The VBA Model and Public Value : Filling the Value Gap

The basic idea of the conceptual paper is to discuss the notion of value creation in the business and society field and to present the public value concept as a way of extending the understanding of business's value creation for society. First, the paper draws on the value balance accountability (VBA) model by Schwartz and Carroll, in which value creation is identified as a central element in the business and society field. Second, based on this, we critically evaluate the VBA model's value notion, which appears to be relatively vague and narrow. Third, in order to tackle these gaps, we present Meynhardt's public value approach, which provides an extended notion of value creation. We further propose a combined public value-balance-accountability-framework. Public value fills the framework's value dimension with actual content and provides a microfoundation. It helps to overcome the separation fallacy. The combined framework contributes to both theory and practice in the business and society field.