Benefit Corporations and B-Corps: A State-of-the-Art Review Through Bibliometric and Content Analyses

Abstract

Sustainable practices and shareholder value often come into conflict, yet Benefit Corporations (BCs) and B-Corps combine these goals into a single core mission. While previous literature reviews exist, this study offers a current, cross-disciplinary perspective, highlighting the strengths and critical aspects of BCs and B-Corps through bibliometric and manual content analyses. A dataset of 114 peer-reviewed articles from the Scopus and Web of Science databases, published between 2006 and 2024, was identified. The bibliometric analysis revealed that research is geographically concentrated, with the United States and Italy leading due to their first-mover status in the BC legislation and B-Corp movements. This, in turn, has concentrated authorship and affiliations within these two countries. Content analysis identified four main themes related to BCs and B-Corps: (i) mission, governance, and financial performance; (ii) stakeholder engagement; (iii) sustainable business models versus greenwashing; (iv) contributions to the Sustainable Development Goals. By synthesizing fragmented insights into a validated framework, this research advances understanding in this niche area and exposes the main gaps in existing literature. It also suggests clear directions for future research and offers practical guidance for BC and B-Corp leaders, investors, and policymakers on governance, transparency, and performance metrics that promote both profit and positive societal impact.