The sustainability of business models is commonly determined by their value creation for a wide range of stakeholders. This value is primarily conceptualised through the aggregated macro-level Triple Bottom Line (TBL) dimensions of social, ecological and economic value. However, few business model studies provide an explanation as to why and how stakeholders see such value in a business model. A problematising review reveals a conflation of the TBL macro-level and stakeholder micro-level of analysis, causing ambiguity regarding contents and recipients of value. This paper adopts a perceived value concept based on micro-level insights from recipient-centric (strategic) management to reform the construct of ecological, social and economic value. The relationships between value perceptions, need fulfilment and need satisfiers are analysed based on the characteristics of subjectivity and heterogeneity, one-sidedness and non-linearity, situation-specificity and transience, spill-over, relationality and experientiality, idiosyncrasy, incommensurability, and interdependence. The analysis underscores a value creation theory based on stakeholder perceptions of need fulfilment. It suggests stakeholder value creation can only be understood through the stakeholders whose needs are being satisfied. The suggested distinction between needs and satisfiers remedies their conflation in previous research and enables a discussion of conditions for sustainable stakeholder value creation.

商业模式的可持续性通常取决于其为广泛的利益相关者创造的价值。该价值主要通过社会、生态和经济价值的宏观层面三重底线 (TBL) 维度的聚合来概念化。然而，很少有商业模式研究能够解释利益相关者为何以及如何看待商业模式的这种价值。一项有问题的审查揭示了 TBL 宏观层面和利益相关者微观层面分析的合并，导致内容和价值接受者的模糊性。本文采用基于以接受者为中心（战略）管理的微观洞察的感知价值概念来改革生态、社会和经济价值的构建。基于主观性与异质性、片面性与非线性、情境特异性与短暂性、溢出性、关系性与经验性、特质性、不可通约性、相互依存性等特点，分析了价值感知、需求满足与需求满足者之间的关系。 。该分析强调了基于利益相关者对需求满足的看法的价值创造理论。它表明利益相关者的价值创造只能通过需求得到满足的利益相关者来理解。需求和满足之间的建议区别纠正了先前研究中将两者混为一谈的问题，并使得能够讨论可持续的利益相关者价值创造的条件。