Methodological Approaches and Theoretical Perspectives in Empirical Value-Based Management Research: A Systematic Review of Literature (2008–2022)
Abstract
This paper provides a systematic review of empirical value-based management (VBM) research published between 2008 and 2022, focusing on methodological and theory-related aspects. The review suggests that recent studies have made progress in terms of methodological rigor, with a shift towards a more differen- tiated VBM sophistication measure, which is likely to provide a more nuanced understanding of the effects of VBM implementation. From a content perspec- tive, the literature is clustered into studies analyzing the drivers, outcomes, and moderators of the VBM nexus. The review also proposes several promising fu- ture research directions, including a need for standardized multidimensional VBM measures, the inclusion of non-financial or stakeholder perspectives, the analysis of fundamental strategic and operating contingencies, and sampling suggestions. This study highlights the importance of VBM as a topic of ongoing research in the field of management control, and it provides valuable insights into trends and gaps in empirical VBM research that will help shape future re- search directions.