Extant literature on sustainable business models highlights that value creation stems from resources exchanged in relationships between a focal firm and its stakeholders. In this context, the literature has, so far, focused on direct relationships. However, despite the acknowledged relevance of sustainability issues in supply chains, this relational view of the focal company and its direct stakeholders has not been extended toward value creation for and with indirect stakeholders, such as stakeholders of suppliers. Addressing this gap, this conceptual article integrates a relational view of sustainable supply chain management into the management of sustainable business models. It extends the scope of sustainable business models from relationships between the focal firm and its direct stakeholders to indirect relationships with stakeholders of suppliers. A framework is developed that supports analysis and management of value‐creating relationships between the focal firm, suppliers, and stakeholders of suppliers. By extending the conceptualization of sustainable business models to consider relationship chains beyond direct relationships, this article proposes that a focal firm has to actively manage interactions both with suppliers and with suppliers' stakeholders.

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Sustainable business models refocus value creation beyond customers only toward value creation for various other stakeholders and the natural environment as well. Extant literature acknowledges the importance of translating this stakeholder value into consumer value. However, the frames that could support this translation through different interpretations of stakeholder value are yet to be investigated. This article examines the frames that communicate the value created for other stakeholders as functional, emotional, social, and cost-related value to consumers. Based on the analysis of 17 cases, seven coexisting frames are synthesized based on the ways through which value is translated. These frames highlight the importance of emotional and social value in sustainable business models, contributing a richer understanding of value and how stakeholder value can be translated for consumers. In this regard, the article contributes a distinction between self-related and self-transcendent translations of stakeholder value into consumer value.