Received: 13 January 2021 Revised: 25 April 2021 Accepted: 11 May 2021

DOI: 10.1002/csr.2160

REVIEW ARTICLE

Best of the world or better for the world? A systematic

literature review on benefit corporations and certified B
corporations contribution to sustainable development

Ronald Weber Kirst1 | Miriam Borchardt1 |

2
Maurício Nunes Macedo de Carvalho | Giancarlo Medeiros Pereira1

1
UNISINOS – Vale do Rio dos Sinos
University, S~ao Leopoldo, Brazil Abstract
2
UNIPAMPA – Universidade Federal do Benefit corporations (BCs) and certified benefit corporations (B Corps) are organiza-
Pampa, Bagé, Brazil
tions committed, beyond profit, to leveraging positive environmental and social
Correspondence impacts. Considering their potential contributions to corporate social responsibility
Ronald Weber Kirst, Rua Reis Louzada,
(CSR) and sustainable development, they have received growing attention in the aca-
284 apt. 302 - Porto Alegre, RS - CEP
90630-130, Brazil. demic literature. To date, no study has carried out a systematic literature review
Email: ronaldkirst@gmail.com
(SLR) and discussed the state of the art of BC and B Corp management research.
Funding information Through a SLR, this study aims to systematize the scientific knowledge related to
Conselho Nacional de Desenvolvimento
BCs and B Corps. Sixty-five papers have been identified, classified, and analyzed in
Científico e Tecnologico, Grant/Award
Number: 302895/2016-7; Fundaç~ao de thematic groups (legal model and governance, entrepreneurial journey, external envi-
Amparo à Pesquisa do Estado do Rio Grande
ronment, performance). Two distinct periods of publication have been identified. The
do Sul, Grant/Award Number: 17/2551-0001
147-3 first encompasses papers about BCs focused on legal model and governance; the sec-
ond presents studies about B Corps within the other research themes through vari-
ous lenses, such as CSR and sustainable business models. This SLR proposes further
avenues of research, implications for organizations and policy makers.

KEYWORDS
B Corp, B corporation, benefit corporation, certification, CSR, SDG, sustainability, sustainable
development

1 | I N T RO DU CT I O N achieving the SDGs and their impact in the organizations (Rosati &
Faria, 2019; Tsalis et al., 2020).
The Sustainable Development Goals (SDGs), upon which the United Benefit corporations (BCs) and certified benefit corporations
Nations (UN) agreed in 2015, adopted a global plan of action for sus- (B Corps) are organizations committed, beyond profit, to leveraging
tainable development (Tabares, 2020; Tsalis et al., 2020) named positive environmental and social impacts (Nigri et al., 2020a). The so-
“Transforming Our World: The 2030 Agenda for Sustainable Develop- called “B movement” emerged in the USA and Canada in 2006,
ment” (United Nations, 2015). Through their business activities, enter- through B Lab, a nonprofit organization that aims to use the power of
prises are key players in the achievement of these goals (Muff business to solve social and environmental issues (Honeyman, 2014).
et al., 2020; Rosati & Faria, 2019). The awareness of sustainability is These corporations are concerned with being not only the “best of
growing on corporate level (Lu et al., 2021), putting business leaders the world” but also “better for the world” (B Lab, 2020b).
under pressure for results (Muff et al., 2020). So, companies are The benefit corporation is a legal structure, available in specific
increasing their efforts toward this agenda, especially in developed countries, that aims to provide legal protection for companies to bal-
countries (Ali et al., 2017). In the academic level, scholars have expe- ance financial and nonfinancial interests when making decisions and
nded acute energy on elucidating the role and efforts of enterprises in to protect the social mission, even in the case of ownership change

Corp Soc Responsib Environ Manag. 2021;1–18. wileyonlinelibrary.com/journal/csr © 2021 ERP Environment and John Wiley & Sons Ltd. 1
2 KIRST ET AL.

(B Lab, 2020g). Certified benefit corporations are for-profit companies BCs and B Corps, created in the debate among business and man-
that achieve B Lab certification and focus on creating sustainable agement scholars. It also analyzes how the BC and B Corp literature
solutions for social, economic, and environmental issues through their considers the role and contributions of such enterprises for the
business activities (Harjoto et al., 2019; Tabares, 2020). BCs are not SDGs and sustainability. It shows the evolution of academic research
required to obtain B Corp certification, and the certification is related to this subject over time and around the world since the
not directly related to the BC legal-framework availability, but both emergence of the B movement. The analyzed papers are classified
can qualify as part of the B movement (Honeyman, 2014). Although by four major themes that the authors identified: legal model and
the legal structure of BCs is available only in specific places, the B governance, entrepreneurial journey, external environment, and per-
Corp certification system is available to every business, regardless of formance. For each group, an analysis of the main findings and con-
size or country, and B Lab functions as the certifying body clusions is presented. This SLR demonstrates the development of
(Honeyman, 2014). academic research and identifies future questions and research ave-
The number of certified enterprises has greatly increased since nues on the subject, representing a useful tool for researchers to
2006. In November 2020, 3585 companies from 74 countries were B develop new inquiries.
Corps (B Lab, 2020a). The majority are small businesses; however, Next follows a brief contextualization of BCs and B Corps. Then,
large enterprises are engaging with the global B movement the method for proceeding with the SLR is detailed. Results from the
(e.g., Danone, Natura Cosméticos, Patagonia) (B Lab, 2020d). B Corp SLR, analysis of the literature, discussion and future avenues for
certification results from a process to certify and evaluate the impact research, and conclusions and limitations follow and then conclude
of company activities on the environment and society, evaluated this presentation.
through the B Impact Assessment (BIA), a questionnaire with
150 questions organized by five areas of impact: Governance,
Employees, Community, Environment, and Customers (Gazzola 2 | BE N EF I T CO RP OR A TI O NS A ND
et al., 2019; Stubbs, 2017a). C E R T I F I E D B C O R P O R A T I ON S
Considering the potential contribution of BCs and B Corps to the
SDGs and sustainability among for-profit firms, the subject has A BC must consider all stakeholders in its decisions and is legally emp-
received growing attention in the academic literature (Tabares, 2020). owered to pursue positive stakeholder impact alongside its pursuit of
Early publications on BCs point to relevant legal issues, especially in profit (B Lab, 2020h). A BC may modify its obligations, to commit to
the USA, due to B Lab's origin there in 2006 (André, 2012, 2015; higher standards of purpose, accountability, and transparency
Wilburn & Wilburn, 2014). The legal recognition of BCs has spread to (B Lab, 2020g; Cetindamar, 2018). BC legislation is in force in more
Italy (since 2017) and France (since 2019) (Levillain & than 30 U.S. states and other countries that include Italy and France;
Segrestin, 2019). More recently, scholars have started to discuss specific aspects may differ, depending on the place of adoption
issues related to B Corps (e.g., Harjoto et al., 2019; Stubbs, 2019). (B Lab, 2013, 2020e; Levillain & Segrestin, 2019). Expected outcomes
The studies on B Corps present the merits, as well as the many of adopting this legal form are mission protection and legal support
contradictions, uncertainties, and issues accompanying the general for the managers to make decisions that put stakeholders and the
and specific impact of voluntary certifications (Gehman & social and environmental positive impact ahead of economic results
Grimes, 2017). On the one hand, B Corp certification is relatively (B Lab, 2020g). BCs are not required to obtain B Corp certification,
unknown among consumers, and it can be a risky and potentially but many companies adopt it and use their BIA results in search of
costly undertaking (Moroz & Gamble, 2020). On the other hand, for better results and transparency (Nigri & Del Baldo, 2018). B Lab works
some B Corps, the certification is a confirmation of the path, signaling globally for the development and passage of legislation among gov-
their commitment to a better world (Moroz & Gamble, 2020; ernments (Nigri et al., 2020a).
Stubbs, 2017a). Some studies focus on the business model that B The B Corp certification is a third-party certification that B Lab
Corps operationalize as a way of enabling positive social and/or envi- administers, relying on the organization's verified BIA performance
ronmental outcomes (Stubbs, 2017b) or leveraging a circular economy (B Lab, 2020h). It assesses the overall positive social and environmen-
(Poponi et al., 2019). Others discuss the contribution of B Corps to tal impact of the company (B Lab, 2020c). To obtain the certification,
the SDGs (Stubbs, 2017a; Tabares, 2020). the company must achieve 80 out of 200 points on the aforemen-
The present study considers the novelty of BCs and B Corps tioned questionnaire and meet other transparency and accountability
and the growing but still scarce attention it receives in the literature requirements (B Lab, 2019). B Corps must publish their impact report,
(Tabares, 2020), surrounded by controversial approaches (Moroz & amend their legal governing documents to formally balance profit and
Gamble, 2020). Comprehending the state of the art and understand- purpose (B Lab, 2019; Honeyman, 2014), and recertify every 3 years
ing the approaches that constitute the study of BCs and B Corps are (B Lab, 2019).
crucial to affirm the role of these organizations toward sustainable In 2020, together with United Nations Global Compact, B Lab
development. To date, no study has carried out a systematic litera- developed a tool, called “SDG Action Manager,” which integrates BIA,
ture review (SLR) concerning BC and B Corp management research. the Ten Principles of the UN Global Pact, and the SDGs
This study aims to systematize the scientific knowledge related to (Tabares, 2020; UN Global Compact, 2020). The purpose is to induce
KIRST ET AL. 3

