Abstract
Without value creation, firms cannot exist. However, the concept value creation and value often receive different philosophical treatment within different literature streams. This paper uses qualitative analyses to determine the predominant uses of the concepts of value and value creation within economics, finance, accounting, strategy, management, human resource management, marketing, and international business. The philosophical approaches to value are deconstructed into two dimensions based on the answer to two questions: 1) what is value (intrinsic vs. socially constructed)? Who benefits from value creation (firm-facing vs market-facing)? An intermediate category is also identified in each dimension, i.e., value can be relative, and the value creation event can benefit both the market and the firm at the point of exchange (co-creation).
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