Rethinking Business Valuation: A Bibliometric Review of Intangible Elements as Key Value Drivers. The Role of Managers in Value Creation
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Published
31-10-2025
Arkaitz Bañuelos Campo
Juan Carlos Ayala Calvo
https://orcid.org/0009-0001-9012-137X
Juan Carlos Ayala Calvo
Abstract
Traditional business valuation methods do not consider most intangibles that affect the value of the company, although they are considered as key elements by both researchers and practitioners. Research in this field is not consolidated yet and although some authors have attempted to address this issue, there is no standardized list of intangible variables that can be systematically included in the valuation process. The objective of this study was to identify all intangibles studied regarding firm value, classify them into clusters and observe their relevance in the scientific literature over the years through a bibliometric approach. Using VOSviewer visualization tool, from the review of 843 published papers in the Web of Science (WOS) in the last two decades, we obtained 5 clusters of intangible variables related to firm value: Strategy and firm characteristics; External elements to the firm; Ownership structure; Management structure; and Stakeholders and CSR. “Strategy and firm characteristics” was the cluster with the highest scientific output, and “ownership structure” the most influential. We found that most of the intangible elements that affect the value of the company can be managed by the company’s management. This makes managers the key element in value creation.
How to Cite
Bañuelos Campo, A., & Ayala Calvo, J. C. (2025). Rethinking Business Valuation: A Bibliometric Review of Intangible Elements as Key Value Drivers. The Role of Managers in Value Creation. Cuadernos De Gestión, 25(2), 89–101. https://doi.org/10.5295/cdg.252305ab
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Keywords
Intangible elements, Clustering, Bibliometric analysis, Value creation, Managers decisions
References
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Andriessen, D. (2004). Making sense of intellectual capital. Routledge.
Aparicio, G., Maseda, A., Iturralde, T., & Zorrilla, P. (2023). The family business brand: cross-fertilization between fields. Management Decision, 61(6), 1585-1611. https://doi.org/10.1108/MD-04-2022-0445
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Bardos, K. S., Ertugrul, M., & Gao, L. S. (2020). Corporate social responsibility, product market perception, and firm value. Journal of Corporate Finance, 62, 101588. https://doi.org/10.1016/j.jcorpfin.2020.101588
Belo, F., Gala, V. D., Salomao, J., & Vitorino, M. A. (2022). Decomposing firm value. Journal of Financial Economics, 143(2), 619-639. https://doi.org/10.1016/j.jfineco.2021.08.007
Bose, S., Shams, S., Ali, M. J., & Mihret, D. (2022). COVID‐19 impact, sustainability performance and firm value: international evidence. Accounting & Finance, 62(1), 597-643. https://doi.org/10.1111/acfi.12801
Bouslah, K., Kryzanowski, L., & M’Zali, B. (2018). Social performance and firm risk: Impact of the financial crisis. Journal of Business Ethics, 149, 643-669. https://doi.org/10.1007/s10551-016-3017-x
Brown, J. R., & Huang, J. (2020). All the president’s friends: Political access and firm value. Journal of Financial Economics, 138(2), 415-431. https://doi.org/10.1016/j.jfineco.2020.05.004
Bueno, E., Del Real, H., Fernández, P., Longo, M., Merino, C., Murcia, C., & Salmador, M. (2011). Modelo Intellectus de medición, gestión e información del capital intelectual. Madrid, España: Universidad Autónoma de Madrid.
