Smedema MA BMS

MASTHER THESIS
THE PERCEIVED VALUE OF THE B CORP

CERTIFICATION IN B2B RELATIONS
A MIXED METHOD RESEARCH APPROACH
J.J. SMEDEMA
SUPERVISOR: DR. Y. SAHHAR

2ND SUPERVISOR: DR. L. ALVINO
BUSINESS ADMINISTRATION
FACULTY OF BEHAVIOURAL MANAGEMENT AND SOCIAL SCIENCES
ENSCHEDE, THE NETHERLANDS
27 MARCH 2023
Master thesis, J. J. Smedema, 2023
Abstract
This study elaborates on the perception of the business field towards the B Corp certification. This
certification means a corporation successfully completed the B Impact Assessment (BIA). An extensive
assessment that investigates the level of sustainable business operations on 5 different areas, namely
Government, Workers, Community, Environment, and Customers. The commitment to this label is
equal to commitment to the B Corp movement, an initiative that tries to stimulate a way of business
operations where social, environmental, and economic interests are equally prioritized. The purpose of
this study is to provide insights into the current perception of the B Corp movement and enhancing the
idea of how to increase the value of the B Corp certification in B2B relations. In order to recommend
the most achievable approach to improve the perceived value of the B Corp movement. This is pursued
by conducting a mixed method research approach which was qualitative by nature, enabling the
investigator to retrieve in-depth insights which were reinforced and substantiated with cursory,
exploratory survey data from a larger, more representative group for the entire industry field. Through
the conduction of an online survey and 10 interviews, findings show that the best way to enhance the
perceived value of the B Corp perceptions in B2B relations is to ensure improved and more substantive
information about the B Corp movement. Moreover, it suggests B Corp certified companies should
require partners, clients, suppliers, and agencies to meet the B Corp requirements. This will
exponentially enlarge the impact of the movement, increases the credibility, and encourages
corporations to adjust their business policies. This study contributes to advance the B Corp literature
field with a modernized reflection of the current B Corp perception. Additionally, it underlines the need
to spread more substantive knowledge about the movement. Finally, it reveals great potential in B2B
relationships as B Corp companies in partnerships begin to claim the terms of the movement from each
other.
Keywords: sustainable business operations; B Corp; B2B relations; Perceived sustainability label value
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Table of content
Acknowledgement ______________________________________________________________________ 4
1. Introduction ______________________________________________________________________ 5
2. Literature background _____________________________________________________________ 7
2.1. Customer-perceived value of a label _______________________________________________ 7
2.2. B Corp certification ____________________________________________________________ 8
2.2.1. The B Impact Assessment __________________________________________________ 8
2.2.2. The promising future of being B Corp certified ________________________________ 10
2.2.3. The B Corp label from a critical point of view _________________________________ 11
2.3. The market perception _________________________________________________________ 12
3. Method _________________________________________________________________________ 13
3.1. Research design: A mixed-method research approach ________________________________ 13
3.1.1. Data collection - Explorative survey ___________________________________________ 13
3.1.2. Data collection - In-depth interviews _________________________________________ 15
3.1.3. Research setting _________________________________________________________ 16
3.1.4. Channels _______________________________________________________________ 16
3.1.5. Timeframe _____________________________________________________________ 16
3.1.6. External factors _________________________________________________________ 16
3.2. Sample _____________________________________________________________________ 17
3.3. Data analysis ________________________________________________________________ 19
3.3.1. SPSS __________________________________________________________________ 19
3.3.2. Coding ________________________________________________________________ 21
4. Results. _________________________________________________________________________ 22
4.1 Consideration ________________________________________________________________ 23
4.1.1. Sustainability priority – Observed patterns ______________________________________ 23
4.1.2. Sustainability priority - Objective findings ______________________________________ 23
4.1.3. Profit driven – Observed patterns ______________________________________________ 25
4.1.4. Profit driven - Objective findings ______________________________________________ 25
4.1.5. Mission driven – Observed patterns ____________________________________________ 27
4.1.6. Mission driven – Objective findings ____________________________________________ 27
4.2. Label value__________________________________________________________________ 29
4.2.1. Awareness – Observed patterns _______________________________________________ 29
4.2.2. Awareness – Objective findings _______________________________________________ 29
4.2.3. Credibility – Observed patterns _______________________________________________ 31
4.2.4. Credibility – Objective findings _______________________________________________ 31
4.3. Market position ______________________________________________________________ 32
4.3.1. Distinguish – Observed patterns _______________________________________________ 32
4.3.2. Distinguish – Objective findings ______________________________________________ 32
4.3.3. Employee attraction - Observed patterns ________________________________________ 34
4.3.4. Employee attraction – Objective findings _______________________________________ 34
5. Discussion _______________________________________________________________________ 35
5.1. Main findings ________________________________________________________________ 35
5.2. Theoretical implications _______________________________________________________ 37
5.3. Limitations __________________________________________________________________ 38
5.4. Recommendation for further research _____________________________________________ 39
5.5. Conclusion __________________________________________________________________ 39
References ___________________________________________________________________________ 40
Appendices ___________________________________________________________________________ 46
Appendix A – Online survey ___________________________________________________________ 46
Appendix B – Sustainability label image __________________________________________________ 50
Appendix C – In-dept interview scheme __________________________________________________ 51
Appendix D – Cohens Kappa___________________________________________________________ 53
Appendix E – Data inclusion ___________________________________________________________ 54
Appendix F – Codebook ______________________________________________________________ 57
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Acknowledgement
During the writing of this Thesis the guidance of my supervisor Yasin Sahhar was indispensable.
I’m thankful for the personally attention and the chance to combine writing this thesis with a valuable
internship, that gained value experience for a lifetime. I owe the opportunity to fulfil my graduation
assignment is such an interesting subject to FX Agency, the organization where I did an interesting
internship at the same time. Of course, I want to thank all the participants who took the effort to
complete the online survey, and moreover the participants that created time for an interview. Last but
not least, I would like to thank my dear family and close friends for supporting me during the final
phase of my Master degree.
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1. Introduction
Since the Sustainable Development Goals (SDGs) were included in the 2030 Agenda of the United
Nations in 2015, more attention was created for sustainability themes. The SDGs cover seventeen
worldwide issues, including the fight against climate change, gender equality and good health and
wellbeing (Topics | Sustainable Development, n.d.). Since social and environmental problems are on
the agenda of society, ignoring global concerns is no longer an option for companies. This may create
internal conflicts of interest for companies. On the one hand, they are expected to meet the social
demands, and thus incorporate social and environmental aspects into their products, services, and
strategy. On the other hand, companies are expected to satisfy probability interest on the short term to
meet shareholders demands. Logically, in 2016 early symptoms of business leaders trying to find ways
to address, besides financial profit, societal problems, and ensure sustainability and resilience in the
long-term were found (Kang, Germann & Grewal, 2016).
Various initiatives have emerged to bring the different interests in the private sector closer together.
These initiatives tried to stimulate business supporting the SDGs by giving them tools to measure and
improve their impact and by increasing the recognition for companies that did well in this area with
sustainability labels (Diez-Busto, Sanchez-Ruiz & Fernandez-Laviada, 2021). The most famous
example of a sustainability label is the Fairtrade label, which already exist for over 70 years. This label
tells consumers that the farmers and workers of the product are equally paid and have decent working
conditions (How Fairtrade Works, n.d.). In recent years many more types of sustainability labels have
been initiated. Zooming in, it is remarkable that these initiatives do have a relatively narrow or specific
focus and do not cover the entire operation of a company (O’Flynn & Barnett, 2017). In this context B
Lab was founded, an independent organization that hands out certificates to companies that have earned
enough points in an impact assessment regarding 5 areas: Governance, Workers, Community,
Environment and Customers (BIA Overview - B Lab UK, n.d.). Companies that have earned this label
are called ‘B Corps’. B Lab evaluates the entire organization (Honeyman & Edwards, 2016; Acevedo-
Duque et al., 2021), which makes that the B Corp label tells that a company who has the label, uses
their complete business as a force for good.
The increase in the number of certified B Corps is significant, therefore it makes sense that
literature on this subject is expanding. In their systematic literature review on the B Corp movement
Diez-Busto et al. (2021) found 151 articles of which they included 50 in their review. According to
them literature can be found about: the motivations that companies have to become a B Corp; the factors
that can favour the emergence of B Corps; the results companies achieve when they are certified. The
main findings turn out to be:
1. Distinguishing from other companies seem to be the most common motivation.
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2. Lower salary, unemployment rates, female owners, and external economic resources tempt to
be significantly correlated with the chances for a company to adopt the certification.
3. Certification seems to ensure a growth in productivity, sales, and turnover.
4. An obstacle to B Corp potency is the lack of understanding.
However, while literature is writing about the motivations to become a certified B Corp and the
effects of the market position of certified B Corps, there is a lack of information about the market
position of the B Corp label itself (Liute & De Giacomo, 2021; Diez-busto et al., 2021). It will be worth
to have a more general view of the perception regarding B Corps by including a quick field scan to find
out the priority of sustainable business processes in the private sector and the notoriety of the B Corp
label. Depending on the outcomes, commercial value of the label could be questioned.
Accordingly, we identify the following research gap: the general perception of the market on the
B Corp label. Studying the perception of the market on the B Corp label, in correlation to the
commercial value and moreover the credibility of the movement, will mark the beginning of filling in
the research gap and directly enhances the value and credibility interpretations. To make it a manageable
study, specific research will be done into the current perception of the B Corp label in B2B relations.
Therefore, the research question that serves as the foundation for this study is as follows:
RQ: How can B2B service providers enhance their customers perceived value of B Corp labels?
This question consists of three underlying themes. First, to understand how the perceived value
can be enhanced, the current consideration of the B Corp labels and sustainability labels in general must
be known. Second, to provide arguments and suggest processes that will convince customers value
perception, the experienced effects on the market position of becoming B Corp certified are relevant.
This study specifically focusses on the B Corp community and the employee engagement for the market
position section. Third, to highlight the room for improvement it is essential to get to know the
awareness level of the B Corp label and moreover the perceived credibility, this will be covered by the
section label value.
This study draws on a mixed method research approach to zoom further into the priority of
sustainable business processes in the market, the attitude towards sustainability labels, and the extent to
which the market is aware of the existence and content of the B Corp label. This will be done by
deploying a quick field scan using a survey. The quantitative part of this study helps to map the current
situation in terms of priority, knowledge and attitude towards sustainable business operations and the
B Corp label. The outcome of this study will therefore give an initial estimate of how many people are
familiar with the label, which is, up to our knowledge, not done before.
Complementary to the survey output, in-depth interviews will be done in which B Corp companies
as well as none-B Corp companies will be included to get insights in the difference in perception
towards sustainable business operations and the B Corp label. The interviews empower this research to
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create a more comprehensive view on the B Corp perception, which can enhance the approach of the B
Corp label and supports a better understanding of the movement.
The study’s findings show that although the B Corp label is not widely recognized, those who are
familiar with it hold a highly favourable view of the B Corp movement. While sustainable certification
initiatives have often been linked with greenwashing, the study suggests that the B Corp label largely
addresses this issue through its comprehensive assessment process, known as the BIA. However, the
findings of this study also identify several areas where B Lab, the non-profit organization that certifies
B Corporations, could improve upon its current practices. The study reveals that the motivation behind
a significant proportion of companies committing to the B Corp movement is primarily commercial,
rather than being driven by the movement's underlying philosophy. This philosophy is centred around
a mission-driven approach to business, which according to the findings of this study could be
strengthened by promoting circular economy practices within certified B Corporations.
Literature points towards experienced advantages (e.g. societal contributions while ensuring
shareholder value, and the ability to attract more dedicated employees) and disadvantages or obstacles
(e.g. human resources, continuous process measuring, and perceived greenwashing) of B Corps (Chen
& Kelly, 2014; Liute & De Giacomo, 2021; Kim, 2021). This study contributes to literature by focussing
on the perception on the label, instead of its effects in the market. This will form the first foundation to
start filling the research gap: the general perception of the market on the B Corp label, in correlation to
the commercial value and moreover the credibility of the movement.
In the following sections an extensive picture of the existing literature will be outlined, followed
by an explanation of the research method. After that, the results of the research were written down of
which an in-depth analysis was made that led to the final conclusion.
2. Literature background
2.1. Customer-perceived value of a label

