Understanding Multiple Perspectives on Social Value in Business: An Integrative Review and Typology

de la C uz Ja a, Ma celo F.; Spanjol, Jelena
A icle — Published Ve sion
Unde s anding Mul iple Pe spec i es on Social Value in
Business: An In eg a i e Re iew and Typology
Jou nal o Business E hics
P o ided in Coope a ion wi h:
Sp inge Na u e
Sugges ed Ci a ion: de la C uz Ja a, Ma celo F.; Spanjol, Jelena (2024) : Unde s anding Mul iple
Pe spec i es on Social Value in Business: An In eg a i e Re iew and Typology, Jou nal o Business
E hics, ISSN 1573-0697, Sp inge Ne he lands, Do d ech , Vol. 198, Iss. 2, pp. 407-435,
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Jou nal o Business E hics (2025) 198:407–435
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ORIGINAL PAPER
Unde s anding Mul iple Pe spec i es onSocial Value inBusiness:
AnIn eg a i e Re iew andTypology
Ma celoF.delaC uzJa a1 · JelenaSpanjol1
Recei ed: 11 July 2022 / Accep ed: 9 Ap il 2024 / Published online: 7 June 2024
© The Au ho (s) 2024
Abs ac
Al hough he concep o social alue has been p esen in business li e a u e o o e a cen u y, i lacks de ini ional consen-
sus, is o en imp ecise, and has no been su icien ly heo ized. Wi h social alue becoming mo e p e alen ac oss business
schola ship domains, he lack o concep ual cla i y and consis ency hampe s subs an i e esea ch p og ess. We conduc an
in eg a i e e iew o 288 a icles d awn om 60 pee - e iewed jou nals co e ing a wide spec um o business domains. We
syn hesize he e iew indings in o a poly he ic ypology ha iden i ies i e dis inc app oaches o unde s anding and manag-
ing social alue in business. The p oposed ypology o social alue o ganizes and consolida es he heo e ical and concep ual
he e ogenei y o he social alue concep p o iding much-needed cla i y and s uc u e o u u e esea ch. I allows schola s
o s uc u e and uni y a ious concep ualiza ions in o a mo e holis ic ye nuanced unde s anding, and he necessa y (bu cu -
en ly lacking) cla i y o enable new heo izing and guide u u e esea ch. The p oposed ypology u he o e s new ways o
hinking abou social alue and p o ides di ec ion o manage ial p ac ice on he desi abili y and easibili y o implemen ing
di e en social alue app oaches in o i ms’ co e business ope a ions and s a egies.
Keywo ds Social alue· Typology· In eg a i e e iew
In oduc ion
C ea ing social alue is no longe an o ganiza ional impe a-
i e es ic ed o philan h opic o non-p o i o ganiza ions.
Indeed, o -p o i i ms1 a e inc easingly being called on o
e ec i ely con ibu e o socie y, wi h majo a en ion ga -
ne ed by BlackRock’s annual le e s o CEOs (e.g., Fink,
2018), Business Round able’s (2019) ede ini ion o busi-
ness pu pose, and Klaus Schwab’s (2020) Da os Mani es .
These decla a ions pu p essu e on i ms’ way o conduc -
ing business (Ha ison e al., 2020), in luencing ac ical and
s a egic decision-making. Fo example, Oli e Zipse, chai -
man o he BMW G oup, announced in July 2020 ha op
managemen emune a ion would pa ly depend on mee ing
sus ainabili y goals (Fasse, 2020). A he same ime, schol-
a s ac oss business domains ha e called o p io i izing
inqui ies in o i ms’ social alue c ea ion (e.g., de Bakke
e al., 2020) and i ms’ con ibu ions o socie al p og ess
and g and challenges (e.g., Ba ne e al., 2020). Howe e ,
social alue ep esen s a concep ha has no been su i-
cien ly heo ized (Balles e os e al., 2017), lacks consen-
sus in li e a u e (Hie schold e al., 2022; Nason e al., 2018;
Rawhouse e al., 2019; Saebi e al., 2019), and is imp ecise
and subjec i e (S e ens e al., 2015), leading o a a ie y o
concep ualiza ions ac oss s udies.
Social alue c ea ion is inhe en o business as i is
in e wined wi h ques ions abou wha business does o
socie y and wha business can do o socie y (D ucke ,
1974). Indeed, he concep o social alue is undamen al
o business e hics and no ions o wha is igh o w ong,
wha is ha m ul o bene icial (Weiss, 2022), and “ he way
ha we li e oge he and ea each o he ” (G eenwood &
F eeman, 2018, p. 3). Re lec ing he inhe en impo ance
o social alue o business p ac ice, i has been p esen in
business li e a u e o o e a cen u y. In oduced by he
Ame ican neoclassical economis John Ba es Cla k (Cla k,
* Ma celo F. dela C uz Ja a
delac [email p o ec ed]
Jelena Spanjol
[email p o ec ed]
1 Ins i u e o Inno a ion Managemen , Ludwig-Maximilians-
Uni e si ä (LMU) München, LMU Munich School
o Managemen , Geschwis e -Scholl-Pla z 1, 80539Munich,
Ge many 1 He eina e also e e ed o as “ i ms”.
408 M.F.de la C uz Ja a, J.Spanjol
1886) and he o ganismic heo y o socie y (Homan,
1927), he idea o social alue was ini ially c i icized as a
hypo he ical abs ac ion in Ma x’s capi al (Lexis, 1895),
in e p e ed as alue-in-exchange in economic p ocesses
(Schumpe e , 1909; Tu le, 1901), and inally seen as he
social explana ion o economic alue (Pe y, 1916). In he
1970s, managemen schola s begun using he concep o
social alue o desc ibe economic goods con ibu ing o
he good o socie y and he eby p o iding a mo al jus i i-
ca ion o business (Elbing, 1970).
O e he pas decades, a ious li e a u e s eams ha e
subsequen ly de eloped hei own concep ualiza ions o
social alue. Fo example, while co po a e social esponsi-
bili y (CSR) schola s unde s and social alue as he esul
o speci ic ac ions ha u he social good going beyond
i ms’ in e es s and legal equi emen s (e.g., McWilliams &
Siegel, 2001), co po a e sus ainabili y schola s de ine social
alue as i ms’ olun a y con ibu ions o mee he needs o
p esen and u u e gene a ions (e.g., Hansen & Schal egge ,
2016). Beyond he a ious concep ualiza ions (implici o
explici ) o social alue in CSR and sus ainabili y li e a u es,
o he e ms ha e been in oduced ha u he complica e he
concep ual co e and scope o he social alue concep . Fo
example, blended alue (Nicholls, 2009) and sha ed alue
(Po e & K ame , 2006) bo h call o he simul aneous c ea-
ion o inancial and social e u ns by i ms, adding o he
uzziness o he social alue concep .
This concep ual (and heo e ical) he e ogenei y o social
alue has hinde ed a common unde s anding ac oss schola s
and s udies (K oege & Webe , 2014), leading o au ological
de ini ions based on an a i icial homogenei y o wha social
means (Nicholls, 2006; S e ens e al., 2015) and on he
uzziness o wha social alue implies (K oege & Webe ,
2014). The pe sis en ambigui y o he social alue concep
hinde s he compa abili y o empi ical s udies wi hin and
ac oss business domains ha is c i ical o de elop o e a ch-
ing insigh s in o social alue o enable subs an i e esea ch
p og ess. Mo eo e , he uzziness o he ocal concep poses
a majo challenge o p ac i ione s a emp ing o in eg a e
social alue in o hei business s a egies and ope a ions.
Agains his backd op, he esea ch objec i es o ou s udy
a e wo old. Fi s , we aim o c i ically syn hesize ex an li -
e a u e o o e a de ailed concep ualiza ion o social alue
ha esol es concep ual con adic ions and p oduces no el
pe spec i es (McInnis, 2011). This objec i e has esul ed
in he Social Value Rada amewo k (see Fig.2). Second,
we aim o o e a classi ica ion scheme ha ecognizes he
di e en mani es a ions and heo e ical pe spec i es o he
social alue concep (McInnis, 2011) p o iding a di e en i-
a ed iew on he ocal concep . This objec i e has esul ed in
he Typology o Social Value (see Table3 and Fig.3). Hence,
ou s udy seeks o answe he o e a ching esea ch ques-
ion: How is social alue concep ualized ac oss business
domains? Wi hin his b oad inqui y, we assess h ee mo e
speci ic aspec s:
(a) Wha a e he on ological p ope ies o he social alue
concep ? By in es iga ing c i ical concep ual p ope ies
(e.g., wha does social in social alue imply), we a e
able o iden i y and analyze on ological commonali ies
and di e ences o he concep ac oss domains.
(b) Wha heo ies ha e been used in esea ch a ound
social alue? By e iewing heo ies and heo e ical
app oaches employed by s udies, we a e able o iden i y
po en ial mono-pe spec i e biases and ui ul al e na-
i e heo e ical lenses o u u e heo izing.
(c) How can di e en social alue unde s andings be con-
solida ed and o ganized? By in eg a ing di e en social
alue unde s andings, we a e able o c ea e a holis ic
and nuanced pic u e o he social alue concep and
iden i y implica ions o esea ch and manage ial p ac-
ice as well as eme ging opics and esea ch oppo uni-
ies.
To answe ou esea ch ques ions, we conduc an in eg a-
i e li e a u e e iew and sys ema ic con en analysis (Els-
bach & Knippenbe g, 2020; To aco, 2016; Webe , 1990)
in an e o o co e a wide spec um o business domains
(using he Financial Times 50 jou nal lis ; see Table1 o
ull lis ing) o whom social alue may be o in e es . Fu -
he , we de elop a classi ica ion scheme o social alue
guided by an o ganizing amewo k (Bailey, 1994; McKel-
ey, 1982) and de i e implica ions o heo y, p ac ice, and
u u e esea ch.
Ou e iew complemen s h ee ecen e iews ela ed
o ou inqui y as ollows. Fi s , Dembek e al. (2016) ana-
lyze he on ological and epis emological p ope ies o he
concep sha ed alue, whe eas his e iew ocuses on he
b oade and mo e encompassing concep social alue.
Second, Rawhouse e al. (2019) o e a help ul ypology
o social impac wi hin he social en ep eneu ship li e a-
u e, whe eas his e iew o e s a ypology o social alue
ac oss business domains, going beyond an en ep eneu ship
pe spec i e. Thi d, Hie schold e al. (2022) e iew social
en ep eneu ship li e a u e o iden i y mechanisms leading o
social change as ou come o en ep eneu s’ ac ions, whe eas
ou e iew ocuses on he b oade social alue concep going
beyond he en ep eneu s’ pe spec i e.
