Title: Shareholder value creation: insights from a systematic literature review

Authors: John Henry Hall; Elda du Toit

Addresses: Department of Financial Management, Faculty of Economic and Management Sciences, University of Pretoria, South Africa ' Department of Financial Management, Faculty of Economic and Management Sciences, University of Pretoria, South Africa

Abstract: This study systematically reviews shareholder value creation research from 1975 to 2024 to assess its intellectual structure, thematic evolution, and future directions. Using PRISMA guidelines, 1,689 Scopus-indexed articles were analysed with Biblioshiny and VOSviewer to map publication trends, citation patterns, and thematic clusters. Three dominant areas emerge: strategic governance and market value, corporate decisions and shareholder wealth, and operational efficiency and profitability. While research output has grown substantially, contributions remain concentrated in developed economies, with limited representation from emerging markets. Established themes focus on governance and market-based perspectives, whereas ESG integration, technological transformation, and sustainability remain underexplored. The findings indicate that shareholder value can be enhanced through ESG-aligned governance, digital transformation, and incentive systems linked to sustainable performance. This review provides a comprehensive bibliometric synthesis and sets a forward-looking research agenda that connects theory with practice in corporate finance.

Keywords: shareholder value creation; finance; accounting; systematic literature review; SLR.

DOI: 10.1504/IJAF.2025.154804

International Journal of Accounting and Finance, 2025 Vol.12 No.4, pp.278 - 310

Received: 07 Dec 2024
Accepted: 11 Feb 2026
Published online: 14 Jul 2026 *

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