There are tons of different ‘sustainability labels’. From food to property and from clothing to
energy. One of the most famous labels is Fairtrade. Over the years the number of available labels per
product extended and a proliferation of labels ensued.
Next to product specific labels, different initiatives for impact measuring are available for
companies, for example GRI, IRIS+, SA 8000 and ISO14001. Global Reporting Initiative (GRI) sets
standards for the best environmental, social, and economic impacts of an organization, in other words,
it is a global standard for impact reporting (GRI - Mission & History, n.d.). The Global Impact Investing
Network (GIIN) launched IRIS +, a performance tool to measure environmental, social, and financial
performance (IRIS+ System | About | IRIS+ System, n.d.). The SA 8000 certification is a set of standards
that is based on international human rights, norms, and labour interrelation in national legislations
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(Rajab Zadeh et al., 2013). The ISO 14001 is developed and handed out by the International Standards
Organization. With this certificate, a company shows that their business processes meet a certain quality
and sustainability standard (Jolevski, 2015).
It becomes hard for companies to choose their best fit and find the most credible label. The
International Standard Organization, for example, seems to be internationally approved. According to
Mikeclearyz (2021), ISO 14001 functions as the benchmark standard for company to prove their
commitment in environmental impact managing. Moreover, to become an approved supplier, ISO
certifications are often required. However, due to the high number of labels the visibility and recognition
of labels decreases (Annunziata, Mariani & Vecchio, 2019) or the intention behind the labels gets
confused (Sonntag, Lemken, Spiller & Schulze, 2023). Engels, Hansmann and Scholz (2010) argued
that the value of a label completely depends on external parties creating reliability and the possibility
to create brand awareness for the label.
2.2. B Corp certification

Yet, another certificate in this spectrum: The B Corp certificate. The label is meant to say: ‘This
business is used as a force for good’ (About B Lab, n.d.). Voland, Saad and Eicker (2022) describe the
B Corp label as an alternative strategy for business. Instead of purely capitalistic driven business, the
business should be used to reduce carbon emissions and leave the world a better place for the next
generations. In other words, B Corp aim is driving a new paradigm of doing business. This highlights
the difference with the labels explained above, as they generally focus on more specific processes.
Being a B Corp concerns the entire company and is part of the company identity and strategy, whereas
other labels concern specific products or processes. Perhaps, the B Corp certification does have the
ingredients to be the leading sustainable label. At least, to obtain the label, companies must fill in an
extensive assessment as application: The B Impact Assessment (BIA).
2.2.1. The B Impact Assessment

The BIA provides a framework for sustainability reporting. It supports goal setting, reporting and
subsequent monitoring of goals, and developing methods to improve performance regarding social and
environmental criteria (Shields & Shelleman, 2017). The BIA is divided into 5 areas: workers,
environment, community, governance, and customers (BIA Overview - B Lab UK, n.d.). These areas
form the categories of the questions on which the grading system is based (B Lab., 2019). An overview
of the point division and the explanation of each area can be found in table 1.
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Table 1.
Area overview including available points per topic
Total achievable Topics Achievable points

Area Explanation points per topic
Reviews the strategy and Mission & engagement 4
Governance policy 10 Ethics & transparency 6
Financial security 17
Focusses on internal Health, wellness & safety 10
employee rights and Career development 5
Workers satisfaction 40 Engagement & satisfaction 8
Diversity, equity & 10

inclusion
Civic engagement & 8
giving
Checks the level of social Economic impact 10
Community involvement 40 Supply chain management 12
Environmental
management 10
Air & climate 15
Measures the impact on the Water 8
Environment climate 45 Land & life 12
Indicates the sustainability

of the business
Customers collaborations. 5 Customer Stewardship 5
Total 140
Note. Adapted from B Impact Assessment Knowledge Base. (How The B Impact Assessment Is Scored, n.d.)
By the integration of the five different areas in the assessment, the impact on the outside world is
taken into account, as well as the internal work environment of a company. If an organization manages
to achieve over 80 points in total, it will be certified. B Lab's goal is to change the current economy
toward a more equitable, inclusive, and regenerative system. With the B Corp Movement, B Lab want
to ensure business plays a leading role in transforming and positively impacting the global economy (B
Lab’s Theory of Change, n.d.)
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2.2.2. The promising future of being B Corp certified

Numbers presented by B Lab show a massive increase in companies applying for and receiving
the B Corp certificate (Scaling B Corp Certification: Reflections on 2021. n.d.). According to Putnam
Rankin and Matthews (2020) this is (partly) because companies tend to copy other companies in their
industry. They want to 'fit in’. Be part of the community.
Honeyman (2016), who has helped a significant number of leading companies with achieving the
B Corp certificate, noticed that the companies were surprised by the incredible value of the B Corp
community. The aim of the B Corp label is to provide recognition in the field of sustainability and
distinguish sustainable companies from companies that are less committed to sustainability. Certified
companies can find each other in the community, which is often perceived as a secured environment
for finding trustworthy (business) partners (Loza, 2004). According to Mat, Cheung and Scheepers
(2009) choosing the right business partners with complementary strategic orientation, required skills,
and compatible goals is key for a successful collaboration.
Honeyman (2016) highlights that being part of the community was often not included in the
motivations to become a B Corp and also in the literature little has been found about the community as
a motivation to become a B Corp. Nevertheless, the community is one of the most highly rated benefits.
Gehman and Grimes (2017) noticed that achieving the B Corp certificate brings company in a new
network of CSR companies. Companies in the community are seen as safe and reliable partners, partly
due to the transparency, equal standards, and values (Silva, Lima, Sá, Fonseca & Santos, 2022; Roth &
Winkler, 2018; Honeyman, 2016). An interesting angle on the B Corp community was reported by
Martin (2020). According to his study a commonly mentioned issue was absence of a B Corp
community. This was experienced by small companies, who also shared their belief that B Lab only
supported larger companies and build a community for them.
In addition to copying certified companies, the exponential growth in B Corp certified companies
implies that companies have confidence in the usefulness of the investments that are needed to become
B Corp. Various studies agree promising future of the B Corp.
The findings of Alam, Ibn Boamah, MacMullen, Kochhar and Barrington (2022) are in line with
the trust in the label, since they state in the long run, certified companies should reap the benefits by a
better protected mission, building better relationships, attracting more talent, improving their impact,
and amplifying their market position. To substantiate this certified B Corporations, seem to be able to
attract more, younger, and even more dedicated employees. (Chen & Marquis, 2022; Romi, Cook &
Dixon-Fowler, 2018; Honeyman & Edwards, 2016; Surowiecki, 2014). Workers, especially young
ones, want to work for socially conscious companies. Additionally, the average levels of job satisfaction
in B Corporations turn out to be higher (Surowiecki, 2014).
Subsequently, some emphasize the benefits resulting from the considerations about how the
business is done. Since rethinking social and financial choices often leads to an increase in efficiency,
innovations, and integrative thinking, it is often linked to improved overall performance. Moreover,
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measuring impact appears to have a positive relation with mission achieving (Chen & Marquis, 2022;
Honeyman & Edwards, 2016; Bend & King, 2014; Miller, Grimes, McMullen & Vogus 2012; Plambeck
& Weber, 2009). Richardson and O’Higgens (2019) even state that the organizational reputation in
general is improves by the B Corp certificate.
2.2.3. The B Corp label from a critical point of view

After discussing previous, positive findings, the other side of the coin will now be considered.
Next to all the benefits mentioned above, there is also criticism, doubt, and risk. First of all, applying
for any voluntary certification brings uncertainty for a firm, there is no guarantee that the effects of the
B Corp label will outweigh the costs (Montiel, Christmann & Zink 2016; Bend & King, 2014). There
are cases where the benefits where over-estimated and companies decided to forgo the B Corp status
(Martin, 2020). However, the growing number of applications tell that more and more companies are
willing to take the risk.
According to Diez-Busto et al. (2021) companies with a lower that pay a lower salary to their
employees seem to be more tended to adopt the certification. This suggests that the B Corp label is used
to compensate for the lower salary, which conflicts with the identity the label is intended to convey.
The use of the B Corp label for compensation, but even more within the B Corp assessment, is one of
the biggest criticisms that emerges in the literature (Silva et al., 2022; Liute & De Giacomo, 2021). The
BIA is divided in five areas, however, there is no minimum points needed per area. Thus, if a company
does not take good care of his employees but fully limits their emissions, it can still reach 80 points and
be certified. Although Liute and De Giacomo (2021) found a strong alignment between the
environmental and social claims and their B Corp scores for 70% of the companies, there are 30% of
the companies that show a weak alignment, and thus do not fulfil the requirements of the B Corp
identity. Gamble, Parker and Moroz (2019) confirm this by reporting that several companies in their
research were willing to spend a lot of money to become B Corp certified, but at the same time lack
integrated business operations, which resulted in a 20% dropdown in revenue. Similar as with other
sustainability, credibility is an essential issue. Liute and De Giacomo (2021) indicate people tend to
have a reserved attitude towards sustainability labels in general. This attitude is caused by many well-
known examples of sustainable profiling companies that turn out not to be very sustainable. As a result,
people automatically associate sustainable marketing communications with greenwashing (De Vries,
Terwel, Ellemers, & Daamen, 2015; Javed, Rashid, Hussain & Shafique, 2023).
Finally, Diez-Busto et al. (2021) raise a previously unmentioned, but essential issue: the lack of
understanding of the B Corp label. This refers to misunderstanding in the interpretation of the label, but
also to people who have no association with the label at all. The former is one of the reasons companies
even choose to forgo their B Corp certification status (Martin, 2020). The latter limits potential benefits.
Muñoz and Cohen (2017) discuss the lack of understanding of sustainable entrepreneurship at all.
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According to them, most of the society still believe that sustainable entrepreneurship is a future
phenomenon, however these findings are 6 years old now, which could mean the future is now and
things have changed. The lack of (customer) awareness is referred to as one of the biggest challenges
for the B Corp movement (Chen & Marquis, 2022; Ivanova, Maher, Marco & Reinbold, 2018). Nigri,
Michelini and Grieco (2017) even mentioned a lack of internal understanding of the label at certified
companies. Despite the lack of familiarity with and full understanding of the B Corp certificate, people
often support the movement after reading the description and purpose of the movement (Tudor,
Bernardic, Sooter, & Ugazio, 2023). Research suggests extensive communication of the label is needed
to increase the public awareness (Maignan & Ferrell, 2014).
2.3. The market perception

The majority of the former studies outline the effects of being B Corp certified. Both positive and
negative findings are discussed in literature and there is no ground-breaking research with the ultimate
answer. Realistically, there are too many factors at play to provide a comprehensive answer about the
effects of being B Corp certified. Table 2 demonstrates a short overview of the mentioned pros and cons
around the B Corp certification:
Table 2.
Overview of the pros and cons of being B Corp certified
Pros Cons
Better protected mission No benefits are guaranteed
Building better relationships Used to compensate for, for example, low salaries
Attracting more talent Internal points compensation between areas in the BIA
Improving their impact Small companies feel less supported
Amplifying their market position Lack of awareness and understanding of B Corp
Still little is known about the perception on the B Corp label in general. Sustainability in business
in general is an increasing trend (Kang et al., 2016; Diez-Busto et al., 2021). This increases the relevance
of filling in the research gap: the general perception of the market on the B Corp label in B2B relations,
in correlation to the commercial value and moreover the credibility of the movement. This chapter
specified the existing knowledge, and with that emphasized the literature gap that will be filled by
answering the research question: How can B2B service providers enhance their customer perceived
value of B Corp labels?
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3. Method
This Chapter introduces the research methodology for this study regarding the perception of the B
Corp label in the market. The relevance of discussing the research method lies in ensuring a reliable
and valid research. The research design includes an explanation of the mixed-method research
approach. Subsequently, the data collection will zoom in on the conducted explorative survey and in-
depth interviews. Thereafter, the channels, sample, timeframe, and external factors will be clarified in
the research settings section. Finally, the data analysis will be discussed.
3.1. Research design: A mixed-method research approach

