Reviewing the Stakeholder Value Creation Literature: Towards a Sustainability Approach

Abstract

The purpose of this study is to examine distinctive narratives of stakeholder value creation and discuss how they consider sustainability. Based on an extensive research review spanning over three decades of material, we present four categories of the stakeholder value creation literature: (1) a focal firm orientation with an economic value perspective, (2) a stakeholder orientation with an economic value perspective, (3) a focal firm orientation with a multiple value perspective, and (4) a stakeholder orientation with a multiple value perspective. In each of these categories, we identified several narratives of stakeholders, value creation, and sustainability. This study reveals an increased interest in sustainability issues and their more coherent incorporation into stakeholder research in recent years. We suggest that, with respect to sustainability, future research should consider the dynamic, systemic, and multilevel nature of stakeholder relationships and collaboration. Additionally, a more versatile understanding of value and value creation, as well as a broader comprehension of stakeholders and their needs, should be incorporated into future research. Finally, conceptualising sustainability and the normative core of sustainable business, as well as elaborating on the purpose and role of business regarding sustainability, are interesting focus areas for future research.