certified enterprises and those pursuing certification to achieve the Our research has five steps: (1) formulating explicit research ques-
SDGs (B Lab, 2020f). tions; (2) developing inclusion and exclusion criteria; (3) locating and
Figure 1 illustrates the distribution of B Corps per continent identifying studies that meet those criteria; (4) data extraction, coding,
(B Lab, 2020a) by November, 2020. North America reports 1572 B and monitoring progress; and (5) data synthesis/analysis and reporting
Corps. Europe encompasses 791 B Corps. South America has 483 B results (Tranfield et al., 2003).
Corps. Oceania has 291 B Corps, Asia, 106, Central America, 58 and This study proposes to identify, map, and synthesize the manage-
Africa, 44. rial aspects of the academic literature concerning BCs and B Corps.
Most B Corps are small, but large enterprises, including multina- To achieve this, the following research questions were formulated:
tionals, are becoming more committed to the B movement and adher-
ing to its tenets (B Lab, 2020d). Danone has 28 certified subsidiaries RQ1: “How are BCs and B Corps positioned in the
around the world (B Lab, 2020d). Ben & Jerry's and Seventh Genera- management and business literature?”
tion are B Corp subsidiaries of Unilever, and New Chapter is a B Corp
subsidiary of Proctor & Gamble (B Lab, 2020d). Natura Cosméticos, RQ2: “Which are the research themes in the BC and B
Laureate Universities, Bancolombia and Patagonia also are examples Corp literature seen through the lens of business and
of certified large enterprises (B Lab, 2020d). management, and how have such themes been
explored?”

3 | METHOD RQ3: “How does the BC and B Corp literature present

the role and contributions of BCs and B Corps for
The SLR was selected as an appropriate approach to performing a SDGs and sustainability?”
detailed analysis of the literature and achieving the research purpose.
A SLR provides a well-defined process to identify, evaluate, and The selection criteria for including articles in the SLR included the
interpret all available body of recorded documents (Cillo et al., 2019). following aspects. First is the interest in BC and B Corp management
Regardless of the relevance of the social-entrepreneurship the- and/or contribution to sustainability. It excludes publications
matic and, in specific, the growing interest in BCs and B Corps, to the addressing BC and B Corp issues unrelated to the management of this
authors' knowledge, there is no SLR concerning the managerial kind of venture and/or its relationship with sustainability. It also
aspects of this kind of venture and its contributions to sustainability. excludes publications regarding the management of other businesses
The present study aims to contribute to the field's development by than BCs and B Corps. Second, the time limit for publications con-
filling this research gap. siders the 2006 creation of B Lab as its lower bound. This fact marks

F I G U R E 1 Distribution of B corps per

continent [Colour figure can be viewed at
wileyonlinelibrary.com]
4 KIRST ET AL.

the formal beginning of the B movement, so look for previously publi- perspectives, including financial and nonfinancial aspects and their
shed items would be irrelevant. The study considers all published contribution to sustainability.
papers up to the date of the last search in the databases, on
November 3, 2020.
The search was conducted through the Web of Science and 4 | R E S U L T S F R O M TH E S Y S T E M A T I C
Scopus databases. It considered published articles from peer-review LI T E RA T U R E RE V I E W
journals written in the English language. Following Pham et al. (2019)
and Cillo et al. (2019), books were excluded. The first step of the strat- The 65 papers were analyzed and classified (Table 1) considering the
egy for collecting articles was a systematic computer search in the journal where the paper was published, the methodological approach,
two databases, applying the strings “B CORP*” OR “BENEFIT CORP*” the studied object (BCs or B Corps), the research theme and geo-
OR “B LAB*” to the article title, abstract, and keywords. The search of graphical reference.
both databases identified 636 items. The second step was to refine Figure 3 shows the distribution of publications per year and
the categories, excluding from the previous search items whose cate- theme. For all figures, 2020 is limited to the date of November 3rd. It
gory had no relation to management, CSR or sustainability. For items shows two distinct publication periods. The first encompasses papers
returned from Web of Science, this meant keeping in the sample the published from 2012 to 2016, which are predominantly review and
articles in the following categories: business; management; ethics; theoretical or qualitative studies that focus on BC, centered on legal
environmental studies; business finance; green sustainable science model and governance issues, discussing the USA BC legislation and
technology; environmental sciences; social issues; social sciences its impacts on firms´ management and governance. The second
interdisciplinary; public administration; operations research manage- period, from 2017 to 2020, shows a change in the focus to B Corps,
ment science. For items from Scopus, articles in the following catego- using qualitative and quantitative methodologies and to the other
ries were kept: business, management, and accounting; social research themes.
sciences; environmental science; Earth and planetary sciences. This Figure 4 depicts the year-wise distribution of research papers that
screening resulted in 219 items. this study considers by continents for the period 2012–2020. The
The third step was to read the title and abstract of each article, first period of publications, through 2016, concentrates on studies
excluding those that still did not meet the inclusion criteria, which performed in the USA. Only in the second period, beginning in 2017,
resulted in a list of 100 items. Excluding duplicates produced the final there are studies performed on other continents (i.e., Oceania and
list of 65 articles, as Figure 2 shows. The next step was to carefully South America). Starting with 2018, Europe took its place on the map.
read, code, and extract data and analyze each article, allowing the Only one study comes from Africa and one from Asia.
researchers to answer the research questions. Figure 5 shows the total distribution of considered studies per
The reading of the articles and its discussion among the authors continent and object (BC, B Corp or both). It reinforces the concentra-
allowed to classify them into four cohesive groups, that the tion of publications in North America and Europe.
researchers defined by the content and themes discussed. The first Table 2 presents publications and CiteScore per journal, covering
theme, legal model and governance, encompasses the articles that dis- 33 journals. It indicates the subject's fit with: (1) Business and Manage-
cuss the characteristics of the legal form of the BC, its consequences ment Journals, when the studies focus on governance, performance,
for companies' management, and its contribution to environmental and business models in general; (2) Sustainability, when studies con-
and social questions. The second theme, external environment, nect B Corps with sustainable development or sustainability practices
encompasses articles that discuss the influence of environmental con- and performance; and (3) Social Issues, for those studies related to B
ditions and external factors. Also considered under this theme were Corp social contributions in general or socio-environmental impact.
articles discussing demand-oriented issues and the broader position
of the B movement. The third theme, entrepreneurial journey,
includes articles that explore the practical field of the entrepreneurial 5 | ANALYSIS OF THE LITERATURE
course of BCs and B Corps. Finally, the fourth theme, performance,
encompasses the articles that analyze the practical outputs, results, As explained in the previous section, the 65 papers were classified in
and outcomes that the BCs and B Corps achieve, from different four groups: (1) legal model and governance, (2) external environment,

