B Corporations and Sustainable Development: Global Trends from a Bibliometric Analysis (1991–2023)

Empresas B y desarrollo sostenible: tendencias globales a partir de un análisis bibliométrico (1991-2023)

Alfredo Enrique Sanabria-Ospino alfredoenrique.sanabria@ustabuca.edu.co

Universidad Santo Tomás, Colombia

Diana Milena López García diana.lopez@upb.edu.co

Universidad Pontificia Bolivariana, Colombia

Fabio Andrés Puerta-Guardo fabio.puerta@javerianacali.edu.co

Pontificia Universidad Javeriana, Colombia

William Stive Fajardo-Moreno wfajard74913@universidadean.edu.co

Universidad EAN, Colombia

Ana Susana Cantillo-Orozco ascantillo@utb.edu.co

Universidad Tecnológica de Bolívar, Colombia

Esta obra está bajo una Licencia Creative Commons Atribución-NoComercial-CompartirIgual 4.0 Internacional.

• A non-empirical yet significant relationship exists between certified B Corporations and sustainable development.

• This study traces the historical evolution of the concept of B Corporations in academic literature.

• Both classical and contemporary schools of thought related to B Corporations were identified.

• Achieving corporate sustainability through the triple bottom line—B Corporations’ foundational principle—is essential to advancing sustainable development.

• Existe una relación no empírica entre las empresas certificadas como B y el desarrollo sostenible.

• Esta investigación permite entender la evolución histórica del concepto de empresas B.

• Se identificaron las escuelas de pensamiento clásicas y contemporáneas en los trabajos relacionado con empresas B.

• Para alcanzar el desarrollo sostenible, se debe primero llegar a la sostenibilidad empresarial, implementando el principio fundamental de las empresas B denominado triple impacto.

Amid growing global climate challenges, shifting consumer preferences for environmentally friendly products, and mounting pressure on business leaders to balance financial performance with sustainability, new economic models are gaining attention (Mandal, 2024). Within this context of cleaner production, the international concept of B Corporations (B Corps) has emerged—companies committed to improving their triple bottom line (environmental, economic, and social) and aligning with the global movement toward environmental responsibility (Silva et al., 2022; Stubbs, 2017).

Environmental threats such as global warming have catalyzed the adoption of sustainable practices, which are now seen as essential for achieving long-term business success (Rastogi et al., 2024). Additionally, increasing resource scarcity and evolving commercial dynamics have compelled companies to adopt efficient, sustainable, and environmentally conscious practices (Hariyani & Mishra, 2023). In this landscape, the traditional notion of value creation focused solely on shareholders is increasingly viewed as outdated. Firms that continue to prioritize shareholder returns at the expense of broader societal interests are increasingly penalized by the market (Diez-Busto et al., 2021).

As a result, companies are moving toward sustainable development through a stakeholder-oriented approach, recognizing the importance of serving multiple interest groups (Onbhuddha & Ogata, 2024). This shift has fostered the emergence of more socially equitable business models that incorporate stakeholder interests as central to value creation (Poponi et al., 2019). For instance, integrating green practices into business operations can positively influence macroeconomic indicators such as gdp and unemployment (Fatimah et al., 2023).

A business model can be broadly defined as a framework that outlines how companies conduct their commercial activities (Osterwalder et al., 2005). More specifically, sustainable business models aim to harmonize the economic, social, and environmental pillars of sustainability, thereby generating value across all three dimensions (Shakeel et al., 2020; Tabares, 2021a). In this respect, B Corps represent a shift from the traditional shareholder-centric paradigm toward organizations with binding commitments to multiple stakeholders. This is achieved through robust corporate governance mechanisms and transparent reporting practices that enable businesses to maintain profitability while creating positive societal and environmental impacts and generating shared value (Chen & Marquis, 2022; Montiel Vargas, 2023; Gazzola et al., 2022; Mion et al., 2024; Putnam Rankin & Matthews, 2020).

The challenges of the current era demand a balance between sustainability and profitability—one that B Corps are uniquely positioned to achieve (Ferioli et al., 2022). These organizations pursue continuous improvement and place social and environmental impact at the core of their business models. To achieve B Corp certification, firms are assessed across five dimensions—governance, workers, customers, community, and environment—and must attain a score between 80 and 200 (Tabares, 2021b; Vicente-Pascual et al., 2024). As such, these innovative business models question traditional capitalist assumptions by foregrounding environmental and social concerns and contributing to short- and medium-term growth (Tabares et al., 2021; Paelman et al., 2021).