Celli, M. (2013). Determinants of Economies of Scale in Large Businesses—A Survey on UE Listed Firms. American Journal of Industrial and Business Management, 3(3), 255–261. https://doi.org/10.4236/ajibm.2013.33031
Cid, C., San Martín, P., & Saona, P. (2022). Founding-family-controlled firms, intergenerational succession, and firm value. Economic research-Ekonomska istraživanja, 35(1), 3138-3167. https://doi.org/10.1080/1331677X.2021.1986673
Corrado, C., Hulten, C., & Sichel, D. (2009). Intangible capital and US economic growth. Review of Income and Wealth, 55(3), 661-685. https://doi.org/10.1111/j.1475-4991.2009.00343.x
Demers, E., Hendrikse, J., Joos, P., & Lev, B. (2021). ESG did not immunize stocks during the COVID‐19 crisis, but investments in intangible assets did. Journal of Business Finance & Accounting, 48(3-4), 433-462. https://doi.org/10.1111/jbfa.12523
Demeter, K., Szász, L., & Kő, A. (2019). A text mining based overview of inventory research in the ISIR special issues 1994-2016. International Journal of Production Economics, 209, 134-146. https://doi.org/10.1016/j.ijpe.2018.06.006
Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2), 802-830. https://doi.org/10.1016/j.jfineco.2021.03.005
Edvinsson, L., & Malone, M. S. (1997). Intellectual capital: Realizing your company’s true value by finding its hidden brainpower. HarperBusiness.
Eisfeldt, A. L., & Papanikolaou, D. (2013). Organization capital and the cross‐section of expected returns. The Journal of Finance, 68(4), 1365-1406. https://doi.org/10.1111/jofi.12034
Eisfeldt, A. L., Kim, E. T., & Papanikolaou, D. (2022). Intangible Value. Critical Finance Review, 11(2), 299-332. https://dx.doi.org/10.2139/ssrn.3720983
Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Eco-nomics, 33(1), 3-56 https://doi.org/10.1016/0304-405X(93)90023-5
Ferriani, F. & Gazzani, A. (2023). “The impact of the war in Ukraine on energy prices: Consequences for firms’ financial performance.” International Economics, 174(C), 221–230. https://doi.org/10.1016/j.inteco.2023.04.006
Galeazzo, A., Miandar, T., & Carraro, M. (2023). SDGs in corporate responsibility reporting: a longitudinal investigation of institutional determinants and financial performance. Journal of Management and Governance, 28, 113-136. https://doi.org/10.1007/s10997-023-09671-y
Gamayuni, R. R. (2015). The effect of intangible asset, financial performance and financial policies on the firm value. International Journal of scientific and technology research, 4(1), 202-212.
García-Merino, J. D. (2015). Una propuesta metodológica para la valoración de los intangibles empresariales (Doctoral dissertation, Universidad del País Vasco-Euskal Herriko Unibertsitatea).
García-Merino, J.-D., García-Zambrano, L., & Rodríguez-Castellanos, A. (2014). Impact of Relational Capital on Busi-ness Value. Journal of Information & Knowledge Management, 13(1), 1450002-1-1450002-8. https://doi.org/10.1142/S0219649214500026
García-Zambrano, L., Rodríguez-Castellanos, A., & García-Merino, J.-D. (2013). The Relationship Between Proactive Management of Core Competencies and Business Performance. Journal of Information & Knowledge Management, 12(2), 13500161-13500169. https://doi.org/10.1142/S0219649213500160
García-Zambrano, L., Rodríguez-Castellanos, A., & García-Merino, J.-D. (2014). Proactive Management of Core Com-petencies, Innovation and Business Performance in a Period of Crisis: The Case of Spain. In Rüdiger, K., Peris-Ortiz, M., & Blanco-González, A. (Eds.): Entrepreneurship, Innovation and Economic Crisis. Lessons for Research, Policy and Practice (pp. 59-68). Cham (Switzerland): Springer. https://doi.org/10.1007/978-3-319-02384-7_1
