TY - JOUR

T1 - In the Eye of the Beholder

T2 - Stakeholder Perceived Value in Sustainable Business Models

AU - Norris, Simon

N1 - Publisher Copyright: © 2023 Elsevier Ltd

PY - 2024/2/1

Y1 - 2024/2/1

N2 - The sustainability of business models is commonly determined by their value creation for a wide range of stakeholders. This value is primarily conceptualised through the aggregated macro-level Triple Bottom Line (TBL) dimensions of social, ecological and economic value. However, few business model studies provide an explanation as to why and how stakeholders see such value in a business model. A problematising review reveals a conflation of the TBL macro-level and stakeholder micro-level of analysis, causing ambiguity regarding contents and recipients of value. This paper adopts a perceived value concept based on micro-level insights from recipient-centric (strategic) management to reform the construct of ecological, social and economic value. The relationships between value perceptions, need fulfilment and need satisfiers are analysed based on the characteristics of subjectivity and heterogeneity, one-sidedness and non-linearity, situation-specificity and transience, spill-over, relationality and experientiality, idiosyncrasy, incommensurability, and interdependence. The analysis underscores 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 their conflation in previous research and enables a discussion of conditions for sustainable stakeholder value creation.

AB - The sustainability of business models is commonly determined by their value creation for a wide range of stakeholders. This value is primarily conceptualised through the aggregated macro-level Triple Bottom Line (TBL) dimensions of social, ecological and economic value. However, few business model studies provide an explanation as to why and how stakeholders see such value in a business model. A problematising review reveals a conflation of the TBL macro-level and stakeholder micro-level of analysis, causing ambiguity regarding contents and recipients of value. This paper adopts a perceived value concept based on micro-level insights from recipient-centric (strategic) management to reform the construct of ecological, social and economic value. The relationships between value perceptions, need fulfilment and need satisfiers are analysed based on the characteristics of subjectivity and heterogeneity, one-sidedness and non-linearity, situation-specificity and transience, spill-over, relationality and experientiality, idiosyncrasy, incommensurability, and interdependence. The analysis underscores 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 their conflation in previous research and enables a discussion of conditions for sustainable stakeholder value creation.

KW - Management studies

KW - Sustainability sciences, Management & Economics

KW - sustainable business model

KW - Stakeholder

KW - value creation

KW - Perceived value

UR - http://www.scopus.com/inward/record.url?scp=85181725531&partnerID=8YFLogxK

UR - https://www.mendeley.com/catalogue/a1fd227d-0858-3981-bc4c-7b1ddd7503e4/

U2 - 10.1016/j.lrp.2023.102406

DO - 10.1016/j.lrp.2023.102406

M3 - Journal articles

VL - 57

JO - Long Range Planning

JF - Long Range Planning

SN - 0024-6301

IS - 1

M1 - 102406

ER -