FIGURE 2 Selection of articles [Colour figure can be viewed at wileyonlinelibrary.com]

KIRST ET AL. 5

TABLE 1 Papers from systematic literature review

Methodological approach Object Research theme

Geographical
Rev/ B Ext Ent reference of
Author(s) Journal Theor. Qualit. Quant. BC Corp LM&G Env J Perf the study
André (2012) Journal of Business Ethics x x x USA
Hiller (2013) Journal of Business Ethics x x x USA
Ebrahim et al. (2014) Research in x x x USA/Europe
Organizational
Behavior
Wilburn and Business Horizons x x x x USA
Wilburn (2014)
Wilburn and Journal of Global x x x USA
Wilburn (2015) Responsibility
Rawhouser California Management x x x USA
et al. (2015) Review
André (2015) Business Horizons x x x USA
Chen and Journal of Leadership and x x x USA
Kelly (2015) Organizational Studies
Stecker (2016) Journal of Economical x x x USA
Issues
Koehn (2016) Business and x x x USA
Management Studies
Journal
Goldschein and Business and Professional x x x USA
Miesing (2016) Ethics Journal
Collins and Economy and Society x x x USA
Kahn (2016)
Steingard and Business and Professional x x x USA
Clark (2016) Ethics Journal
Brown (2016) Business and Professional x x x USA
Ethics Journal
Robson (2016) Business and Professional x x x USA
Ethics Journal
Schlossberger (2016) Business and Professional x x x USA
Ethics Journal
Mcmullen and Journal of Management x x x USA
Warnick (2016) Studies
Zebryte and International Journal of x x x Chile
Jorquera (2017) Entrepreneurial
Behavior and Research
Verbos and Business and Professional x x x USA
Black (2017) Ethics Journal
Bauer and Business and Society x x x x USA
Umlas (2017) Review
Stubbs (2017a) Business Strategy and the x x x Australia
Environment
Stubbs (2017b) Journal of Cleaner x x x Australia
Production
Gehman and Academy of Management x x x USA
Grimes (2017) Journal
Kurland (2017) Business Horizons x x x USA
Grimes et al. (2018) Journal of Business x x x USA
Venturing
Muñoz et al. (2018) Journal of Business x x x Latin America
Venturing

(Continues)
6 KIRST ET AL.

TABLE 1 (Continued)

Methodological approach Object Research theme

Geographical
Rev/ B Ext Ent reference of
Author(s) Journal Theor. Qualit. Quant. BC Corp LM&G Env J Perf the study
Conger et al. (2018) Journal of Business x x x USA
Venturing
Sharma et al. (2018) Journal of Business x x x USA
Venturing
Siqueira et al. (2018) Journal of Business x x x Belgium
Venturing
Moroz et al. (2018) Journal of Business x x x -
Venturing
Kurland (2018) California Management x x x USA
Review
Romi et al. (2018) Sustainability Accounting, x x x USA
Management and
Policy Journal
Nigri and Del Sustainability x x x Italy
Baldo (2018) (Switzerland)
Cetindamar (2018) Cogent Business and x x x USA
Management
Miller-Stevens Voluntas x x x USA
et al. (2018)
Gehman et al. (2019) Academy of Management x x x USA
Discoveries
Harjoto et al. (2019) Social Responsibility x x x USA
Journal
Villela et al. (2019) Journal of Business Ethics x x x Brazil
Han and Journal of Social x x x x USA
Shah (2019) Entrepreneurship
Richardson and Business and Professional x x x USA
O'Higgins (2019) Ethics Journal
Wilburn and Business and Professional x x x USA
Wilburn (2019) Ethics Journal
Del Baldo (2019) International Journal of x x x x Italy
Corporate Social
Responsibility
Stubbs (2019) Corporate Social x x x Australia
Responsibility and
Environmental
Management
Parker et al. (2019) Academy of Management x x x USA
Discoveries
Alonso-Martínez Sustainable Development x x x Europe
et al. (2019)
Gazzola et al. (2019) Corporate Social x x x Italy
Responsibility and
Environmental
Management
Muiru (2019) African Evaluation Journal x x x Kenya
Poponi et al. (2019) Sustainability x x x Europe
(Switzerland)
Huang et al. (2019) Sustainability x x x Taiwan
(Switzerland)
Levillain and European Management x x x Europe
Segrestin (2019) Journal
KIRST ET AL. 7

TABLE 1 (Continued)

Methodological approach Object Research theme

Geographical
Rev/ B Ext Ent reference of
Author(s) Journal Theor. Qualit. Quant. BC Corp LM&G Env J Perf the study
Winkler et al. (2019) Journal of Business Ethics x x x USA
Kopaneva and Management x x x USA
Cheney (2019) Communication
Quarterly
Kopaneva (2020) Western Journal of x x x x USA
Communication
Lopez et al. (2020) Sustainability x x x Global
(Switzerland)
Cooper and Business and Society x x x USA
Weber (2020)
Nigri et al. (2020a) Corporate Social x x x x Italy
Responsibility and
Environmental
Management
Nigri et al. (2020b) Entrepreneurship x x x x Italy
Research Journal
Bianchi et al. (2020) Corporate Social x x x Chile
Responsibility and
Environmental
Management
Moroz and Journal of Business x x x USA
Gamble (2020) Research
Paelman Sustainability x x x Europe
et al. (2020) (Switzerland)
Donnelly and Social Responsibility x x x Global
Wickham (2020) Journal
Tabares (2020) Journal of Cleaner x x x Colombia
Production
Burger-Helmchen Entrepreneurship x x x Global
and Siegel (2020) Research Journal
Sciarelli et al. (2020) Entrepreneurship x x x Italy
Research Journal
De Falco and Entrepreneurship x x x x Global
Renzi (2020) Research Journal

Abbreviations: Ent J, entrepreneurial journey; Ext Env, external environment; LM&G, legal model and governance; Perf, performance; Qualit, qualitative
research; Quant, quantitative research; Rev/Theor, review or theoretical paper.

