Value-based management: a review of its conceptualizations and a research agenda toward sustainable governance
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In: Journal of Accounting Literature, Vol. 47, No. 1, 02.01.2025, p. 150-200.
Research output: Journal contributions › Journal articles › Research › peer-review
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TY - JOUR
T1 - Value-based management: a review of its conceptualizations and a research agenda toward sustainable governance
AU - Wobst, Janice
AU - Tanikulova, Parvina
AU - Lueg, Rainer
N1 - Publisher Copyright: © 2023, Emerald Publishing Limited.
PY - 2025/1/2
Y1 - 2025/1/2
N2 - PurposeThe purpose of this article is to synthesize the topics, conceptualizations and measurements of value-based management (VBM) and to suggest a research agenda covering its next evolution as sustainable governance.Design/methodology/approachThe authors conducted a systematic literature review of 80 seminal studies published between 1979 and 2022. The authors synthesized the studies by their conceptualizations of VBM in an inductively developed framework.FindingsThe authors find that scholars explore diverse topics related to VBM with a prevailing focus on shareholder primacy. There is a paucity of studies that focus on the integration of shareholder maximization and stakeholder management practices. The authors explain which studies will form a promising foundation for advanced research on sustainable governance that will reach beyond current VBM research.Originality/valueThe authors' research agenda addresses new future topics on conflicting goals within and between shareholder groups, offers specific suggestions for using new research methods and untapped data sources for VBM and paves the way to substantially extend the boundaries of the firm in VBM research to include stakeholders, strategic alignment and new sustainability measures.
AB - PurposeThe purpose of this article is to synthesize the topics, conceptualizations and measurements of value-based management (VBM) and to suggest a research agenda covering its next evolution as sustainable governance.Design/methodology/approachThe authors conducted a systematic literature review of 80 seminal studies published between 1979 and 2022. The authors synthesized the studies by their conceptualizations of VBM in an inductively developed framework.FindingsThe authors find that scholars explore diverse topics related to VBM with a prevailing focus on shareholder primacy. There is a paucity of studies that focus on the integration of shareholder maximization and stakeholder management practices. The authors explain which studies will form a promising foundation for advanced research on sustainable governance that will reach beyond current VBM research.Originality/valueThe authors' research agenda addresses new future topics on conflicting goals within and between shareholder groups, offers specific suggestions for using new research methods and untapped data sources for VBM and paves the way to substantially extend the boundaries of the firm in VBM research to include stakeholders, strategic alignment and new sustainability measures.
KW - Boundaries of the firm
KW - Corporate sustainability
KW - Stakeholder governance
KW - Sustainability management
KW - Systematic literature review
KW - Value-based management
UR - http://www.scopus.com/inward/record.url?scp=85213981832&partnerID=8YFLogxK
U2 - 10.1108/jal-11-2022-0123
DO - 10.1108/jal-11-2022-0123
M3 - Journal articles
VL - 47
SP - 150
EP - 200
JO - Journal of Accounting Literature
JF - Journal of Accounting Literature
SN - 0737-4607
IS - 1
ER -