Link to a parent object I have a couple of nested objects, where A is always a part of B.

May I use the following code to access owner's properties and methods?

function A( owner ) {
  this.value = function () { return owner.value() + 1 };
}

function B() {
  this.value = function () { return 1; };
  this.a = new A( this );
}

var b = new B();
alert( b.a.value() );


Actually, it works. But I would like to know whether it is correct or not.
Actually, it works. But I would like to know whether it is correct or
  not.


It works because you create new instance of parent and access it there:

this.a = new A( this );


The correct way (for inheritence) is to set child's prototype and constructor:

A.prototype = new B();
A.prototype.constructor = A;


For more explanation, have a look at this question.