In this study a mixed method research is applied (Creswell, 2012). Since the research question is
qualitative in nature, studying the perception of people on a concept, interviews are seen as the most
valuable and reliable research method (Boeije, 2010). However, the target group consists of a relatively
broad audience. According to Manzo & Burke (2012), people are increasingly hard to reach, and they
are tempted to refuse participation in investigations.
A mixed method research approach combines the use of questionnaires and interviews, which is
an effective way to gather data from participants. This method allows for a larger amount of data to be
collected quickly through the use of questionnaires, while also providing the opportunity for more in-
depth and detailed information to be obtained through follow-up interviews (Creswell, 2012).
Combining questionnaires with interviews allows for the strengths of both methods to be utilized. The
large amount of data collected through questionnaires can be used to identify patterns and trends, while
the in-depth information obtained through interviews can be used to provide a more complete
understanding of the research topic.
In conclusion, a mixed method research approach that combines the use of questionnaires followed
up by interviews is an effective way to gather data from participants. It allows for a large amount of
data to be collected quickly and efficiently through questionnaires, while also providing the opportunity
for more in-depth and detailed information to be obtained through follow-up interviews.
In order to make the data collection as transparent as possible and to guarantee equivalence in the
mixed-method data collection, the data collection is based on 3 themes derived from the sub-questions:
1. Consideration
2. Market Position
3. Label value
3.1.1. Data collection - Explorative survey

Questionnaires are a cost-effective and efficient way to gather data from a large number of
participants (Jones, Murphy, Edwards & James, 2008; Wright, 2006). They can be easily distributed
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and completed online or through mail, allowing for a wide range of participants to be reached.
Additionally, the use of multiple-choice or Likert scale questions allows for easy data analysis and
interpretation (Malhotra & Birks, 2008).
The approach of the survey is to identify patterns in the perspective of the market (Pandey, 2015),
i.e. both participants who are familiar with and those who are not familiar with b corp. Due to the broad
target group, it is chosen to start with a quick field scan using an explorative survey. Appendix B
presents the full survey.
As been noticed in the research setting section, the survey contained a number of questions related
to the company and the role of the participant in it, in order to be able to specify the target group
afterwards. Participants that worked at a company with 50 < employees and indicated that they were
aware of what is happening at management level were included. The demographic questions, i.e. branch
and location, function as validation to recognize a diverse and representative sample group.
Most insight in the survey will be gathered by asking the participants to agree or disagree on a few
statements via the 4-point Likert scale. The 4-point Likert scale is a commonly used tool in survey
research to measure attitudes, beliefs, and opinions of participants (Leung, 2011). It consists of four
response options ranging from "totally disagree" to "totally agree" and is often used to gauge the
strength of an individual's attitude or opinion on a particular issue. Since participants tend to choose the
neutral option in a 5-point Likert scale (Eisinga, Grotenhuis & Pelzer, 2013; Krosnick & Presser, 2010),
a 4-point Likert scale was chosen. This way the participants were forced to (partly) agree or (partly)
disagree with the statement. The 4-point Likert scale is an effective and reliable method for obtaining
insights into participants' opinions (Leung, 2011) since the scale is easy to use and understand, produces
reliable and valid results, and is flexible and versatile.
Halfway through, an image is presented, which contains different sustainability labels (Appendix
C). Participants were asked to tick the boxes of the labels they were familiar with. If the B Corp box
was checked, the following statements would be about the ‘B Corp certification’, where if the B Corp
box was not checked, the following statements would be about ‘sustainability certification’. To ensure
participants saw the right questions the IFTTT (If this then that) principle was used (Schrepp, Hinderks
& Thomaschewski, 2014), which means that the answer determines which question they will see next.
This way the opinion and attitude of participants that do not know about the B Corp label, still
contributes to the general image of sustainability labels in the market. Tudor et al. (2023) showed that
people often are not familiar with the B Corp label but do support the purpose of it. Therefore, those
results also imply interesting insights regarding sustainable business processes, and thus, the B Corp
certificate.
However, questionnaires do have limitations. Participants may not fully understand the questions
being asked or may not want to provide certain information (Trochim & Donnelly, 2006). Additionally,
the use of open-ended questions can lead to inconsistent responses that are difficult to analyse. To
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overcome these limitations, follow-up interviews can be conducted with a smaller subgroup of
participants (Cresswell, 2012).
3.1.2. Data collection - In-depth interviews

Interviews allow for the researcher to probe deeper into participants' responses and clarify any
confusion or misunderstandings. They also provide the opportunity for participants to provide more
detailed and nuanced information (Malhotra & Birks, 2008). A semi-structured interview scheme will
be used. The scheme was developed using the guide of Kallio, Pietilä, Johnson and Kangasniemi (2016),
which is presented in Figure 2. In the first phase it is checked if the semi-structured interviews are a
good fit for this study. Since this study meets the criteria of 1) areas determined based on pre-
knowledge; 2) investigating people’s perception; 3) the chance of low level of awareness of the subject,
the semi-structured interview method is assured to be a good fit in this study (Kallio et al., 2016). The
second phase, the literature review, has been elaborated in the second chapter of this report. Then the 3
themes: Consideration, Label value and Market position supported the design of the preliminary
interview guide. Two internal participants, one who was aware of the subject and one who was not
aware of the subject were used for the pilot test, after which the scheme was complete. Appendix D
shows the guidelines for the semi structured interview. The semi-structure makes it possible to analyse
the results afterwards, but also leaves room for a natural conversation (Malhotra & Birks, 2008). The
discussions raising in the natural conversation part, create clarification on the interview questions and
the results from the questionnaire, even despite the possibility of deviation (Malhotra & Birks, 2008).
Eventually 10 interviews have been conducted, after which no new subjects came to light,
and thus data saturation was reached.
Figure 1.
The phases that guide semi-structured interview development
Note. Adapted from Systematic methodological review: developing a framework for a qualitative semi-structured
interview guide, by H. Kallio, A. Pietilä, M. H. Johnson & M. Kangasniemi (2016).
15
3.1.3. Research setting

This research has been prepared in collaboration with FX Agency. FX Agency is a digital,
experience agency that translate stories into unforgettable experiences, mainly in the context of
corporates that want to inform their employees about new business information. At the time of the
research, the researcher was doing a graduation internship at this company. The question about the
general perception around the B Corp label arose from the importance for FX Agency as they
themselves are in the process of being awarded the B Corp certification and the valuable contribution
that the answer to this question would bring to the B Corp literature field. Nevertheless, apart from
providing guidance on the research direction and leveraging their network (which corresponded to the
target group) this study was conducted independent from FX Agency and brought findings to light in
a broader context.
3.1.4. Channels
Answers for the questionnaire were collected by sharing an online survey, which was made in
Qualtrics. Various channels were used to share the survey with the target group. The survey was
distributed through social media platforms and WhatsApp, with respondents being directed to follow
the attached link. Additionally, some participants were recruited through snowball sampling, where the
researcher's colleagues, friends, or family shared the survey link within their own social network.
Besides, FX Agency shared the survey with their network. Additionally, via the same channels, a subset
of participants was selected for in-depth interviews to gather more detailed information about their
experiences and perspectives. The interviews were then conducted, according to the preferences of the
participants, via Teams or face to face in a familiar environment of the participant. All interviews started
with orally approval of the participants on the recording, and the clarification of the anonymize data
processing.
3.1.5. Timeframe
The research period was divided into two parts, with a total duration of six months. The first four
months were dedicated to diving into the subject of sustainability and identifying key areas of interest.
During this time, a literature review was conducted to identify existing research on sustainability in
commercial companies, and preliminary several company reports were read to identify key topics of
interest. The second part of the study involved data collection and analysis, which took place over a
period of two months.
3.1.6. External factors

The study focused on the topic of sustainability, which has gained significant attention in recent
years. One potential external factor that may have influenced the study is the fact that sustainability is
a hot topic (Kang et al., 2016; Diez-Busto et al., 2021), and people may be more likely to report positive
16
behaviours or attitudes related to sustainability in order to present a favourable image of themselves or

their organization (Schielke & Altobelli, 2012). This potential bias was addressed by using both self-
reported data and in-depth interviews to gather more nuanced information about participants'
experiences and attitudes.
3.2. Sample
The target group for this study was quite broad. However, after the wide set up of the survey, the
survey consists of a few participants specific questions, with which a more specific framework of the
number of included participants will take place afterwards. Since this study focusses on B2B business
relations, and larger companies in general have a more advanced supply chain in which more B2B
relations are included, participants from companies larger than 50 employees were included.
The focus was on commercial companies since they are important stakeholders in the modern
economy and play a vital role in shaping the business field. Understanding the perception of the business
field is essential for several reasons (Bowler, Castka & Balzarova, 2015). Firstly, it can help to identify
areas where commercial companies are investing their time and money in. By studying the perceptions
of employees, insights can be gained into the strengths and weaknesses of the B Corp label and its
position in the broader business field. This information can be used to understand organizational
decision-making and overall performance processes.
Secondly, employees of commercial companies are key stakeholders in the business field. They
contribute to the success of their companies and are affected by external factors such as economic
conditions, government policies, and technological advancements.
Thirdly, employees of commercial companies often interact with customers, suppliers, and other
stakeholders. Since this study, due to time limits, is scaled to the perception of the B Corp label within
B2B relations, the customer as stakeholder (B2C) will be disregarded. Further in this report, when
referring to customers, the demanding and paying party is meant. According to a study by Harter,
Schmidt and Hayes (2002) understanding the perceptions of employees is crucial for obtaining insights
of the business field. However, business choices as being certified or choosing certain business partners
is often done on a board level (Terjesen, Bose & Francisco, 2016). Not all employees may be in the
position or have the knowledge to decide about external collaborations, therefore the survey will include
a question that gives insight in the position of an employee in the organisation. Only the employees
who indicate that they have an idea of what is going on in the company, at decision level, will be
included. Appendix A gives an elaborative overview of the included survey data.
The sample selection of the interview sample was non-randomized. To get a comprehensive view
on the perception of the B Corp certificate, it is essential to include different perspectives. It was
successfully tried to include half (awaiting for) B Corp and half non-B Corp companies from a various
range of branches. To obscure the risk of an exception within the industry, it was tried to include two
comparable companies each time. This has partly succeeded. Table 4 demonstrates what the interview
17
sample consists of. To ensure the promised anonymity, the sequence is not equal to the participant
numbers as referred to in the results section.
Table 3.
Selected interview sample
Company type Relevant characteristics B Corp
1 Digital experience International Yes B Corp consultant

agency Well-known
2 Digital experience Recently merged Awaiting Design Lead

agency Well-known
3 Energy supplier Wind energy based Awaiting Communications

Little known adviser
4 Energy supplier Natural gas, biomass and No Hydrogen

coal based Little known originator
5 Secondment agency Spatial domain Yes Relation and sales

Well-known coordinator
6 Secondment agency Technical market No Region manager

Unknown
7 Real estate services Consulting, maintenance, No Environmental

company safety, and sound services Unknown manager
8 Consultancy agency Strategy consultancy No Associate

Unknown consultant
9 B2C food company Leading in the market Yes People and culture
Well-known coordinator
10 Software provider Leading in the market No Cloud engineer

