CSR theories and practices which have been diffusing in the management world until very recently refer mainly to reactive strategies of (re-)legitimation of companies vis-a-vis their stakeholders. However, even in light of the challenges posed by today’s economic crisis, the present period can be an extremely favourable moment to move beyond this adaptive approach and to formulate and realize a more advanced view of the social dimension of business as sustainable innovation , i.e. a business model based on a twofold dynamic of ‘valorization of the context’: on the one hand, the inclusion in enterprises’ strategies of social instances and resources oriented to the natural environment and quality of life in and around the workplace; on the other hand, the ability to generate economic value through the creation of social value. Drawing on the findings of a research conducted on a sample of Italian organizations, the paper identifies and discusses three distinctive mechanisms which seem to sustain the production of ‘integrated value ’ in these companies: the balance between cultural tradition and exploration; the tendency to expand in the context and, at the same time, to include it; and human resource practices establishing a direct link between citizenship behaviours in and of the organization. In conclusion, the analysis suggests a wider-ranging perspective on the strategic and competitive implications of CSR practices.