(3) entrepreneurial journey, and (4) performance. The approach for Miesing, 2016; Hiller, 2013). Governance and accountability issues
each group follows. are relevant to this discussion (e.g., Levillain & Segrestin, 2019).

5.1 | Legal model and governance 5.1.1 | Potential problems of the legal model

Articles within this theme discuss the legal forms adopted by different One of the first researchers to talk about BCs, André (2012) casts
U.S. states (e.g., Brown, 2016; Collins & Kahn, 2016) and, more doubt on whether this legal model is a valid instrument, due to the
recently, European countries, including Italy and France (e.g., Sciarelli mutually beneficial relationship between the auditor and the audited
et al., 2020). Some articles focuses on potential problems and critiques companies. The author raises concerns about whether it has potential
of the model (e.g., André, 2015; Koehn, 2016), while others focus on to implement corporate social responsibility (CSR) on behalf of soci-
the potential gains accompanying such adoptions (e.g., Goldschein & ety. Another study argues that most of the dysfunctional effects of
8 KIRST ET AL.

F I G U R E 3 Number of
publications per year and theme
[Colour figure can be viewed at
wileyonlinelibrary.com]

F I G U R E 4 Number of publications
per continent and year [Colour figure
can be viewed at
wileyonlinelibrary.com]

entrepreneurial capitalism are inevitable outcomes and that the deci- that the model makes a legal argument against CSR initiatives
sion to run social-oriented businesses should be voluntary instead of a (Verbos & Black, 2017). Referring to the potential effect of the model
legal obligation (McMullen & Warnick, 2016). on organizational identity, one study alerts readers to the fact that the
One study indicates that BC legislation in U.S. states maintains more permissive it is, the less distinctive it becomes, what could dis-
shareholder primacy, increasing the possibilities for wealth distribu- courage entrepreneurs from adopting it (Robson, 2016). The risk of
tion, but without giving other stakeholders an effective voice corporate greenwashing is associated with the model, but some safe-
(Collins & Kahn, 2016). Authors state that the lack of a definition of guards can mitigate it (Stecker, 2016). These include the accountabil-
“public benefit” leave an open door to projects not so beneficial to ity and transparency mandates in legislation and a broad array of
society, undermining the original intention of the movement third-party actors to watch BC behavior (Stecker, 2016). Transparency
to increase CSR practices. In addition, André (2015) suggests that the problems in the implementation of state law throughout the United
model neither limits shareholder primacy nor empowers stakeholders States affect BC transparency and the ability of stakeholders to hold
but increases managers' duties, companies' costs and inhibit CSR. the firm accountable (Brown, 2016).
Consumers may not value the BC status, and attracting capital Recent studies show that the BC status may not guarantee dem-
may be difficult for BCs (Koehn, 2016). Managing competing stake- onstrations of transparent purpose, since few BCs effectively and
holder interests may be challenging, and holding a BC and its man- clearly specify their target benefits (Cetindamar, 2018) or publish the
agers accountable may be difficult (Koehn, 2016). Other critics add required annual benefit reports (Wilburn & Wilburn, 2019).
KIRST ET AL. 9

FIGURE 5 Publications per continent and object [Colour figure can be viewed at wileyonlinelibrary.com]

A qualitative study among Italian BCs points out that the BC structure The BC model brings legal protection for directors to manage for
does not necessarily imply a better approach to Environmental, Social, the common good (Steingard & Clark, 2016). The requirement to have
and Governance (ESG) issues (Sciarelli et al., 2020). a purpose of public benefit and reporting requirements concerning
the stakeholders and the environment is an upgrade to traditional
businesses (Steingard & Clark, 2016). According to the authors, it is an
5.1.2 | Potential gains of the legal model effective model that may push all corporations to higher levels
of CSR.
Other authors address the BC legal model positively, perceiving Considering society as an investor in every business venture, one
potential gains to be derived from it (e.g., Hiller, 2013; Kurland, 2017; study addresses the main critics of BCs and concludes that they con-
Nigri et al., 2020a). Through the lens of CSR factors, one study con- stitute a potentially significant advance (Schlossberger, 2016). A case
cludes that the BC legal model fits into an integrated framework of study shows an example of how a BC transformation leads to clearly
CSR (Hiller, 2013). It is voluntary, considers externalities and stake- articulated, communicated, and measurable goals, so clients and
holder concerns, is part of the corporation's value system, and employees understand how the changes affect their everyday work
requires periodic reporting requirements (Hiller, 2013). To the author, (Kurland, 2017). This system enables a company to hold itself
the model provides a solution to the situation in which the company accountable for its stated public good (Kurland, 2017). Being a BC can
legally chooses to consider a broader view of stakeholders. The model strengthen the ownership culture, through the engagement and crea-
applies a layer of legitimacy to the businesses that wish to pursue an tion of a meaningful work environment (Kurland, 2018).
ethical commitment beyond the financial one, which may attract An exploratory case study of Italian BCs reports that BIA indica-
investors (Wilburn & Wilburn, 2014). tors and accountability mechanisms are used to support top-
The literature also points out that BCs comply with the needs of management team decisions, allowing the company to evaluate where
the four main forces (i.e., consumers, workers, investors, and entrepre- it is and where it wants to be (Nigri et al., 2020a). A longitudinal study
neurs) that demand more ethical companies (Goldschein & in one of the companies highlights the presence of virtuous-leadership
Miesing, 2016). According to the authors, entrepreneurs adhere to characteristics (Nigri et al., 2020b).
the model mainly because they believe it reflects their values.
Answering the critiques by André (2012, 2015), they argue that the
model grants the consideration of stakeholders in decisions that affect 5.1.3 | Governance
them, and that the legal model protects the mission. Third-party audi-
tors verify the social and environmental results, a role that the public The discussion of the BC legal model includes governance issues.
sector could not perform alone (Goldschein & Miesing, 2016). Organizations that pursue a social mission by using market
10 KIRST ET AL.

TABLE 2 Publications per journal and CiteScore Scopus

Journals Total published (2012–November 3, 2020) CiteScore Scopus (November/2020)a

Business and Professional Ethics Journal 8 0.1
Journal of Business Venturing 6 11.3
Sustainability (Switzerland) 5 3.2
Journal of Business Ethics 4 7.0
Corporate Social Responsibility and 4 5.9
Environmental Management
Entrepreneurship Research Journal 4 2.8
Business Horizons 3 7.4
Journal of Cleaner Production 2 10.9
California Management Review 2 10.1
Social Responsibility Journal 2 2.5
Academy of Management Discoveries 2 No
Academy of Management Journal 1 14.0
Journal of Management Studies 1 9.4
Business and Society 1 9.4
Research in Organizational Behavior 1 9.3
Journal of Business Research 1 8.9
Business Strategy and the Environment 1 8.4
European Management Journal 1 6.3
Sustainable Development 1 4.9
International Journal of Entrepreneurial 1 4.9
Behavior and Research
Sustainability Accounting, Management 1 3.8
and Policy Journal
Journal of Leadership and Organizational 1 3.7
Studies
Economy and Society 1 3.2
Voluntas 1 2.9
Journal of Social Entrepreneurship 1 2.6
Management Communication Quarterly 1 2.5
Western Journal of Communication 1 1.6
Cogent Business and Management 1 1.6
African Evaluation Journal 1 1.3
Business and Society Review 1 1.3
Journal of Economic Issues 1 1.1
Business and Management Studies 1 No
International Journal of Corporate Social 1 No
Responsibility
Journal of Global Responsibility 1 No
Total 65
a
Source: https://www.scopus.com/sources.uri. Accessed in November 20, 2020.