In terms of corporate governance, B Corps foster innovation through the implementation of Corporate Social Responsibility (csr) practices that enhance business performance (Thomas et al., 2023; Xu et al., 2022). With regard to workers, these companies focus on creating a supportive workplace environment by evaluating corporate culture, compensation, professional development, benefits, and occupational health and safety (Mann et al., 2021). As for effective customer service, it integrates the organizational culture with the triple bottom line framework, supported by top management, thereby attracting new clients (Metz et al., 2020).

The social and environmental dimensions, meanwhile, encompass supplier relationships, local community engagement, reductions in energy and water usage, emissions management, and the overall social and environmental impact of products (Mann et al., 2021). For instance, in the financial sector, the adoption of socially responsible practices has been shown to improve csr metrics (Sachdeva et al., 2023). However, despite growing interest in B Corps, academic research on the topic remains limited. Diez-Busto et al. (2021) identified only 50 relevant articles published between 2009 and 2020, underscoring the need for further scholarly inquiry.

Given this context, the present study seeks to answer the following research questions: What are the current research trends surrounding B Corps? How has scholarly knowledge about B Corps and sustainable development evolved? What is the relationship between B Corps and the broader concept of sustainable development?

This article is structured as follows: Section 1 situates the evolution of business models in the global context, culminating in the emergence of sustainable business models and B Corps. Section 2 provides a review of the literature relevant to this study. Section 3 describes the systemic method employed for data collection. Section 4 presents the results through the metaphor of a tree. Sections 5, 6, and 7 discuss the key findings, limitations, and directions for future research.

The concept of B Corps originated in 2006 with the establishment of B Lab, a nonprofit organization responsible for certifying companies that meet rigorous standards of social and environmental performance (Escudero et al., 2023). This certification process is voluntary and ensures that participating firms adopt responsible practices aligned with sustainability goals (Pollmeier et al., 2025). B Corps, therefore, are certified entities that generate financial value ethically and in harmony with environmental and social considerations (Moroz & Gamble, 2021). As noted by Lähteenkorva et al. (2025), B Corps represent a movement that encourages businesses to balance profitability with social responsibility, underpinned by transparent reporting to various stakeholder groups (Cantele et al., 2023).

B Corps are commonly described as triple-impact (economic, social, and environmental) organizations structured around five core dimensions (Tabares, 2021a). The first, workers, refers to the organization’s relationship with employees, assessed through indicators such as communication, treatment, and occupational health and safety (Ficco et al., 2023). The second, customers, evaluates the social and environmental impact of the company’s products and services on end users. The third, community, captures the organization’s relationships with suppliers and its capacity to design products that address social challenges. The fourth, environment, considers the ecological impact of the supply chain, operations, and outputs. The fifth, governance, involves transparency, accountability, and the composition of governing bodies, emphasizing diverse representation and stakeholder engagement (Vicente-Pascual et al., 2024).

Sustainable development, as defined by Brundtland and Khalid (1987), entails meeting the needs of the present without compromising the ability of future generations to meet theirs. It has become a defining organizational paradigm of the 21st century, aiming to reconcile profitability with environmental stewardship and social equity (Nigri et al., 2020). Notably, a growing body of literature has examined the relationship between sustainable business models and the core dimensions of B Corps. The following overview presents key contributions in descending chronological order, highlighting the evolution of this research domain.

Fatimah et al. (2023) investigated how next-generation circular economy e-commerce functions in the current digital age. To this end, they analyzed the development of circular economy e-commerce applications and their ability to provide tailored solutions that fit organizational needs and profiles. Hariyani and Mishra (2023) identified and prioritized key factors for sustainable manufacturing through an integrated system that includes practices from the Toyota production system (Lean), process improvement methods (Six Sigma), agile project management strategies, and green principles such as the 7 Rs. Their study also contributes to the literature on awareness and demand; reconfigurable, sustainable, and modular products; and redesign, recovery, and refurbishing of products to extend lifecycle value.

Similarly, Chavan et al. (2023) contributed insights into sustainability, CSR, and organizational resilience and adaptability amid crises. Najaf et al. (2023) validated a new sustainability index, revealing that FinTech firms outperform traditional companies in both sustainability and stock market outcomes. Yassin et al. (2022) examined internal and external drivers and barriers of green supply chain management in the solar energy sector, highlighting stakeholder regulations as enablers and contextual factors as obstacles. Attanasio et al. (2025) investigated the mechanisms and limitations of B Corp certification in aligning with the triple bottom line model of business sustainability.

