responsibility Management school of thought (encouraging the adoption of a good...