A Systematic Review of Value Creation Based on Stakeholder Theory in the Hotel Industry (Bibliometric Analysis)

Over the past decade, the literature on value creation has experienced significant growth in relation to the hospitality industry. This growth is attributed to the increasing importance of value creation issues for stakeholders involved in hospitality activities, which are crucial for securing benefits and advancing operations. The relationship between value creation and stakeholder theory has been examined in the literature; however, there is a lack of comprehensive and foundational studies on this topic. To address this research gap, this paper conducts a bibliometric analysis of the literature, simultaneously examining research and scholarly texts related to value creation and stakeholder theory within the hospitality sector. After formulating a search strategy and applying filters to organize and manage documents, a total of 6,690 documents published in the Web of Science database from 2005 to 2024 were analyzed using co-authorship, co-occurrence, keyword, direct citation, and co-citation analyses. Additionally, VOSviewer software was used for data visualization, cluster mapping, and demonstrating the diverse relationships within the literature. The results of this paper identified trends in the rise and fall of the literature, key articles, authors, journals, institutions, and countries focusing on value creation based on stakeholder theory. Co-occurrence of keywords revealed that "value creation,""innovation,""co-creation of value,""business model,""intellectual capital," "social entrepreneurship," "business model innovation,""sustainability," "entrepreneurship," "service logic," "value," "corporate social responsibility,""open innovation," "co-creation,""value capture,""knowledge management,""business models,""customer value," "strategy," "resource-based view," "performance," "dynamic capabilities," "social capital," "competitive advantage," "digital transformation,""firm performance,""digitization,""ecosystems,""value allocation," and "co-opetition" were common keywords related to the research topic.