Ou s udy con ibu es o esea ch and p ac ice in se e al
ways. Fi s , we o e a ypology o social alue consis ing o
cohesi e and speci ic social alue app oaches ha o ganizes
and consolida es di e en heo e ical pe spec i es, p o iding
he much-needed cla i y and s uc u e o schola ly inqui -
ies om ac oss business domains. Second, ou in eg a i e
e iew b oadens he in ellec ual base o business e hics and
se s a baseline amewo k (social alue ada and ypology)
409
Social Value in Business: An In eg a i e Re iew and Typology
o in e disciplina y schola ship (G eenwood & F eeman,
2017). Thi d, we ma ch app oaches o sui able heo e ical
ounda ions, esea ch philosophies, and esea ch s a egies
building on he on ological and epis emological assump ions
in each app oach. Such guidance s eamlines u u e esea ch
e o s and suppo s an epis emic awa eness ha in u n is
Table 1 O e iew o Business Domains and Jou nals Assessed in Re iew (Final Sample Co e age: Jou nals = 60, A icles = 288)
a Jou nal no in ini ial sample lis , bu included a e addi ional a icles we e iden i ied h ough c oss- e e encing and backwa d sea ch (Hiebl,
2023)
b Jou nal included in he ini ial jou nal lis . Numbe o sampled a icles includes one addi ional a icle iden i ied h ough backwa d sea ch ha
used a di e en e minology which was no co e ed in ou ini ial sea ch e ms
Business Domain and Jou nal (Numbe o A icles in Final Re iew Sample)
Accoun ing (12)
Accoun ing Re iew (5), Accoun ing, O ganiza ions and Socie y (3), Con empo a y Accoun ing Resea ch (1), Jou nal o Accoun ing Resea ch (2),
Re iew o Accoun ing S udies (1)
Business E hics (41)
Business E hics Qua e ly (9), Business & Socie y (10), Jou nal o Business E hicsb (22)
Economics (34)
Ame ican Economic Re iew (9), Econome ica (4), Jou nal o Poli ical Economy (9), Qua e ly Jou nal o Economics (10), RAND Jou nal o
Economicsa (1), Re iew o Economic S udies (1)
En ep eneu ship (20)
En ep eneu ship Theo y and P ac ice (8), In e na ional Small Business Jou nala (1), Jou nal o Business Ven u ing (8), S a egic En ep eneu -
ship Jou nal (3)
Finance (4)
Jou nal o Finance (3), Re iew o Finance (1)
Financial Economics (9)
Jou nal o Financial Economics (4), The Re iew o Financial S udies (5)
Fu u e S udies (1)
Technological Fo ecas ing and Social Changea (1)
Human Resou ce Managemen (9)
Human Rela ions (8), Human Resou ce Managemen (1)
In o ma ion Sys ems (14)
In o ma ion Sys ems Resea ch (4), Jou nal o Managemen In o ma ion Sys ems (5), MIS Qua e ly (5)
Inno a ion Managemen (2)
S an o d Social Inno a ion Re iewa (2)
In e na ional Business (5)
Jou nal o In e na ional Business S udies (3), Jou nal o Wo ld Businessa (2)
Managemen (75)
Academy o Managemen Jou nal (15), Academy o Managemen Re iewb (14), Adminis a i e Science Qua e ly (6), Cali o nia Managemen
Re iewa (1), Ha a d Business Re iewa (1), In e na ional Jou nal o Managemen Re iewsa (1), Jou nal o Managemen (7), Jou nal o Man-
agemen S udies (7), Managemen Science (7), Resea ch Policy (14), S a egic Managemen Jou nal (2)
Ma ke ing (28)
Jou nal o Consume Resea ch (4), Jou nal o Ma ke ing (4), Jou nal o Ma ke ing Resea ch (2), Jou nal o he Academy o Ma ke ing Science
(15), Ma ke ing Science (3)
Medicine (1)
Jou nal o he Ame ican Medical Associa iona (1)
Ope a ions Resea ch (5)
Ope a ions Resea ch (3), P oduc ion and Ope a ions Managemen (2)
O ganiza ional Beha io (12)
O ganiza ion Science (4), O ganiza ion S udies (4), O ganiza ional Beha io and Human Decision P ocesses (4)
Psychology (15)
Ame ican Psychologis a (1), Jou nal o Applied Psychology (7), Jou nal o Pe sonali y and Social Psychologya (4), Judgemen and Decision
Makinga (1), Psychia ya (1), Social Psychology Qua e lya (1)
Sociology (1)
The Sociological Re iewa (1)
410 M.F.de la C uz Ja a, J.Spanjol
i al o deepen e hical analysis (G eenwood & F eeman,
2018). Fou h, ou esea ch enables new heo izing, which
we iden i y h ough highligh ing especially salien esea ch
p io i ies, esponding o he need o new impulses and pe -
spec i es. Finally, we p o ide di ec ion o manage ial p ac-
ice on he applicabili y o di e en social alue app oaches
in i ms’ co e business p ac ices and s a egies o espond o
he new o ganiza ional impe a i e o managing social alue
c ea ion (o des uc ion). O e all, wi h he social alue ada
and he ypology o social alue, we enhance esea che s’
and p ac i ione s’ unde s anding o social alue in he busi-
ness con ex , in an e o o “make he ins i u ion o busi-
ness a g ea e se an o humani y” (G eenwood & F eeman,
2017, p. 1).
The o ganiza ion o he pape is as ollows: Fi s , we
b ie ly p esen an o ganizing amewo k o social alue nec-
essa y o guide he de elopmen o a ypology. Second, we
desc ibe he e iew me hodology. Thi d, we discuss he cu -
en s a e o esea ch on social alue and he insigh s gleaned
om ou con en analysis. Fou h, we de elop a ypology o
social alue and de i e implica ions o heo y and p ac ice.
Las , we p opose p omising di ec ions o u u e esea ch
and d aw conclusions.
An O ganizing F amewo k o Social Value
Ou ypology o social alue is an induc i ely de i ed clas-
si ica ion scheme ha builds on he on ological p ope ies o
he social alue concep . To iden i y hese c i ical p ope ies,
we ollow de la C uz Ja a e al. (2024) and i s decomposed
he “social alue” concep o conduc an ini ial inqui y in o
he na u e o “social” and he na u e o “ alue”. This yielded
an o ganizing amewo k cha ac e izing he social alue
concep by means o ou dimensions: 1) meaning o he
e m “social” (meaning o social), 2) meaning o he e m
“ alue” (meaning o alue), 3) key mechanisms o alue
c ea ion (unde lying alue c ea ion assump ions), and 4)
bene icia ies o he c ea ed alue and easoning o bene i
o hese bene icia ies (unde lying alue cap u ing assump-
ions). These ou iden i ied concep ual dimensions enable
us o unpack and analyze indi idually he cons i u ing ele-
men s o he social alue concep , going beyond he ini ial
concep ualiza ion p o ided by de la C uz Ja a e al. (2024).
The e m “social” is p oblema ic, ambiguous, ague
and o en au ologically de ined (Choi & Majumda , 2014;
Nicholls, 2006; San os, 2012), o en con as ed wi h he e m
“economic” o di e en ia ing be ween he collec i e and he
indi idual (Leise ing, 2013). Acco ding o Scha zki (1988)
in his wo k on he na u e o social eali y, he e m “social”
can be de ined as any mode o human coexis ence. The La in
wo d socialis indica es companionship, a desc ip i e mean-
ing ha pe sis s in he Spanish o F ench languages in which
social e e s o he in e ac ion be ween a leas wo people
(Leise ing, 2013; Scha zki, 1988). A second less desc ip-
i e and mo e no ma i e conno a ion o he e m “social”
a ose in Ge many in he nine een h cen u y e e ing o he
quali ica ion o li ing condi ions as unaccep able and ep-
esen ing he o igin o social policy as an in e disciplina y
and applied subjec (Leise ing, 2013). In business li e a u e,
he e m “social” is based on hese desc ip i e and no ma i e
conno a ions. Fo example, Robinson e al. (2013) unde -
s and “social” as a g oup o ne wo k o in e ac ing indi id-
uals embedded in an o ganiza ional sys em when alking
abou social alue in he con ex o wo kplace os acism.
In con as , F euden eich e al. (2020) speak o “social” as
ela ed o he socie y when e e ing o social alue c ea ion
in sus ainabili y-o ien ed business models. Las ly, K oege
and Webe (2014) e e o “social” as a ocus on indi iduals
below a ce ain li ing s anda d in he con ex o social in e -
en ions ha c ea e alue o such disad an agedpopula ion.
The e m “ alue” has mul idimensional and mul ile el
conno a ions wi h a wide ange o meanings (K aa z e al.,
2020) ha a e cen al in di e en esea ch s eams (Call &
Ployha , 2021; Lepak e al., 2007). Taking in o accoun
li e a u e on he na u e, o igins, and unc ions o alue,
we conside h ee basic concep ual p ope ies o he e m
“ alue”. These p ope ies e e o he meaning o alue in
gene al and he ela ed and complemen a y p ocesses o
alue c ea ion and alue cap u ing inhe en in i ms’ ac i -
i ies (Bowman & Amb osini, 2000; K aa z e al., 2020;
Lepak e al., 2007). The concep ualiza ion o “ alue” is
la gely in luenced by Kluckhohn’s (1951) de ini ion o alue
de eloped in he sociology domain as “a concep ion, implici
o explici , dis inc i e o an indi idual o cha ac e is ic o
a social g oup, o he desi able ha in luences he selec-
ion om a ailable modes, means and ends o ac ion” (p.
395). This unde s anding assumes ha alue is some hing
cons uc ed encompassing a ec i e, cogni i e, and cona i e
componen s. Ano he ela ed in luen ial de ini ion concep-
ualizes alues as cogni i e ep esen a ions o concep s o
belie s abou desi able end s a es ha guide human beha io
(Schwa z & Bilsky, 1987). Such cogni i e ep esen a ions
enable humans o cope wi h biological needs (e.g., lo e),
in e ac e ec i ely wi h o he humans in o ganized sys ems
(e.g., hones y), and ul ill demands o g oup su i al (e.g.,
wo ld peace). Thus, pa icula alues a e he same o all
humans; howe e , he pe sonal a angemen o p io i ies
migh di e .
F om a i m pe spec i e, alue ep esen s he wo hi-
ness o impo ance o business ac i i ies o he cus ome
(i.e., use alue) and o he i m (i.e., exchange alue) i sel
(McWilliams & Siegel, 2011). While exchange alue is ypi-
cally ealized h ough mone a y mechanisms, use alue is
a subjec i e pe cep ion o he bene i o an o e ( ypically
o he cus ome ). This alue pe spec i e is linked o i ms’

411
Social Value in Business: An In eg a i e Re iew and Typology
esou ces and abili y o sa is y cus ome demands. The e-
o e, he c ea ion o alue ep esen s i ms’ p ocesses in
coope a ion wi h pa ne s and supplie s o gene a e wo hi-
ness o cus ome s. These p ocesses a e ela ed o he deploy-
men o esou ces o inno a e, p oduce, and deli e p oduc s
o se ices o he ma ke ha enable he ealiza ion o e e-
nues (e.g., Mizik & Jacobson, 2003). By con as , alue cap-
u ing ep esen s he app op ia ion o (pa s o ) he bene i
ha esul s om alue c ea ion (Chesb ough e al., 2018).
In managemen li e a u e, his app op ia ion s ep is engen-
de ed in i m business models and e e s o he inancial and
non- inancial e u ns om alue c ea ion ele an o he i m
and i s s akeholde s (e.g., employees, cus ome s, socie y).
Taking he pe spec i e o he i m as alue p o ide , alue
cap u ing by i ms e e s o secu ing p o i s a e accoun ing
o cos s o esou ces mobilized o alue c ea ion (Mizik &
Jacobson, 2003), and alue cap u ing by i ms’ s akeholde s
e e s o a subjec i e pe cep ion o judgmen o bene i (i.e.,
a easoning) om he alue c ea ed (Bowman & Amb osini,
2000; Lepak e al., 2007).
To summa ize, “social” and “ alue” a e e ms deeply
in e wined wi h how i ms in e p e and enac hei espon-
sibili y o con ibu e o socie y. Depending on i s in e p e-
a ion o wha “social” and “ alue” mean (bo h sepa a ely
and in combina ion), a i m can enac s a egies o a ional
sel -in e es d i en by ee ma ke alues o a pu pose ul
alignmen o he business model owa ds di ec suppo o
s akeholde s (Buono & Nichols, 1990; Weiss, 2022). Thus,
b inging “social” and “ alue” oge he in o a single concep
is no a i ial ask. Mo eo e , he analysis and in eg a ion
o social alue concep ualiza ions in o a ypology equi es
a logically cohe en amewo k aligned wi h he ou dis-
cussed c i ical dimensions o he cons i uen e ms. Thus,
hese dimensions ep esen he a chi ec u e o ou ypology,
s uc u ing he analysis o he su eyed li e a u e. We ol-
low an induc i e app oach o de i especi ic heo e ical pe -
spec i es o each dimension (see Table2) o e ing a obus
classi ica ion o social alue. Nex , we desc ibe he analysis
p ocess in de ail.
