The development of New Public Financial Management scholarship: from global warning to emerging warnings

Purpose - New Public Management (NPM) and New Public Financial Management (NPFM) have significantly influenced the transformation of several nation-states’ public sectors. This study examines the development of NPFM scholarship over the past 25 years, focusing on 3 foundational works that have substantially shaped this field (i.e. Olsonet al., 1998, 2001; Guthrieet al., 1999). The study identifies key research themes within these foundational works and provides insights into the field’s emerging warnings and research directions. Design/methodology/approach - Our structured literature review collected 325 research articles from 1999 to 2024 from the Scopus database. These articles were chosen for their references to three key foundational works and were systematically analysed based on predefined NPFM themes. This was further enhanced by a traditional literature review of selected articles within each NPFM category, offering an analysis of NPFM scholarship and identifying potential future research paths. Findings - In examining the focus of the sampled articles among the five NPFM themes, we found that the majority have centred on the themes of financial reporting and performance measurement systems. Less attention has been given to auditing and budgetary themes. Various studies examined multiple NPFM themes simultaneously. We also provided valuable insights into both the challenges and opportunities for future scholarship. Research limitations/implications - The study presents an extensive analysis of 25 years of NPFM research related to three foundational works, highlighting the interconnectedness of various developments. It identifies opportunities for advancing NPFM scholarship by suggesting further integration of interdisciplinary approaches to deal with emerging warnings. Originality/value - This study offers valuable insights into the development of NPFM scholarship, highlighting the need for further research that broadens the geographical scope, incorporates a more diverse range of disciplinary approaches, and addresses emerging warnings related to hybridisation, sustainability and digital transformation.