Unknown and consultant
18
3.3. Data analysis

Considering the exploratory nature of the study, no hypotheses will be confirmed or rejected by
significant outcomes of the survey analysis. The survey results will serve as substantiation or as a
contrast to the in-depth interviews. A concurrent embedded design has been applied, in which the
quantitative data will be embedded in the concurrent qualitative data (Creswell & Clark, 2011). Below
the data integration model is presented. The demographics, survey questions 1-4 and code 1.1-1.4, are
not taken into account. The demographics per method will be addressed in the next 2 paragraphs.
Appendices X and X indicate the corresponding questions to the s-IDs and codes numbers.
This model visualizes how all the different data was integrated to ensure valid and reliable
outcomes. The three overarching themes together form the basis for ultimately answering the research
question. However, there is an extra step between the questions asked and these overarching themes:
the categories. These categories were leading in the data analysis.
3.3.1. SPSS
98 participants filled in the online survey. As stated before, the output of the first four questions
was used to sharpen the sample. 24 were excluded because they worked at companies with less than 50
employees, an extra amount of 17 participants were excluded because they indicated to be not aware of
the decisions at management level. In the survey analysis 57 participants were included. The included
data was obtained from participants who work at companies where the head office can be found at 33
different locations, of which 29 in the Netherlands and 4 abroad. This indicates that the sample is very
diverse and is therefore representative of commercial companies throughout the Netherlands. Appendix
A gives an elaborated overview of the data inclusion.
The study was available in Dutch and English to ensure understandability for the participants.
However, only 3 participants used the English version of the survey. These turned out not to be the
employees whose head office was abroad. 3 items were reversed to improve the reliability of the study.
S12, S13 and S17 were negatively worded items. In order for the scales to be consistently scored in a
positive direction,
To inspect the reliability of the scales, the Cronbach Alpha per theme was calculated. As been
displayed in the model, most categories get input from different survey questions. Therefore, a reliable
internal consistence is essential (McHugh, 2012). Table 5 shows the calculated Cronbach's Alphas is
above 0.7, which proves the reliability of all scales, and thus, indicates that the internal consistence of
the full model is approved. Often, the Cronbach’s Alpha by category would be relevant, but due to the
concurrent embedded design, in which the quantitative data will be embedded in the qualitative data,
the Cronbach’s Alpha by category do not give a complete interpretation and are thus not of significant
importance (Ihantola & Kihn, 2011).
19
Figure 2.
The data integration model
20
For further analyzation of the survey output, descriptive statistics were used to identify patterns
within the quantitative data. Additionally, crosstabs were created to investigate the relation
between two variables.
Table 4.
Reliability Statistics
Cronbach's
Alpha Based on
Cronbach's Standardized
Alpha Items N of Items
.817 .819 14
3.3.2. Coding
All interviews were recorded, and the recordings were transcribed after. Since all spoken words
were literally written down, the reliability of the transcript is guaranteed by the recordings. After
collecting one third of the data, the drawn up of the first deductive version of the code book was created
based on the overarching themes from the data integration model (Figure 2).
After the first three interviews, the transcripts were analysed using a combination of both deductive
and inductive coding approaches. Using both approaches allow for greater flexibility, integration and
validity in the analysis (Bernard & Ryan, 2010). While deductive coding provides a theoretical
framework, covering comparisons with previously recognized patterns, survey analysis and confirms
that the analysis is grounded in existing theory. Inductive coding, on the other hand, allows for the
discovery of new themes and patterns that were not initially identified (Bernard & Ryan, 2010). To
ensure the reliability of the codebook, another researcher assessed it by coding three randomly chosen
parts of the transcripts. The first calculated Cohen's Kappa value was 0.61, which is exactly on the lower
limit of 'substantial'. It indicates that the interviewer and second coder had different interpretations of
the data. To improve the reliability of the qualitative analysis, the codebook was then improved with
the help of the second coder, and the second coding round, using different randomly chosen parts of the
transcripts, resulted in a calculated Cohen's Kappa of 0.76, indicating the codebook is reliable
(Appendix E). Table 6 displays the code names, and Appendix F provides a comprehensive version of
the codebook, including the categories, code numbers, code names, definitions, and examples.
An interpretive analysis is conducted on the collected data to derive meaningful insights. The use
of a codebook enables the conversion of participants' responses into analysable segments, which can be
conveniently mapped to the categories in the integration model. This facilitates the rapid establishment
of connections between the data segments and the model categories.
Eventually, after analysing interviews, the outlines of the awareness, understanding, attitude,
advantages, barriers, and priority around sustainable business operations and moreover, the value of the
21
B Corp certification become clear. Embedding the quantitative data herein reinforces the significance
of the findings. Exploratory data analysis involves using descriptive statistics to identify patterns within
quantitative data, as well as coding procedures to explore themes, codes, and categories that arise from
the data in an inductive manner (Schulenberg, 2007). The findings provide answers to the sub-questions,
by which the current perception on the B Corp label comes to light. In addition, a discussion is emerging
about the drivers for changes and improvements in the field of sustainable business operations, in which
part is driven by mission and part by profit. Can the two coexist and what is the role of B Lab in this?
Table 5.
Code names
Code names Be in advance of or copy concurrence or
B Corp Financial considerations
Awaiting B Corp certification Adapt to customer requirements
Not B Corp but sustainable B Corp community
Not sustainable Recognition & evidence
Customers External sharing of processes
Community Attract new employers
Environment Attract employers that match the company DNA
Government Resistance from employees
Workers Improve structure
Other labels Leave the world a better place
Negative impact Improve awareness
Laws and strict rules Mission driven
Top-down decision making
Greenwashing
Internal integration of business processes Lack of awareness
Trending topic Credibility
More and new clients Education
4. Results.
This chapter presents all findings. To keep things clear, the structure of the data interpretation
model has been maintained. First the results regarding sustainable business certification considerations
will be shown, followed by the results with respect to the value of the label and finally the results
concerning the effects of certification on the market position.
22
4.1 Consideration
4.1.1. Sustainability priority – Observed patterns
Various patterns were observed concerning the sustainable business processes commitment
considerations. The majority of the respondents concur that sustainable management is a current and
future-oriented concept with high priority. However, the findings of this study reveal that sustainability
and sustainable business practices can be easily subjects to differences of interpretation. Individuals
therefore often associate sustainability with aspects that are anchored within their own frames of
reference. This observation is further corroborated by the fact that respondents unfamiliar with the B
Corp label tend to cite environmental issues as examples of sustainable business practices, while those
who are familiar with the label often highlight examples related to employees or society.
Another salient pattern that emerged is the prevalence of top-down decision-making in the
imposition of sustainability processes, which are subsequently executed by sustainability teams. This
raises concerns about the level of integration of sustainable business practices within companies.
4.1.2. Sustainability priority - Objective findings

To find out how important sustainable business operations are perceived, the first statements in the
survey referred to the topicality of sustainability. Remarkably, none of the participants partly disagreed
on the statements ‘CSR is a topical subject’ and ‘CSR will be important in the future’, only a few totally
disagreed (N=6). The sample is convinced that CSR is a contemporary subject but will certainly play a
role in the future. Next to the priority of the concept, it was asked if their current employer takes care
of CSR. This resulted in more divided responses. Almost half of the sample disagreed on ‘Current
company is taking care of CSR’. That paints a completely different picture compared to the interviews
conducted, where only 1 of the 10 participants admit that they do nothing about sustainable business.
Perhaps, this can be linked to the included nuance in interviews, where directly a disclaimer can be
given.
‘We were one of the most polluting factories in Europe. And now we try to produce as sustainable
as possible, with the aim of being CO2 neutral by 2040. I like that, because you actually work for one
of the most polluting companies in Europe, but here you can really change something and make an
impact.’ – Participant 10
Additionally, the interview requested how sustainable business operations is applied in practice.
Of all current positive impact matters, environmental issues were by far the most frequently mentioned.
‘I mainly understand sustainable business operations as: flying less, separating waste, being CO2
neutral as a company, things like that.’ – Participant 6
23
To be more specific about current positive impact matters, in terms of B Corp, 26 examples of
Environment were mentioned, followed by 18 examples of Workers, 12 examples of Community,
examples of Government, 2 examples of Customers.
Next to the single descriptive analyses, the degree of agreement that each participant indicated with
the statement ‘Current company is taking care of CSR’ has been compared with the degree of agreement
with the statement ‘Conscious choices are made with whom my company works together’. Half of the
participants intended to disagree on the fact that business collaborations were chosen consciously.
While more than 70 percent intended their company is taking care of CSR. When asking for an
explanation on the integration of sustainable business operations, eight participants, refer to a
sustainability team, ambassador or department which forms the basis.
“We have a Green team per office and that is something you can do on top of your own work. You
can sign up for that and those Green teams are actually busy coming up with green initiatives for each
office.” – Participant 6.
However, these sustainability teams appear to be created after ‘the boss’ has decided to make
sustainable choices. The top-down decision making was a frequently noted issue, where sometimes it
was referred to as the normal way of working, and other times a more unsatisfied attitude towards the
top-down decision making was revealed.
"The choice for which certificate we apply is actually made by the management, who agree on this
with each other." - Participant 3
"And if you look at SMEs, there is often just 1 director, if he doesn't like it, then nothing will happen
in the company." - participant 10
Apparently, there is only a small group that decides about sustainability certification. This raises
the question of how these people can be influenced. Some of the participants are more sceptical than
others and believe that legal requirements should be set at government level to ensure that the business
field will create more positive impact. The division in attitude towards sustainability labels emerges
here. Since other participants see sustainability label as recognition for getting the chance to voluntary
make a change and be driven by their own motivations instead of obligated by law.
“I'm just inherently against labels because I think it's a commercial intermediate solution of really
solving the problem that is being posed. I think governments should respond to that problem.” –
Participant 7
24
Regardless, whether the participants support sustainability labels, they anonymously recognize
sustainability as a trend, and in a field of competition the most important principle is to adapt or die.
"Not being sustainable as a company is no longer optional these days." - Participant 5
Sustainability is on top of mind at all companies, it is a common topic of conversation. Although,

concrete examples were mainly about minor changes related to the environment. The conditions that a
B Corp must meet relate to much more than just environmental issues. To dive deeper into the potential
value of the B Corp label, the determinants of sustainability certification considerations have been
identified and they will be revealed in the next two sections.
4.1.3. Profit driven – Observed patterns

The added value of the B Corp label is recognised, but this is not necessarily a financial benefit.
However, financial benefits often prove to be a motivation for companies to commit to the B Corp
requirements. In addition, a pattern has been recognized in the fact that companies more often indicated
they were adapting to the demand from their customers to be sustainable, rather than increasing their
sustainably in order to attract new customers. It is therefore striking that sustainably oriented consumers
expect companies to have sustainable business operations, while companies that profile themselves as
sustainable generally do not set any requirements for the sustainability of the business operations of
their suppliers, agencies, and clients.
4.1.4. Profit driven - Objective findings