Me hod
We conduc ed an in eg a i e li e a u e e iew, a me hodol-
ogy ha di e s om o he e iews by examining, c i icizing,
and syn hesizing a ep esen a i e body o e idence mo ing
beyond a desc ip i e analysis owa d he gene a ion o new
insigh s and pe spec i es (Elsbach & Knippenbe g, 2020;
To aco, 2016). In eg a i e e iews a e impo an because
hey a e ca alys s o u u e esea ch and lay he ounda ion
o new heo izing (To aco, 2016) – bo h a e aims ha we
mee by p o iding a ypology o social alue. We employ
eplicable e iew p ocedu es based on bes p ac ices iden i-
ied in Elsbach and Knippenbe g (2020), Hiebl (2023), To -
aco (2016), and T an ield e al. (2003). In addi ion, we ol-
low p ocedu es and c i e ia elabo a ed by Gioia e al. (2013),
K ippendo (1989) and Webe (1990) o he coding, analy-
sis, and in e p e a ion o con en (con en analysis p ocess).
Finally, we de elop he social alue ypology based on bes
p ac ices in classi ica ion iden i ied by Bailey (1994) and
McKel ey (1982). Fo a summa y o bes p ac ices and how
hose a e e lec ed in ou e iew, please e e o Appendix 1.
Table 2 Coding Scheme Applied in Con en Analysis
a Exempla y desc ip ion coded is: “( …) social alue when indica ing he ou pu o business p ac ices ha has a bene icial impac on socie y as
a whole and can be di ec ly o indi ec ly measu ed” (Ga s e al., 2021, p. 1353)
Dimension Coding Explana ion Coding Type Reco ding Uni Example o Codinga
Meaning o social Ex ac he unde lying unde s anding
explici ly o implici ly explaining
how social is unde s ood
Desc ip i e Ph ase Rela ed o he socie y
Meaning o alue Ex ac he unde lying unde s anding
explici ly o implici ly explaining
how alue is unde s ood
Desc ip i e Ph ase Ou pu is signi ican o
he common (agg ega ed
p e e ence)
Unde lying alue c ea ion assump ion Ex ac he key mechanisms men ioned
as c i ical and necessa y o gene a e
alue
In i o Ph ase Business p ac ices
Unde lying alue cap u ing assump ion Ex ac bene icia ies/ alue cap u e s o
he c ea ed alue (beyond he alue
c ea o , e.g., he i m)
In i o Ph ase Socie y as a whole
Ex ac easons explaining why he
bene icia y/ alue cap u e alues he
c ea ed alue ( easoning o bene i )
In i o Ph ase Bene icial impac
412 M.F.de la C uz Ja a, J.Spanjol
P e‑Scanning, Sea ching, andSc eening
o Li e a u e
We ollow impac ul e iews (e.g., Aguile a e al., 2021;
K ause e al., 2022) and cap u e e idence published ac oss
di e en business domains by d awing on he Finan-
cial Times Resea ch Rank lis o op 50 business jou nals
(FT50)2 in o de o p o ide a s uc u ed app oach o selec -
ing jou nals ac oss business domains and ensu e ou analysis
and ypology e lec a ep esen a i e b oad base co e ing
a high-quali y s ock o knowledge (Aguile a e al., 2021;
Rawhouse e al., 2019). Addi ionally, we selec ed wo spe-
cialized jou nals3 add essing explici ly issues a he in e -
sec ion o business and socie y and d awing submissions
om a wide a ie y o business domains: Business & Soci-
e y and Business E hics Qua e ly. This jou nal selec ion
app oach yielded an ini ial sea ch lis o 50 academic jou -
nals4 ac oss 14 business schola ship domains (see Table1
o an o e iew).
We implemen ed he a icle sampling p ocedu e in h ee
s ages: (1) p e-scanning, (2) sea ching, and (3) sc eening
(see Fig.1). We began by unning a li e a u e p e-scan o
collec a ew di e se bu ep esen a i e publica ions ha
enabled us o ge a sense o he ield and sha pen ou a icle
sea ch s a egy. Building on he indings om Rawhouse
e al.’s (2019) e iew o social impac , we selec ed ou
ep esen a i e jou nals om ou ini ial jou nal sample lis
enabling us o achie e a ce ain comp ehensi eness and he -
e ogenei y o domains co e ed in his s age: Jou nal o Busi-
ness E hics (JBE), Academy o Managemen Jou nal (AMJ),
Accoun ing, O ganiza ions and Socie y (AOS), and Jou nal
o he Academy o Ma ke ing Science (JAMS). Wi h AMJ
and JBE, we sough o co e he b oade managemen li -
e a u e and a a ie y o domains in es iga ing e hical issues
in business (e.g., en ep eneu ship, impac in es ing, supply
chain managemen , ope a ions, o ganiza ion s udies, e c.).
Addi ionally, we selec ed AOS and JAMS o co e wo non-
managemen domains and ha e a coun e pa o a po en ial
bias owa ds managemen jou nals. While AOS co e s he
ela ionships among accoun ing and i ms’ socio-poli ical
en i onmen om an in e disciplina y pe spec i e, JAMS
co e s he b oade ma ke ing domain. These ou jou nals
p o ide su icien ep esen a i eness and di e si y o ge a
sense o he ield and sha pen he sea ch s a egy. A he
p e-scanning s age, we used he sea ch e m “social alue”
o collec p o o ypical a icles ha we examined in e ms
o sui abili y o ou esea ch objec i es. This p e-scanning
s age sha pened h ee sea ch s a egy aspec s.
Fi s , we ex ended he keywo ds o he li e a u e sea ch
wi h addi ional e minology used in e changeably by
esea che s in o de o enhance he alidi y o ou e iew,
such as socie al impac (e.g., Geo ge e al., 2016), social
impac (e.g., Lemke e al., 2011), and social con ibu ion
(e.g., Lindo e al., 2012). Second, we decided o conduc
a ull ex sea ch in he main sea ch s age o co e po en ial
key concep ualiza ions in s udies ha migh no necessa -
ily ha e social alue as a ocus, ye angen ially examine
i . Thi d, because he keywo ds a e o en used in s udies
wi hou a clea concep ualiza ion, we con i med ou inclu-
sion c i e ia o inco po a e a icles only i hey p o ided a
desc ip i e meaning o concep ual explana ion o he sea ch
e ms (in u n: a icles a e excluded i hey make only a pass-
ing e e ence o ou sea ch e ms).
In he second s ep (sea ching), we conduc ed a ull- ex
sea ch using he Boolean sea ch algo i hm: “social alue”
OR “socie al alue” OR “social con ibu ion” OR “socie al
con ibu ion” OR “social impac ” OR “socie al impac ” in
he publishe s’ da abases o sampled jou nals and in he
Business Sou ce Comple e da abase (EBSCO). This s ep
yielded 5,065 a icles. Ou jou nal-d i en sea ch was open
ended in e ms o s a ing da e (wi h he ea lies included
a icle da ed 1895) and ended on July 15, 2020. We no e ha
2 Because ou esea ch objec i e is o examine schola ly ou pu ha
is he p ima y inpu o esea che s conduc ing s udies a ound social
alue, we ocused on pee - e iewed a icles o gua an ee ce ain qual-
i y (Hiebl, 2023; T an ield e al., 2003). Consequen ly, we excluded
MIT Sloan Managemen Re iew and Ha a d Business Re iew om
he ini ial FT50 jou nal sea ch lis because hese wo ou le s do no
ollow a double-blind pee e iewing p ocedu e and do no mee sci-
en i ic publica ion s anda ds. We acknowledge ha p ac i ione ou -
le s can con ain discussions abou he domain and in luence hinking.
Howe e , impac ul p ac i ione -o ien ed a icles o en ind hei way
in o pee - e iewed a icles, ei he by being ex ended discussions o
published a icles o by being ci ed in pee e iewed a icles. Spe-
ci ically, one a icle (Po e & K ame , 2006) om Ha a d Business
Re iew was included in he inal sample ia snowballing. Ano he
a icle (Eb ahim & Rangan, 2014) om a non-pee e iewed jou nal
(Cali o nia Managemen Re iew) was also iden i ied ia snowballing
and included in he inal sample.
3 We sys ema ically iden i ied key ou le s beyond he FT50 jou nal
lis a he in e sec ion o business and socie y by selec ing he highes
a ed jou nals acco ding o Cla i a e’s Jou nal Ci a ion Repo s (JCR)
2020 (ca ego y: GREEN & SUSTAINABLE SCIENCE & TECH-
NOLOGY o ETHICS; highes a ed means ha a jou nal pe o ms
be e han 50% o jou nals in he same ca ego y a ing – Q1 o Q2),
Cha e ed Associa ion o Business Schools (CABS) Academic Jou -
nal Guide 2018 (ca ego y: ETHICS-CSR-MAN; highes a ed means
ha a jou nal publishes a leas o iginal and well execu ed esea ch –
3, 4 o 4*), and Ge man Academic Associa ion o Business Resea ch
(VHB) Academic Jou nal Ranking (JOURQUAL 3) 2015 (ca ego y:
Nachhal igkei smanagemen ; highes a ed means ha a jou nal is
a leas impo an and espec ed – B o A). In hese h ee ankings
wi hin he ele an ca ego ies o ou e iew, we iden i ied only h ee
jou nals ha mee ou c i e ia: Jou nal o Business E hics, Business
& Socie y, and Business E hics Qua e ly. Hence, we ex ended he
FT50 jou nal sea ch lis wi h Business & Socie y, and Business E hics
Qua e ly.
4 The 50 academic jou nals e e o he FT 50 jou nal lis wi hou
MIT Sloan Managemen Re iew and he Ha a d Business Re iew
(minus wo jou nals) bu including Business & Socie y, and Business
E hics Qua e ly (plus wo jou nals ou side he FT 50 jou nal lis ).
413
Social Value in Business: An In eg a i e Re iew and Typology
he numbe o yea s co e ed in ou e iew (i.e., 125yea s)
su passes he mean ime pe iod o 31yea s co e ed by o he
sys ema ic e iews in managemen wi hou a sea ch ime
s a limi imposed and is close o he maximum 124yea s
co e ed in o he sys ema ic e iews in managemen (see
Table1 in Hiebl, 2023).
In he hi d s ep (sc eening), we examined he ele ance
o a icles o ou e iew. Rele ance applied i a icles p o-
ided a concep ual desc ip ion o de ini ion o social alue
o he ela ed social impac o social con ibu ion concep s
(i.e., a icles included a desc ip i e meaning o explana-
ion o he concep s). Fo example, Ta an i (2013, p. 697)
explici ly de ines he c ea ion o social alue as “alle ia ing
po e y while p omo ing li elihood oppo uni ies, women
empowe men and communi y de elopmen .” We excluded
a icles ha made only a passing e e ence o ou sea ch
e ms (e.g., social alue men ioned only once in he con ex
o i ms’ ins i u ional p essu es in Be one & Gomez-Mejia,
2009), did no p o ide a concep ual desc ip ion o de ini ion
(e.g., Lisi, 2018 uses he e m social impac in he con ex
o a i m’s social pe o mance measu emen wi hou p o id-
ing a desc ip ion o he concep ) o used a concep ualiza-
ion om a p ima y s udy al eady sampled wi hou adding
new insigh s (e.g., S ephan e al. (2015) e e o Zah a e al.
(2009) when de ining social impac o social en ep eneu -
ship). To achie e eplicabili y, we engaged a hi d esea che
no pa o he au ho eam (i.e., an en ep eneu ship schola
wi h expe ience in quali a i e esea ch me hods and blind
o he esea ch goals) who examined a subse o he sample
o e mul iple ounds and ca ego ized a icles as ele an
o no . A e wa d, he au ho s independen ly e iewed he
emaining a icles o inalize decisions ega ding a icles’
inclusion in o he inal sample; ambiguous candida es we e
discussed and ag eed on join ly. Ambigui y esul ed mainly
om concep swi ching while p o iding an explana ion o
he ocal e m. Fo example, Nason e al. (2018) desc ibe a
i m’s c ea ion o social alue as he pu sui o social pe -
o mance, explaining social pe o mance a he han social
alue. In his case, he au ho s ag eed o conside he social
pe o mance desc ip ion o he e iew as i is linked di ec ly
o he social alue concep . This hi d sc eening s ep yielded
266 a icles.
