Despite the widespread popularity of the Creating Shared Value (CSV) discourse, its ‘business case’ and ‘win–win’ rhetoric remain problematic. This paper adds an inclusive development perspective to the debate, arguing that analysing CSV strategies through an inclusivity lens contributes to a better operationalisation of societal value; makes tensions and contradictions between economic and societal value explicit and uncovers processes of inclusion, exclusion and adverse inclusion. We illustrate this by analysing Nestlé’s CSV strategy in its cocoa supply chains in Ghana based on content analysis of company documents, interviews with value chain actors and stakeholders, and focus groups with farmers. We ask how Nestlé frames and implements its CSV discourse in practice and how this relates to the social, relational and environmental dimensions of inclusive development. Findings show how the company addresses inclusive development dimensions in its corporate discourse, practices and business operations, and what trade-offs it faces. We then unmask the inherent tension between business objectives and societal interests and explain why the scope, issues addressed and societal impacts of CSV remain constrained. We conclude that CSV can help reduce a company’s impact on some persistent societal issues, but that its contribution to transformational change remains limited because the need to uphold competitive advantages and short-term financial performance narrows its ability to address all inclusivity dimensions. Legislation mandating responsible business conduct and due diligence can reduce this inherent tension by levelling the playing field between companies addressing inclusivity issues vis-à-vis those who do not.

尽管“创造共享价值”（CSV）话语广为流行，但其“商业案例”和“双赢”言论仍然存在问题。本文认为，通过包容性角度分析CSV策略有助于更好地实现社会价值，本文为辩论增添了包容性发展视角。使经济和社会价值之间的紧张关系和矛盾明确化，并揭示包容，排斥和不利包容的过程。我们通过对公司文件的内容分析，与价值链参与者和利益相关者的访谈以及与农民的焦点小组的分析，来分析雀巢在加纳可可供应链中的CSV策略，以此说明这一点。我们问雀巢如何在实践中构架和实施其CSV论述，以及这与社会，包容性发展的关系和环境方面。调查结果显示了公司如何在公司话语，业务实践和业务运营中解决包容性发展方面的问题，以及面临的权衡问题。然后，我们揭露了业务目标和社会利益之间固有的张力，并解释了为什么CSV的范围，所解决的问题和社会影响仍然受到限制。我们得出的结论是，CSV可以帮助减少公司对某些持续存在的社会问题的影响，但是它对转型变革的贡献仍然有限，因为需要保持竞争优势和短期财务绩效会缩小其解决所有包容性维度的能力。