This article seeks to delineate the relationship between corporate social responsibility (CSR) and social change and asks the important question of whether and how corporations may serve as agents of social change. Dimensions of the business–society relationship are explored to further distinguish CSR from other types of corporate social initiatives and critically examine what types of corporate social initiatives can effectively and ethically serve as vehicles for social change. Based on this exploration, the article advances a descriptive model of business–society relationships and their capacity for creating and promoting social change. A case evaluation of Coca-Cola’s ‘3Ws’ social initiatives – related to well-being, water, and women’s empowerment – is then used to highlight and contextualize the model.