Business model and the value theory : a critical review of the literature

Fengyang, Jiang and Ates, Aylin (2017) Business model and the value theory : a critical review of the literature. In: British Academy of Management Conference, 2017-09-05 - 2017-09-07, Warwick Business School.

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Although business model research has been progressively attracted attention from both academics and practitioners, a common understanding on business model concept has been rarely shaped and agreed upon. This means scholars from different disciplines expound business model from different angles. Accordingly, this paper will attempt to propose an alternative framework for helping scholars and practitioners reshape their understanding of business models through an in-depth literature review. In order to achieve this aim, we take the foundational angle of business model study, which deals with how to better understand the ‘value’ as a concept. Specifically, an integrative categorisation of business model research together with dimensions is developed. Then, the value theory is utilised acting as a lens and the underlying theoretical framework to understand business models. Finally, we argue to what extent value theory can promote our understanding on business models and we will discussed the implications for theory.