Main Article Content


The recent rise of the Shared Value (SV) concept justifies the debate about its possible conceptual developments. The objective of this article is to analyze the conceptual evolution of the SV showing its approaches from strategy, corporate social responsibility (CSR) and stakeholders. The methodology used for research consists of a systematic review of the literature, using as input for the classification of articles, the graphs theory and a bibliometric analysis through the Tree of Science (ToS) tool. The analysis focuses on the evolution of the concept of SV (start, development and trends) observing the maintenance of the original approaches and new trends in concept application. It is concluded that although the origin of the SV does not yet have a defined consensus, there are some coincident characteristics for its application, such as: creation of mutual value, integration of economic and social value and the generation of positive impacts on stakeholders.

Marcela Maestre-Matos, Universidad del Norte

Doctor in Administration (C), Universidad del Norte, Colombia. Industrial Engineer, Universidad del Magdalena, Colombia.

Andrea Paola Paez Cabas, Universidad del Norte

Young Researcher, Colciencias Program and Universidad del Norte, Barranquilla, Colombia. Indrustrial Engineer, Universidad del Magdalena, Colombia.

Jahir Enrique Lombana-Coy, Universidad del Norte

Associate Professor, School of Business, Universidad del Norte, Barranquilla, Colombia. Economist, Universidad del Rosario, Colombia, Doctor in Economics, University of Göttingen, Germany.

Maestre-Matos, M., Paez Cabas, A. P., & Lombana-Coy, J. E. (2020). Shared value: a bibliometric review of the literature from the approaches of strategy, corporate social responsibility and stakeholder. Cuadernos De Administración, 36(66), 172–186.

Andersen, L. (2017). ‘Useful, usable and used’: Sustaining an Australian model of cross-faculty service learning by concentrating on shared value creation. Gateways: International Journal of Community Research and Engagement, 10, 58-77.

Barki, E., Comini, G., Cunliffe, A., Hart, S., & Rai, S. (2015). Social entrepreneurship and social business: retrospective and prospective research. Revista de Administração de Empresas, 55(4), 380-384.

Berning, A., & Venter, C. (2015). Sustainable supply chain engagement in a retail environment. Sustainability, 7(5), 6246-6263.

Biloslavo, R., Bagnoli, C., & Edgar, D. (2018). An eco-critical perspective on business models: The value triangle as an approach to closing the sustainability gap. Journal of Cleaner Production, 174, 746-762.

Bode, C., & Singh, J. (2018). Taking a hit to save the world? E mployee participation in a corporate social initiative. Strategic Management Journal, 39(4), 1003-1030.

Bowe, C., & van der Horst, D. (2015). Positive externalities, knowledge exchange and corporate farm extension services; a case study on creating shared value in a water scarce area. Ecosystem Services, 15, 1-10.

Campos-Climent, V. & Sanchis-Palacio, J. (2017). The influence of knowledge absorptive capacity on shared value creation in social enterprises. Journal of Knowledge Management, 21 (5), 1163-1182.

Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39-4.

Castro-Martinez, M. P., & Jackson, P. R. (2015). Collaborative value co-creation in community sports trusts at football clubs. Corporate Governance, 15(2), 229-242.

Chailertpong, T., & Phimolsathien, T. (2018). Solving global problems: Waste to power while creating stakeholder shared value. Business and Economic Horizons, 14(1), 54-74. DOI: 10.15208/beh.2018.5

Clarkson, M. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1), 92-117. DOI: 10.2307/258888

Clyde, P., & Karnani, A. (2015). Improving private sector impact on poverty alleviation: A cost-based taxonomy. California Management Review, 57(2), 20-35.

Crane, A., Palazzo, G., Spence, L. J., & Matten, D. (2014). Contesting the value of “creating shared value.” California Management Review, 56(2), 130-153.

Cvetkovich, G., & Winter, P. L. (2003). Trust and social representations of the management of threatened and endangered species. Environment and Behavior, 35(2), 286-307.

