Purpose The existing literature is fragmented across disciplines and does not provide a holistic, comprehensive view on how value is created, deployed and captured. This paper aims to provide a structured view of the current literature and facilitates a theoretical understanding of value creation and capture in buyer–supplier relationships. Design/methodology/approach A systematic literature review was conducted on 195 articles published in 21 leading journals in marketing, operations management and strategy disciplines. Findings An integrated, generalizable and expandable framework is proposed based on the causal or interactive relationship among four components, namely, dimensions of value creation; processes and interactions by which buyers and suppliers enable value creation; relationship characteristics that affect these components; and value capture. Two new areas for future studies are also suggested. Research limitations/implications The findings are based on papers published in peer-reviewed academic literature. Future studies could include more heterogeneous publications in languages other than English and/or professional journals to compare scholars' and managers' perspectives. Practical implications This study offers simple, practical guidelines that managers can apply in their real-world situations to increase the value they gain from their relationships. Originality/value The framework does not pretend to be exhaustive because such an attempt would be impractical. Rather, this study provides practical examples for each component, and shows how additional concepts and constructs can be incorporated to make it inclusive and generalizable. Two new manners of value capture other than price negotiations are presented (volume and collaborative benefits).
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