From the survey output can be retrieved that 45 people agree on the added value of B
Corp/sustainability certification for a company. Yet, nearly half of that group agreed on the statements
that B Corp/sustainability certification costs more than it yields. This suggest that the added value is
not necessarily expressed in money. This matches the goal of the B Corp movement of getting people
and purpose, more on the line with profit. However, when it comes to the motivations to get recognition
for sustainable business operations in the form of certification, money still appears to be one of the
leading factors. From the commercial perspective, specifically four themes came up: competitive
advantages, expanding customer base, adapting to your customer's wishes, and purely financial
considerations. Motives from this angle to obtain the B Corp certificate contradict the mission of B
Corp. However, they cannot be ignored, as they often emerge as drivers in both the survey and the
interviews. The fact that sustainability is seen as a trend, creates commercial interests.
"I do think that sustainability is really a trend, so companies will commit themselves from
commercial intentions." - Participant 9
25
When zooming in to these commercial intentions, the first thing that has been noticed, is
companies often get in touch with the B Corp label because they find out competitors or colleagues in
the business field are already certified. From there they become interested and immerse themselves in
the label. Incidentally, there is nothing to indicate that it provides competitive advantage, it is rather
copying behaviour.
“The CEO worked with another company that was B Corp certified, therefore he wanted us the
also get the certification. And right know I feel like we can inspire other people. Especially in our
branch, sometimes people claim that being sustainable is not possible, and we prove that that is actually
not true.” – Participant 1
“Actually, this company that helped us with a healthy business growth were B Corp, that was when
my boss heard of it and wanted us to apply.” – Participant 9
Attracting new clients or expanding the client base is occasionally mentioned as motivation for the
label, but more frequently adapting to the requirements of existing clients is mentioned. This works
both ways, where on the one hand the paying party demands the executor to put aside the sustainable
interests and to do an optimal job for the money that is paid.
"In the end, the customer's wishes become law, and sustainable goals are quickly lost sight of or
simply thrown overboard." - Participant 6
"We are now working for a company that is known as one of the big polluters. However, we cannot
lose that customer because we lose another customer, and they are a significant source of income for
us." - Participant 7
On the other hand, sustainable oriented clients, expect their executors, agencies, or suppliers to
deliver their services in the most sustainable way. Although the results from the Sustainability priority
section indicated that the latter is not that developed and integrated in the business field yet, the
following statements prove that this is happening, at least on a small scale.
"Customers are already actively requesting papers from us about what we do in the field of
sustainability before placing an order with us." - Participant 3
After all, all these statements refer directly or indirectly to money, e.g. increase the profit margin
or the need to stay financially healthy as a company. A few participants cite the contradiction of the
26
certificate that recognizes companies that equate people and purpose with profit, but at the same time a
company must have enough money to meet the conditions of the label. Even for wealthy companies,
financial considerations appear to be a potential barrier.
"There is also a difference in between having sustainable business operations yourself and joining
a quality mark. Because then you also must comply with certain things and for that you do need a
financially healthy company. But I believe in financially sound choices right from the start and integrate
a sustainable business process up to your abilities." - Participant 9
It is clear that changes in the commercial business field go hand in hand with money and profit.
Sometimes even financial value is linked to sustainable alternatives.
“Those certificates are worth money. Which I think is fine, because in that way sustainable energy
also has more value than brown energy. This also makes it financially more interesting to sell
sustainable energy assets.” – Participant 10
4.1.5. Mission driven – Observed patterns

In relation to the concept of being "mission-driven", the findings of this study indicate that
individuals who are unfamiliar with the B Corp movement are often not acquainted with this particular
concept. Furthermore, the study uncovered a pattern whereby employees of B Corp companies
frequently mentioned mission-driven arguments, while employees of non-B Corp companies
predominantly cited profit-driven arguments. It should be noted, however, that drawing concrete
conclusions from the aforementioned observation is challenging since financial-driven arguments for
sustainability choices are an inherent part of the daily responsibilities of employees of non-B Corp
companies, whereas mission-driven arguments may not yet be so. Additionally, it is important to note
that the presence of financial-driven arguments does not necessarily exclude mission-driven arguments.
Nonetheless, it does indicate a lack of conscious engagement with the latter. This implies that
committing to the B Corp movement and undergoing the BIA process leads to increased awareness
regarding the motivations to increase sustainability of business processes. While it is not possible to
prove causality based on the current data, a correlation between B Corp certification and the promotion
of mission-driven values and sustainable business practices can be established.
4.1.6. Mission driven – Objective findings

Opposite to the commercial interests, intentions to actually make a positive impact were also often
cited as driver for sustainable business choices. The survey output displays an agreement on the
statement ‘companies have influence on achieving the sustainable development goals’ of nearly 90%.
27
During the interviews with participants that are familiar with B Corp mainly four aspects were discussed
as motivation and results of B Corp certification: structural improvements of business processes;
awareness enhancement regarding the need of sustainable improvements; internal motivation; practical
implementation to leave the world a better place. Only the latter also emerged in interviews with
participants unfamiliar with the B Corp label.
Participants of non- B Corp companies stated their companies try to measure the impact, but that
is hard to measure the impact of specific initiatives. B Corp companies, on the other hand, refer to a
completely different side of the B Corp certification here. They mainly emphasize that certification is
not the goal, but that the BIA is a pleasant tool, a kind of guideline, that helps to better organize business
operations and increases sustainability.
"It has forced us to look at the structure." - Participant 1
"The funny thing is that while completing that entire assessment, you come across a lot of things
that make you think about, do we want to do something with this? And that's why you think extra
consciously about the business operations and what choices have been made." - Participant 9
These explanations emphasize that the BIA forces companies to think about a way of business in
which people and purpose become equal to profit and reorganize their processes. This gives the
approach to business a prominent role and makes the possibility to convey being B Corp certified
secondary. As is the increase of awareness that comes with the certification.
"However, I do think that a label does contribute to awareness for a company and is necessary for
its employees about change, especially by companies, in order not to destroy the world even further." -
Participant 7
Internal motivation was a common cited subject by B Corp employees, especially positive
references were shared about the match between their own sustainable intensions and the companies’.
Next to the personal satisfaction regarding the internal motivation, also group spirit and working
together to a common goal were experienced in a positive way.
"Completing the BIA simply provides an incredible amount of energy and intrinsic motivation." -
Participant 2
"We try to offer our products as sustainably as possible, and it is our job to make that as attractive
as possible. Visitors must remain fascinated at an online event through interaction, for example. Then
28
they don't have to get in the car. steps towards such an event or in many cases of what we organize is
international and we save a lot of airline tickets and therefore a lot of CO2s." - Participant 7
"So it is mainly from the vision that we don't just want another piece of paper, but we want to join
something in which we can always continue to develop ourselves." - Participant 9
In contrast to the three previous aspects, practical implementation to leave the world a better place
was discussed by 9/10 participants. This demonstrates nearly all companies intend to participate in
becoming more sustainable in their own way.
"By making our buildings as energy-neutral as possible and striving for an electric vehicle fleet,
we contribute to the reduction of climate change." - Participant 3
"Precisely because we are very polluting, we can and will take many steps in the right direction."
- Participant 10
4.2. Label value

4.2.1. Awareness – Observed patterns
In line with the previous chapter, this section confirms and emphasizes the difference in perception
and the difference in sustainable consciousness between knowing and not-knowing B Corp participants.
A clear overarching pattern is beginning to emerge in the limited knowledge and perception of
sustainability for non-B Corp experts. The finding that the majority of the representative target group
is unfamiliar with the B Corp label, and only a very small proportion indicate that they are well aware
of the terms of the B Corp label, is therefore essential to keep in mind when interpretating the results.
4.2.2. Awareness – Objective findings

In general, the interview started with asking what was understood by the participant by the concept
‘sustainable business operations’. A clear separation arose between the knowing B Corp and not
knowing B Corp participants. Where knowing B Corp participants gave an answer that was linked to
the terms of B Corp, e.g. Workers, Governments, Community, Environment and Customers. The
majority of the not-knowing B Corp participants often identified emission reduction related actions as
sustainable business practices, which confirms the results from section 4.1. In doing so, they mainly
described the improvement of a company's environmental impact. This can partly be explained by the
fact, as been discussed in the Sustainability priority section, that examples of sustainability
improvements regarding environmental issues are more tangible and on top of mind by the participants.
29
All participants were asked if they were familiar with the B Corp label. If that was the case, they
were asked if they were aware of the conditions that must be met to obtain the certificate. Table 7
demonstrates the notoriety level of the B Corp movement at the studied sample. For the interview
participants, the notoriety level was included as factor during the sample selection, therefore these
numbers are not representative for the business field, however, this division gains insights from both
sides in the business field.
Table 6.
Notoriety level of the B Corp movement at the studied sample
Frequency survey Percent Frequency interview Percent
I'm well aware of the 7 12.3 4 40.0

B Corp label
I'm little aware of the 12 21.1 2 20.0

B Corp label
I'm not aware of the 38 66.7 4 40.0

B Corp label
Total 57 100.0 10 100.0
During the interviews, participants, who indicated to know the B Corp label, were asked how they
felt about the public awareness of the B Corp label. Various answers were given. It is remarkable that
all six participants agree on a low level of public awareness, especially by consumers.
“I don't think it's very well known. It's really growing, but I don't think it's necessarily the case
that the B Corp certificate, the logo in itself, will bring you new customers.” – Participant 6
This seem to be mainly caused by the sprawl of labels and, in the case of B Corp, the complexity
of the label and its conditions. Also, in the interviews with the not knowing B Corp participants, it
emerged that labels in general are expected to be often not understood in terms of content.
“And maybe it starts to be too complicated and too nuanced for like really efficient, punchy
marketing things. Like it's already like an expert or specialist level to really understand B Corp.”-
Participant 1
An objective approach to the level of familiarity and understanding among B2B customers
regarding B Corp certification and its requirements would be that the survey output shows a division of
30
30/70 percent, whereby the minority was aware of the existence of the B Corp label. Only 12,5 percent
intended to fully understand the B Corp label and its conditions.
4.2.3. Credibility – Observed patterns

Overall, the results share that a large part of the market is not (yet) fully convinced of the credibility
of the B Corp certificate. This is caused by the lack of awareness and understanding, and the
controversial expressions of certified B Corp companies, which are associated with greenwashing.
However, the suspicious participants appear to be mainly the not-knowing B Corp participants. B Corp
familiar people seem to have faith in the movement.
4.2.4. Credibility – Objective findings

Next to the level of awareness, credibility is essential for a sustainability label to be of value. The
survey yielded contrasting results when it comes to perceived credibility, half of the participants (partly)
agree on the statement: “Sustainability labels support a positive business reputation”, while meanwhile
the same participants believe that sustainability labels are related to greenwashing. Perhaps, this implies
that people accept greenwashing. At least, a few interview statements point that way. Examples are
given of identified actions or components in certified companies' operations that conflict with B Corp's
terms.
"Everyone with us in the market also profiles itself as super sustainable, so it's not a distinctive
thing. And everyone around us is also doing greenwashing. That makes it difficult to see who is really
good." - Participant 6
"Green label. Is it green? No. But it is the green label. What is the advantage of that? They can
therefore supply 'green' products to their customers and those customers can then also comply with the
rules of green production. That creates a huge difference, because then your production is simply worth
more money." - Participant 4
The drivers for greenwashing seem all to come back to concurrence or money, especially in a
supply chain of business relations. As participant 4 emphasized, a green supplier is beneficial for a
company, because it increases resale value. Next to greenwashing, a few other factors that influence the
credibility of the B Corp label were cited, e.g. the lack of a minimum required amount of points per
area and the expertise of the party that awards the label.
"They should make it strict enough that at least the basics are always good. For example, that it is
not possible to score very few points on workers, and that you really exploit your workers. Then spent
31
all the money you save there, in environmental issues, so that you have arranged it super well there,
and that you still get enough points for certification." - Participant 2
“And the credibility of those labels, in my opinion, mainly depends on who comes up with it?
Because it is often a body that does not have a great deal of substantive knowledge of what is actually
going on." - Participant 4
4.3. Market position

4.3.1. Distinguish – Observed patterns
The B Corp label is associated with a lower marketing value due to the low level of awareness
among stakeholders. This, in turn, results in a low impact on the market position for companies that
achieve B Corp certification. Consistent with a perceived pattern identified in a previous section, the
present findings reveal that a company's sustainability level is often considered only by those with a
high priority for sustainability. Nonetheless, the study's results suggest a promising concept for the B
Corp supply chain. Specifically, this approach entails companies requiring each other to meet the B
Corp standards. Encouraging arguments for the success of this concept can be gleaned from the
experiences of certified companies, who draw inspiration from one another and achieve greater impact
through collaboration.
4.3.2. Distinguish – Objective findings

