Mapping the Evolution of Financial Statement Analysis: A Comprehensive Bibliometric Review

This paper conducts a bibliometric analysis to map the evolution of financial statement analysis (FSA) research from 1937 to 2023, but the first substantial body of literature emerged from the 1970s. Drawing from 7,411 papers in the Scopus database, the paper applied the PRISMA protocol to refine the dataset to 2,364 relevant papers. Using VOSviewer software, the analysis identified seven key thematic clusters: methodological approaches, population studies, educational aspects, predictive models, return on assets, international accounting standards, and sector-specific research. The results show significant growth in FSA publications since the 1990s, driven by technological advancements and major financial events. The United States leads in publication volume and citation impact. Methodological innovations, such as machine learning, panel data analysis, and advanced econometric techniques, emerged as critical to the field’s development. The paper highlights underexplored areas, including the application of advanced analytics in small and medium-sized enterprises (SMEs) and the role of cultural factors in financial reporting. Future research should integrate artificial intelligence (AI), conduct cross-country studies, and focus on sector-specific analyses to address modern financial complexities. These findings provide valuable insights for academics, policymakers, and practitioners, promoting enhanced financial analysis methodologies and regulatory practices.