Rethinking Business Valuation: A Bibliometric Review of Intangible Elements as Key Value Drivers. The Role of Managers in Value Creation

Arkaitz Bañuelos Campo and Juan Carlos Ayala Calvo

Cuadernos de Gestión, 2025

Abstract: [EN] Traditional business valuation methods do not consider most intangibles that affect the value of the company, although they are considered as key elements by both researchers and practitioners. Research in this field is not consolidated yet and although some authors have attempted to address this issue, there is no standardized list of intangible variables that can be systematically included in the valuation process. The objective of this study was to identify all intangibles studied regarding firm value, classify them into clusters and observe their relevance in the scientific literature over the years through a bibliometric approach. Using VOSviewer visualization tool, from the review of 843 published papers in the Web of Science (WOS) in the last two decades, we obtained 5 clusters of intangible variables related to firm value: Strategy and firm characteristics; External elements to the firm; Ownership structure; Management structure; and Stakeholders and CSR. “Strategy and firm characteristics” was the cluster with the highest scientific output, and “ownership structure” the most influential. We found that most of the intangible elements that affect the value of the company can be managed by the company’s management. This makes managers the key element in value creation.

Keywords: intangible elements; clustering; bibliometric analysis; value creation; managers decisions; elementos intangibles; análisis bibliométrico; creación de valor; decisiones de los directivos (search for similar items in EconPapers)
Date: 2025
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