Finally, we iden i ied in he sc eening s age s udies e e -
ing o o iginal concep ualiza ions om pape s beyond he
50 jou nals on he ini ial sea ch lis . We used snowballing
echniques o suppo acing li e a u e back o i s oo s (Fan
e al., 2022) and o ensu e ha ou e iew was comp ehen-
si e (Hiebl, 2023). Fo example, Bacq and Eddles on (2018)
Fig. 1 Sys ema ic Re iew Sam-
ple: Th ee-S age App oach
S age 2:
Sea ch
Full- ex sea ch in sampled pee - e iewed jou nals (FT50 jou nals, Business & Socie y and
Business E hics Qua e ly) in Business Sou ce Comple e da abase and jou nal publishe s’
da abases (Boolean sea ch algo i hm: "social alue" OR "socie al alue" OR "social
con ibu ion" OR "socie al con ibu ion" OR "social impac " OR "socie al impac ”).
(n = 5,065)
288 a icles included o he con en analysis.
S age 3: Sc een
Examina iono ini ial sample o de e mine each a icle’s ele ance.
Selec ion o a icles ha p o ide an explici de ini ion o concep ualiza ion o social alue
o he ela ed social impac o social con ibu ion concep s.
(n = 266)
S age 1:
P e-scan
P epa a o y sea ch in he Academy o Managemen Jou nal, Accoun ing, O ganiza ions
and Socie y, Jou nal o Business E hics, and Jou nal o he Academy o Ma ke ing Science
ia Google Schola using he Boolean s ing “social alue”
o sha pen he sea ch s a egy.
A icles excluded: 4,799
Iden i ica ion o addi ional ele an a icles h ough c oss- e e encing and backwa d sea ch
(snowballing echniques).
(n = 288)
A icles included: 22
Resul
414 M.F.de la C uz Ja a, J.Spanjol
e e in hei concep ualiza ion o social impac o p io wo k
conduc ed by Eb ahim and Rangan (2014). While he i s
a icle (Bacq & Eddles on, 2018 in Jou nal o Business E h-
ics) esul ed om ou ini ial keywo d sea ch, he second
a icle (Eb ahim & Rangan, 2014 in Cali o nia Managemen
Re iew) was iden i ied h ough c oss- e e encing and back-
wa d sea ch. The snowballing echnique (i.e., acking down
e e ences ci ed in collec ed concep ual desc ip ions) yielded
addi ional 22 a icles mainly in psychology (e.g., La ane,
1981) and managemen (e.g., Wood, 2010), bu also in eco-
nomics, en ep eneu ship, u u e s udies, inno a ion man-
agemen , in e na ional business, medicine and sociology.
In sum, he inal e iew sample comp ises 288 a icles
d awn om 60 jou nals ac oss 18 domains ha we ead in
ull o code and analyze concep ual desc ip ions o de ini-
ions o social alue (see Table1). We no e ha ou sample
size (n = 288) is abo e he mean and median sample sizes
(139 and 116, espec i ely) iden i ied by Hiebl’s (2023)
assessmen o 196 sys ema ic e iews published in he man-
agemen domain, indica ing ha he e iew is su icien ly
comp ehensi e.5
Ex ac ion andAnalysis o Social Value
Concep ualiza ions
To c i ically analyze he p ope ies o he social alue con-
cep ual desc ip ions and de ini ions ac oss a icles in ou
sample, we ollowed To aco’s (2016, p. 420) p inciple
o “decons uc ing pieces o li e a u e on he opic in o
hei basic elemen s”. Hence, we o ganized he li e a u e
and ex ac ed concep ual elemen s o social alue desc ip-
ions and de ini ions h ough a sys ema ic p ocess o cod-
ing (K ippendo , 1989; Webe , 1990) along he o ganizing
amewo k (see Table2).
To do so, all concep ual desc ip ions and de ini ions
we e lis ed in a da a ex ac ion o m using con ex in o ma-
ion (au ho s, jou nal, publica ion da e, business domain,
esea ch me hod, esea ch con ex and used heo ies). This
o m se ed as he basis o he de elopmen and e ine-
men o ou coding and ca ego iza ion scheme, which a e
wo cen al s eps o ensu e he quali y o ex ual analysis
(Webe , 1990). We no e he e ha he collec ed a icles did
no always p o ide succinc de ini ions o social alue.
Ins ead, many a icles p o ided concep ual desc ip ions
anging be ween ~ 50 o 2,400 cha ac e s. To enable a sys-
ema ic p ocess o coding and o ganizing he in o ma ion
ex ac ed om ou sample, we used desc ip i e coding ( o
summa ize unde lying assump ions and unde s andings) and
in i o coding ( o cap u e nuanced meanings) in a i s s ep.
Following Webe ’s (1990) ecommenda ion o c ea ing a
obus coding scheme, we de ined a ph ase as he basic uni
o ex o be coded. This coding uni enabled us o achie e
high eliabili y and o cap u e he necessa y concep ual con-
ex o u he analysis. To accoun o anspa ency, s abil-
i y, and accu acy equi emen s pe inen o a con en analy-
sis (K ippendo , 1989), we educed ambigui ies h ough
de ailed de ini ions o he coding ca ego ies and ules (see
Table2) aligned wi h ou inqui y and o ganizing amewo k.
To limi he po en ial bias inhe en in he adop ed quali a i e
app oach and ensu e ep oducibili y o he p ocess (Webe ,
1990), we i e a i ely e iewed subse s o he sample and
ag eed on ca ego iza ions. In case o disag eemen s, we dis-
cussed hese o u he cla i ica ion and e inemen o he
coding scheme.
The sampled li e a u e p o ided bo h b oad concep ual
desc ip ions in addi ion o speci ic de ini ions o social
alue; hus, he i s coding s ep yielded a he e ogene-
ous landscape o concep ual pieces. Fo example, he way
alue is unde s ood in li e a u e is e y b oad, e.g., elie
o nega i e impac , pe cep ion o legi imacy, o no ma i e
app o al, among many o he s. Hence, in a second s ep we
op ed o ollowing an i e a i e axial coding app oach o
being able o c i ically analyze his he e ogeneous land-
scape by seeking o simila i ies and di e ences among he
many concep ual pieces and ul ima ely iden i ying eme g-
ing hemes (i.e., social alue ada ). O e all, ou induc i e
heo izing app oach builds on bes p ac ices o i e a i e
open and axial coding iden i ied in Gioia e al. (2013) ha
acili a e he i e a ion be ween o iginal concep ualiza ions o
social alue (schola s being he in o man s) and heo e ical
in e p e a ions.
De elopmen o aPoly he ic Typology o Social
Value
Building on he con en analy ical esul s o ou s udy, we
induc i ely cons uc ed a ypology o social alue by o de -
ing social alue de ini ions along hei concep ual pe spec-
i es (i.e., social alue ada ) in o a minimum numbe o
classes ha we label “social alue app oaches”. Usually,
such a classi ica ion scheme ollows a mono he ic logic,
meaning ha each class is cha ac e ized by a unique se o
ea u es (Bailey, 1973, 1994). In ou s udy, his would imply
ha all concep ualiza ions o social alue wi hin an app oach
sha e exac ly he same combina ion o concep ual p ope ies.
Howe e , because o he he e ogenei y o concep ualiza ions
and he di e si y o concep ual pe spec i es we iden i ied
in ou con en analysis, a mono he ic logic would ha e
esul ed in a classi ica ion scheme consis ing o many di e -
en ye in e ela ed app oaches, inc easing complexi y. Pu
5 Indeed, Hiebl (2023) indica es ha only 25% o e iews in he
Academy o Managemen Annals examine mo e han 191 a icles,
indica ing ha ou e iew is ela i ely speaking comp ehensi e (i.e.,
288 a icles).
421
Social Value in Business: An In eg a i e Re iew and Typology
e al., 2016). This app oach o social alue eme ges om
esea ch in ma ke ing, psychology, managemen , and
economics.
F om a heo e ical s andpoin , he indi idualis ic
app oach o social alue is ela ed o sociological heo ies
(e.g., Keyes, 1998), neoclassical economic heo ies (e.g.,
Goodland & Ledec, 1987) and neolibe alism (e.g., La ne ,
2003). Resea ch migh assume ha indi iduals a e unique,
sel - elian , and sel -in e es -maximizing consume s (i.e.,
indi iduals judge u ili y as a ade-o be ween pe sonal
cos s and bene i s), and he e o e social alue is de e mined
by consume choices mo e so han i ms’ ac ions. Because
indi iduals and hei pe cep ion o i ms’ ac ions a e in he
o eg ound o he indi idualis ic app oach, i ms’ in en-
ionali y o c ea e social alue is seconda y. Mo eo e , his
app oach implies ha e e yone and e e y hing is po en ially
a ec ed by he c ea ed alue; howe e , i ms canno o ce o
assume a bene icial pe cep ion. In o he wo ds, social alue
is he ine i able concomi an e ec o business making ha
is egula ed by he ma ke and i s pa icipan s (consume s).
Applying he indi idualis ic app oach o social alue in
u u e esea ch is buil on he unde s anding ha eali y is he
esul o pe cep ions and (in e )ac ions o people embedded
in an ins i u ional and na u al en i onmen ; ha is, schola s
ecognize he exis ence o mul iple eali ies. Fo his eason,
esea che s’ assump ions abou knowledge build on a ib-
u ed meanings, na a i es, and opinions, enabling he s udy
o speci ic social eali ies (Saunde s e al., 2019). These
subjec i is on o-epis emological lenses de e mine ei he
a c i ical ealis o an in e p e i is esea ch philosophy o
explain he unde lying assump ions and s uc u es o mul-
iple obse able eali ies and con ex s. Schola s aking his
app oach o social alue in esea ch ely on quali a i e me h-
ods o inqui y and analysis as well as in-dep h in es iga ions
and induc i e app oaches o heo y de elopmen .
S akeholde App oach oSocial Value
In he s akeholde app oach, social alue e e s o he ben-
e i o speci ic a ge g oups ha esul s om a a ge ed
esponse o in e en ion o hei common needs and p ob-
lems (see Fig.6). This app oach o social alue is based on
he concep ual assump ion ha speci ic s akeholde g oups
ha e common demands (C illy e al., 2012) and ha hese
demands can be ul illed h ough i ms’ a ge ed ac ions
(Saebi e al., 2019). This app oach implies ha social alue
is mainly c ea ed o s akeholde g oups cha ac e ized by
an in need condi ion and ha hese s akeholde s in need a e
able o de e mine wo hiness as a unc ion o alue c ea-
o s’ (i.e., i ms) esponses o hei demands. The e o e,
esea ch based on his app oach ocuses on disad an aged
o ma ginalized segmen s o socie y. Acco dingly, demands
a e assumed o be uni e sally known and acknowledged by
alue c ea o s (B iege e al., 2019), e e ing o he p o-
ision o basic se ices (e.g., shel e , heal h ca e, sani a-
ion) o empowe men o pa icipa e in e e yday li e (e.g.,
educa ion, economic inclusion, ai wo king condi ions).
Wi hin his app oach, alue c ea o s can an icipa e how
s akeholde g oups will pe cei e bene i s by add essing
hese demands. The e o e, he d i ing ac o de e mining
No e. Concep ual pe spec i es ele an o he p o o ypical indi idualis ic app oach a e highligh ed.
Value as wo hiness
o he indi idual
Value as guiding
and judging p inciple
Value as wo hiness
o he common
Indi idualis ic
app oach
Value
Illus a o yconcep ual desc ip ions om ac oss business domains:
Ma ke ing
“[T]ha s anda d o li ing is mainly a unc ion o consump ion, and i is educed by
ac o s such as pollu ion, global con lic , ma e ial sac i ice o en i onmen , and
cha i able aid o consume s ( … ) he highe he le el o consump ion one has, he highe
is he le el o well-being a ained” (Huang & Rus , 2011, p. 45).
