The traditional, profit-focused view of organizational purpose of companies is being increasingly challenged by a shift toward a broader, multi-objective approach that recognizes the societal value businesses can generate. This shift has led to the emergence of new business models, such as benefit corporations (BCs), which balance profit generation with social and environmental objectives. Italy was the first European country to introduce a legal framework for BCs, recognizing them as a distinct legal entity. BCs operate with a commitment to sustainability, transparency, and responsibility toward diverse stakeholders. However, the purpose of BCs remains underexplored, particularly within the context of Italian firms. This study aims to provide empirical evidence on the organizational purpose of Italian BCs through qualitative content analysis of the public declarations of 94 BCs across various industries. The research categorizes the drivers of BC adoption into micro-level (individual), meso-level (organizational), and macro-level (societal) factors. Findings indicate that while many BCs focus on the legal conformity, sustainability, common good, and profit creation, the understanding of purpose is often vague and multidimensional. The analysis reveals diverse business models employed by BCs, such as circular economy practices, shared value, and relational capital. Despite the legal recognition of their purpose-driven status, the study highlights a lack of clarity in how BCs operationalize and communicate their benefit goals. The research concludes that while BCs show a commitment to societal benefit, further scrutiny is necessary to ensure the authenticity of their stated objectives and prevent potential greenwashing.
