Understanding Business Failure: A Systematic Literature Review and Research Agenda

Business failure is an increasingly relevant topic in the field of business management due to its impact on entrepreneurial ecosystems, strategic decision-making, and policy development. Although academic interest in this area has intensified in recent years, significant gaps remain that hinder a comprehensive understanding of its underlying causes and evolving patterns. This study aims to explore the main research trends related to business failure by identifying key thematic developments, influential contributors, and conceptual gaps in the existing academic literature. A systematic literature review was conducted using the PRISMA 2020 protocol, analyzing documents indexed in the Scopus and Web of Science databases. The analysis considered publication trends, most cited authors and journals, contributing countries, and keyword co-occurrence networks to examine the thematic evolution and structure of the field. The findings highlight the need for future research agendas focused on emerging areas such as machine learning, financial distress, entrepreneurial failure, and business failure prediction. Additionally, the study suggests the adoption of interdisciplinary approaches and longitudinal analyses to address the dynamic and multifaceted nature of business failure. By integrating bibliometric and thematic perspectives, this review provides an updated and comprehensive overview of the literature, revealing under-explored topics and research opportunities, and offering valuable insights to guide future scholarly work in this critical area of business research.