Even though the international business (IB) literature has, for years now, exhibited interest in corporate social responsibility (CSR), scant research has investigated the role of CSR strategy adaptation on the performance outcomes of multinational corporations (MNCs). Building on stakeholder theory, the dynamic capabilities view and the strategic fit paradigm, this study develops an integrative model of the drivers and performance outcomes of the MNC CSR strategy adaptation. The degree of adaptation is the result of variations in stakeholder dynamics between home and foreign market environments. Performance improvement is proposed to be determined by the extent of co-alignment between external forces and the choice of SR strategy. The relationship between external forces and CSR strategy adaptation is proposed to be moderated by the level of MNCs' sensing and learning capabilities. This chapter offers a set of propositions to be validated in future empirical research, holding implications for the IB literature and managerial practice.