Antecedents and Moderators for Creating Shared Value in Startups

ABSTRACT This study examines the factors determining Creating Shared Value (CSV), validating a conceptual model that integrates external and internal antecedents, moderating variables, and outcomes. Based on a sample of 236 startups operating in the Spanish market, a scale was developed and validated to measure CSV and test the proposed model. The findings show that customer behavior and corporate culture significantly influence the development of CSV strategies, while networking and innovation capabilities have a direct impact on these initiatives. Additionally, the positive impact of CSV strategies on social, environmental, and economic outcomes was confirmed, emphasizing their potential for triple impact. This study proposes an adjusted model suggesting that personal values play a secondary role relative to business capabilities, while competitive intensity could act as a moderating variable. These findings enrich CSV theory, provide actionable insights for business practitioners, and establish a robust foundation for future research on sustainable value creation.