FIRM VALUE: A HYBRID SYSTEMATIC LITERATURE REVIEW (SLR) AND BLIBLIOMATRIC ANALYSIS

Abstract

Many studies have examined firm value over the past few decades. However, extensive research on this subject remains limited. Therefore, this study aims to conduct a systematic literature review and bibliometric analysis of firm value based on existing empirical research. Design/methodology/approach used in this study is a Systematic Literature Review, employing the term "firm value" in the "Article Title, Abstract, and Keywords" from the Scopus database, yielding 1,921 publications from 1970 to 2025. The evaluation was conducted on June 29, 2025. The collected data were analyzed bibliometrically using VOSviewer. Findings Research on firm value is limited in developing countries. Previous studies have mostly focused on developed countries such as the United States, United Kingdom, South Korea, Australia, and Canada. Future research should target developing regions. Additionally, firm value can be divided into two categories: market value and book value. Research limitations/implications: This study uses the Scopus database; future research may require stylistic mapping by integrating additional databases such as Web of Science. Emerging themes in firm value increasingly focus on the integration of financial, non-financial, and external factors. While earlier research predominantly emphasized profitability, leverage, and capital structure, current studies have expanded to include ESG, corporate governance, policy uncertainty, digitalization, and social reputation. Firm value has become an important indicator for management, investors, regulators, and society in assessing corporate performance, reputation, and prospects. Originality/value: Research on firm value is growing rapidly worldwide. Nevertheless, extensive studies on this topic remain limited within the existing literature.