Two decades corporate governance research evolution: a bibliometric analysis

Effective strategic management requires good corporate governance to improve performance and drive shareholder engagement. In recent years, there has been an increasing number of studies focusing on corporate governance. This study aims to explore various fields of study with bibliometric analysis and visualization of VOSviewer networks, as well as to provide the current state of corporate governance research and to understand the development trends of research fields through existing literature. In addition, the study aims to find hotspot keyword trends, impactful corporate governance study trends, and trends for future research using scientific methodology. By focusing on annual production, author network collaborations, journals, co-emerging keywords, and impactful corporate governance articles, the study adds to the existing literature. Bibliometric analysis was used to assess the scope of corporate governance research conducted between 1973 and 2023, which was screened from the Scopus database. The United States has significant influence in the field of corporate governance. The United Kingdom has the most prolific number of writers, but the United States holds the record for the highest number of citations. Key focal points in corporate governance include accountability, agency issues, board diversity, and sustainability. This study emphasizes the need for future research to focus on audit committees, innovation, political connections, corporate reputation, family firms, dividend payout policy, and gender diversity issues.