Psychology
“Social alue ( … ) Indi iduals may engage in achie emen beha io o be a p oduc i e
ci izen (social wel a e goal), o b ing p ide and hono o he amily (social solida i y
goal), o o gain he app o al o espec o pee s” (DeShon& Gillespie, 2005, p. 1109).
Accoun ing/ Economics
“( … ) he alue o a social good may be p iced a wha a bene icia y o consume would
be willing o pay o i ( … )” (Nicholls, 2009, p. 758).
Managemen
“Fu he , in addi ion o he unc ional alue o an inno a ion, b ands o e symbolic o
social alue such as p es ige and ecogni ion –o ge ing in con ac and building
ela ionships wi h o he s. The alue embedded in he pe cei ed meaning o a b and
con ibu es o he o e all bene i p o ided by he inno a ion and he eby suppo s he
adop ion o new p oduc s” (Fülle e al., 2013, p. 1197).
Social alue is he e ec i eness o he unc ioning o an indi idual wi hin he
sys em o people, ins i u ions and na u al en i onmen .
INDIVIDUALISTIC APPROACH
Fig. 5 Social Value Typology: Indi idualis ic App oach

422 M.F.de la C uz Ja a, J.Spanjol
he alue cap u e ’s wo hiness pe cep ion is no he bene i-
cia ies’ indi idual judgmen o bene i bu he e ec i eness
o i ms’ ac ions (Ba ilana e al., 2014) add essing agg e-
ga ed s akeholde p e e ences. In ou e iew sample, his
app oach is obse ed in managemen , business e hics, and
en ep eneu ship domains.
The s akeholde app oach o social alue is g ounded
mainly in s akeholde heo y (F eeman, 1994) bu also
builds on heo ies o change (B es , 2010) and o social b i-
colage (Di Domenico e al., 2010), enabling a concep ually
iable combina ion o business and doing good o a ge ed
s akeholde s. Simila o he indi idualis ic app oach, schol-
a s aking he s akeholde app oach o social alue ecognize
he exis ence o mul iple eali ies as hese a e he esul o
pe cep ions and (in e )ac ions o social ac o s. Resea che s’
assump ions abou knowledge wi hin his app oach builds on
a ibu ed meanings and na a i es, enabling he in es iga-
ion o di e en s akeholde eali ies (Saunde s e al., 2019).
These subjec i is on o-epis emological lenses and unde -
s andings o social alue poin o an in e p e i is esea ch
philosophy o in es iga e unde lying s uc u es o mul iple
obse able eali ies in e ms o agg ega ed p e e ences o
s akeholde g oups and alue c ea o s’ esponses. Schola s
aking he s akeholde app oach o social alue in esea ch
ely on quali a i e o quan i a i e me hods o analysis and
induc i e and abduc i e app oaches o heo y de elopmen .
Vi uous App oach oSocial Value
In he i uous app oach, social alue e e s o he bene i
o he common o he indi idual gene a ed ou o a sense
o mo al obliga ion (see Fig.7). This app oach o social
alue is based on i ms’ sense o mo al obliga ion as neces-
sa y and su icien condi ion o c ea ing bene i s o indi-
iduals, s akeholde g oups, o he comp ehensi e sys em
(people, ci il socie al ins i u ions, and na u al en i onmen ).
Mo al obliga ion cap u es he commi men o i uous p in-
ciples such as ha mony, solida i y o gene osi y (Feldman &
Ma ch, 1981; Zah a e al., 2014), leading i ms o maximize
o al payo s o sel and o he s. The wo hiness judgmen in
his app oach is mainly de e mined by he alue c ea o s’
sense o mo al obliga ion in e ms o hei an icipa ion o
wide bene i s o socie y o he cong uence o he alue sys-
em wi h uni e sal mo al p inciples. The concep ualiza ion
o social alue acco ding o he i uous app oach builds on
a adi ional business e hics unde s anding as i ms’ sense
o esponsibili y o du y is based on he e alua ion o igh
o w ong o alue c ea o s’ ac ions (Weiss, 2022). In ou
sample, his app oach is mainly p esen in he managemen
li e a u e bu also iden i ied in o he business schola ship
domains.
The i uous app oach can be linked o deon ological e h-
ics and he p inciples o Kan ianism, in which any ac ion
mus espec he mo al law (Micewski & T oy, 2007) bu
also o agency and ins i u ional heo ies. The e hical aming
is impo an o complemen he adi ional concep ualiza ion
o business making in which he only obliga ion o i ms is
No e. Concep ual pe spec i es ele an o he p o o ypical s akeholde app oach a e highligh ed.
Value as wo hiness
o he indi idual
Value as guiding
and judging p inciple
Value as wo hiness
o he common
S akeholde
app oach
Value
Illus a o y concep ual desc ip ions om ac oss business domains:
Managemen
“A social bene i is a solu ion o a social p oblem ha acc ues o ( … ) a a ge ed segmen
o he popula ion” (Mille e al., 2012, p. 618).
Business e hics
“The social impac on local popula ions ( … ) shows a wide a ie y o measu es,
including educa ion, heal h ca e, wa e quali y, employmen , business income gene a ion,
and ha de - o-de ine e ms such as empowe men , quali y o li e, and educed
exploi a ion” (Kolke al., 2014, p. 358).
“( … ) add ess social and en i onmen al issues— o ans o m he quali y o li e o he
poo , he disen anchised, he ma ginalized, and e en nonhuman s akeholde s ( … )”
(Ma í, 2018, p. 967).
En ep eneu ship
“Common ac oss all de ini ions o social en ep eneu ship is he ac ha he unde lying
d i e o social en ep eneu ship is o c ea e social alue ( … ) cen al d i e o
social en ep eneu ship is he social p oblem being add essed, and he pa icula
o ganiza ional o m a social en e p ise akes should be a decision based on which
o ma would mos e ec i ely mobilize he esou ces needed o add ess ha p oblem”
(Aus in e al., 2006, p. 2).
Social alue is he bene i o speci ic a ge g oups ha esul s om a
a ge ed esponse o in e en ion o hei common needs and p oblems.
STAKEHOLDER APPROACH
Fig. 6 Social Value Typology: S akeholde App oach
423
Social Value in Business: An In eg a i e Re iew and Typology
o inc ease p o i s (F iedman, 1970). Schola s adop ing he
i uous app oach o social alue in u u e esea ch assume
he exis ence o a single eali y ha is independen o how
hey hink o i (uni e salism o mo al law) and ex e nal o
hem. Howe e , esea che s’ s ance on knowledge and da a
quali y builds on bo h objec i is and subjec i is assump-
ions (Saunde s e al., 2019) o be able o holis ically unde -
s and he complexi y o mo al obliga ion in business (i.e.,
complemen ing obse able phenomena wi h a ibu ed
meanings o alue cap u e s). These dual on o-epis emologi-
cal lenses enable esea che s o adop a posi i is o in e p e-
i is esea ch philosophy ha , in u n, makes i possible o
ely on quali a i e and quan i a i e me hods o analysis and
deduc i e o induc i e app oaches o heo y de elopmen .
No ma i e App oach oSocial Value
In he no ma i e app oach, social alue e e s o he mo al
impe a i e o collec i ely-ag eed belie egula ing sel ish-
ness and enabling people, ins i u ions, and na u al en i on-
men li ing oge he (see Fig.8). This app oach o social
alue is based on he concep ual assump ion ha alue is
no a wo hiness bu a judging p inciple ha go e ns deci-
sions and ac ions o indi iduals and, consequen ly, o social
sys ems. Such a judging p inciple enables indi iduals, social
g oups, ins i u ions, and he na u al en i onmen o li e
oge he and main ain he ci il o de . Wi hin his app oach,
he bene icia ies a e pa o a sys em wi h a cha ac e is-
ic e hos (Solinge e al., 2020) consis ing o sha ed and
accep ed codes o beha io .
Two majo sys ems wi h a cha ac e is ic e hos exis in
he no ma i e app oach: a con ex ual sys em and a uni e -
sal sys em. The e hos in a con ex ual sys em (con ex ual
no ma i e app oach) builds on collec i ely ag eed upon,
es ablished and accep ed belie s o p e e ences speci ic
o a ce ain cohesi e social g oup (e.g., i m, eligion o
coun y) ha p o ides a a ionale owa ds judging “wha is
accep ed o good” in ha g oup (Bou ne & Jenkins, 2013;
Pa e & Mo is, 1995). This unde s anding is oo ed in he
meaning o social as a sys em o in e ac ing humans. In con-
as , he e hos in a uni e sal sys em (uni e sal no ma i e
app oach) is gi en by uni e sal mo al c i e ia and no ms
ha p omo e e hical p inciples and human i ues in o de
o egula e human sel ishness and he unc ioning o he uni-
e sal social sys em (K aa z e al., 2020; Webe , 1993). Such
a uni e sal e hos sys em ( oo ed in mo al) can be sha ed,
os e ed, and accep ed ac oss di e en social g oups. The
concep ualiza ion o social alue acco ding o he no ma i e
app oach (con ex ual and uni e sal) is di ec ed mo e owa d
he beha io o indi iduals, he no ms guiding ha beha -
io , and he legi imacy because o he cong uence o no ms
be ween indi iduals and he la ge sys em, and less owa d
he ou come (c ea ed bene i ) o such beha io .
The no ma i e app oach is based on bounded mo al
a ionali y and in eg a i e social con ac s heo y (Don-
aldson & Dun ee, 1994), and can be linked in business
o agency, legi imacy, and ins i u ional heo e ical lenses
as well as o ins i u ional logics and plu alism (Ba ilana
e al., 2014; Dunn & Jones, 2010; Ocasio e al., 2016). This
app oach o social alue is a necessa y complemen o he
No e. Concep ual pe spec i es ele an o he p o o ypical i uous app oach a e highligh ed.
Value as wo hiness
o he indi idual
Value as guiding
and judging p inciple
Value as wo hiness
o he common
Vi uous
app oach
Value
Illus a o y concep ual desc ip ions om ac oss business domains:
Managemen
“[The] c ea ion o social alue may equi e dis inc ypes o na a i es ha esona e wi h
basic no ions o equi y and social jus ice” (Dacin e al., 2011, p. 1209).
“Second, he concep o social alues can help us unde s and whe e oppo uni ies o
social inno a ion come om (… ) gi en exis ing, bu subjec i e, sha ed e hical p emises,
he le el o new social alue is de e mined by he no el y and app op ia eness o a
con ibu ion o human and social li e. F om his iew, oppo uni ies o social inno a ion
could be seen as emana ing om impe ec ions in econciling he alues a highe and
lowe hie a chical le els ( … ) social alue is de e mined by he deg ee o no el y and
app op ia eness o a social inno a ion’s con ibu ion o human and social li e” (Van de
Ha e & Rubalcaba, 2016, p. 1933).
En ep eneu ship
“The idea o ha ing social impac and being mind ul abou e hics a ound g ow h made
many en ep eneu s in his s udy celeb a e he concep o he B co po a ion, a business
model in which an o ganiza ion bene i s socie y as well as sha eholde s—a combina ion
o he social esponsibili y and ma ke ames” (Vä lande e al., 2020, p. 9).
“The cul u e and e hos o he social en e p ise a e based on p inciples o olun a ism,
e hical beha iou and a mission wi h a social cause ( … ) Social and communi y
en e p ises aim o c ea e social alue a he han pe sonal weal h o he leade -manage .
Because hey ha e alued social ends, such en e p ises ha e been able o a ac g an aid
o pump-p ime hei ac i i y” (Chell, 2007, pp. 11, 17).
Social alue is he bene i o he common o he indi idual gene a ed ou o a
sense o mo al obliga ion.
