Exploring Corporate Governance and Firm Value: A Comprehensive Bibliometric Analysis Study
DOI:
https://doi.org/10.37641/jimkes.v13i5.3518Keywords:
Agency Theory, Bibliometric Review, Bibliometric Mapping, Corporate Governance, Firm ValueAbstract
This study conducts a bibliometric analysis to explore the relationship between corporate governance and firm value. Utilizing the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) framework and Scopus-indexed data, the review includes 856 publications published between 2015 and 2024. The United States and the United Kingdom emerge as the most prolific contributors to this research area. Using VOSviewer for network visualization, the analysis highlights the most influential scholars, including David Yermack, Theodore Eisenberg, Stefan Sundgren, Martin T. Wells, Allen Ferrell, Hao Liang, and Luc Renneboog. Key seminal works identified include Higher Market Valuation of Companies with a Small Board of Directors, Larger Board Size and Decreasing Firm Value in Small Firms, and Socially Responsible Firms. The review further reveals three dominant thematic clusters: agency theory, firm value, and board of directors, which collectively form the conceptual backbone of the corporate governance–firm value discourse. These findings offer a concise roadmap of the field’s foundational theories and serve as a reference point for future researchers seeking to navigate the most influential contributions.
Downloads
References
Al Farooque, O., Buachoom, W., & Hoang, N. (2019). Interactive effects of executive compensation, firm performance and corporate governance: Evidence from an Asian market. Asia Pacific Journal of Management, 36(4), 1111-1164.
Ali, T., Hussain, S., & Waheed, A. (2021). Executive remuneration, corporate governance and corporate performance: Evidence from China. Economic research-Ekonomska istraživanja, 34(1), 3092-3118.
Almaqtari, F. A., Shamim, M., Al-Hattami, H. M., & Aqlan, S. A. (2020). Corporate governance in India and some selected Gulf countries. International Journal of Managerial and Financial Accounting, 12(2), 165-185.
Alnabsha, A., Abdou, H. A., Ntim, C. G., & Elamer, A. A. (2018). Corporate boards, ownership structures and corporate disclosures: Evidence from a developing country. Journal of Applied Accounting Research, 19(1), 20-41.
Al-Shaer, H., Albitar, K., & Hussainey, K. (2022). Creating sustainability reports that matter: an investigation of factors behind the narratives. Journal of Applied Accounting Research, 23(3), 738-763.
Alshbili, I., Elamer, A. A., & Beddewela, E. (2020). Ownership types, corporate governance and corporate social responsibility disclosures: Empirical evidence from a developing country. Accounting Research Journal, 33(1), 148-166.
Appel, I. R., Gormley, T. A., & Keim, D. B. (2016). Passive investors, not passive owners. Journal of Financial Economics, 121(1), 111-141.
Balasubramanian, B. N., Black, B. S., & Khanna, V. S. (2008). Firm-level corporate governance in emerging markets: A case study of India. IIM Bangalore Research Paper 2(4), 23-34.
Bebchuk, L., & Cohen, A. (2005). The costs of entrenched boards. J. Financ. Econ. 78(9), 409–433.
Bebchuk, L., Cohen, A., & Ferrell, A. (2009). What matters in corporate governance? The Review of financial studies, 22(2), 783-827.
Beiner, S., Drobetz, W., Schmid, M., & Zimmermann, H. (2006). An integrated framework of corporate governance and firm valuation. Eur. Finance Manage. 12(8), 249–283.
Brown, W. O., Helland, E., & Smith, J. K. (2006). Corporate philanthropic practices. Journal of corporate finance, 12(5), 855-877.
Bruno, V., & Claessens, S. (2010). Corporate governance and regulation: can there be too much of a good thing? J. Finan. Intermediation 19(5), 461–482.
Callon, M., Courtial, J. P., Turner, W. A., & Bauin, S. (1983). Dari terjemahan ke jaringan bermasalah: Pengantar analisis kata bersama. Informasi ilmu sosial, 22(2), 191-235.
Chhaochharia, V., & Grinstein, Y. (2007). Corporate governance and firm value: the impact of the 2002 governance rules. J. Finance 62(7), 1789–1825.
