What do we need to know about biodiversity in economics and business?

Purpose: The purpose of this study is to comprehensively review biodiversity-related research within the realms of business, economics, and management from 1993 to 2025. We assess the theoretical underpinnings, intellectual structure, and evolution of the field. It aims to pinpoint crucial theoretical shifts and identify persistent research gaps, focusing on the integration of stakeholder and legitimacy theories, and ecological economics within biodiversity research, while highlighting the shortcomings in addressing corporate accountability and the complexities of biodiversity financialisation.

Design/Methodology/Approach: The study utilises bibliometric mapping and systematic literature reviews to explore biodiversity research across business and economic disciplines. We extracted data from Scopus, incorporating articles, books, and conference papers that focus on biodiversity challenges from economic and business perspectives. Using VOSviewer and R for bibliometric analysis, we created visual networks of the intellectual structure and thematic clusters in the field, which allowed for a detailed examination of the evolution and impact of research over time, identifying both influential studies and prominent research gaps.

Findings: The findings reveal an increasing alignment of biodiversity research with ecological economics, legitimacy, and stakeholder theories. The research highlights a critical shift from firm-level strategies to systemic transformation needs within economic and financial frameworks, advocating for integrated approaches to biodiversity governance. However, challenges persist, notably in the areas of addressing power asymmetries and corporate greenwashing. Despite a growing emphasis on ecosystem services valuation, the market-based logic frequently overlooks crucial ecological interdependencies and socio-ecological complexities.

Originality/Value: The study contributes to the field by offering a structured, theory-driven agenda for future biodiversity research, emphasising the need for universal governance frameworks that transcend traditional firm-level approaches. It uniquely challenges the reductionist market-based logics prevalent in ecosystem services valuation. It calls for a rethinking of economic and financial paradigms to ensure the safeguarding of biodiversity as a core component of economic resilience and planetary stability. A comprehensive bibliometric approach and synthesis of theoretical advancements provide a novel perspective on integrating biodiversity considerations into broader economic and corporate frameworks.

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