The topic of the paper is the value and value creation from firms’ perspective with theoretical and empirical approaches. The aim of the study is to give an overview about the value and value creation frameworks related to different scientific fields and its approaches from small and medium sized enterprises’ (SMEs) views. The fact that nowadays companies’ operation is a very complex one which requires a knowledge that covers as much knowledge and factors as possible gives the relevance of the topic. Such a factor could be the understanding the meaning of firm value and firm value creation beyond the financial and economic approaches. This may help companies to be more conscious about their operation and their social and economic impact. The paper gives an overview about the Creating Shard Value (CSV) framework, too which is widespread in the international literature and practice but in Hungary only few study mention it, so its introduction could be useful for the Hungarian academics and practitioners. The paper introduces also some results of an interview research between August 2021 and July 2022. A research is aimed to know the business-society relation among SMEs in Győr, Hungary, the value creation is a part of this research. Forty SMEs were involved in the research. The main result is that the term firm value creation is a diverse concept which could be interpreted from several approaches. Its knowledge could lead to a more conscious leadership of a company.