Coles, J. L., Lemmon, M. L., & Meschke, J. F. (2012). Structural models and endogeneity in corporate finance: The link between managerial ownership and corporate performance. Journal of financial economics, 103(1), 149-168.
Cremers, K. M., & Nair, V. B. (2005). Governance mechanisms and equity prices. the Journal of Finance, 60(6), 2859-2894.
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of business research, 133(7) 285-296.
Drobetz, W., Schillhofer, A., & Zimmermann, H. (2004). Corporate governance and expected stock returns: Evidence from Germany. European financial management, 10(2), 267-293.
Echchakoui, S. (2020). Why and how to merge Scopus and Web of Science during bibliometric analysis: the case of sales force literature from 1912 to 2019. Journal of Marketing Analytics, 8(3), 165-184.
Eisenberg, T., Sundgren, S., & Wells, M. T. (1998). Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48(1), 35-54.
Ellili, N. O. D. (2023). Bibliometric analysis on corporate governance topics published in the journal of Corporate Governance: The International Journal of Business in Society. Corporate Governance: The International Journal of Business in Society, 23(1), 262-286.
Elmagrhi, M. H., Ntim, C. G., Wang, Y., Abdou, H. A., & Zalata, A. M. (2020). Corporate governance disclosure index–executive pay nexus: The moderating effect of governance mechanisms. European Management Review, 17(1), 121-152.
Ferrell, A., Liang, H., & Renneboog, L. (2016). Socially responsible firms. Journal of financial economics, 122(3), 585-606.
Franco, I., Saito, O., Vaughter, P., Whereat, J., Kanie, N., & Takemoto, K. (2019). Higher education for sustainable development: Actioning the global goals in policy, curriculum and practice. Sustainability Science, 14(6), 1621-1642.
Gerged, A. M., Salem, R., & Beddewela, E. (2023). How does transparency into global sustainability initiatives influence firm value? Insights from Anglo‐American countries. Business Strategy and the Environment, 32(7), 4519-4547.
Goel, P., Kaushik, N., Sivathanu, B., Pillai, R., & Vikas, J. (2022). Consumers’ adoption of artificial intelligence and robotics in hospitality and tourism sector: Literature review and future research agenda. Tourism Review, 77(4), 1081-1096.
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. Q. J. Econ. 118(12),107–155.
Hallinger, P., & Chatpinyakoop, C. (2019). A bibliometric review of research on higher education for sustainable development, 1998–2018. Sustainability, 11(8), 2401.
Harun, M. S., Hussainey, K., Mohd Kharuddin, K. A., & Farooque, O. A. (2020). CSR disclosure, corporate governance and firm value: a study on GCC Islamic banks. International Journal of Accounting & Information Management, 28(4), 607-638.
Hasan, A., Riaz, Z., & Nakpodia, F. (2023). Explicating the contextuality of corporate governance through ownership structure and family management: evidence from an emerging economy. Corporate Governance: The International Journal of Business in Society, 23(5), 1085-1104.
Jensen, M., & Meckling, W. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. J. Finance Econ. 3(6), 305–360.
Judijanto, L., Utami, E. Y., & Lesmana, T. (2024). Financial inclusion strategies: A bibliometric study of microfinance and economic development initiatives. West Science Interdisciplinary Studies, 2(04), 799-809.
Khanna, T., Kogan, J., & Palepu, K. (2006). Globalization and similarities in corporate governance: a cross country analysis. Rev. Econ. Stat. 88(5), 69–90.
Kiel, G. C., & Nicholson, G. J. (2003). Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate governance: an international review, 11(3), 189-205.
Kim, J. B., Li, Y., & Zhang, L. (2011). CFOs versus CEOs: Equity incentives and crashes. Journal of financial economics, 101(3), 713-730.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (1998). Law and finance. J. Polit. Econ. 106(21), 1113–1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. J. Finance 57(3), 1147–1170.
Li, Z., Liao, G., & Albitar, K. (2020). Does corporate environmental responsibility engagement affect firm value? The mediating role of corporate innovation. Business Strategy and the Environment, 29(3), 1045-1055.
