Value creation by individuals and firms plays a central role in the evolution of populations by enabling adaptive efficiency. Once created, value may become embedded in resources which require deployment for value to be appropriated. Value appropriation is a two-step process through which a firm first competes against other firms to create and protect appropriation streams (i.e., inter-organizational value appropriation), then managers, employees, shareholders and other stakeholders compete to capture the value that has been retained within the firm (i.e., intra-organizational value appropriation). I argue that the inter- and intra-organizational value appropriation processes are driven by common elements, including not only bargaining power and isolating mechanisms but also relation-based power and opportunity-based action. I advocate an integrative approach due to the interplay between value creation and value appropriation processes.