Ada (2022) proposed a model for designing sustainable agri-food supply chains using triple bottom line criteria in supplier selection. Le (2022) demonstrated significant relationships between CSR, financial performance, corporate image, corporate reputation, and customer loyalty. Finally, Ardito et al. (2021) focused on exploring female representation on corporate boards and its influence on CSR performance across social, environmental, and economic domains.

These studies have made valuable contributions to understanding the interplay between sustainability and corporate responsibility, albeit in a fragmented manner across the five dimensions of the B Corp model. The present study addresses this gap by offering an integrated analysis of current scholarly trends related to the B Corp framework and its alignment with sustainable development.

This study employed a combined bibliometric and content analysis approach. Bibliometric analysis provides a quantitative assessment of scholarly output and facilitates the scientific mapping of literature related to the topics under study (Johri et al., 2024; Yang et al., 2023). Complementarily, content analysis enables the examination of thematic relationships among documents, with the aim of identifying research gaps and proposing future research directions (Rapti et al., 2025). The integration of these methods offers a comprehensive understanding of research trends and the evolving trajectory of knowledge in the field (Mahna et al., 2025). The data mining process was systematized using the methodology proposed by Michán and Muñoz-Velasco (2013), which includes five sequential stages: retrieval, migration, analysis, visualization, and interpretation (see Figure 1).

Figure 1
Methodological structure for scientific data mining

Figura 1. Estructura metodológica para la minería de datos científica

Source: Adapted from Michán and Muñoz-Velasco (2013).

The Scopus and Web of Science (WoS) databases were selected for document retrieval, as both are widely recognized for their coverage, reliability, and academic impact (Chadegani et al., 2013). Their simultaneous use ensures a more comprehensive and representative dataset (Chistov et al., 2021). Scopus, in particular, offers broader coverage and is advantageous for identifying emerging research areas, making it especially valuable for data mining in this context (Primc et al., 2021). Subsequently, a search string was formulated to incorporate the core dimensions of B Corps in connection with sustainability-related terminology. Boolean operators were applied to ensure precision and relevance, including quotation marks, asterisks, and connectors such as OR (to include synonyms) and AND (to link concepts). The final search string was as follows:

custom* OR clients OR "Busine* Model" AND worker* OR labour OR employ* AND environment* OR green OR ecological AND communi* OR social OR stakehold* AND govern* OR "Corporate Govern*" AND "Sustai*" OR "B corp*" OR "social purpose organizations" OR spos OR "corporate sustaina*" OR "sustai* business model" OR "B Compa*" OR "b entreprise*" OR "B Firms*".

For document selection, only those articles containing the specified search terms in the title, abstract, or keywords were included, covering the period from 1991 to the present. To ensure academic rigor, only publications in high-impact journals classified within the Q1 or Q2 quartiles were considered. This process yielded 68 documents from Scopus and 61 from WoS. The datasets were exported in BibTeX format and loaded into the RStudio environment, where the R programming language was used for data processing. Scopus files were labeled “Sco.” Using a computational algorithm, the two datasets were merged into a single file named “ScoWoS.” A total of 31 duplicate records were identified and removed, resulting in a final dataset of 98 unique documents.

To validate and enhance the robustness of the data mining process, a parallel consolidation was conducted using VantagePoint software. The Scopus dataset was exported in CSV format and the WoS dataset in plain text format. The consolidated file, titled “Scopus+WoS,” confirmed the outcome obtained in RStudio—31 duplicates removed and a final unified dataset of 98 articles.

The analysis of scientific output relied on three types of bibliometric indicators. Quantitative indicators measured productivity in terms of authors, journals, and countries. Structural indicators facilitated the identification of relationships, thematic patterns, and scientific collaboration networks. Lastly, qualitative indicators were used to assess the impact of publications, authors, journals, and countries within the relevant field of knowledge (Bermeo-Giraldo et al., 2023; Ceccoli et al., 2024; Ramos-Escobar et al., 2022).

The literature analysis reveals that, although the concept of B Corps emerged in 2006 and the first publications in high-impact journals appeared in 2017 (Figure 13), the underlying business philosophy is rooted in the definition of sustainable development proposed by Brundtland (1987). According to this definition, the balance among economic progress, social justice, and environmental sustainability underpins the current mindset of B Corps by embedding a triple-impact philosophy into business practices (Tabares, 2021a).