Davis, K. (1973). The case for and against business assumption of social responsibilities. Academy of Management Journal, 16(2), 312-322.

Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91. DOI: 10.2307/258887

Dubois, C. L. Z., & Dubois, D. A. (2012). Expanding the vision of industrial–organizational psychology contributions to environmental sustainability. Industrial and Organizational Psychology, 5(4), 480-483.

Dyck, B., & Silvestre, B. S. (2018). Enhancing socio-ecological value creation through sustainable innovation 2.0: Moving away from maximizing financial value capture. Journal of Cleaner Production, 171, 1593-1604.

Euler, L. (1741). Inventio summae cuiusque seriei ex dato termino generali. Commentarii Academiae Scientiarum Petropolitanae, 8(1736), 9-22.

Fearne, A., Garcia Martinez, M., & Dent, B. (2012). Dimensions of sustainable value chains: implications for value chain analysis. Supply Chain Management: An International Journal, 17(6), 575-581.

Fernández-Gámez, M. Á., Gutiérrez-Ruiz, A. M., Becerra-Vicario, R., & Ruiz-Palomo, D. (2019). The Effects of Creating Shared Value on the Hotel Performance. Sustainability, 11(6), 1784.

Flax, J., Bick, G., & Abratt, R. (2016). The perceptions of supplier-buyer relations and its affect on the corporate brand. Journal of Brand Management, 23(1), 22-37.

Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman. Retrieved from

Freeman, R Edward, Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder theory: The state of the art. Cambridge, Reino Unido: Cambridge University Press.

Garriga, E., & Melé, D. (2004). Corporate social responsibility theories: Mapping the territory. Journal of Business Ethics, 53(122), 51-71.

Ghalwash, S., Tolba, A. and Ismail, A. (2017). What motivates social entrepreneurs to start social ventures? An exploratory study in the context of a developing economy. Social Enterprise Journal, 13(3), 268-298.

Hanssen, G. K. (2012). A longitudinal case study of an emerging software ecosystem: Implications for practice and theory. Journal of Systems and Software, 85(7), 1455-1466.

Harvey, B., & Bice, S. (2014). Social impact assessment, social development programmes and social licence to operate: tensions and contradictions in intent and practice in the extractive sector. Impact Assessment and Project Appraisal, 32(4), 327-335.

Hingley, M. (2010). Networks in socially embedded local food supply: the case of retailer co-operatives. Journal of Business Market Management, 4(3), 111-128.

Høvring, C. M. (2017). Caught in a communicative catch‐22? Translating the notion of CSR as shared value creation in a Danish CSR frontrunner. Business Ethics: A European Review, 26(4), 369-381.

Hsiao, T.-Y., & Chuang, C.-M. (2016). Creating Shared Value Through Implementing Green Practices for Star Hotels. Asia Pacific Journal of Tourism Research, 21(6), 678-696.

Johnson, H. L. (1971). Business in contemporary society: Framework and issues. Michigan, USA: Wadsworth Pub. Co.

Jones, S., & Wright, C. (2018). Fashion or future: does creating shared value pay? Accounting & Finance, 58(4), 1111-1139.

Kraus, S., Burtscher, J., Vallaster, C., and Angerer, M. (2018). Sustainable entrepreneurship orientation: A reflection on status-quo research on factors facilitating responsible managerial practices. Sustainability, 10(2), 444.

Laasch, O. (2018). Beyond the purely commercial business model: Organizational value logics and the heterogeneity of sustainability business models. Long Range Planning, 51(1), 158-183.

Lankoski, L., & Smith, N. C. (2018). Alternative objective functions for firms. Organization & Environment, 31(3), 242-262.

Laudal, T. (2018). Measuring shared value in multinational corporations. Social Responsibility Journal, 14(4), 917-933.

Law, M. (2008). Customer referral management: the implications of social networks. The Service Industries Journal, 28(5), 669-683.

Lee, S. M., Olson, D. L., & Trimi, S. (2012). Co‐innovation: convergenomics, collaboration, and co‐creation for organizational values. Management Decision, 50(5), 817-831.