mechanisms face specific governance challenges related to their Recently, the discussion expanded by considering legislation from
objectives and the parties to whom they should answer (Ebrahim Italy (since 2017) and France (since 2019) (Levillain & Segrestin, 2019;
et al., 2014). Governing boards have an important role in prioritizing Nigri et al., 2020a). Through the lens of corporate governance, BC leg-
and aligning conflicting goals to avoid mission drift (Ebrahim islation brings important innovations: a legal definition of purpose; the
et al., 2014). requirement that shareholders and directors acknowledge the
KIRST ET AL. 11

corporate commitment to purpose; and the creation of specific 5.3 | Entrepreneurial journey
accountability mechanisms (Levillain & Segrestin, 2019). Under a new
purpose-commitment model, the question is not “who controls The increasing number of BCs and B Corps changed the academic
whom,” but “what goals the organization intends to achieve” focus, from the theoretical discussion about potential issues and gains
(Levillain & Segrestin, 2019). of the model, to the practical field of analyzing the entrepreneurial
journey of these ventures (e.g., Conger et al., 2018; Moroz
et al., 2018). Academics started to explore the stories of certified B
5.2 | External environment Corps and discuss, through a broad range of theoretical lenses, the
challenges faced by these businesses (e.g., Moroz & Gamble, 2020;
Environmental conditions influence the flourishing of B movement Poponi et al., 2019). Some focus on the motivations behind certifica-
possibilities. A group of researches brings questions regarding the tion (e.g., Del Baldo, 2019; Villela et al., 2019); others on the business-
relationship between B Corps and the entrepreneurial environment model characteristics (e.g., Huang et al., 2019; Siqueira et al., 2018;
(e.g., Alonso-Martínez et al., 2019; Grimes et al., 2018). Stubbs, 2019) or discuss the evolution of the organization and the
Studies show the influence of contextual conditions and identity struggle between profit orientation and social mission (e.g., de Falco &
factors (e.g., Grimes et al., 2018; Harjoto et al., 2019). Women-owned Renzi, 2020; Muñoz et al., 2018).
businesses are twice as likely to qualify for certification and three
times as likely to certify as B Corps, and this tendency is even higher
in contexts where sustainability norms are weak and where women- 5.3.1 | Motivations
owned businesses are less prevalent (Grimes et al., 2018). North
American states facing higher unemployment rates have more certi- The motivations and the role of leadership to achieve certification
fied B Corps (Harjoto et al., 2019), and the presence of Democratic attracted academic attention mainly through exploratory case studies
politicians in the legislature facilitates the passage of BC legislation (e.g., Villela et al., 2019; Zebryte & Jorquera, 2017). An analysis of
(Rawhouser et al., 2015). Brazilian B Corps notes that the founders played a strong role, since
A study based on European certified B Corps states that the pres- their personal values adhere to the movement and they show enthusi-
ence of technological and innovative capabilities and the pressure asm for it (Villela et al., 2019). According to the study, improving the
from conscious consumers are the most important country-level fac- firm's reputation among clients, consumers, and investors is central
tors positively influencing corporate social performance (Alonso-Mar- for B Corps. Nevertheless, these organizations did not use the certifi-
tínez et al., 2019). On the other hand, more regulation decreases cation to reshape their values or to change governance systems
corporate social performance, indicating the importance of developing (Villela et al., 2019).
technological capabilities and consumer consciousness, more than A case study of an Italian B Corp shows that the intrinsic motiva-
regulations (Alonso-Martínez et al., 2019). tion of the leader is crucial for the certification decision (Del
Regarding consumer behavior, a pioneer study in Chile revealed Baldo, 2019). According to it, formalization helps to recognize and
that the primary motivation to buy from B Corps is the environmental organize CSR efforts to protect the mission, make sustainability a key
responsibility of the organization, and the certification creates trust in part of the business, improves external communication and stimulates
the effectiveness of the social or environmental contribution (Bianchi continuous improvement. Workforce motivation increased, as did
et al., 2020). Cooper and Weber (2020) suggest that investors view strong organizational culture and CSR planning (Del Baldo, 2019).
certification as a reliable and relevant indicator that BC will deliver B Corp leaders show personal philanthropic values, similar to
higher CSR performance than traditional organizations. The sampled leaders of nonprofit organizations but with a greater inclination
investors prefer to invest in B Corps, even if traditional companies toward innovation, entrepreneurship, and efficiency (Miller-Stevens
show better financial results (Cooper & Weber, 2020). This article par- et al., 2018). The study of the motivations and the relationship with
tially answers Koehn's (2016) questions about investor behavior the environment of three B Corps shows that founders focus on this
concerning BCs. relatively new way of doing business as an instrument for social inno-
Dealing with the broadening position of the B movement, Han vation (Zebryte & Jorquera, 2017). The collaboration-based business-
and Shah (2019) indicate that B Lab presents six enabling factors of model practices developed by these companies brings good results,
an ecosystem of scaling social impact: financing, organizations, tech- allowing them to maximize incomes and showing that traditional busi-
nology and data, strategies, institutional infrastructure, and govern- nesses can hybridize (Zebryte & Jorquera, 2017).
ment policy. Another study states that the B movement and the Social businesses can use the B certification to excel in value cre-
Business and Human Rights Movement share common characteristics, ation while demonstrating legitimacy, but strategies may differ,
but neither took advantage of potential synergies (Bauer & according to the prevalence of the certification in the region and the
Umlas, 2017). The B movement situation in Eastern Africa is incipient industry (Cao et al., 2017). Certification is promoted in situations in
since only about 1% of the certified companies in the world come which it is seen as distinctive (Gehman & Grimes, 2017). Nevertheless,
from this region (Muiru, 2019). The relevant social and environmental in places and fields where there are many B Corps, there is no distinc-
problems of this continent pose a challenge to B movement goals. tion, and the certification is not a promotional element, leading to the
12 KIRST ET AL.

