Theoretical framework of sustainable value creation by companies. What do we know so far?

Abstract

AbstractIn conditions of limited natural resources, growing social awareness, and ESG risk, sustainability and the pressure to be sustainable are gaining importance. Legislative requirements, good practices and recommendations as well as the stakeholders themselves expect from market participants, especially from the enterprise sector, that they will incorporate sustainability in their activities. Enterprises undertake adaptation activities towards sustainability by creating sustainable value based on their business models. The article aims to systematize the state of knowledge on how companies create sustainable value. Research results in this area are dispersed, and more studies discussing this topic comprehensively are needed. The article fills the gap in research by reviewing the existing studies on creating sustainable value. The analysis of publications was based on the academic databases of Elsevier Scopus and Web‐of‐Science. 101 publications were reviewed, and 31 categorization variables related to the area of research and issues addressed in scientific publications were created. Using a multidimensional correspondence analysis, three homogeneous clusters of publications were obtained: group I refers to articles concerning enterprises of various sizes (micro, small, SME, and start‐up); group II includes publications on Asia and Australia, which appeared in 2020 or later; group III concerns articles related to the research of large production companies in developed European countries. The result shows that companies build sustainable value in various ways, influenced by company's location and size. Among the dominant patterns of incorporating sustainable value, the following are indicated: building a sustainable supply chain, innovations, building relationships with stakeholders and consumers, sharing economy.