A New Paradigm in Long-Term Sustainability: The Quadruple Bottom Line Framework as an Alternative to the Triple Bottom Line

The expansion of the economy is fueled by the quest for profits via the establishment of competitive entrepreneurial firms. One of the primary responsibilities of corporate governance is to aid and encourage economic enterprises. In addition, entrepreneurs’ innovations in the integration of new combinations embrace all facets of a tripartite bottom line: efficient profitability, increased well-being for people, and the protection of the planet’s resources for the survival and flourishing of species and ecosystems. On the other hand, triple-bottom-line accounting and the frameworks that are linked with it do not focus on the core components of sustained success, which include innovation and entrepreneurship, which are both consistent and competitive. In order to achieve long-term prosperity in people’s lives and in the communities in which they live, adaptive innovation is very necessary. Specifically, it includes successfully putting into action novel combinations of concepts. Therefore, in order to provide a more comprehensive framework for the development of sustainable prosperity measures, an interconnected quadruple bottom line that is comprised of the four P’s—people, profit, planet, and progress—is developed. As a result, the current chapter provides an overview of the theoretical framework for the quadruple bottom line, as well as the significance of this framework in terms of improving sustainable company operations.