Which sustainability strategies pay? Unbundling the triple bottom line in companies

The triple bottom line (TBL) is a multi-faceted concept that businesses implement to tackle contemporary challenges, yet with varying results. To address this, the study set out to examine whether the three pillars of TBL – environmental, economic, and social sustainability contribute equally to the perceived benefits of sustainable practices, and how organizational and institutional drivers and challenges condition these effects. Using a multi-phase Delphi design followed by multiple moderated regression analyses, we tested direct and moderated relationships. Our results based on data from 100 companies from Albania, Bosnia and Herzegovina, North Macedonia, and Serbia in March 2025, show that the economic and social dimensions are associated with statistically significant direct gains. Environmental initiatives, by contrast, deliver weaker, not significant effects unless the organization invests in enabling conditions. Additionally, challenges of sustainability inhibit environmental payoffs, while leaving economic and social outcomes largely unchanged. Conceptually, the study nuances TBL assumptions by showing that benefits are not evenly distributed across pillars. Building on our results, we present a Strategy Activation Map, showing how environmental initiatives translate to perceived benefits via a pathway amplified by drivers and attenuated by challenges. This suggests a practical sequence: diagnose challenges, build organizational drivers, plan and execute your sustainability actions in a purposeful order.