When it comes to the association of a certificate with meeting a certain standard, not knowing B
Corp participants all indicate that a certificate can help with recognition and distinction for a company.
However, related to the previous section, provided it is a credible label. The statement ‘Certified B Corp
/ sustainability companies have a better market position’ showed reserved results by partly disagree
(N=17) or partly agree (N=32). During the interviews, it was explained that a companies’ sustainability
level is in general only taken into consideration by companies that have high sustainability priorities
themselves.
“I think it is only beneficial in business relations in which the other party has similar high
sustainability goals.” – Participant 8
“The label will not necessarily improve our market position since it is not self-explanatory. But we
are improving ourselves by committing to B Corp and that will eventually yield market advantage.” –
Participant 9
32
Zooming in on the perceived marketing value of B Corp certification, three factors distort the
potential benefits of external expression, namely: the low level of general awareness; the complexity of
understanding the label; and the chance on perceived greenwashing limit the expression. B Corp
companies do say they intend to use the B Corp label in their communications. However, participants
suggest marketing will might have a reverse effect on the positive association of the certification. In
addition, it is suggested to avoid marketing expressions and let the movement speak for itself.
"It's a good thing for the world. Why would you start marketing with that, because then it seems
like you need to use marketing to hide that it's not really that good." - Participant 9
"So, the great thing would be if you then get that B Corp companies only want to work with each
other, and that you build an ever-larger community that way more and more companies want to join
and that you can stimulate the movement really expands. And that it becomes more and more
interesting. But then you also get that it really becomes a marketing thing, which brings you back to
that thin line of companies that are really activist, but also for a large part still the end goal just making
real money." - Participant 10
Moreover, as already cited by participant 10, if certified companies increasingly start working
together, a strong community will emerge. The findings from the survey show sustainable business
operations are currently not a factor at play in business partner selection, since 72% disagreed on the
statement ‘Companies prefer to work with sustainable certified companies”. While this might not be
experienced in the business field, the interviews with B Corp companies do show various positive
experiences regarding the B Corp community.
"That is why we would like to work with companies like that and expand our network, so to work
with and be very inspired by them." - Participant 9
Additionally, participants future expectations for B Corp are mainly embed in ideas about the
potential added value of the B Corp community.
"The best thing would be if you continued on this structure, that money would be released from the
government to support b Corp companies when they are struggling financially, because they no longer
work with other grey companies or brown companies. companies can work together. This way you make
it possible for B Corp companies to only work with sustainable/B Corp parties." - Participant 7
"Consumers are asking more and more of companies in the field of sustainability and large
companies have to adapt to this. I expect that the very large companies will also make more demands
33
on their suppliers, that they have to comply with all sorts of things, also in terms of sustainability. And
then you see that suppliers immediately take action, because they realize that otherwise they will no
longer be able to deliver or will lose customers." - Participant 10
4.3.3. Employee attraction - Observed patterns

The one thing that all participants agreed on, is the correlation between the B Corp certificate and
employee attraction. This correlation seems to be an indirect relation since the employee engagement
is caused by the joint mission-driven mentality. In comparison to non-certified companies, there is no
correlative relation, which means a non-B Corp company can experience high level of employee
engagement as well. However, companies that completed the BIA were forced to overthink the how
and why of their business and the associated processes, which seems to have a positive effect on the
employee engagement.
4.3.4. Employee attraction – Objective findings

The perception on the B Corp label in the market is a point of discussion. This seems to be different
at the labour market. This appears from the survey results where the majority (N=36) says to prefer
working for a sustainable certified company. The fact that (especially young) employees find
sustainability at their employer very important is also noted by the interviewed companies.
"Especially all starting employees. You notice that this is a generational thing. The millennials just
really want to make an impact on the world. And that's a good thing. And I think it's funny that I noticed
that when I was 6 years ago started out, that that really wasn't a thing at all. And now that's one of the
first things they say." - Participant 9
It is obvious that not everyone in the labour market necessarily wants to work for a sustainable
company. But the figures from the survey and experiences from the field do prove that this group is
growing. This study failed to clearly demonstrate whether employee satisfaction was significantly
higher among B Corp employees, since all participants indicated that they were in their place with their
current employer. Nevertheless, the participants indicated that the purpose of the company played an
important role in their choice to apply.
"You attract people who are a better fit for your company, because you present a clearer picture
of what you stand for as a company. In addition, this generation is much more aware of issues such as
the environment and well-being, so it makes sense that if you sustainable profile, which people tend to
want to work for you. Moreover, people want to work for a company that gives some satisfaction in
their job in addition to just earning your salary. That has actually been a growing movement for a long
34
time and that will only increase, so yes to attract that market, as a company you have to go along with
it. B Corp is a fantastic tool for that." – participant 2
"We literally hear that back. Sometimes new colleagues really indicate that they have read our
website and they thought it was so good that we were so concerned with the environment that they
themselves were like: I want to belong here too. " - Participant 3
5. Discussion
The aim of this study was to explore the B Corp perception in the general market, including
knowing and not knowing B Corp participants and find out how the perceived value can be enhanced.
These insights were used for recommendations to improve the B Corp perception among business in
B2B relations. In order to achieve this aim, it was tried to provide an answer to the research question:
How can B2B service providers enhance their customer perceived value of B Corp labels?
Customers, in this context can be aware of the existence of B Corp and understand what it covers,
but they might as well be people who have no idea about the B Corp label. This study therefore includes
both groups, and from that representative group 2/3 appeared to be not aware of the B Corp label.
This mixed method study was able to retrieve general information on the attitude towards
sustainable business operations from a broad target group, while in-dept information was retrieved from
the 10 interviews. The results are presented in the previous chapter, the discussion will elaborate on this
by performing an interpretation analysis, and positioning this research compared to existing literature.
5.1. Main findings

The study's findings highlight the urgency of sustainability in business, which aligns with the
predictions made by Muñoz and Cohen (2017) six years ago. It is clear that sustainable business
practices are no longer considered a future trend but are now a high priority for companies. The results
demonstrate that many organizations have already implemented internal policies to reduce their
environmental impact, and some have even gone beyond this by implementing processes aimed at
improving working conditions and becoming more involved in society. These findings suggest that
sustainability has become a fundamental consideration for modern businesses, and it is likely that more
companies will continue to adopt sustainable practices in the future. The adoption process of
sustainability was not the focus of this study, but a closely related subject. In literature various
approaches of sustainability adoption in business are mentioned (e.g. philanthropy, eco-efficiency,
carbon footprint reduction) (Adams, Jeanrenaud, Bessant, Denyer, & Overy, 2016; Martinuzzi &
Schönherr, 2019).
35
The study's broader approach, which extends beyond the focus on the target group that is familiar
with the B Corp certification, sheds light on the general sustainability agendas of companies, indicating
that environmental issues are a predominant concern. This observation is particularly relevant since it
suggests that people's understanding and interpretation of sustainable business practices are influenced
by this focus on environmental issues, which is no new insight (Weingaertner & Moberg, 2014), but
supports a better interpretation of the findings. The study's findings reveal that individuals associate
sustainable business practices with their own day-to-day experiences of sustainability. The level of
knowledge of the B Corp certificate plays a role in shaping this interpretation, with some individuals
associating sustainable business practices with all five areas covered by the certification, while others
have a more narrow focus that centres mainly on environmental issues, and to a lesser extent, welfare
concerns (Lankoski, 2016). These observations suggest that the integration of sustainable business
practices become more accessible and tangible for the broad audience if environmental issues were
introduced first. From that point awareness-raising efforts focused on the wider range of sustainable
practices may help to broaden individuals' understanding of sustainable business.
The relevance of these recommendations is clearly reflected in the B Corp specific findings. The
high level of complexity lead to low levels of understanding, especially in terms of the conditions
required for the B Corp label. While the B Corp certification has significant potential to represent
sustainable business operations (Alam, et al., 2022), more work needs to be done to clarify its value and
credibility for the public, and to ensure that certified companies are upholding the highest standards of
sustainability. The lack of recognition is due in part to the prevalence of greenwashing, which has led
some consumers to question the sincerity of the certification considering controversial behaviour by
certified companies. To address this issue, it is essential for the B Corp movement to establish a
consistent and credible reputation, as well as to clarify the certification's requirements and value
proposition for the public. This finding is consistent with previous research by Maignan and Ferrell
(2014), who emphasized the importance of clarifying the B Corp certification for consumers. The
implementation of these recommendations would turn the B Corp certification into a guarantee for a
certain standard of sustainable business operations.
This study reaffirms the notion that social, environmental, and economic outcomes can be
integrated and given equal importance in business operations, which aligns with previous research of
Stubbs (2016) and Diez-Busto et al., (2021). The B Corp certification process is an example of a tool
that can help companies achieve this integration and improvement of their business structure and goals.
By successfully completing the BIA, companies can demonstrate their commitment to sustainability
and responsible business practices. The B Corp process serves not only as a means to obtain
certification, but moreover as a valuable process for companies to assess and improve their operations
in a holistic manner.
The stated mission and an appropriate business operation appear to be dominant and effective
factors to improve the market position of the business in the labour market. A side effect of the
36
sustainability trend is an increasingly number of employees wants to get satisfaction from their work
by feeling that they are making an impact and contributing to a better world. Which assumes it is not
the B Corp certification that attracts younger, more dedicated, and even a larger number of employees
(Chen & Marquis, 2022; Romi et al., 2018; Honeyman & Edwards, 2016; Surowiecki, 2014), but the
expressed, overarching purpose of the company.
It makes sense that employees with a joint mind-set are more dedicated to their work. Therefore,
the translation of this mindset into a conscious choice of cooperation partners is highly recommended.
These findings provide valuable insights into the immense potential of the B Corp community.
Consequently, the findings of this study imply that certified B Corporations should anticipate a similar
set of standards and values while engaging in business-to-business relations. The current status is that
companies do not insist with their suppliers, agencies or clients to ensure sustainable business
operations, this was even noticed by most sustainable oriented companies. The need for mission driven
employees, in order for a mission driven company to be successful, is well known, but apparently this
philosophy is not applied to collaborative partners, which suggests room for improvement. As soon as
companies start to expect each other to meet the B Corp requirements, the B Corp movement will
become a required standard. A small circular economy will emerge, which emphasizes the possibilities
to integrate social, environmental, and economic interests in business operations in an equal way. The
participation of market leaders significantly increases the chances of success, as this concept solves
financial limitations while continuing to serve like-minded companies. The commitment of market
leaders to the B Corp movement ensures credibility, and mutual social control reduces room for
greenwashing. Moreover, if B Corporations expect all their B2B relations to meet the B Corp standards,
it will result in snowball effect of B Corp movement adaption.
5.2. Theoretical implications