Despite the introduction of the sustainable development concept in 1987, companies have historically struggled to achieve key sustainability objectives, such as economic efficiency, equity, self-governance, social responsibility, and environmental sustainability (Turnbull, 1992). These challenges persist among certified B Corps, which continue to face issues such as institutional complexity (Xiang et al., 2024), financial inefficiency (Bringas-Fernández et al., 2024), and a lack of equity in the standards and practices that support sustainable development (Boni et al., 2024).

The findings of this study confirm that the relationship between B Corps and sustainable development is both emerging and gaining traction in scholarly research (Figures 6–10, 13). This trend is driven by a growing vision that integrates social, economic, and environmental factors aimed at achieving sustainable development, prompting companies to transform how they conduct their activities. This aligns with the assertions of Leopizzi and Lippolis (2024), who highlight the B Corps movement as a critical pathway for incorporating the Sustainable Development Goals (sdg) into organizational frameworks. In fact, several studies have identified a strong connection between B Corps and the sdg (Kirst et al., 2021; Vicente-Pascual et al., 2024).

In this regard, B Corps have emerged as key allies in revitalizing progress toward the sdg, particularly in the post-COVID-19 context (Jastrzębska, 2021). Their innovative, impact-driven business strategies position them as strategic actors in advancing sustainable development (Acevedo-Duque et al., 2023). Specifically in Latin America, this study reveals a significant relationship between B Corps and sustainable development, contributing approximately 50% to the achievement of the sdg (Da Silva et al., 2023; Tabares, 2021b). Conversely, Boni et al. (2024) challenge the presumed effectiveness of the B Corp certification as a reliable indicator of a firm’s sustainable performance. Their critique suggests that certification alone may not constitute a robust measure of a company’s actual contribution to the sdg.

The above calls into question any assumptions regarding a direct, linear relationship between B Corps and sustainable outcomes. As illustrated in the results (Figure 10), the topic remains in an emergent stage—still developing but with growth potential and increasing global relevance due to new dynamics surrounding sustainability. In support of this critical perspective, Silva et al. (2022) point out challenges in measuring key performance indicators in B Corps, particularly given the absence of minimum thresholds for assessed variables. This lack of standardization can lead to instability in their sustainable development trajectory. Furthermore, Ficco et al. (2023) emphasize the need for enhanced government support and public policies that incentivize B Corps to achieve sustainability.

Despite the contradictions surrounding the theories that link B Corps and sustainability, there are also well-established foundations and substantive contributions that continue to support the integration of these two critical concepts, ultimately favoring sustainable business growth.

As evidenced by quantitative indicators, there is a clear upward trend in scientific publications related to B Corps and sustainable business practices. The number of publications reached a historic high of 26, reflecting a growing interest in sustainable organizational operations, driven by global concerns such as climate change, global warming, and widespread poverty and inequality. The quantitative analysis also revealed that China and the United Kingdom are leading contributors to this field, with the United Kingdom heading the most robust research cluster. This leadership may be attributed to strong research infrastructure and regulatory frameworks that promote knowledge production.

Structural indicators highlight significant patterns in the behavior of research topics. Keyword analysis demonstrated a strong emphasis on csr and sustainability; however, studies that explicitly connect these themes to B Corps remain limited. Research evolution further underscores the importance of motor themes such as sustainable performance, governance within the framework of sustainable development, and the socio-economic impacts of trade. These findings suggest that aligning B Corp strategies with these topics could strengthen their social, environmental, and financial impact across different geographical contexts. In contrast, corporate social performance remains a notably underexplored topic, representing an opportunity to develop a theoretical framework tailored to B Corps.

Moreover, the study confirms a strong association between B Corps and sustainable development, particularly as a strategic mechanism for achieving the sdg. Thus, B Corps emerge as essential tools for decision-makers seeking to advance corporate sustainability through the alignment of economic, environmental, and social dimensions. As such, they offer a solid basis for meeting the sdg and regaining momentum lost during the COVID-19 pandemic.

Finally, although the current body of research on B Corps has addressed topics such as corporate governance, social responsibility, and stakeholders, it often does so in a fragmented manner. Consequently, future research should aim for greater theoretical integration and should explore the practical implications of B Corps. Particularly, attention should be given to the implementation of sustainable practices across various geographic contexts and the development of models that assess the impact of corporate governance on sustainable performance.

How to cite: Sanabria-Ospino, A. E., López García, D.M., Puerta-Guardo, F.A., Fajardo-Moreno, W. S., & Cantillo-Orozco, A. S. (2025). B Corporations and Sustainable Development: Global Trends from a Bibliometric Analysis (1991–2023). Revista CEA, 11(26), e3239. https://doi.org/10.22430/24223182.3239

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