A Systematic Literature Review on Alternatives to the Shareholder Value Maximization Approach
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2023
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Abstract
AI-GENERATED ABSTRACT: Abstract: Maximizing shareholder value seeks to grow stockholder wealth by enhancing Company operations and making strategic decisions that benefit stockholders, the Company, and the business. This strategy promotes prudent management, transparency, and accountability. This concentrates on the evolution of the Shareholder-maximizing approach to corporate governance and its theoretical foundations, focusing on "shared value". Due to its extensive coverage across academic disciplines, Scopus is a crucial database for exploring new perspectives on corporate governance and management. This literature review encompasses Academic and professional publications from 2011 to the present, primarily utilizing academic articles sourced from Scopus. To ensure reliable results and a meaningful literature review significant research was included, while insignificant research was excluded. This study follows specific criteria for inclusion and exclusion to generate valuable insights into the research questions. After extracting data from Scopus, duplicate studies eliminated, and the data collected from the Scopus database by downloading a CSV file and selecting all pertinent information regarding shared value. Following data collection, Co-authorship Analysis based on countries, Co-occurrence Analysis based on keywords, and Bibliographic Coupling was conducted using VOS viewer software. Additionally, a trend analysis was performed in Excel to assess the potential scope of future publications. Addressing the first research question, the study examines the current relevance and usefulness of the Shareholder value maximization strategy. Trend analysis revealed that the number of articles written on this subject has increased over time. The statistics suggest a growing recognition of the shortcomings of the Shareholder-centric paradigm in dealing with intricate socio-economic and ecological problems. Addressing the second question, the concept of shared value, which benefits society and business, has garnered significant attention as a more holistic approach to decision-making that considers the interests of stakeholders. This approach aims to integrate economic strategies with social and environmental objectives. Keywords: Shareholder Value Maximization, Shared Value, Corporate Governance, Corporate Social Responsibility, Conscious Capitalism, Systematic Literature Review