Agyemang, E A; Musonda, I and Zulu, S (2025) Stakeholder theory and shareholder theory application in the construction field: A systematic scoping review. Construction Economics and Building, 25(2), pp. 89-111. ISSN 2204-9029
Abstract
Stakeholder theory and shareholder theory are essential frameworks for understanding construction projects, influencing sustainability, project success, and decision-making. Although some studies have explored these theories, there is a notable gap in retrospectively analyzing their application within the construction context. Therefore, this study sought to systematically review stakeholder and shareholder theories to determine which theoretical approach is predominantly used in construction studies, assess the thematic areas where stakeholder theory or shareholder theory is applied in construction studies, and identify future research and gaps in their application in construction studies. The study adopted Arkesy and O'Malley's five-stage framework to conduct a systematic scoping review of 1,726 articles from Scopus and Google Scholar databases, focusing on stakeholder theory or shareholder theory. The selection process followed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) framework, with 31 articles meeting the inclusion criteria. The data were analyzed using content analysis. The results showed an increased focus on stakeholder theory compared to shareholder theory. There were 10 themes identified under stakeholder theory, with "stakeholder management" being the predominant theme. Shareholder theory, on the other hand, had only two themes, with "shareholder value creation" being the predominant theme. The few themes identified under shareholder theory resulted from the scarcity of research in this area. This calls for more research in the application of shareholder theory. Remarkably, there is a notable lack of research integrating these two theories. This highlights the opportunity to integrate these theories to address complex challenges in the construction industry.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | shareholder theory; stakeholder theory; systematic scoping review |
| Index terms: | project success, stakeholder management, value creation, database, meta-analysis, decision-making, systematic literature review, construction industry, content analysis, construction project |
| Subjects: | industry analysis, production management, research evaluation and metrics, project management theory and practice, data management, decision analysis, data analysis and analytics, participation process, economic development |
| Topics: | Research Practice, Project Management, Stakeholder Management, Digital Applications, Sustainability, Risk Management |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here