García-Zambrano, L., Rodríguez-Castellanos, A., & García-Merino, J.-D. (2018). Impact of investments in training and advertising on the market value relevance of a company’s intangibles: The effect of the economic crisis in Spain. European Research on Management and Business Economics, 24(1), 27-32. https://doi.org/10.1016/j.iedeen.2017.06.001
Gu, F., & Lev, B. (2011). Intangible assets: Measurement, drivers, and usefulness. In Schiuma, G. (Ed.): Managing knowledge assets and business value creation in organizations: Measures and dynamics (pp. 110-124). Hershey, PA: IGI Global. https://doi.org/10.4018/978-1-60960-071-6.ch007
Gyapong, E., Monem, R. M., & Hu, F. (2016). Do women and ethnic minority directors influence firm value? Evidence from post‐apartheid South Africa. Journal of Business Finance & Accounting, 43(3-4), 370-413. https://doi.org/10.1111/jbfa.12175
He, Q., Wang, M., & Martínez-Fuentes, C. (2020). Impact of corporate entrepreneurial strategy on firm performance in China. International Entrepreneurship and Management Journal, 16(4), 1427-1444. https://doi.org/10.1007/s11365-020-00678-7
Hu, S. & Zhang, Y. (2021). COVID-19 Pandemic and Firm Performance: Cross‑Country Evidence. International Review of Economics and Finance, 74, 365–372. https://doi.org/10.1016/j.iref.2021.03.016
Huang, S., Tan, H., Wang, X., & Yu, C. (2023). Valuation uncertainty and analysts’ use of DCF models. Review of Ac-counting studies, 28, 827-861. https://doi.org/10.1007/s11142-021-09658-w
Koller, T., Goedhart, M., & Wessels, D. (2010). Valuation: measuring and managing the value of companies. New York, NY: John Wiley and Sons.
Kumar, R., Sujit, K. S., Waheed, K. A., & Fernandez, M. (2021). Are Brand Value and Firm Value Related? An Empirical Examination. Global Business Review, 1, 12. https://doi.org/10.1177/0972150921995479
Li, K., Rollins, J., & Yan, E. (2018). Web of Science use in published research and review papers 1997–2017: A selecti-ve, dynamic, cross-domain, content-based analysis. Scientometrics, 115(1), 1-20. https://doi.org/10.1007/s11192-017-2622-5
Lu, W., Li, J., Wang, J., & Qin, L. (2021). A CNN-BiLSTM-AM method for stock price prediction. Neural Computing and Applications, 33(10), 4741-4753. https://doi.org/10.1007/s00521-020-05532-z
Luo, X., Raithel, S., & Wiles, M. A. (2013). The impact of brand rating dispersion on firm value. Journal of Marketing Research, 50(3), 399-415. 10.1509/jmr.12.0188
Maseda, A., Iturralde, T., Aparicio, G., & Cooper, S. Y. (2023). Building bridges between gender and family business literature to advance women’s empowerment. Gender in Management: An International Journal, 38(8), 1029-1074. 10.1108/GM-02-2022-0056
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The Ame-rican Economic Review, 48(3), 261-297
Ni, Y., Huang, P., Cheng, Y., & Huang, W. C. (2020). Does the Role of Relatives on Ownership Structure Affect Firm Value? Review of Business, 40(1).
Perianes-Rodriguez, A., Waltman, L., & Van Eck, N. J. (2016). Constructing bibliometric networks: A comparison between full and fractional counting. Journal of informetrics, 10(4), 1178-1195. https://doi.org/10.1016/j.joi.2016.10.006
Peters, R. H., & Taylor, L. A. (2017). Intangible capital and the investment-q relation. Journal of Financial Economics, 123(2), 251-272. https://doi.org/10.1016/j.jfineco.2016.03.011
Petruzzelli, A. M., Ardito, L., & Savino, T. (2018). Maturity of knowledge inputs and innovation value: The moderating effect of firm age and size. Journal of Business Research, 86, 190-201. https://doi.org/10.1016/j.jbusres.2018.02.009
Rodríguez-Castellanos, A., Arregui-Ayastuy, G., & Vallejo Alonso, B. (2007). Intangibles financial valuation: A method grounded on an IC-based taxonomy. In Joia, L. A. (Ed.): Strategies for Information Technology and Intellectual Capital: Challenges and Opportunities (pp. 66-90). Hershey, PA y London, UK: Information Science Reference.
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