VIRTUOUS APPROACH
Fig. 7 Social Value Typology: Vi uous App oach
424 M.F.de la C uz Ja a, J.Spanjol
i uous app oach, because one meaning ul pa h o os e
he mo al obliga ion o i ms ( i uous app oach) is a se
o con ex ualized o uni e sal beha io al codes (no ma i e
app oach) de e mining he judging p inciples wi hin a social
sys em. Adop ing he no ma i e app oach o social alue in
u u e esea ch equi es schola s o ecognize ha he wo ld
can be in e p e ed in e y di e en ways (i.e., indi iduals
and hei indi idual beha io shape mul iple eali ies). Simi-
la o he i uous app oach, he epis emology o schola s
aking he no ma i e app oach o social alue is ela ed o
bo h objec i is and subjec i is assump ions (Saunde s
e al., 2019) in in es iga ing indi iduals’ beha io and hei
unc ioning in o ganiza ions (i.e., social ac o s’ a ibu ed
meanings o beha io al impe a i es and he e ec on he
i ms c ea ing alue). This on o-epis emological combina-
ion o objec i is and subjec i is s ances enables esea ch-
e s o adop an in e p e i is o a p agma is esea ch phi-
losophy ha , in u n, makes i possible o ely on mixed
me hods and deduc i e o induc i e app oaches o heo y
de elopmen . Wi hin his app oach, schola s use na a-
i e inqui y, ac ion esea ch, o e hnog aphy as p agma is
esea ch s a egies (Saunde s e al., 2019).
The ypology o social alue in eg a es he iden i ied
heo e ical pe spec i es on he ocal concep in o i e o e -
a ching app oaches. While he i s ou app oaches o social
alue build on he no ion o alue as some hing ha ing o
being wo h, he no ma i e app oach engende s social alue
as a p inciple ha guides beha io . These i e app oaches
ep esen di e en pe spec i es on he social alue con-
cep ha expand he unde s anding o e hics beyond he
adi ional no ma i e o i uous dimensions. Because each
app oach is a unique con igu a ion o he c i ical concep-
ual a ibu es o social alue (i.e., con igu a ions o he
social alue ada ), he heo e ical ounda ions di e om
app oach o app oach, indica ing di e en on ological and
epis emological posi ions. In u n, hese app oach-speci ic
on o-epis emological lenses de e mine he sui abili y and
app op ia eness o speci ic esea ch philosophies and s a -
egies o u u e in es iga ions (see Table3). In manage ial
p ac ice, hese i e app oaches (despi e being concep ually
mu ually exclusi e) migh be co-occu ing leading o con-
adic o y o misaligned s a egies.
Connec ing heSocial Value Typology
oManage ial P ac ice
Russel Reynolds Associa es (leading execu i e sea ch com-
pany) epo s he impo ance and challenging cha ac e o
social alue in i ms, a guing ha “while social alue may
s a as a b oad e m, i is incumben on e e y o ganiza ion o
de ine speci ically wha i means o i s s a egy and mul iple
s akeholde s” (Coope & Kings on, 2019, p. 2). Pu di e -
en ly, each app oach o unde s anding and managing social
alue om ou ypology will ha e a di e en deg ee o i o
i ms. Ou ypology a gues o he con ingen cha ac e o
social alue and he e o e has implica ions o p ac i ione s
con empla ing o in eg a e social alue in o hei business
s a egies and mains eam p ac ices, o example, h ough
a s a egic o ien a ion ounded on social alue c ea ion (de
No e. Concep ual pe spec i es ele an o he p o o ypical no ma i e app oach a e highligh ed.
Value as wo hiness
o he indi idual
Value as guiding
and judging p inciple
Value as wo hiness
o he common
No ma i e
app oach
Value
Illus a o y concep ual desc ip ions om ac oss business domains:
Managemen / Business e hics
“( … ) decision make s should ac wi h ai ness, equi y, and impa iali y ( … ) socie y
expec s business o ganiza ions o beha e in a way consis en wi h social alues. This
e e s o mo al s anda ds abo e and beyond he ule o law” (Angelidis & Ib ahim, 2004,
p. 120).
O ganiza ional beha io
“The e is he e o e a dis inc ion be ween social alues as an agg ega ion o pe sonal
alues, loca ed a he le el o he indi idual, and social alues de i ed om p ecedence,
powe and in luence, loca ed a he le el o he collec i e o ganiza ion. Bo h he social
psychologis s’ and he social heo is s’ ep esen a ions o social alues a e accommoda ed
in he ou o ms o o ganiza ional alues, al hough he lines o dis inc ion may no
always be ha clea . A ibu ed alues a e collec i ely ag eed upon social s uc u es, no
necessa ily sha ed, bu es ablished and accep ed. Espoused alues a e also collec i e
social s uc u es on o which ca y a deg ee o powe and in luence and, while indi idual
execu i es may p i a ely disag ee, collec i e esponsibili y means hey a e accep ed as
app op ia e o he o ganiza ion as a whole. Aspi a ional alues a e hose ha some
indi iduals and g oups belie e o be desi able o he o ganiza ion and as such, hey a e
sha ed pe sonal cogni i e s uc u es“ (Bou ne & Jenkins, 2013, p. 504).
Psychology
“( … ) eelings o mo al obliga ion o y o p o ec he collec i e wel a e ( … ) is
exp essed in such alues as al uism, bene olence, kindness, o lo e ( … )” (Schwa z &
Bilsky, 1987, pp. 552, 559).
Social alue is he mo al impe a i e o collec i ely-ag eed belie egula ing
sel ishness and enabling people, ins i u ions, and na u al en i onmen li ing
oge he .
NORMATIVE APPROACH
Fig. 8 Social Value Typology: No ma i e App oach
425
Social Value in Business: An In eg a i e Re iew and Typology
Table 3 Social Value Typology: Social Value App oaches and hei Implica ions o Resea ch
App oach Maximizing Indi idualis ic S akeholde Vi uous No ma i e
De ini ion Social alue is he maximized
bene i o he comp ehen-
si e sys em consis ing o
people, ins i u ions, and he
na u al en i onmen
Social alue is he e ec i e-
ness o he unc ioning o an
indi idual wi hin he sys em
o people, ins i u ions and
na u al en i onmen
Social alue is he bene i
o speci ic a ge g oups
ha esul s om a a ge ed
esponse o hei common
needs and p oblems
Social alue is he bene i o
he common o he indi-
idual gene a ed ou o a
sense o mo al obliga ion
Social alue is he mo al impe -
a i e o collec i ely-ag eed
belie egula ing sel ishness
and enabling people, ins i u-
ions, and na u al en i on-
men li ing oge he
Key concep ual assump ion Agg ega ed p e e ences o
homogeneous indi iduals
ep esen he humani y’s
desi e (e.g., enhancemen
o e e yone’s well-being
and wel a e o he common
good)
P e e ences, needs and
choices a e indi idual and
he e o e desi abili y and
wo hiness a e also o be
unde s ood a indi idual
le el
Speci ic s akeholde g oups
ha e common demands
ha can be ul illed h ough
i ms’ a ge ed ac ions.
S akeholde s a e able o
de e mine wo hiness as a
unc ion o alue c ea o s’
esponses o hese demands
Fi ms’ sense o esponsibil-
i y o du y based on he
e alua ion o igh ness o
w ongness o i m’ s ac ions
is necessa y and su icien
condi ion o do good
Values a e judging p inciples
ha go e n decisions and
ac ions o indi iduals and,
consequen ly, o social sys-
ems enabling o li e oge he
and main ain he ci il o de
Illus a o y de ini ion “[The] impac on socie y
conce ns he alue c ea ed
o social change ha a
gi en ac i i y has on i s
bene icia ies and socie y a
la ge” (Maas & Like , 2011,
p. 446)
“Social alue ( …) Indi iduals
may engage in achie emen
beha io o be a p oduc i e
ci izen (social wel a e goal),
o b ing p ide and hono o
he amily (social solida -
i y goal), o o gain he
app o al o espec o pee s”
(DeShon & Gillespie, 2005,
p. 1109)
“( …) add ess social and
en i onmen al issues— o
ans o m he quali y o li e
o he poo , he disen an-
chised, he ma ginalized,
and e en nonhuman s ake-
holde s ( …)” (Ma í, 2018,
p. 967)
“[The] c ea ion o social alue
may equi e dis inc ypes o
na a i es ha esona e wi h
basic no ions o equi y and
social jus ice” (Dacin e al.,
2011, p. 1209)
“( …) decision make s should
ac wi h ai ness, equi y, and
impa iali y ( …) socie y
expec s business o ganiza-
ions o beha e in a way
consis en wi h social alues.
This e e s o mo al s anda ds
abo e and beyond he ule o
law” (Angelidis & Ib ahim,
2004, p. 120)
Theo e ical ounda ion U ili a ianism (Mill, 1895),
wel a e economics (e.g.,
Gowdy, 2005), social heo y
o alue (J. M. Cla k, 1915),
consequen ialis e hics (e.g.,
Micewski & T oy, 2007)
Sociological heo ies (e.g.,
Keyes, 1998), neoclassical
economic heo ies (e.g.,
Goodland & Ledec, 1987),
concep o neolibe alism
(e.g., La ne , 2003)
S akeholde heo y (F ee-
man, 1994), heo y o
change (B es , 2010), heo y
o social b icolage (Di
Domenico e al., 2010)
Deon ological e hics, p inci-
ples o Kan ianism (Mice-
wski & T oy, 2007), agency
heo y, ins i u ional heo y
Bounded mo al a ionali y,
in eg a i e social con ac s
heo y (Donaldson & Dun ee,
1994), ins i u ional logics and
plu alism (Ba ilana e al.,
2014; Dunn & Jones, 2010;
Ocasio e al., 2016), agency,
legi imacy, and ins i u ional
heo ies
On ology One ue eali y (objec i ism) Mul iple eali ies (subjec i -
ism)
Mul iple eali ies (subjec i -
ism)
One ue eali y (objec i ism) Mul iple eali ies (subjec i -
ism)
Epis emology Fac s/ numbe s (objec i ism) Opinions (subjec i ism) Opinions (subjec i ism) Fac s/ numbe s/ opinions
(objec i ism/subjec i ism)
Fac s/ numbe s/ opinions
(objec i ism/subjec i ism)
Philosophy and esea ch
app oach
Posi i ism using deduc i e
app oaches and quan i a i e
me hods
C i ical ealism/ in e p e-
i ism using induc i e
app oaches and quali a i e
me hods
In e p e i ism using abduc-
i e/ induc i e app oaches
and quan i a i e/ quali a i e
me hods
Posi i ism/ in e p e i ism
using deduc i e/ induc i e
app oaches and quan i a i e/
quali a i e me hods
P agma ism/ in e p e i ism
using deduc i e/ induc-
i e app oaches and mixed
me hods
426 M.F.de la C uz Ja a, J.Spanjol
la C uz Ja a e al. 2024). We discuss such implica ions (see
Table4) o h ee c i ical manage ial conce ns: design o
alue o e ings (Sjödin e al., 2020), selec ion o accoun -
abili y s anda d guiding social alue c ea ion (Ayuso e al.,
2016), and con ibu ions o he Uni ed Na ions Sus ainable
De elopmen Goals (SDGs) (Geo ge e al., 2016).
The maximizing app oach o social alue is based on he
wo hiness o he common concep ualiza ion o alue and
he e o e is sui able o i ms de eloping p oduc s o se -
ices o well-known ma ke s o homogeneous ma ke s wi h
consume s sha ing simila p e e ences. A c i ical success
ac o o manage s is he in eg a ion o he social alue
unde s anding in o he i m’s s a egic o ien a ion, enabling
social alue c ea ion beyond cus ome and inancial alue
c ea ion. To moni o and s ee he i m’s social alue c ea-
ion, he measu emen app oach should build mainly on i s
ope a ional da a (e.g., indica o s o p oduc sa e y, usage o
sus ainable echnologies). Fi ms adop ing he maximizing
app oach can bene i om comp ehensi e accoun abili y
s anda ds as he Global Repo ing Ini ia i e (GRI), he Sus-
ainabili y Accoun ing S anda ds Boa d S anda ds (SASB)
o he In eg a ed Repo ing F amewo k om he In e na-
ional In eg a ed Repo ing Council (IIRC). This app oach
o social alue is sui able o con ibu ing o SDGs a ge ing
bene i s o he common, such as a o dable ene gy (SDG 7)
o economic g ow h (SDG 8).