Lim, B. T. H., & Loosemore, M. (2017). How socially responsible is construction business in Australia and New Zealand? Procedia Engineering, 180, 531-540.

Lin, C.-P., Wang, Y.-J., Tsai, Y.-H., & Hsu, Y.-F. (2010). Perceived job effectiveness in coopetition: A survey of virtual teams within business organizations. Computers in Human Behavior, 26(6), 1598-1606.

Liu, X., Jiang, T., & Ma, F. (2013). Collective dynamics in knowledge networks: Emerging trends analysis. Journal of Informetrics, 7(2), 425–438.

Loosemore, M., & Lim, B. T. H. (2018). Mapping corporate social responsibility strategies in the construction and engineering industry. Construction Management and Economics, 36(2), 67-82.

Lu, X., Xie, X., & Xiong, J. (2015). Social trust and risk perception of genetically modified food in urban areas of China: the role of salient value similarity. Journal of Risk Research, 18(2), 199-214.

Maillefert, M., & Robert, I. (2017). Nouveaux modèles économiques et création de valeur territoriale autour de l’économie circulaire, de l’économie de la fonctionnalité et de l’écologie industrielle. Revue DEconomie Regionale Urbaine, 5, 905-934.

Markman, G. D., & Krause, D. (2016). Theory building surrounding sustainable supply chain management: Assessing what we know, exploring where to go. Journal of Supply Chain Management, 52(2), 3-10.

Méndez Pinzón, M., & Gomez Osorio, M. (2017). Factores incidentes para crear valor compartido en las Mipymes de Bogotá.

Montabon, F., Pagell, M., & Wu, Z. (2016). Making sustainability sustainable. Journal of Supply Chain Management, 52(2), 11-27.

Morioka, S. N., Bolis, I., & de Carvalho, M. M. (2018). From an ideal dream towards reality analysis: Proposing Sustainable Value Exchange Matrix (SVEM) from systematic literature review on sustainable business models and face validation. Journal of Cleaner Production, 178, 76-88.

Moura, A., Comini, G., & Teodosio, A. D. S. D. S. (2015). The international growth of a social business: a case study. Revista de Administração de Empresas, 55(4), 444-460.

Mühlbacher, H., & Böbel, I. (2019). From zero-sum to win-win-Organisational conditions for successful shared value strategy implementation. European Management Journal, 37(3), 313-324.

Muller, C., Vermeulen, W. J. V, & Glasbergen, P. (2012). Pushing or sharing as value‐driven strategies for societal change in global supply chains: two case studies in the British–South African fresh fruit supply chain. Business Strategy and the Environment, 21(2), 127-140.

Muñoz Martín, J. (2013). Ética empresarial, Responsabilidad Social Corporativa (RSC) y Creación de Valor Compartido (CVC). Revista de Globalización, Competitividad y Gobernabilidad, 7(3).

Närvänen, E., Gummesson, E., & Kuusela, H. (2014). The collective consumption network. Managing Service Quality, 24(6), 545-564.

Nielsen, A. E., & Thomsen, C. (2018). Reviewing corporate social responsibility communication: a legitimacy perspective. Corporate Communications: An International Journal, 23(4), 492-511.

Nikolova, N., & Andersen, L. (2017). Creating shared value through service-learning in management education. Journal of Management Education, 41(5), 750-780.

Porter, M. E., & Kramer, M. R. (2002). The competitive advantage of corporate philanthropy. Harvard Business Review, 80(12), 56-68.

Porter, M., & Kramer, M. (2006). Strategy and society: The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12), 78-92.

Porter, M. E., & Kramer, M. R. (2011). The big idea: Creating shared value. Retrieved from

Porter, M., & Kramer, M. (2014). A response to Andrew Crane et al.’s. California Management Review, 56, 149-151.

Rezaee, Z. (2018). Supply chain management and business sustainability synergy: A theoretical and integrated perspective. Sustainability, 10(1), 275.

