Abstract
Small businesses constitute the majority of enterprises in the UK and globally, playing a crucial role in employment and economic activity. However, traditional growth metrics primarily emphasize financial performance, often overlooking their broader societal contributions. This study critically examines the conceptualization of social value in firm growth research, addressing the divide between “doing well” and “doing good” Employing a problematizing review methodology, we review 80 studies across firm growth and social sustainability research streams, tracing the evolution of performance measurement from the 1900s to the present. By integrating an anthropological perspective, we explore how social value is embedded in operations, and shaped by cultural, historical, and institutional contexts. Our findings highlight the limitations of conventional financial metrics in capturing the full scope of small businesses' societal contributions, revealing both fragmentation and emerging convergence in the literature. By positioning social value as a growth process, we advance a more comprehensive framework that integrates financial and social dimensions. The study contributes to the firm social value literature by proposing new measurement approaches and emphasizing the need for holistic, context-sensitive performance evaluation. Future research should further explore how small businesses leverage social value to achieve sustainable growth while addressing pressing societal challenges.