In line with recent literature review (Diez-Busto et al., 2021) to map B Corp literature by examining
its consequences and experienced benefits (Alam et al., 2022), and critical approach of the BIA
reliability (Silva et al., 2022), this study investigated the current perception of the B Corp certification,
for the first time, representing the whole business field. The mixed method research approach enabled
the research to bring together two relevant information streams, a small portion of in-depth information,
reinforced and substantiated with cursory data from a larger, more representative group for the entire
industry field. This study contributes to the B Corp literature by proposing four of contributions
Firstly, it provides a modernized view of the perception of the B Corp movement, which is a
valuable addition to previous research that highlighted sustainability as a future phenomenon (Muñoz
and Cohen, 2017) and the lack of interest in the B Corp movement from industry leaders (Stubbs, 2016).
According to the findings of this study, sustainable business practices are now seen as a contemporary
phenomenon, plus the data and experiences reflect an exponentially growing number of industry leaders
who are now committed to the B Corp movement.
37
Secondly, since this broad audience has not been researched before in context of the B Corp label,
this study explored a low awareness level of the B Corp movement and certification. Valuable insights
are retrieved which links acknowledgement and credibility with label value directly, and indirectly with
the market position of certified B Corporations.
Thirdly, the insights from this study contribute to an enhanced idea of how to increase the value of
the B Corp certification in B2B relations. It identifies the need for B Lab to tighten the B Corp conditions
and require a minimum number of points per area. Furthermore, it suggests that certified B Corporations
should expand their sustainable business operations to their network to increase their trustworthiness as
a business partner. This finding is complementary to previous research that confirmed the
trustworthiness of B Corp companies as business partners (Loza, 2004; Chen and Kelly, 2014; Silva et
al., 2022). Moreover, this study sheds light on the opportunities to strengthen the B Corp movement by
joining forces among certified B Corporations. It underscores the potential for companies to instruct
each other within B2B relationships to comply with the B Corp conditions.
Finally, there are no essential results that explain contradictory findings compared to previous
studies. This study therefore functions as a modernized addition to the existing literature (Chen & Kelly,
2014; Stubbs, 2016; Muñoz & Cohen, 2017) and confirmation to positive B Corp approach and
promising future expectations retrieved from the conclusions drawn by Diez-Busto et al. (2021), Alam
et al. (2022) and Silva et al. (2022). However, the double renewed approach, focusing on B2B settings
and including B Corp layman’s, brought relevant insights. Specifically, the need to disseminate
substantive information about the movement to increase its value, credibility, and relevance. Moreover,
the insights have shed light on the opportunities to strengthen the movement by joining forces among
certified B Corporations.
In summary, this study enriches the B Corp literature by providing valuable insights into the current
perception of the B Corp movement, enhancing the idea of how to increase the value of the B Corp
certification in B2B relations, and identifying opportunities to strengthen the B Corp movement by
joining forces among certified B Corporations.
5.3. Limitations
This chapter discusses the limitations of the study on the perception of the B Corp certification and
its impact on sustainable business practices. While the study provided valuable insights into the topic,
there were several limitations that should be considered when interpreting the results.
First, it has been included in the main findings, sustainability is a concept sensitive for different
interpretations (Lankoski, 2016). Although every effort has been made to reduce this, e.g. the concept
was discussed during the interviews, and the survey referred to ‘Social Responsible Business’ to clarify
it addressed more than just the environment, the relatively vague concept belongs to the limitations of
this research.
38
The inclusion of participants in the survey sample was based on the size of the company and their
intended role within the company. All of the participants have intended their role in the company
themselves, without verification, it may be difficult to ensure that all participants have a comprehensive
understanding of what is happening at the management level. Some participants may have exaggerated
their level of knowledge or experience, which could lead to inaccurate or biased results.
For the inclusion of participants in the interviews, a purposive sampling approach was applied.
One widely recognized characteristic of the purposive sampling approach is that it tends to exhibit high
levels of bias. Participants might be more inclined to give desired answers because they know that they
have been deliberately selected for the study.
The combination of participants with and without B Corp knowledge, created a large and essential
knowledge gap for the latter group. This limited the interviews and may have resulted in different
interpretation of questions. While every effort has been made to keep the questions understandable and
objective, the difference in knowledge should always be considered when observing these findings.
5.4. Recommendation for further research

Many interesting opportunities for further research arise. The findings of this study form the first
pieces to start to fill the identified research gap of the perception of the market on the B Corp label. A
few directions for further research are recommended by this study. First of all, it would be interesting
to repeat this study on a larger scale. A mass data collection on the perception of the B Corp certification
could result in interesting differences per branch for example. This could help identify areas where B
Corps are most effective in communicating their values and where they could improve. Besides, insights
from the founders’, CEO’s’ and board members’ perception on the B Corp certification could enrich
the B Corp literature with relevant decision-making factors. Examining the perspectives of the leaders
of B Corps could help other companies understand the benefits of becoming a B Corp and what it takes
to achieve certification. This could encourage more companies to pursue B Corp certification and help
to grow the B Corp movement. Another interesting angle would be to conduct an experimental study in
which certified B Corp companies start to demand their B2B relations to meet the same sustainable
business operations conditions. The urgence of this angle lays in investigating the feasibility of a B
Corp supply chain. Besides, it would obtain relevant information on the pros and cons of this concept.
5.5. Conclusion
In conclusion, this study aimed to investigate how B2B service providers can enhance their
customer perceived value of B Corp labels. By detecting low levels of awareness, this study highlights
the importance of spreading information of B Corp movement to enhance customer perceived value and
encourage sustainable business practices among B2B service providers. The complexity of the B Corp
movement and the conditions of the certification turn out to inhibit the adoption of the movement in the
39
business field. Besides, greenwashing remains a concern. To address this, the study recommends
tightening B Corp conditions and requiring a minimum number of points per area. The study
recommends B Lab to maximize the reduction of greenwashing opportunities and controversial
statements from certified companies to increase credibility. Aiming for the certification to guarantee a
certain standard of sustainable business operations. By addressing these issues and enriching the
information concerning sustainable business and the B Corp movement, the associations will become
more mission driven and sustainable choices will be made more consciously. This is highly beneficial
for a more positive B Corp perception and will thus translate into the perceived value of the B Corp
certification within B2B relationships.
Moreover, B2B service providers can enhance their customer perceived value of B Corp labels by
adopting requirements for sustainable business practices in B2B relations. Meaning clients, agencies,
and suppliers, are expected to meet the B Corp conditions in order to collaborate. It strengthens the
movement if companies that believe in it continue to express their believe in the B Corp values and
implement it confidently in all areas of their business. Since numerous of leading companies committed
to the B Corp movement, these mutual expectations in B2B relations will ensure a snowball effect of
business that adapt to mission driven business operations. Eventually, the value of B Corp labels in B2B
relationships will become undeniable. By implementing these suggestions, the B Corp community, and
thus movement, will expand and the positive impact on the environment, society, and economy will
increase.
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45
Appendices
Appendix A – Online survey
Table I.
Online survey, including questions ID’s, questions and answer options
s-IDs Questions Options
1. Health and Wellbeing
2. Trade and services
3. IT
4. Justice, security and public
administration
s1 In which sector do you work? 5. Environment and agricultural sector
6. Media and communication
7. Education, culture and science
8. Engineering, production and
construction
9. Tourism, recreation and catering
10. Transport and logistics
11. Other:
> 10 employees
10-50 employees
s2 How many employees are currently working for the same 50-250 employees
company as you? > 250 employees
1. I've been working here for a while

and I'm well aware of what's going on
at management level
2. I focus on my own department and I
s3 This survey focusses on the private sector. To keep my target am not (fully) aware of what's going
group specific, I would like to ask you on at management level
which role description you think fits you best? 3. I have not been working here very
long, but I am (because of my
position) well aware of what is going
on at management level
4. I haven't been working here very
long and I'm still getting to know my
tasks
46
Where is the main location of the company where you work

s4 located? Open
4-points Likert scale:
s5 Corporate social responsibility is a topical subject 1 = Totally disagree 4 = Totally agree
The company I work for is committed to corporate social 4-points Likert scale:
s6 responsibility 1 = Totally disagree 4 = Totally agree
Corporate social responsibility will play an important role in 4-points Likert scale:
s7 the future 1 = Totally disagree 4 = Totally agree
Sustainability labels contribute to a positive company or 4-points Likert scale:

s8 product reputation 1 = Totally disagree 4 = Totally agree
1. None
2. Fairtrade
3. Beter leven
4. Recycled
5. Gecertificeerde duurzame visserij
6. B Corp
s9 7. ISO 14001
8. Planet proof
9. Biologisch
10. Energie label
11. SRP Verified
Familiar with B Corp Not Familiar with B Corp
1. The company where I work is B
Corp certified or awaiting for B Corp
2. I've been collaborating with a B
Corp certified company
3. I am interested in sustainable
business practices
4. An acquaintance of mine is working
s10 I'm familiar with the B Corp on this / told me about this
label because x 5. I've seen it on packaging
6. I've read about it during my studies
or a presentation
7. I've seen it on social media or
television
8. Other:
47
1. I know what the B Corp label

means and what it means when a
company has the label
s11 How familiar are you with the B 2. I know a little bit about it, but am
Corp label? x not fully aware of the requirements
3. I've seen or heard of it, but don't
know exactly what it means
Companies have no influence on Companies have no

achieving the sustainable influence on achieving the
s12 development sustainable development 4-points Likert scale:
goals. goals. 1 = Totally disagree 4 = Totally agree
Sustainability labels are only for Sustainability labels are

greenwashing only for greenwashing
s13 (= pretending to be more (= pretending to be more 4-points Likert scale:
sustainable than you are) sustainable than you are) 1 = Totally disagree 4 = Totally agree
A sustainability label is of
The B Corp label is of added added value to a company 4-points Likert scale:
s14 value for companies / product 1 = Totally disagree 4 = Totally agree
Companies or products
with a sustainability label
Certified B Corp companies have have a better market
s15 a better market position than position than companies or 4-points Likert scale:
non-B Corp companies. products that do not 1 = Totally disagree 4 = Totally agree
I would rather work for a

s16 I'd rather work for a B Corp sustainable company than
company for an unsustainable 4-points Likert scale:
company 1 = Totally disagree 4 = Totally agree
I have the impression that

obtaining a sustainability
In my opinion, the B Corp label label mainly costs money
s17 mainly costs money and yields and yields little 4-points Likert scale:
little financially. financially. 1 = Totally disagree 4 = Totally agree
48
I feel that conscious

I feel that conscious choices are choices are currently being
s18 currently being made with whom made with whom my 4-points Likert scale:
my company works with. company works with. 1 = Totally disagree 4 = Totally agree
I have the impression that

other companies prefer to
work with a party that has
I have the impression that other a sustainability label
s19 companies prefer to work with a compared to parties 4-points Likert scale:
certified B Corp party than with without a sustainability 1 = Totally disagree 4 = Totally agree
non-B Corp companies. label.
In the future, B Corp will be the Sustainability labels will

s20 label for sustainable business be of 4-points Likert scale:
operations. great value in the future 1 = Totally disagree 4 = Totally agree
49
Appendix B – Sustainability label image
Image I.
The image shown to find out if people are aware of the B Corp label
50
Appendix C – In-dept interview scheme
Table II.
Semi-structured interview scheme
Category In-dept interview questions
What are your interpretations of sustainable business operations?
What is your experience with sustainable business operations?

Awareness and Do you have examples?
general attitude
Is sustainability integrated in the whole organization?
Are you familiar with B Corp?
How do you perceive the general awareness of B Corp/sustainability certification?
Is it important to measure sustainability operations?

Credibility
What are your feelings regarding sustainable certification/ B Corp and greenwashing?
What is needed for a credible sustainability label?
Do you think (certified) sustainable business practices are a determining factor for:
1. The market position of a company (concurrence)
2. Potential business partners
Distinguish
Do you take sustainable business practices into consideration when choosing a supplier or
business partner?
Do you think (certified) sustainable business practices are a determining factor for:
Employee
3. Employee attraction
branding
Did it matter for you when you applied for this job?
51
Do you feel new employees are a good fit to your business and the current business culture,
which factors affect that?
How do you perceive the balance between commercial interest and making sustainable
decisions?
Which factors are determined in business policies decision-making regarding sustainable

