TY - JOUR

T1 - A stakeholder theory perspective on business models: Value creation for sustainability

AU - Freudenreich, Birte

AU - Lüdeke-Freund, Florian

AU - Schaltegger, Stefan

PY - 2020/9/1

Y1 - 2020/9/1

N2 - Business models are developed and managed to create value. While most business model frameworks envision value creation as a uni-directional flow between the focal business and its customers, this article presents a broader view based on a stringent application of stakeholder theory. It provides a stakeholder value creation framework derived from key characteristics of stakeholder theory. This article highlights mutual stakeholder relationships in which stakeholders are both recipients and (co-) creators of value in joint value creation processes. Key findings include that the concept and analysis of value creation through business models need to be expanded with regard to (i) different types of value created with and for different stakeholders and (ii) the resulting value portfolio, i.e., the different kinds of value exchanged between the company and its stakeholders. This paper details the application of the stakeholder value creation framework and its theoretical propositions for the case of business models for sustainability. The framework aims to support theoretical and empirical analyses of value creation as well as the management and transformation of business models in line with corporate sustainability ambitions and stakeholder expectations. Overall, this paper proposes a shift in perspective from business models as devices of sheer value creation to business models as devices that organize and facilitate stakeholder relationships and corresponding value exchanges.

AB - Business models are developed and managed to create value. While most business model frameworks envision value creation as a uni-directional flow between the focal business and its customers, this article presents a broader view based on a stringent application of stakeholder theory. It provides a stakeholder value creation framework derived from key characteristics of stakeholder theory. This article highlights mutual stakeholder relationships in which stakeholders are both recipients and (co-) creators of value in joint value creation processes. Key findings include that the concept and analysis of value creation through business models need to be expanded with regard to (i) different types of value created with and for different stakeholders and (ii) the resulting value portfolio, i.e., the different kinds of value exchanged between the company and its stakeholders. This paper details the application of the stakeholder value creation framework and its theoretical propositions for the case of business models for sustainability. The framework aims to support theoretical and empirical analyses of value creation as well as the management and transformation of business models in line with corporate sustainability ambitions and stakeholder expectations. Overall, this paper proposes a shift in perspective from business models as devices of sheer value creation to business models as devices that organize and facilitate stakeholder relationships and corresponding value exchanges.

KW - Sustainability sciences, Management & Economics

KW - Business model

KW - Stakeholder theory

KW - Corporate sustainability

KW - Value creation

KW - Business models for sustainability

KW - Business model

KW - Stakeholder Theory

KW - Corporate sustainability

KW - value creation

KW - Business models for sustainability

UR - http://www.scopus.com/inward/record.url?scp=85061226687&partnerID=8YFLogxK

U2 - 10.1007/s10551-019-04112-z

DO - 10.1007/s10551-019-04112-z

M3 - Journal articles

VL - 166

SP - 3

EP - 18

JO - Journal of Business Ethics

JF - Journal of Business Ethics

SN - 0167-4544

IS - 1

ER -