TITLE:
Startups’ Valuation: A Bibliometric Analysis and Systematic Literature Review
AUTHORS:
William Aparecido Maciel Da Silva, Cristiane Orquisa Fantin, Marcelo Fukui, Michele Nascimento Jucá
KEYWORDS:
Valuation, Startups, Bibliometric Analysis, Systematic Review
JOURNAL NAME:
Open Journal of Business and Management,
Vol.9 No.4,
July
13,
2021
ABSTRACT: This study maps and analyzes the academic literature
regarding the main startups’ valuation methods by means of a
bibliometric analysis and systematic review. The adoption of both methods
requires the use of software such as RStudio, VOSViewer or Rank Words. In
bibliometric analysis, the verification of its main laws—Zipf,
Bradford and Lotka is also adopted. As a bibliometric
analysis result, the most frequent keywords appear to be performance,
innovation, entrepreneurship and venture capital. Most of the authors are associated with institutions located in Germany
and in the United States. Concerning the systematic review results, the
topic of identifying funding sources is urgent, considering the fact that
startups are companies with high levels of uncertainty and risk. Another
concern refers to the way of obtaining the types of data for inputs in the
valuation models. Regarding the valuation methods, the ones of multiples are
highlighted. As for future paths for further research, the authors emphasize
the analysis of determinants influencing their value at different stages of
maturity, as well as the adoption of unconventional valuation methods.