Considerations business operations?
Till what level do you see (B Corp) certification as a marketing tool?
Is financial wealth needed to apply for sustainability certification?
52
Appendix D – Cohens Kappa
Table III.
Calculated Cohen’s Kappa after the first code round
Value Asymptotic Approximate Approximate
Standard Tb Significance
a
Error
Measure of Agreement Kappa .614 .057 15.184 <.001
N of Valid Cases 84
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
Table IV.
Calculated Cohen’s Kappa after the second code round
Value Asymptotic Approximate Approximate
b
Standard T Significance
Errora
Measure of Agreement Kappa .775 .048 18.277 <.001
N of Valid Cases 88
a. Not assuming the null hypothesis.
b. Using the asymptotic standard error assuming the null hypothesis.
53
Appendix E – Data inclusion
Table V.
Size of the company measured by amount of employees
Frequency Percent Valid Percent Cumulative
Percent
Valid > 10 workers 4 4.1 4.1 4.1
10-50 workers 20 20.4 20.4 24.5
50-250 workers 24 24.5 24.5 49.0
> 250 workers 50 51.0 51.0 100.0
Total 98 100.0 100.0
Table VI.
Participant's position in the company
Frequency Percent Valid Percent Cumulative
Percent
Valid I know what's going on at 57 77.0 77.0 77.0
decision level
I don't know what's going on 17 23.0 23.0 100.0

at decision level
Total 74 100.0 100.0
To clarify the separation between the included and the excluded participants, answer options ‘I've been
working here for a while and I'm well aware of what's going on at management level’ and ‘I have not been
working here very long, but I am (because of my position) well aware of what is going on at management level’
have been merged into ‘I know what's going on at decision level’, and ‘I focus on my own department and I am
not (fully) aware of what's going on at management level’ and ‘I haven't been working here very long and I'm
still getting to know my tasks’ have been merged into ‘I don’t know what's going on at decision level’.
Table VII.
Number of participants per branch
Frequency Percent Valid Cumulative
Percent Percent
Valid Gezondheidszorg en 9 15.8 15.8 15.8
welzijn
Handel en dienstverlening 19 33.3 33.3 49.1
ICT 4 7.0 7.0 56.1
54
Justitie, veiligheid en 2 3.5 3.5 59.6

openbaar bestuur
Milieu en Agrarische sector 1 1.8 1.8 61.4
Media en communicatie 6 10.5 10.5 71.9
Techniek, productie en 6 10.5 10.5 82.5

bouw
Transport en logistiek 5 8.8 8.8 91.2
anders 5 8.8 8.8 100.0
Total 57 100.0 100.0
Table VIII.
Overview of the headquarters’ location
Frequency Percent Valid Percent Cumulative Percent
Valid Den Bosch 1 1.8 1.8 1.8

Almere 2 3.5 3.5 5.3
Amersfoort 1 1.8 1.8 7.0
Amsterdam 6 10.5 10.5 17.5
Apeldoorn 1 1.8 1.8 19.3
Arnhem 1 1.8 1.8 21.1
Barneveld 2 3.5 3.5 24.6
Bilthoven 2 3.5 3.5 28.1
Boston, 1 1.8 1.8 29.8
Breda 2 3.5 3.5 33.3
Breukelen 1 1.8 1.8 35.1
Den Bosc 1 1.8 1.8 36.8
Den Haag 4 7.0 7.0 43.9
Deventer 1 1.8 1.8 45.6
Dordrecht 1 1.8 1.8 47.4
Enschede 1 1.8 1.8 49.1
Essen 1 1.8 1.8 50.9
Helsinki 1 1.8 1.8 52.6
Hendrik 1 1.8 1.8 54.4
Hengelo 2 3.5 3.5 57.9
Hoofddorp 1 1.8 1.8 59.6
55
Hoogeveen 1 1.8 1.8 61.4

Kampen 2 3.5 3.5 64.9
Leeuwarden 1 1.8 1.8 66.7
Malmo 1 1.8 1.8 68.4
Nijmegen 2 3.5 3.5 71.9
Paris 1 1.8 1.8 73.7
Roosendaal 1 1.8 1.8 75.4
Rotterdam 2 3.5 3.5 78.9
Sneek 1 1.8 1.8 80.7
Soest 2 3.5 3.5 84.2
Steenderen 1 1.8 1.8 86.0
Utrecht 4 7.0 7.0 93.0
Veldhoven 2 3.5 3.5 96.5
Warmond 1 1.8 1.8 98.2
Zwolle 1 1.8 1.8 100.0
Total 57 100.0 100.0
56
Appendix F – Codebook
Table IX.
Codebook including categories, code numbers, code names, descriptions, and examples
Code
Categories numbers Code names Description Example
Type of A company that is B

company 01.1 B Corp Corp certified "We're B Corp certified"
A company that has

Awaiting B applied for the B Corp
Corp certification but is "We've handed in the BIA and we're
01.2 certification awaiting the award waiting for B Lab to ask for evidence"
A company that is very

conscious about
sustainable business
Not B Corp operations, but did not
but apply for the B Corp "We think sustainability is really
01.3 sustainable certificate important, and we also propagate that."
A company that does not

Not prioritize sustainable "We actually do the opposite of
01.4 sustainable business operations sustainability business operations."
"So if we just keep talking to only B

Corp companies, then things will never
change. So we go and talk to non-B
Positive impact Corps and be like hey, it's fine on our
Current regarding customers and sides. And we have fair trade and
impact 02.1 Customers collaborations slavery chocolates. Even better."
Positive impact "If we buy gifts, we tried to always

02.2 Community regarding society find a local supplier."
Positive impact "We try to run all our datacentres on

02.3 Environment regarding the climate green energy."
57
"And the thing is, mainly, if you have

the good intention to do something,
you can definitely be better, but if it's
not written, if you do not have a written
process, and it's quantified, it won't
Good business structures make a difference. That's why we make
02.4 Government and processes sure our processes are structured."
Take care of the rights "Every employee has the opportunity

and well-being of to exercise during worktime under the
02.5 Workers employees guidance of a personal trainer."
Other sustainability
02.6 Other labels labels next to B Corp "We do have the ISO14001 certificate"
All mentioned issues "If we have foreign companies that we

that have a negative work for, most employees will fly
impact regarding twice a week to work at the office from
Negative sustainability on the 5 Monday to Thursday and be home for
02.7 impact areas the weekends."
Pronouncements related "In my opinion there are better ways to

to government influence regulate this by law and rules instead of
Laws and regarding sustainable introducing commercial labels to
Integration 03.1 strict rules business operations approach these changes."
Top-down "The board decides the level of priority
decision Certifications applying’s for getting recognition in the form of
03.2 making decisions via board certifications"
In what way, and till

Internal what extent the
integration of sustainable business "My advice would be to appoint an
business operations are impact team, which will be an internal
03.3 processes integrated. supporter per area."
Trending "I think we can both come to the

03.4 topic Popular subject conclusion that it is a trend to
58
participate in B corp, B corp is very top

of mind."
"But you can also attract a whole new

Profit More and new Expanding the customer customer who finds the same important
driven 04.1 clients base as what you find important."
Using sustainable "Propagating sustainable business

business operation to get operations would not improve our
advantage of your market position any further, because
concurrence or use it everyone around us propagates that.
Be in advance because concurrent are Everyone has certain certificates or
of or copy already doing it and the labels. Everyone has different things
concurrence company cannot stay and Everyone is just looking for
04.2 or behind. something that fits their needs."
"That sometimes you have to make
tough decisions, which will cost money
All considerations in the short term and, I believe, in the
regarding (certification long run, money will pay off. But yeah.
of) sustainable business That is a risk that you have to take as a
Financial operations that include company and that not every company
04.3 considerations money. wants to take."
"But the companies themselves say,

okay, we pay a lot of money for you,
then we also want you to be there. That
is the decision you make. If the paying
Adapt to Decisions or actions customer wants you to fly in to
customer made to meet the wishes location, then the sustainable
04.4 requirements of the paying party considerations no longer apply."
"And that is why we would like to be

The group that is formed part of that kind of company, and
B Corp by all certified B Corp expand our network, so to work with
Distinguish 05.1 community companies and be very inspired by them."
Recognition The distinctive function
05.2 & evidence of the certificate
59
"In that sentence, the B Corp certificate

functions as recognition to show that
you perform better than the standard."
All expressions, i.e. "The story you put out as a company is

External social, website, not “We are B Corp”. It should be
sharing of marketing etc., beyond about who you are as a company and
05.3 processes their own company what your mission is."
Filling vacancies and "And that also applies to B Corp, we

Employee Attract new having a good position mainly want to use that for employer
attraction 06.1 employers in the labour market branding."
Attract
employers
that fit better "Sharpening what you stand for can of
to the Find productive people course also ensure that you attract
company and who are in line with better people who are a better fit for
06.2 DNA the culture your company."
Signals from employees

that do not agree on
Resistance (specific parts of) the "You notice that there is sometimes
from sustainable business quite a bit of resistance from the
06.3 employees approach employees to change."
Mission Improve Systematic improvement "Filling in the BIA, has forced us to

driven 07.1 structure of business processes look at the structures."
Leave the "So, you know, at least people are

world a better All aspects that improve aware, conscious and trying to make
07.2 place the impact of companies the world a better place."
"We want to spread the message that

Sharing the message of we really need to become more
Improve the need to improve sustainable, because otherwise
07.3 awareness impact Enschede will soon be a coastal town."
60
"That's the beauty of what B Corp

supports, the biggest B Corp
companies never started their business
from a commercial point of view. It's
always about the mission. Truly a
Mission Motivated by the mission to make the world a better
07.4 driven ultimate goal place."
When a company
purports to be
environmentally
conscious for marketing
purposes but actually "Everyone around us in the industry is
isn't making (that much) greenwashing. Anyone who is a direct
Label notable sustainability competitor of us. Yeah, it's hard to tell
value 08.1 Greenwashing efforts. who's really good."
The absence of "It is also difficult because there is

knowledge and really such a proliferation of labels and
Lack of understanding around B that it must be very recognizable, and I
08.2 awareness Corp do not know B corp for example."
"I think that also lies in the credibility

of those labels, yes, who comes up with
it? Because it is often a body that, in
my opinion, does not have a lot of
The level of perceived substantive knowledge of what is
08.3 Credibility trustworthiness actually going on."
Informing and
improving the "With B Corp you will always have to
knowledge of other substantiate why this label proves that
people on sustainable your business operations are
08.4 Education business operations sustainable and of high quality."
61

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MASTHER THESIS

THE PERCEIVED VALUE OF THE B CORP

SUPERVISOR: DR. Y. SAHHAR

2.1. Customer-perceived value of a label

2.2. B Corp certification

2.2.1. The B Impact Assessment

Total achievable Topics Achievable points

Diversity, equity & 10

Indicates the sustainability

2.2.2. The promising future of being B Corp certified

2.2.3. The B Corp label from a critical point of view

2.3. The market perception

Improving their impact Small companies feel less supported

Amplifying their market position Lack of awareness and understanding of B Corp

3.1. Research design: A mixed-method research approach

3.1.1. Data collection - Explorative survey

3.1.2. Data collection - In-depth interviews

3.1.3. Research setting

3.1.6. External factors

behaviours or attitudes related to sustainability in order to present a favourable image of themselves or

1 Digital experience International Yes B Corp consultant

2 Digital experience Recently merged Awaiting Design Lead

3 Energy supplier Wind energy based Awaiting Communications

4 Energy supplier Natural gas, biomass and No Hydrogen

5 Secondment agency Spatial domain Yes Relation and sales

6 Secondment agency Technical market No Region manager

7 Real estate services Consulting, maintenance, No Environmental

8 Consultancy agency Strategy consultancy No Associate

10 Software provider Leading in the market No Cloud engineer

3.3. Data analysis

4.1.2. Sustainability priority - Objective findings

"Not being sustainable as a company is no longer optional these days." - Participant 5

Sustainability is on top of mind at all companies, it is a common topic of conversation. Although,

4.1.3. Profit driven – Observed patterns

4.1.4. Profit driven - Objective findings

4.1.5. Mission driven – Observed patterns

4.1.6. Mission driven – Objective findings

"It has forced us to look at the structure." - Participant 1

4.2. Label value

4.2.2. Awareness – Objective findings

I'm well aware of the 7 12.3 4 40.0

I'm little aware of the 12 21.1 2 20.0

I'm not aware of the 38 66.7 4 40.0

Total 57 100.0 10 100.0

4.2.3. Credibility – Observed patterns

4.2.4. Credibility – Objective findings

4.3. Market position

4.3.2. Distinguish – Objective findings

4.3.3. Employee attraction - Observed patterns

4.3.4. Employee attraction – Objective findings

5.1. Main findings

5.2. Theoretical implications

5.4. Recommendation for further research

BIA overview - B Lab UK. (n.d.). https://bcorporation.uk/b-corp-certification/how-to-certify-as-a-b-

1. I've been working here for a while

Where is the main location of the company where you work

Sustainability labels contribute to a positive company or 4-points Likert scale:

1. I know what the B Corp label

Companies have no influence on Companies have no