Business valuation unveiled: A 40-year bibliometric perspective on trends and transformation

Abstract

This bibliometric analysis examines the development, intellectual framework, and emerging trends in business valuation research from 1984 to 2024 utilizing VOS viewer. The results indicate a consistent increase in research output over the last forty years, with a notable surge post-2010, drawing attention to the field's escalating significance in contemporary financial markets and competitive environments. The primary thematic areas identified are financial modelling, strategic analysis, and risk assessment, which are fundamental to the literature on business valuation and central to firm competitiveness. The research emphasizes methodological progress in domains including real options analysis, cost of capital, and income approaches. Recent studies show a trend toward putting valuation within strategic frameworks, with a focus on innovation, intangible assets, and competitive advantage. This evolution signifies the transformation of valuation from a purely financial tool into a key driver of strategic decision-making and long-term value creation. Emerging trends suggest a transition toward the incorporation of business valuation with strategic factors such as innovation and competitive advantage, further reinforcing its role in shaping organizational competitiveness. Future research is anticipated to concentrate on intangible asset valuation, sustainability challenges, and the impact of digital transformation on valuation methodologies, all of which have growing implications for firms' ability to achieve and sustain competitive advantage.