Final answer:
The triple bottom line is indeed about firms maintaining and improving social, ecological, and economic performance, a concept that is True and emphasizes sustainable business success through holistic corporate responsibility. Therefore, the given statement is True.
Step-by-step explanation:
The statement that the triple bottom line refers to the notion that firms must maintain and improve social and ecological performance in addition to economic performance is True. This concept encourages businesses to go beyond solely focusing on profit margins to also include environmental stewardship and social well-being in their performance metrics. The idea is to create a holistic form of business success that accounts for the interdependence of economic, social, and environmental sustainability.
By prioritizing the triple bottom line, companies adopt practices that may include reducing their carbon footprint, ensuring fair labor practices, and contributing to the communities in which they operate. This approach aligns with broader global initiatives and stakeholder expectations, emphasizing that long-term success and profitability are tied to responsible corporate citizenship and innovative solutions that address societal challenges.