conclusion that the decision to certify and the decision to promote it An analysis of how organizations embed purpose, before, dur-
are driven by different motivations (Gehman & Grimes, 2017). ing, and after certification reveals that seeking certification at the
firm's founding is not necessarily productive (Muñoz et al., 2018). It
can lead to the limited capability to adapt business models and result
5.3.2 | Business-model characteristics in distractions if entrepreneurs pursue the fame associated with
their commitment to purpose prior to ensuring that they have a rep-
Other studies focus on the analysis of the business-model characteris- licable business model in place (Muñoz et al., 2018). Becoming a B
tics of B Corps (e.g., Siqueira et al., 2018; Stubbs, 2019). An explor- Corp affects entrepreneurs and the trajectory of their organizations
atory study of early adopters of the B Corp model in Australia differently (Conger et al., 2018). Nonfinancial criteria, such as
characterizes it as an integrated, sustainable business model that identity-related concerns, lead some entrepreneurs to persist in pur-
internalizes the social and natural context, attempting to simulta- suing the prosocial ideal, while others abandon their efforts (Conger
neously reduce negative impacts and increase positive impacts et al., 2018).
through commercial transactions (Stubbs, 2017a). B Corps pursue Companies change their configurations of practices between the
profits to enable them to create positive social and/or environmental certification and recertification, to achieve better BIA scores (Sharma
outcomes, making profits a means of achieving positive social and et al., 2018). Some practices do not require significant resources or
environmental ends (Stubbs, 2017b). Since it is a new way to address efforts to change, and the latitude for interpreting some questions
CSR practices, the B Corp label has the potential for setting new and concepts helps actors to improve their BIA-measured perfor-
directions in the field of social entrepreneurship (Burger-Helmchen & mance concerning impact (Sharma et al., 2018).
Siegel, 2020). The adoption of a sustainable business-model reinforces Moroz et al. (2018) identify how B certification affects the entre-
the social mission, but creates tension around the integration of the preneurial journey. They perceive three iterative processes that affect
social logic and the market logic, especially concerning performance organizational identity. First, after initial certification, stratification
measurement (Stubbs, 2019). triggers the apprehension of constraints and contradictions set against
A study found evidence of practices regarding circular economy the process. Second, after certification and up to recertification, iden-
(CE) enabling factors at B Corps, in which certification activates CE tity metamorphosis occurs and broaden or narrow the purpose of the
paths (Poponi et al., 2019). Using theories related to the business- organization. Third, sedimentation layers new identities or galvanizes
model innovation, Moroz and Gamble (2020) verify the certification- existing ones (Moroz et al., 2018).
journey characteristics of B Corps. They identify different patterns
among startup and established firms, confirming that B Corp certifica-
tion forces companies into a reflexive process. Concerning capital 5.4 | Performance
structure, B Corps show 13% to 40% less leverage and up to four
times greater leverage stability over time than strictly commercial ven- The B movement advocates the notion that profits are a means of
tures (Siqueira et al., 2018). These differences in capital structure achieving positive social and environmental ends (Stubbs, 2017b). This
derive from the process of prosocial organizing, which goes beyond challenges the traditional measures of business success and has
the primary focus on financial preferences (Siqueira et al., 2018). attracted the attention of scholars in search of a better understanding
of the viability and actual results of these ventures (e.g., Paelman
et al., 2020; Parker et al., 2019).
5.3.3 | Organizational evolution Consistent with the goal of obtaining profit and making positive
social and environmental impacts, a qualitative study of founding B
The evolution of the organization facing the specific challenges of a Corps verified that these organizations made progress toward CSR
dual mission is relevant in the entrepreneurial journey (e.g., Conger goals, maintained their commitment to a social contribution, and made
et al., 2018; Sharma et al., 2018). A study concerning North American a profit from 2010 to 2015 (Wilburn & Wilburn, 2015).
B Corps shows that organizational identity represents the understand- Traditional financial-measurement indicators, such as growth or
ing of the company as profit-oriented while focusing on the social productivity, can provide a yardstick with which to verify B Corp per-
aspects (Kopaneva & Cheney, 2019). Identity formation in BCs is an formance. Chen and Kelly (2015) realize that the B Corp revenue
inter-ideological process (profit against social), in which employee growth rate outpaced that of public companies working in the same
contributions to identity formation create a dynamic of “co-author- field. Nevertheless, B Corps did not outperform either their public or
ship” (Kopaneva, 2020). The analysis of B Corps in the finance sector private competitors regarding employee productivity (Chen &
showed that management information systems and knowledge man- Kelly, 2015). Some studies indicate positive relations among specific
agement processes are the critical resources related to strategic CSR dimensions of the BIA score and B Corp results (Gazzola et al., 2019;
activities (Donnelly & Wickham, 2020). Investment in these resources Romi et al., 2018). Higher scores in the “Employees” dimension brings
provides sector leadership in CSR management processes and the higher employee productivity. Higher scores related to the “Cus-
basis for future capital resources from conscious consumers and tomers” dimension brings higher sales growth (Romi et al., 2018) and
investors (Donnelly & Wickham, 2020). better financial results (Gazzola et al., 2019).
KIRST ET AL. 13

Considering European companies, Paelman et al. (2020) show et al., 2019; Nigri et al., 2020a; Sciarelli et al., 2020). There is an
that B Corp certification positively impacts the turnover growth rates expressive number of B Corps from South America (483), compared
before certification versus after certification. Nevertheless, a mea- to Asia (106), Central America (58), and Africa (44). Papers from these
surement of North American B Corp performance showed a short- continents are still scarce (e.g., Bianchi et al., 2020; Huang
term growth slowdown arising from certification, more pronounced et al., 2019; Tabares, 2020; Villela et al., 2019).
for the smallest and youngest firms (Parker et al., 2019). Addressing This study also contributes to the literature by showing two dis-
that, Gehman et al. (2019) argue that a value-laden certification as a B tinct publication periods: the first from 2012 to 2016 and the second
Corp must be understood from a cultural perspective. The primary from 2017 to 2020. Most papers from the first publication period
utility of the certification is not the potential for growth, but the pro- relate to studies performed in the USA. In the first period, the most
cess itself, when companies raise awareness of stakeholders' needs frequent object is the legal structure of BCs and the way it affects
and refine their answer to those needs (Gehman et al., 2019). There- businesses and management. After 2017, B Corps and studies from
fore, to the authors, some organizations may find it worthwhile to other countries enter the academic agenda, with a reduction in publi-
pursue certification, even facing a growth penalty. cations regarding BCs. The hegemony of publications from the USA
Other studies consider outcomes concerning aspects distinct gave room to publications from different countries, focusing on the
from financial results. B Corps that present higher levels of employee research themes external environment, entrepreneurial journey, and
ownership and involvement in decisions achieve higher levels of performance of B Corps. Journals with relevant impact opened space
stakeholder engagement (Winkler et al., 2019). The BIA dimension to the subject of B Corps, as Table 2 shows, including Special Issues
“Customers” was perceived as the most relevant factor for generating dedicated to related themes. It indicates that there is room to publish
high social and environmental impact, in a study involving the finance studies focusing on social and environmental issues related to busi-
industry (Lopez et al., 2020). Nigri and Del Baldo (2018) found that ness and management, including BCs and B Corps. The figures also
the prosocial value of B Corps functions as a driver and motivates the signal that the academic interest in the empirical context of B Corps is
assessment of the common benefit produced. BIA results are used to growing quickly.
support internal decision-making by top management and employees, The second research question (RQ2) is “Which are the research
and BIA-guided indicators are integrated into the company planning themes presented in the BC and B Corp literature seen through the
and control systems (Nigri & Del Baldo, 2018). Positive impacts on lens of business and management, and how have such themes been
nonfinancial factors, such as organizational reputation and socially explored?”. This study answers this question and contributes to the
responsible action, that may indirectly contribute to positive financial literature by proposing the categorization of the analyzed papers
performance, were found by Richardson and O'Higgins (2019). under four themes: (1) legal model and governance; (2) external envi-
Tabares (2020) helps to explain how B Corps contribute to the ronment; (3) entrepreneurial journey; and (4) performance.
SDGs. Her study shows that Colombian B Corps are great contribu- The first theme is discussed mostly with a focus on the first
tors to the solution of social problems in such areas as agriculture- period of publications, associated with BCs and publications consider-
related challenges, corruption, climate change, labor, poverty, and ing the legal models adopted by USA states (e.g., André, 2012;
unsustainable habits. B Corp certification provides a model for analyz- McMullen & Warnick, 2016). Governance and accountability issues,
ing corporate social innovation (Tabares, 2020). as well as potential problems and gains from the legal models, are the
main topics of discussion (e.g., Goldschein & Miesing, 2016;
Hiller, 2013). This theme loses space in the second period of publica-
6 | DISCUSSION AND FUTURE AVENUES tion. Some papers that analyze BCs come from Italy and France, coun-
FOR RESEARCH tries that recently introduced BC legal models (e.g., Levillain &
Segrestin, 2019; Nigri et al., 2020a).
The first research question (RQ1) is “How are BCs and B Corps posi- The second theme, external environment, encompasses papers
tioned in the existing management and business literature?”. The find- mainly from the second period and discusses the influence of environ-
ings indicate a gap between the number of certified B Corps and the mental conditions and external factors on B Corps. Articles that dis-
published papers on the subject. This study contributes to the litera- cuss demand-oriented issues and the broader position of the B
ture by indicating how publications are organized in terms of the movement also appear (e.g., Bianchi et al., 2020; Harjoto et al., 2019).
object (BC and B Corp), geographical locations of the studies and loca- Entrepreneurial Journey is the third theme, with papers mainly
tion comparisons. from the second period of publications. Articles show the stories and
B Lab was born in the USA and Canada, leveraging legal initiatives examples of BCs and B Corps and discuss, through a broad range of
on BC and structuring the certification process for B Corps. Due to theoretical lenses, the practical challenges affecting this kind of busi-
this origin, North America has the highest number of B Corps (1572) ness, and the motivations behind certification (e.g., Del Baldo, 2019;
(B Lab, 2020a) and related papers. In Oceania, there are only three Miller-Stevens et al., 2018). Others focus on business-model charac-
papers, all by the same author (Stubbs, 2017a, 2017b, 2019). Europe teristics (e.g., Burger-Helmchen & Siegel, 2020; Stubbs, 2019). Some
has 23.6% of the B Corps in the world. Papers related to Italian cases discuss the evolution of the organization (e.g., Donnelly &
are the majority, concentrated among few authors (e.g., Gazzola Wickham, 2020; Kopaneva & Cheney, 2019).
14 KIRST ET AL.