Robledo Giraldo, S., Duque Méndez, N. D., & Zuluaga Giraldo, J. I. (2013). Difusión de productos a través de redes sociales: una revisión bibliográfica utilizando la teoría de grafos. Respuestas, 18(2), 28-42.

Roszkowska-Menkes, M. T. (2018). Integrating strategic CSR and open innovation. Towards a conceptual framework. Social Responsibility Journal, 14(4), 950-966.

Ruan, J. (2017). Ritual capital: A proposed concept from case studies of school selection in China. Asian Journal of Social Science, 45(3), 316–339.

Schaefer, K., Corner, P. D., & Kearins, K. (2015). Social, environmental and sustainable entrepreneurship research: what is needed for sustainability-as-flourishing? Organization & Environment, 28(4), 394-413.

Shrivastava, P., & Kennelly, J. J. (2013). Sustainability and place-based enterprise. Organization & Environment, 26(1), 83-101.

Soundararajan, V., & Brown, J. A. (2016). Voluntary governance mechanisms in global supply chains: Beyond CSR to a stakeholder utility perspective. Journal of Business Ethics, 134(1), 83-102.

Stott, N., & Tracey, P. (2018). Organizing and innovating in poor places. Innovation, 20(1), 1-17.

Strand, R., & Freeman, R. E. (2015). Scandinavian cooperative advantage: The theory and practice of stakeholder engagement in Scandinavia. Journal of Business Ethics, 127(1), 65-85.

Strand, R., Freeman, R. E., & Hockerts, K. (2015). Corporate social responsibility and sustainability in Scandinavia: An overview. Journal of Business Ethics, 127(1), 1-15.

Szmigin, I., & Rutherford, R. (2013). Shared value and the impartial spectator test. Journal of Business Ethics, 114(1), 171-182.

Tang, C. S. (2018). Socially responsible supply chains in emerging markets: Some research opportunities. Elsevier.

Tate, W. L., & Bals, L. (2018). Achieving shared triple bottom line (TBL) value creation: toward a social resource-based view (SRBV) of the firm. Journal of Business Ethics, 152(3), 803-826.

Trevena, H., Kaldor, J. C., & Downs, S. M. (2015). ‘Sustainability does not quite get the attention it deserves’: synergies and tensions in the sustainability frames of Australian food policy actors. Public Health Nutrition, 18(13), 2323-2332.

Uribe, D., Ortiz-Marcos, I., & Uruburu, Á. (2018). What Is Going on with Stakeholder Theory in Project Management Literature? A Symbiotic Relationship for Sustainability. Sustainability, 10(4), 1300.

Van Rekom, J., Go, F. M., & Calter, D. M. (2014). Communicating a company’s positive impact on society—Can plausible explanations secure authenticity? Journal of Business Research, 67(9), 1831-1838.

Voltan, A., Hervieux, C., & Mills, A. (2017). Examining the win‐win proposition of shared value across contexts: Implications for future application. Business Ethics: A European Review, 26(4), 347-368.

Wood, D. J. (1991). Corporate social performance revisited. Academy of Management Review, 16(4), 691–718. Retrieved from

Wu, J.-J., & Tsang, A. S. L. (2008). Factors affecting members’ trust belief and behaviour intention in virtual communities. Behaviour & Information Technology, 27(2), 115-125.

Yang, S.-C., & Farn, C.-K. (2009). Social capital, behavioural control, and tacit knowledge sharing—A multi-informant design. International Journal of Information Management, 29(3), 210-218.

Zadek, S. (2005a). The Path to Corporate Responsibility. Harvard Business Review.

Zadek, S. (2005b). El camino hacia la reponsabilidad coporativa. Harvard Business Review, 83(8), 54-65. Recuperado de

Zheng, Q., Luo, Y., & Maksimov, V. (2015). Achieving legitimacy through corporate social responsibility: The case of emerging economy firms. Journal of World Business, 50(3), 389-403.

Received 2019-04-13
Accepted 2020-04-06
Published 2020-01-15