Research approaches to sustainable forest-based value creation: A literature review

Sustainability transitions challenge traditional forest-based sector and the way it operates. So far, the traditional forest-based sector has been considered path-dependent which could hamper its ability to renew. The sustainability of the sector is increasingly contested in science and public discussions despite the efforts to sustainability reporting and certifications. Hence, there is a need for sustainable business models and value creation within the forest-based sector through which companies could increase the well-being of both ecological and social systems through business activities. There is a large body of research regarding the sector's value creation, and a thorough picture is needed. The aim of this systematic literature review is to provide profound information on how sustainable value creation is considered in the literature regarding forest-based sector. Our data consists of 70 peer-reviewed articles, book chapters and conference papers. According to the results, value creation has been studied from various angles, yet the economic dimension has dominated the literature. Sustainable value creation has been considered more on conceptual level while especially emphasizing circularity. Novel approaches emphasizing environmental and social dimensions of value creation are lacking. Business model, servitization, future perspective and network are the four most used theoretical perspectives to consider value creation. More empirical research is needed to understand sustainable value creation and realization of environmental and social values. Furthermore, there is a need for transdisciplinary approaches in studying and assessing sustainable value creation where different theories, methods and tools could be applied to enhance the sector's contribution to sustainability transitions.