Eunice Achina Agyemang, Innocent Musonda, Sam Zulu

Stakeholder theory and shareholder theory application in construction field: systematic scoping review

Introduction

Stakeholder theory and shareholder theory application in construction field: systematic scoping review. Systematic review of stakeholder & shareholder theories in construction. Explores dominance, thematic applications, research gaps, and integration potential for enhanced project success.

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 seeks 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 the application of these theories in construction studies. The study adopted Arkesy and O'Malley's five-stage framework to conduct a systematic scoping review of 1726 articles from Scopus and Google Scholar databases, focusing on stakeholder theory or shareholder theory. The selection process followed the PRISMA framework, with 31 articles meeting the inclusion criteria. The data was analyzed using content analysis. The study showed an increased focus on stakeholder theory as 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 2 themes, with ‘shareholder value creation’ being the predominant theme. The few themes identified under shareholder theory were as a result of 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 that integrates these two theories. This highlights the opportunity for the integration of these theories to address complex challenges in the construction industry.

Review

This systematic scoping review addresses a pertinent gap in the construction literature by retrospectively analyzing the application of stakeholder and shareholder theories. The chosen topic is highly relevant, given the significant influence these frameworks have on project success, sustainability, and decision-making within the complex construction environment. The study's clear objectives – identifying theoretical dominance, mapping thematic applications, and pinpointing future research avenues – are well-articulated and promise to provide valuable insights into how these foundational management theories are utilized in practice. The methodology, employing Arkesy and O'Malley's framework and the PRISMA guidelines, suggests a rigorous approach to data collection and synthesis. The review's strengths lie in its systematic approach, which involved an extensive initial search across Scopus and Google Scholar, yielding a substantial pool of 1726 articles, meticulously narrowed down to 31 through a robust selection process. The subsequent content analysis effectively revealed a clear predominance of stakeholder theory over shareholder theory in construction studies, identifying 10 distinct themes for the former, with 'stakeholder management' being most prominent. In contrast, shareholder theory garnered only two themes, predominantly 'shareholder value creation,' highlighting a significant disparity in research focus. This finding alone is a critical contribution, empirically confirming the imbalance and suggesting areas requiring further academic attention. Perhaps the most impactful finding is the notable lack of research integrating stakeholder and shareholder theories. This observation is crucial, as it identifies a significant opportunity for future research to develop more holistic frameworks that address the multi-faceted challenges of the construction industry. While the study effectively highlights the scarcity of shareholder theory research, its call for more investigation in this area, coupled with the identified need for theoretical integration, provides a clear roadmap for future scholars. This review offers a comprehensive overview of the current landscape and makes a valuable contribution by not only mapping existing applications but also by critically identifying underdeveloped areas that could foster more robust theoretical development and practical solutions in construction management.

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