The last theme, performance, is discussed recently. Considering Finally, this study indicates that the BC and B Corp model (and its
the novelty of the B movement, it is an expected outcome. This theme contribution to the SDGs and sustainability) has been predominantly
discusses financial issues (e.g., Paelman et al., 2020; Parker applied and studied in developed economies. Continents such as
et al., 2019) but also other dimensions such as CSR (e.g., Wilburn & Africa, Central America, South America, and parts of Asia, with severe
Wilburn, 2015), the influence of customers (Gazzola et al., 2019; economic, social, and environmental challenges, have fewer B Corps
Lopez et al., 2020), the use of BIA results to support decision-making (Figure 1) and a small number of academic studies (Figure 4). Consid-
(e.g., Nigri & Del Baldo, 2018), and the contribution of such enter- ering the ambition of the B movement to use the power of business
prises on the SDGs (Tabares, 2020). to solve economic, social, and environmental issues, this is an impor-
The third research question (RQ3) is: “How does the BC and B tant aspect to consider. One possible strategy for the movement to
Corp literature present the role and contributions of BCs and B Corps leverage its positive impacts is to reinforce its presence in the less-
for SDGs and sustainability?”. This research question concerns the developed economies.
role of the enterprises in using the power of the businesses to pro- Next, further avenues for research are presented, divided into the
duce the common good while contributing to sustainable develop- same research themes discussed.
ment (Rosati & Faria, 2019; Tabares, 2020).
Articles related to the theme legal model and governance discuss
CSR as the main set of practices that could promote better social and 6.1 | Legal model and governance
environmental results. However, controversial visions related to CSR
appear. On the one hand, it is argued that the legal model of BCs The studies concerning the legal model developed mainly through the-
could inhibit CSR (André, 2015; Verbos & Black, 2017) and BC struc- oretical studies that point to its potential problems or gains, concen-
ture does not necessarily impel a better approach to environmental, trating in the USA. Concerning the recent approval of BC legislation in
social, and governance issues (Sciarelli et al., 2020). On the other many places, further studies may check whether this legal form really
hand, studies suggest that the BC legal model promotes an integrated makes a positive difference to entrepreneurs and society in different
framework of CSR (Hiller, 2013; Steingard & Clark, 2016). This study contexts and countries. The lens of the SDGs can help this analysis.
contributes to the literature by indicating that the published academic Researchers may verify whether BC legislation really protects the
studies do not make clear whether adherence to the BC legal model is mission. Does legislation improve (or even influence) corporate gover-
sufficient to represent a true commitment to environmental and social nance in any relevant way (Goldschein & Miesing, 2016)? Are BC leg-
issues. Founders and leaders must guide such issues by personal and islation and B Corp certification complementary, or interchangeable
corporate beliefs. This finding becomes evident through the analysis (Cao et al., 2017). Is the legislation necessary, or is the certification
of papers from the other themes (external environment; entrepre- enough to improve companies´ practices?
neurial journey, and performance), which encompass mainly B Corps The influence of contextual, institutional, and local (including
(voluntarily certified organizations), due to their commitment to envi- country-level) factors on the legislation's applicability needs further
ronmental and social issues aligned with B Lab and BIA. empirical research. Is there the need, or even the possibility, of
In the external environment theme, consumer consciousness implementing BC legislation in every country, or a group of conditions
influences choices while contributing to the support of environmental is necessary or desirable for that?
and social issues (Bianchi et al., 2020). Technological capabilities lever- In a general way, do BC legislation help organizations to be more
age corporate social performance more than regulations do (Alonso- effective and help society achieving positive social and environmental
Martínez et al., 2019). Concerning the entrepreneurial journey theme, impacts?
founders' and leaders' beliefs, values, and attitudes are the pillar for
increasing CSR efforts (Burger-Helmchen & Siegel, 2020; Donnelly &
Wickham, 2020). This pillar reinforces the integration of social and 6.2 | External environment
environmental goals into business activities (Stubbs, 2017b) while
stimulating the adoption of a sustainable business model The influence of the external environment on B Corps presents many
(Stubbs, 2019) and a circular economy (Poponi et al., 2019). open research questions. There are gaps related to the understanding
The performance theme includes papers that point out the role of of how the political, institutional, or economic situation and other
the BIA in measuring outcomes that generate high social and environ- external contingent factors influence B Corps development. Compari-
mental impact (Lopez et al., 2020; Richardson & O'Higgins, 2019). sons among different country-level aspects can occur.
One paper discusses how B Corps contribute to the SDGs It is necessary to understand how B Corps manage external pres-
(Tabares, 2020). Considering that only in 2020, B Lab and the United sures, and how they respond to changes in the environment. How are
Nations Global Compact developed a new tool (SDG Action Manager) they reacting to the covid-19 pandemic? Are B Corps resilient in diffi-
for integrating BIA and SDGs (UN Global Compact, 2020), the hope is cult moments? Why?
that the role of B Corps to the SDGs and sustainable development Another field of study relates to the similarities and differences
fiercely flourish in the academic agenda and literature of the near among B Corp certification and other audit systems (Lopez
future. et al., 2020). It is also possible to study the B movement as a
KIRST ET AL. 15

