Abstract::

The nature of value has been extensively debated in recent years by the management science research community, particularly regarding the rejection of the dichotomy between economic and social outcomes and the end of the trade-off between value creation and value appropriation. In addition, the emergence of social enterprises whose objectives go beyond the mere creation and appropriation of value has necessitated an examination of value sharing within these ecosystems. However, the evaluation of these enterprises suffers from a lack of established and widely accepted methodologies. While some techniques have been developed, primarily by a few practitioners in social finance, there is no consensus on how to evaluate social enterprises. Ironically, classical economic valuation techniques are still used, despite being rooted in a self-referential theory that prioritizes profit maximization.

Keywords: Social enterprise, valuation, extra-financial value, externalities, social impact