Stakeholder value creation: Legitimating business sustainability


Stakeholder cooperation and value creation are a prerequisite for sustainable circular economy and Finland’s objective to be the leading country in circular economy by the year 2025. Companies together with their stakeholders have a crucial role in creating sustainable practices and changing the old ones.

Based on an extensive literature review, we categorize stakeholder cooperation and value creation in the context of sustainability into four perspectives:

(1) focal firm orientation with economic value perspective,

(2) focal firm orientation with multiple value perspective,

(3) stakeholder orientation with economic value perspective, and

(4) stakeholder orientation with multiple value perspective.

Especially, the studies within the category of stakeholder orientation with a multiple value perspective open an opportunity to understand, how sustainable value can be created in business and how the role of companies and their stakeholders can be strengthened in promoting sustainable circular economy.

Authors: Tapaninaho, Riikka & Kujala, Johanna

Published: Rendtorff J. (eds) Handbook of Business Legitimacy.