community, to find out if B Corps help each other and how. Will the B profitability and social and environmental impact. Considering that B
movement become a relevant brand and help businesses to develop Corps pursue profit and social goals, understanding how and if they
sustainable value chains? achieve positive results in both fields is of interest. Does social mis-
Studies involving investors and other capital sources are impor- sion affect financial performance? Does profit-seeking affect social
tant to understanding the financial sustainability possibilities and the performance?
development of impact investment environments (Cooper & B Corps can help to raise the broad question of the financial via-
Weber, 2020). On the demand side, it is relevant to understand the bility of CSR practices to a new level. Profit is necessary, but not suffi-
different aspects of consumer behavior (Bianchi et al., 2020). Which cient. Growth and productivity are not enough to determine success
aspects of B movement goals are more relevant to consumers? How for these companies. Measuring financial performance cannot be sep-
do local factors influence them? arate from measuring social impact. The study of performance mea-
surement may consider contradictions, comparisons, and
complementarities (Ebrahim et al., 2014). The firm-level study of per-
6.3 | Entrepreneurial journey formance is relevant to noticing if B Corps are financially viable and
their social impact is positive. The comparison with other kinds of
Since they are easy to identify and isolate, B Corps act as a “sand organizations is relevant to understanding if the certification works as
box” in which to study for-profit organizations that seek social and a useful guide toward sustainable businesses, in both financial and
environmental goals (Moroz & Gamble, 2020). Researchers can pose a social aspects. It is important to determine if B Corps deliver relevant
broad range of questions concerning business development, using this social results and perform better than traditional businesses
environment as a laboratory. What kind of company certifies, what (Koehn, 2016). Studies focusing on results from the perspective of
motivates entrepreneurs to adopt this model, and which characteris- beneficiaries, consumers, the community, and other stakeholders may
tics they have in common? amplify this discussion.
The dual mission is especially intriguing. Studies may analyze how The research on B Corps performance is incipient if considered
the social logic penetrates the organizational culture and affects orga- geographically. The expansion of the movement makes it possible to
nizational identity. The internal tensions and conflicts brought up by amplify the research to different parts of the globe. It would be of
the ambiguity of the search for both profit and social impact are of special interest to consider the impact of these companies in less-
interest (Stubbs, 2017b). How do the internal environment and the developed countries and other places where social and environmental
relationship with the workforce develop? Do B Corps attract talent issues are more serious.
due to their mission? Finally, the contribution of B Corps to the broader spectrum of
There is still scarcely an understanding of how organizations sustainable development, especially the SDG agenda, is under-
arrange their practices and internal activities toward social and envi- explored. There is a lack of studies analyzing the potential synergies
ronmental goals while still pursuing profit. Which practices help them? and common factors between this and other global initiatives toward
Which are more difficult to develop? Research avenues are open to sustainable development. How do B Corps interact with other actors
how B corps manage their relationships with suppliers, consumers, cli- in the ecosystem? How do they positively contribute to the SDGs?
ents, the community, and other stakeholders. How do they internalize How does the SDGs Action Manager leverage actions and results?
social and environmental aspects in their value chain? How do B Research about B Corps performance and the B movement, in general,
Corps propose, create, deliver, and capture value? may consider a broad perspective on the movement's announced goal:
The response of B Corps to the opportunities and challenges of To use business as a force for good.
competition growth is of interest (Gehman & Grimes, 2017). How do
they balance tensions to improve processes and increase positive
impacts? How much and by which mechanisms is it possible to bend 6.5 | Implications for organizations and policy
social and environmental goals to achieve profitability and other makers
market-related results (Moroz & Gamble, 2020)?
Finally, it is important to notice that B movement and sustainability Although this study shows that academic research on BCs and
certifications in general take account of reasons related to organizational B Corps is still incipient, managerial considerations for
values (Gehman et al., 2019). The research agenda must consider this in organizations and policy makers can be done, based on the published
its search to understand why these companies choose to certify, how papers.
they develop this process, and which results they wish to accomplish. There is no consensus about BC legislation impacts over business
and society, as shown by the antagonistic views about
it. Nevertheless, environmental, political and identity factors are
6.4 | Performance important for business to flourish. Considering its recent growth in
size and importance, B movement can play an important role in the
Research on B Corp performance is recent. There are still many development of dual-mission organizations and its ecosystems around
research avenues on performance measurement, concerning its the world. Transparency and impact report requirements
16 KIRST ET AL.

improvements might be considered in new legislative efforts or exis- be better for the world. The academy can contribute to understanding
ting legislation reviews. the paths toward this ambitious goal.
The availability of a consistent certification process, endorsed by
an accurate impact measurement and evaluation system (BIA and
OR CID
SDG Action Manager) offers chances for businesses entities to set
Ronald Weber Kirst https://orcid.org/0000-0001-8486-2844
realistic targets to balance social mission and economic sustainability,
Miriam Borchardt https://orcid.org/0000-0002-8319-3690
thereby contributing to sustainable development while demonstrating
Maurício Nunes Macedo de Carvalho https://orcid.org/0000-0003-
transparency. BC adoption and B certification are useful for entrepre-
0276-471X
neurs that show beliefs and values adherent to B movement to rein-
Giancarlo Medeiros Pereira https://orcid.org/0000-0003-0539-
force and align it. For those, it can be a tool to improve practices,
2851
measuring and control systems, communication processes and
accountability. It can also help on employees´ motivation, external
RE FE RE NCE S
reputation and on the process of learning how the organization can
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bring better results to its stated stakeholders. social responsibility (CSR) disclosure in developed and developing coun-
tries: A literature review. Corporate Social Responsibility and Environmen-
tal Management, 24(4), 273–294. https://doi.org/10.1002/csr.1410
Alonso-Martínez, D., De Marchi, V., & Di Maria, E. (2019). Which country
7 | CONCLUSIONS AND LIMITATIONS
characteristics support corporate social performance? Sustainable
Development, 28, 670–684. https://doi.org/10.1002/sd.2018
This study is the first SLR on BCs and B Corps through the lens of André, R. (2012). Assessing the accountability of the benefit corporation:
business and management studies, which contributes to reducing Will this new gray sector organization enhance corporate social
responsibility? Journal of Business Ethics, 110(1), 133–150. https://doi.
this research gap. The results that this study obtained shed light on
org/10.1007/s10551-012-1254-1
the scientific community's knowledge of the current state of André, R. (2015). Benefit corporations at a crossroads: As lawyers weigh
research on BCs and B Corps. Information on research trends orga- in, companies weigh their options. Business Horizons, 58(3), 243–252.
nized in four main themes and avenues for future research are pro- https://doi.org/10.1016/j.bushor.2014.12.002
vided. Practical contributions can be useful for organizations aiming B Lab. (2013). State by state summary chart. Retrieved from https://
benefitcorp.net/sites/default/files/documents/statebystateanalysis_
to become B Corps or BCs, or to improve their results, once they
0.Pdf
receive an overview of the barriers to leveraging social and environ- B Lab. (2019). The complete guide to B Corp certification for small to
mental performance, as well as drivers that leverage such perfor- medium-sized enterprises. Retrieved from https://bcorporation.net/
mance. From this knowledge, leaders may better define their resources/complete-guide-b-corp-certification-small-medium-sized-
enterprises
strategies. Policy makers may find in this article information that will
B Lab. (2020a). A global community of leaders. Retrieved from https://
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