Lim, C. K., Haufiku, M. S., Tan, K. L., Farid Ahmed, M., & Ng, T. F. (2022). Systematic review of education sustainable development in higher education institutions. Sustainability, 14(20), 132-145.
Lisdiono, P., Salim, M., & Suwarno, S. (2023). Pengaruh good corporate governance dan budaya organisasi terhadap pencegahan fraud pada PT Bank Central Asia Tbk. Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 157-164.
Machold, S., & Vasudevan, A. K. (2004). Corporate governance models in emerging markets: the case of India. International Journal of Business Governance and Ethics, 1(1), 56-77.
Mees, B., & Smith, S. A. (2019). Corporate governance reform in Australia: A new institutional approach. British Journal of Management, 30(1), 75-89.
Mokski, E., Leal Filho, W., Sehnem, S., & Andrade Guerra, J. B. S. O. D. (2023). Education for sustainable development in higher education institutions: an approach for effective interdisciplinarity. International Journal of Sustainability in Higher Education, 24(1), 96-117.
Mukherjee, D., Lim, W. M., Kumar, S., & Donthu, N. (2022). Guidelines for advancing theory and practice through bibliometric research. Journal of business research, 148, 101-115.
Mumu, J. R., Saona, P., Russell, H. I., & Azad, M. A. K. (2021). Corporate governance and remuneration: a bibliometric analysis. Journal of Asian Business and Economic Studies, 28(4), 242-262.
Naciti, V., Cesaroni, F., & Pulejo, L. (2022). Corporate governance and sustainability: A review of the existing literature. Journal of Management and Governance1(3), 1-20.
Nurhidayanti, F., Listari, S., & Efrianti, D. (2023). Pengaruh good corporate governance terhadap kinerja keuangan dan nilai perusahaan: Studi kasus pada Perusahaan Badan Usaha Milik Negara (BUMN) periode 2018 sd 2020. Jurnal Ilmiah Akuntansi Kesatuan, 11(1), 199-210.
Öztürk, O., Kocaman, R., & Kanbach, D. K. (2024). How to design bibliometric research: an overview and a framework proposal. Review of managerial science, 18(11), 3333-3361.
Pattnaik, D., Ray, S., & Hassan, M. K. (2024). Microfinance: A bibliometric exploration of the knowledge landscape. Heliyon, 10(10), 289-294.
Ribeiro, J. P. C., Duarte, F., & Gama, A. P. M. (2022). Does microfinance foster the development of its clients? A bibliometric analysis and systematic literature review. Financial Innovation, 8(1), 34-48.
Rousseau, S., & Rousseau, R. (2021). Bibliometric techniques and their use in business and economics research. Journal of Economic Surveys, 35(5), 1428-1451.
Said, R., Hj Zainuddin, Y., & Haron, H. (2009). The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies. Social responsibility journal, 5(2), 212-226.
Sarhan, A. A., Ntim, C. G., & Al‐Najjar, B. (2019). Board diversity, corporate governance, corporate performance, and executive pay. International Journal of Finance & Economics, 24(2), 761-786.
Shleifer, A., & Vishny, R. (1997). A survey of corporate governance. J. Finance 52(4), 737–783.
Tulcanaza-Prieto, A. B., & Lee, Y. (2022). Real earnings management, firm value, and corporate governance: Evidence from the Korean market. International Journal of Financial Studies, 10(1), 19-28.
Weinberg, B. (1974). Bibliographic coupling: A review. Information Storage and Retrieval, 10(5-6), 189-196.
Wintoki, M. B., Linck, J. S., & Netter, J. M. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of financial economics, 105(3), 581-606.
Wright, T. S. (2007). Developing research priorities with a cohort of higher education for sustainability experts. International Journal of Sustainability in Higher Education, 8(1), 34-43.
Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance?. Business Strategy and the Environment, 28(2), 286-300.
Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of financial economics, 40(2), 185-211.
Zaby, S. (2019). Science mapping of the global knowledge base on microfinance: Influential authors and documents, 1989–2019. Sustainability, 11(14), 3883.
Zheng, C., & Kouwenberg, R. (2019). A bibliometric review of global research on corporate governance and board attributes. Sustainability, 11(12), 3428.
Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational research methods, 18(3), 429-472.