The indi idualis ic app oach wi h he wo hiness o he
indi idual concep ualiza ion is adequa e o i ms de el-
oping p oduc s o se ices o he e ogeneous o unknown
ma ke s. Wi hin his app oach, c i ical success ac o s a e
he s eng hening o he cus ome ocus h ough ma ke
in elligence and he in eg a ion o cus ome s in o p oduc
o se ice de elopmen ac i i ies (e.g., co-c ea ion). Fi ms
adop ing he indi idualis ic app oach o social alue should
ely on comp ehensi e accoun abili y s anda ds (simila o
he maximizing app oach) and alue cap u e ’s da a (e.g.,
Table 4 Social Value Typology: Social Value App oaches and hei Implica ions o P ac ice
App oach Maximizing Indi idualis ic S akeholde Vi uous No ma i e
Design o alue
o e ing
Sui able con ex
o applica ion
De elopmen
o p oduc s/
se ices o
well-known
ma ke s o o
homogeneous
ma ke s wi h
consume s
sha ing simila
p e e ences
De elopmen
o p oduc s/
se ices o
unknown
ma ke s o o
he e ogeneous
ma ke s
Dedica ed
de elopmen
o p oduc s
o se ices
o speci ic
s akeholde
g oups wi h
speci ic needs
o p oblems
De elopmen o
highly inno a-
i e p oduc s/
se ices
(b eak h ough
inno a ions)
E e y alue o e ing
endea o in a i m ha
is s ongly guided by an
e hos (e.g., e hical codes)
o he o ganiza ion
Success ac o
(exempla y)
In eg a ion o
social alue
unde s anding
in i m’s s a e-
gic o ien a ion
S eng hening o
he cus ome
ocus h ough
ma ke in el-
ligence and
in eg a ion o
cus ome s in o
p oduc o se -
ice de elop-
men p ocesses
Dedica ed
in ol emen
o s akehold-
e s in p oduc
o se ice
de elopmen
p ocesses (e.g.,
co-c ea ion)
Explici
de ini ion o
i ms’ mo al
obliga ion and
implemen a-
ion h ough
managemen
sys ems
In eg a ion o beha io al
c i e ia and no ms in
i m’s cul u e and ins i u-
ional p ac ices
Measu emen o
social alue
Fi m-cen ic
app oach using
alue c ea o ’s
ope a ional
da a
Human-cen ic
app oach using
alue cap u e ’s
da a
Human-cen ic
app oach using
alue cap u e ’s
da a
Fi m-cen ic
app oach using
alue c ea o ’s
ope a ional da a
Fi m-cen ic app oach
using alue c ea o ’s
ope a ional da a
Accoun abili y s anda d (exempla y) GRI, SASB
S anda ds, In e-
g a ed Repo -
ing F amewo k
(IIRC)
GRI, SASB
S anda ds, In e-
g a ed Repo -
ing F amewo k
(IIRC)
ISO 14001, Ca -
bon Disclosu e
P ojec
ISO 26000, SA
8000,
B Lab ce i ica-
ion
UN GC, OECD guide-
lines o mul ina ional
en e p ises
Sus ainable De elopmen Goal
(exempla y)
SDG 7 (a o d-
able and clean
ene gy),
SDG 8 (decen
wo k and eco-
nomic g ow h)
SDG 3 (good
heal h and well-
being), SDG
12 ( esponsible
consump ion,
p oduc ion)
SDG 1 (no po -
e y),
SDG 6 (clean
wa e and
sani a ion)
All SDGs SDG 9 (indus y, inno a-
ion and in as uc u e),
SDG 17 (pa ne ships o
he goals)

427
Social Value in Business: An In eg a i e Re iew and Typology
cus ome eedback) o measu e and s ee social alue c ea-
ion. The indi idualis ic app oach is sui able o con ibu ing
o SDGs a ge ing bene i s o he indi idual, such as good
heal h and well-being (SDG 3) and esponsible consump ion
(SDG 12).
The s akeholde app oach o social alue is sui able o
i ms wi h a dedica ed alue o e ing o speci ic s akeholde
g oups (e.g., p o ision o basic needs o esolu ion o known
s akeholde p oblems). Wi hin his app oach, he explici
in ol emen o s akeholde s in p oduc o se ice de elop-
men p ocesses (e.g., h oughco-c ea ion ac i i ies) ep e-
sen s a c i ical success ac o . Simila o he indi idualis ic
app oach, he measu emen o social alue should ely on
alue cap u e ’s da a (e.g., s akeholde ’s su ey on he pe -
cep ion o bene i ). Fi ms adop ing he s akeholde app oach
pu sue in o ma ion on speci ic s akeholde needs and he e-
o e will bene i om specialized accoun abili y s anda ds
aligned wi h speci ic s akeholde needs, such as ISO 14001
o he Ca bon Disclosu e P ojec . This app oach is sui able
o con ibu ing o SDGs aligned wi h speci ic a ge g oups,
such as no po e y (SDG 1) o sani a ion (SDG 6).
The i uous app oach o social alue is based on he
p emise ha bene i o he common o he indi idual
can be c ea ed ou o a i ms’ mo al obliga ion. In o he
wo ds, he mo al obliga ion o maximizing payo s o
he i m and all alue cap u e s is necessa y o gene a e
wo hiness. The e o e, his app oach is adequa e o i ms
de eloping highly inno a i e p oduc s o se ices (b eak-
h ough inno a ions), as hey a e ope a ing in an en i on-
men (e.g., ma ke , echnology, cus ome pe cep ions) in
which he wo hiness o he common o he indi idual is
unce ain. A c i ical success ac o o manage s adop ing
his app oach is he explici de ini ion o he i m’s mo al
obliga ion and i s implemen a ion h ough he manage-
men sys em. To moni o social alue c ea ion, he meas-
u emen app oach should build on i m’s ope a ional da a
(e.g., numbe o bluesign® pa ne s). Fi ms adop ing he
i uous app oach will bene i om accoun abili y s and-
a ds, such as B Lab ce i ica ion, ISO 26000 o SA8000, o
s eng hen hei mo al obliga ion. This app oach o social
alue is sui able o con ibu ing o all SDGs because hese
a e a call o ac ion based on he mo al obliga ion o all
ac o s in ol ed.
In con as wi h he i s ou app oaches ha build on
he wo hiness concep , he no ma i e app oach is based
on he unde s anding o social alue as guiding and judg-
ing p inciple o making business. The e o e, he no ma-
i e app oach is sui able o e e y alue o e ing endea o
in a i m ha is s ongly guided by an e hos (e.g., e hical
codes) o he o ganiza ion. Wi hin his app oach, a c i ical
success ac o is he de ini ion and in eg a ion o speci ic
beha io al c i e ia and no ms in i m’s cul u e (e.g., lead-
e ship) and ins i u ional p ac ices (e.g., code o conduc ).
Simila o he maximizing and i uous app oaches, he
measu emen o social alue should ely on i ms’ ope a-
ional da a (e.g., numbe o ainings conduc ed wi h
manage s o ans o m leade ship s yle). Fi ms adop -
ing he (uni e sal) no ma i e app oach can bene i om
accoun abili y s anda ds ha p o ide (e hical) guidelines
o conduc ing business, such as he Uni ed Na ions Global
Compac (UN GC) o he O ganisa ion o Economic Co-
ope a ion and De elopmen (OECD) guidelines o mul-
ina ional en e p ises. This app oach o social alue is
adequa e o con ibu ing o SDGs ha equi e a collabo-
a ion be ween he e ogeneous pa ne s, such as indus y,
inno a ion, and in as uc u e (SDG 9) o global pa ne -
ships (SDG 17). The no ma i e app oach aims o p o ide
a common e hos o i ms’ decision-make s and p ocesses,
acili a ing coope a ion and collabo a ion be ween ac o s
om di e en indus ies, coun ies, o cul u es.
Ou ypology o e s a ounda ional anspa ency and
ini ial guidance o manage ial p ac ice aiming o in eg a e
social alue in business s a egy and mains eam p ac ices.
Howe e , we acknowledge ha i ms migh need mo e han
one app oach o e ec i ely con ibu e o socie y acco ding
o he con ex o applica ion.
Fu u e Resea ch andLimi a ions
Fu u e Resea ch
In he cou se o consolida ing li e a u e and de eloping
a ypology o social alue, we iden i ied salien u u e
esea ch p io i ies consis ing o app oach-speci ic and
o e a ching esea ch ques ions. In doing so, ou in en ion
was no o be exhaus i e, bu a he o add ess c i ical
pa hs ha appea pa icula ly p omising o schola s.
Wi h espec o he maximizing app oach, explo ing he
con ingen cha ac e o he app op ia eness concep (e.g.,
cul u al con ex , indi idual expe iences) is necessa y. In
addi ion, we encou age u u e esea ch o in es iga e he
condi ions unde which i ms migh c ea e a simul aneous
win–win si ua ion o people, ci il socie al ins i u ions,
and he na u al en i onmen (i.e., bene i o he uni e sal
bene icia y).
Rega ding he indi idualis ic app oach, unde s and-
ing he i m in en ion–cus ome pe cep ion gap is c i ical
o enhance he con ollabili y and e ec i eness o i ms’
social alue c ea ion e o s. Mo eo e , i is c i ical o shed
ligh on how indi iduals in di e en con ex s (e.g., p o es-
sion, cul u e, educa ion) manage he balance be ween gi -
ing and aking in he social sys em o achie e an indi idual
well-being and how his indi idual well-being in e ac s
wi h he unc ioning o o he indi iduals.
428 M.F.de la C uz Ja a, J.Spanjol
Wi h ega d o he s akeholde app oach, we encou age
esea che s o in es iga e comp ehensi ely how people in
need wan o li e. He e, i is impo an no only o cap-
u e indi idual and agg ega ed p e e ences o people in
need bu also o jux apose hese wi h he pe spec i es o
o he c i ical ac o s (e.g., go e nmen al en i ies, no ma-
i e ins i u ions, o -p o i i ms). Addi ional impo an
ques ions could a ise om a ocus on he kind o ela ion-
ships needed be ween i ms and s akeholde s o e ec i ely
implemen he s akeholde app oach (e.g., empowe men ,
co-c ea ion, consump ion). Mo eo e , u u e esea ch
should examine how he inneed condi ion can be de e -
mined objec i ely (e.g., indica o s o li ing condi ions,
such as income, c i icali y o needs o human li e).
Wi h ega d o he i uous app oach, u u e esea ch
migh ocus on explo ing how decision-make s in i ms
unde s and and manage hei mo al obliga ion and how
his unde s anding is shaped by i m-con ex ual condi ions
(e.g., indus y sec o , coun y cul u e) and e ol es o e
ime. Fu u e esea ch should also unde s and how a sense
o mo al obliga ion de elops in i ms a di e en le els o
analysis (i.e., indi iduals, eams, o ganiza ions).
Finally, o he no ma i e app oach, i is impo an o
in es iga e how indi iduals embedded in di e en con-
ex s cope wi h and manage con adic o y o complemen-
a y e hos blended in he la ge social sys em (e.g., i m
e hos, eligion and mo al). Addi ionally, we ecommend
esea che s o explo e how a no el ins i u ional logic
(Ba ilana e al., 2014; Dunn & Jones, 2010; Ocasio e al.,
2016) migh explain he in eg a ion o a mo al impe a i e
in o he dominan economic impe a i e in o -p o i i ms’
mains eam o co e business. In es iga ing how i ms can
suppo he de elopmen o a mo al impe a i e a he con-
sume le el h ough hei p oduc s o se ices is also an
impo an a enue o u u e esea ch.
