摘要：In the context of studies on value creation in organizations, the topic of value co-creation has gained interest among researchers and practitioners as a concept that aims to describe value-creation between multiple stakeholders, however, the majority of research has strongly focused on exploring how value is co-created between the firm and two types of stakeholders: customers and consumers. The initial definitions of vale co-creation state that it means a joint creation of value by the company and the customer. Therefore, in the present study, it is understood that, since there is an already existing focus on the idea of the firm-consumer relationship for co-creation, it is necessary to deepen the understanding within the subject regarding the possibility of applying the concept to a multi-stakeholder scenario. Within the Stakeholder Theory, scholars have undertaken the task of understanding how value is created through the interaction and exchange among Stakeholders. The Stakeholder Theory argues that a firm exists through interaction with its stakeholders and that business is about creating value with and for stakeholders. Firms that seek to serve the interests of a broad set of stakeholders will be able to create more value over time. Corroborating with this, the development and maintenance of favorable and productive stakeholder relationships are essential in creating value for an organization. Thus, as a research question, in this research we asked: how can the concept of value co-creation be embedded in studies related to the Stakeholder Theory? In the text, a systematic analysis of the studies was developed, shrinking value creation from the first developments of the theme, and based on the theoretical background, research propositions were presented aiming to encourage new investigations on the theme. The first objective of this work was to provide a theoretical background of studies on value co-creation as a concept in management literature, presenting general and specific information as well as research trends on the topic that has been developed since the mid-2000s. The paper also aimed to identify the interconnections between the Stakeholder Theory and the idea of value co-creation and, with this, to propose new research paths in order to strengthen the stakeholder literature. In this way, the research sought to contribute to filling a theoretical gap existing in the stakeholder literature. It is hoped that the data presented, as well as the developed propositions, encourage the exploration of new paths of research on the theme of co-creation in stakeholder theory.
