The sustainability of business models is commonly determined by their sustained value creation for a wide range of stakeholders. This value is primarily conceptualised through the aggregated macro-level dimensions of social, ecological and economic value adapted from the Triple Bottom Line (TBL). However, few business model studies provide an explanation as to why and how stakeholders see value in a business model. A problematising review of the literature reveals that the conceptualisation of value creation is obstructed by the pervasive conflation of the TBL macro-level and stakeholder micro-level of analysis. This conflation leads to ambiguity
regarding the content and recipients of value. To reform the trinity of ecological, social and economic value this paper adopts a perceived value concept based on micro-level insights from recipient-centric (strategic) management. The relationships between value perceptions, need fulfilment and need satisfiers are elaborated through conceptual propositions. Regarding value perceptions, the characteristics of subjectivity and heterogeneity, one-sidedness and non-linearity, as well as situation-specificity and transience are analysed. Need satisfaction is in turn examined
considering relationality and experientiality, idiosyncrasy, incommensurability, as well as interdependence. The analysis underscores the adoption of a value creation theory based on stakeholder perceptions of need fulfilment. It suggests stakeholder value creation can only be understood through the stakeholders whose needs are being satisfied. The suggested distinction between needs and satisfiers remedies the conflation of value perceptions and their creators permeating previous research. Finally, conditions for sustainable stakeholder value creation are discussed.