Purpose-The purpose of the study is to create an organized picture of the current understanding of social media-based value creation and business models. Design/methodology/approach-Following the process model presented by Fink (2005), a systematic literature review of academic journal articles published between 2005 and 2014 was conducted. The research was grounded on the theoretical foundations of service-dominant logic. Findings-This study offers detailed descriptions and analyses of the major social media mechanisms affecting how value is created in social media-based value networks and the kinds of impacts social media can have on present and future business models. Research limitations/implications-The study is limited to academic research literature on business organizations, excluding all studies related to public and non-profit organizations. Practical implications-Attention is given to developing an in-depth understanding of the functions and concrete value creation mechanisms of social media-based co-creation within the different organizational processes (e.g., in product and service development and customer services) and to updating the related practices and knowledge. Originality/value-This study provides new insight into the challenges related to research models and frameworks commonly used for observing value creation, thus highlighting the need for further studies and updates.

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Purpose: The current business environments are increasingly dominated by the networked and systemic conceptualisation of value creation. However, surprisingly, little is known about the explicit and symbolic (inter) relationships between the different actors involved in the value co-creation processes-or about how they impact on the network-specific innovation capabilities. More research is needed to explore and validate the yet theoretical models and concepts of value co-creation in practice. Design/methodology/approach: Theoretically, this study is built on the ideas and concepts of Service-Dominant (S-D) logic. Empirically, the research is based on a set of thematic interviews conducted in a real-life service ecosystem, in the context of university-industry collaboration. The method of causal layered analysis (CLA) is used to both identify and develop constitutive narratives that support the service ecosystem's long-term strategic planning and value cocreation practices.Originality/value: The use of CLA in exploring the S-D logical view on value co-creation is a unique combination. By studying a highly social, dynamic and interactive process during which different service ecosystem actors first come together to share their values and mental models, and then act upon, significant new knowledge and understanding is offered for all those interested in applying a more systemic approach on service ecosystem development. Practical implications: Given that the use of CLA not only increases the awareness of alternative narratives, but of the abilities to facilitate the desired future(s), new insight and practical advice will be provided for both managers and participants taking part in a service ecosystem.

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