Purpose This paper aims to deal with the concepts of “institutions” and “institutional logics” in the context of business-to-business (B2B) marketing systems and uses institutional theory as a framework to look at value co-creation. Design/methodology/approach By integrating the literature on value co-creation, institutional theory and institutional entrepreneurship, the paper argues that the boundaries of B2B marketing systems are continuously reshaped through legitimation processes occurring through actors’ institutional work, thus making co-created value the only legitimate value. Findings The paper proposes a conceptual framework and furthers the conceptual development of value co-creation and augments the literature on service-dominant logic and the notion of co-created value by assuming a legitimacy-based B2B market systems perspective. Practical implications This paper presents a number of propositions that serve to illustrate several managerial implications. These arise from organizations co-creating value by conforming to the various institutional logics that maximize their legitimacy. Originality/value The paper makes a contribution by developing a critical theoretical framework based on the application of institutional theoretical constructs/concepts (e.g. ceremonial conformity, decoupling, considerations of face, confidence and good faith).
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