F om an o e a ching pe spec i e on he ypology o social
alue, we encou age esea che s o shed ligh on he empo-
al dimension o social alue (social alue is a p ocess ha
un olds o e a longe pe iod o ime) and i ms’ an icipa o y
in elligence (e.g., s a egic o esigh ) o be e unde s and
how o ganiza ions can an icipa e and manage (posi i e and
nega i e) consequences o i ms’ ac ions, p oduc s and se -
ices and hus be able o c ea e social alue. I is also neces-
sa y o unde s and how i m-ex e nal s imuli (e.g., so laws,
ha d laws, a ge ed in e en ions) can posi i ely in luence
he de elopmen o a social alue unde s anding in i ms
ha leads o he design o adap a ion o he business model
owa d social alue c ea ion. Finally, u u e esea ch should
also analyze how he concep o social alue can be aligned
wi h he p inciples o he ee ma ke economic sys em o
a oid ade-o concep ualiza ions. Such heo e ical wo k
can build on he in eg a i e social con ac s heo y (Don-
aldson & Dun ee, 1994) and he heo y o pa adox (Smi h &
Lewis, 2011) bu also on insigh s om sociology. In gene al,
because he cu en unde s anding o social alue in busi-
ness has mainly eme ged om managemen and economics
li e a u e, i is impo an ha u u e esea ch inc easingly
d aws on sociology o s eng hen he concep ual ocus on
humans and hei in e ac ion in s uc u ed social sys ems.
We a gue ha i is necessa y o s a hinking o social alue
no as he coun e pa o economic alue bu as one concep
in which social and economic p inciples go hand in hand and
alue ep esen s a ela ional concep based on mu uali y in
a s akeholde sys em (F eeman, 2020).
Limi a ions
Al hough his in eg a i e e iew s i es o be igo ous and
comp ehensi e, ou e iew does no aim o claim o be
exhaus i e. Fi s , i does no include ce ain ypes o publica-
ions. Speci ically, we ha e no included books in ou e iew,
as ou goal was o examine schola ly ou pu ha is he p i-
ma y inpu o esea che s conduc ing s udies on opics
ela ed o social alue. Ye , ocusing on pee - e iewed a i-
cles also p o ides a ce ain quali y assu ance (Hiebl, 2023;
T an ield e al., 2003). We acknowledge ha books on social
alue- ela ed opics (e.g., Bha acha ya e al., 2011; Klein,
2022) con ain ich discussions abou he domain and in lu-
ence hinking. Howe e , impac ul books o en ind hei
way in o pee - e iewed a icles, ei he by being ex ended
discussions o published a icles o by being ci ed in a icles.
Second, ou e iew ocuses on assessing social alue wi hin
he business schola ship landscape. While o he schola ly
domains add ess social alue (e.g., public adminis a ion),
we ha e no sys ema ically sea ched hose domains, as ou
ocus was on syn hesizing business schola ship. Th ough
ci a ion acing, howe e , we we e able o include a se o
concep ualiza ions o social alue om medicine, psychol-
ogy and sociology, which had ound hei way in o he busi-
ness li e a u e. Fu u e esea ch migh ocus speci ically on
linking business schola ship wi h o he domains, pe haps
h ough bibliome ic li e a u e e iews. Thi d, we acknowl-
edge ha al hough no a p io i easons we e iden i ied o
expec ha c i ical publica ions ha e been omi ed, i is
possible ha no all ele an a icles we e iden i ied despi e
ollowing a sys ema ic p ocedu e o sha pen ou sea ch key-
wo ds in he p e-scanning s age o he sampling app oach.
Finally, he p esen li e a u e e iew is limi ed by gene al
d awbacks inhe en in quali a i e con en analysis in which
esea che s’ pe cep ions, expe iences, and expe ise in lu-
ence he analysis o some ex en . To ensu e anspa ency
we p o ide addi ional de ails in he Supplemen a y Ma e ial
a ailable online. In addi ion, we a e awa e ha ou esea ch
p io i ies add ess only selec ed esea ch ques ions. While no
exhaus i e, ou esea ch p io i ies add ess bo h he b ead h
429
Social Value in Business: An In eg a i e Re iew and Typology
and dep h o u u e social alue esea ch, p o iding guid-
ance o esea che s seeking o ad ance his eme ging ield.
Concluding Rema ks
Social alue is usually po ayed as a collec i e bene i o
he wide socie y. Howe e , he answe o he ques ion o
wha bene i is o wha exac ly is mean by socie y o en
emains ague. Ou in eg a i e e iew p o ides a c i ical
analysis and syn hesis (To aco, 2016) o he domain and
iden i ies s eng hs, weaknesses, and omissions o he su -
eyed li e a u e.
Fi s , ou c i ical analysis iden i ied a he e ogenei y o
pe spec i es on social alue. While his is in i sel no
su p ising, i is a s eng h o he li e a u e as i enabled
business schola s o add ess a a ie y o esea ch ques ions
ela ed o social alue (e.g., schola s d awing on insigh s
om sociology o medicine o explo e esea ch ques ions
in he managemen domain). Ou syn hesis o he li e a-
u e (i.e., he social alue ypology) has o malized he
he e ogeneous pe spec i es on social alue and opens up
new a enues o esea ch.
Second, he same he e ogenei y leads o concep ual
inconsis encies and ambigui ies in e minology wi hin
and ac oss business domains, making i challenging o
es ablish clea consensus (e.g., who is he bene icia y o
c ea ed social alue and why). Hence, he e iewed body
o knowledge eme ged as being agmen ed, making i
di icul o schola s o na iga e h ough his la ge li e a-
u e wi h a ying pe spec i es and app oaches. Thus, he
iden i ied he e ogenei y is also a weakness o he e iewed
li e a u e, hinde ing a cohesi e schola ly p og ession. In
addi ion, his he e ogenei y o pe spec i es sugges s ha
manage ial p ac ice does no ha e adequa e guidance on
how o unde s and and manage social alue c ea ion in
i ms, as e lec ed in he p oli e a ion o manage ial ins u-
men s suppo ing social alue c ea ion (e.g., GRI, SA8000
S anda d) o he mo e han 1,000 social alue indica o s
(Bee & Micheli, 2018). Ou ypology add esses his
weakness by o e ing a comp ehensi e and s uc u ed con-
cep ualiza ion o he social alue domain. Mo eo e , ou
ypology o e s di ec ion o manage ial p ac ice, espond-
ing o he new o ganiza ional impe a i e o c ea ing social
alue along wi h cus ome and inancial alue.
Thi d, ou c i ical analysis indica ed a lack o consid-
e a ion o an impo an pe spec i e: ime. In o he wo ds,
concep ual desc ip ions and de ini ions o social alue
ac oss business domains did no sys ema ically and explic-
i ly indica e how empo al dynamics a e in eg a ed. This
is an impo an omission, as c ea ing and cap u ing social
alue is a p ocess ha un olds o e a longe pe iod a ec -
ing people, ins i u ions (Reinecke & Law ence, 2023), and
he na u al en i onmen wi h a ying in ensi y. Howe e ,
his empo al dimension is no su icien ly ep esen ed in
he e iewed li e a u e and hus ep esen s a p omising
a enue o u u e esea ch.
In conclusion, esea che s and p ac i ione s need o be
awa e o and ha e cla i y on he mul iple pe spec i es o
he social alue concep , i s dynamic and con ingen cha -
ac e linked o con ex ual bounda ies, and he di e en
assump ions ha de e mine hei unde s anding. We do
no en ision a closed social alue communi y bu hope
o sensi ize he a ious esea ch s eams ac oss business
domains o he mul iple ace s o he social alue concep
and o encou age and welcome dialogue.
Appendix1
In eg a i e Li e a u e Re iew Bes P ac ices: O e iew
and Co espondence wi h P esen S udy.
430 M.F.de la C uz Ja a, J.Spanjol
S eps Recommended in In eg a i e Li e a u e Re iews
(wha )
Objec i es o Recommended S eps
(why)
Complemen a y Bes P ac ices
(how)
Co espondence wi h Me hodological
Choices in ou Re iew
Elsbach and Knippenbe g (2020) To aco (2016) Elsbach and Knippenbe g (2020) /
To aco (2016)
S ep 1:
Iden i y he space o he e iew.
“Iden i ying he ‘space’ o an
impac ul in eg a i e e iew
in ol es bo h jus i ying he e iew
and iden i ying he bounda y con-
di ions o he e iew.” (p. 1282)
S ep 1:
Es ablish he need, goal and pu poses
o he e iew.
“Is he e a need o he in eg a i e
li e a u e e iew? … Will he e iew
a icle make a signi ican , alue-
added con ibu ion o new hinking
in he ield?” (p. 424)
Cla i ying he “ easons o pe o m-
ing a e iew, ha is, he po en ial
o a alue-added ou come o he
e iew” and de ining “ he logic
and p ocess o selec ing li e a u e
o be included in he e iew.”
(Elsbach & Knippenbe g, 2020,
p. 1282)
Hiebl (2023): Sample selec ion
T an ield e al. (2003): Sample
selec ion, e iew guidelines
Jus i ica ion o e iewing he social
alue concep in business li e a u e
p o ided (pp. 1–2).
Sample selec ion ollowing a h ee-
s ep app oach (p e-scan, sea ch and
sc een) (pp. 9–13).
S ep 2:
Conduc a c i ical analysis o he
li e a u e.
“C i ical analysis in ol es ca e-
ul examina ion and c i ique o
he ex an li e a u e, wi h an eye
owa d iden i ying hemes, pa -
e ns, ela ionships, and gaps in
unde s anding.” (p. 1284)
S ep 2:
Conduc a c i ical analysis o he
li e a u e.
“C i ical analysis o li e a u e in ol es
ca e ully examining he main ideas
and a gumen s p esen ed in he
li e a u e h ough a c i ical lens…
C i ical analysis in ol es decon-
s uc ing pieces o li e a u e on he
opic in o hei basic elemen s.” (pp.
419–420)
C i ical analysis “enables he au ho
o concep ually econs uc he
opic o a clea e , mo e comple e,
and up- o-da e concep ion o he
opic.” (To aco, 2016, p. 420)
Gioia e al. (2013): I e a i e coding
(open and axial coding) o induc-
i e heo izing
K ippendo (1989),
Webe (1990): Con en analysis
Concep ual econs uc ion h ough
con en analysis o concep ual
desc ip ions o “social alue”
ac oss a icles (pp. 14–15).
Clea e and mo e comple e concep-
ion o “social alue” along ou
dimensions (pp. 17–25).
Syn hesis and isualiza ion o pa -
e ns h ough “Social Value Rada ”
(Fig.2).
S ep 3:
Syn hesize he li e a u e.
“C ea i e syn hesis…in ol es
in eg a ing exis ing amewo ks
wi h insigh s gained om he
c i ical analysis o o mula e a new
pe spec i e ega ding he opic.”
(p. 1284)
S ep 3:
Syn hesize he li e a u e.
“Syn hesis in eg a es exis ing ideas
wi h new ideas o c ea e a new o -
mula ion o he opic. …Using he
insigh s acqui ed om a ca e ul and
c i ical analysis o he li e a u e, he
au ho ecas s, combines, eo gan-
izes, and in eg a es concep s and
pe spec i es on he opic o c ea e
new heo e ical o mula ions and
ways o hinking abou he opic.”
(To aco, 2016, p. 420)
“[T]he esul o a comp ehensi e
syn hesis o li e a u e is ha
new knowledge o pe spec i e
is c ea ed despi e he ac ha
he e iew summa izes p e ious
esea ch.” (To aco, 2016, p. 421)
Bailey (1994), McKel ey (1982):
Typology de elopmen
Syn hesis and di e en ia ion o he
li e a u e esul ed in a new pe spec-
i e o he social alue concep in
o m o he “Social Value Typol-
ogy” (Figs.3–8).
Syn hesis and di e en ia ion buil
on he isualiza ion (“Social Value
Rada ”) ha eme ged om he
c i ical analysis o he li e a u e
(pp. 25–35).