Trends in Shareholder Activism Literature: A Bibliometric Analysis

Research aims: This study uses bibliometric analysis to draw various inferences from shareholder activism (SA) literature published in the Scopus database for the last four decades, from 1983 to 2022. The study highlights the various dimensions and interrelationships of shareholder activism literature. Design/Methodology/Approach: The available literature was examined using a keyword search, reaching a final sample size of 632 documents. Various bibliometric indicators, such as citation analysis, co-citation network analysis, keyword analysis, bibliographic coupling, and chronological assessment, were employed in the study to draw valuable conclusions. Research findings: The bibliometric analysis of shareholder activism literature reveals significant trends and shifts over the sample period. The inferences indicate a significant increase in quantity with a main focus on activism, corporate governance, firms’ performance, and corporate strategies. The prominence held by the Journal of Finance (in quantity), Journal of Financial Economics (in citations), and Lucian Bebchuk (prominent author) has a significant impact on acting as a bridge to develop linkages between the various dimensions of SA with high betweenness centrality. These sources and authors have significantly contributed to SA literature and the attention of researchers in this domain. Theoretical/Research Implications: Shareholder activism is a novel topic, and its bibliometric insights will significantly benefit all future researchers. For researchers, the inferences of the study can provide significant insights regarding the literature in SA by exploring major themes, studies, journals, major contributing institutes, and other valuable inferences regarding coupling and co-citation network analysis that can guide them to identify appropriate research gaps and fill them to make their research more relevant and applicable. Practitioner/Policy implications: The study’s practical implications have various stakeholders, including investors and policymakers. The study can act as an investment selection tool as the inferences suggest a strong linkage between the firm’s SA and investment decisions and financial performance. The study also provides inferences to frame policies integrating SA as a mechanism to enhance firms’ transparency and accountability and safeguard the interests of minority shareholders. Research limitation/Implications: The study can be further elaborated to investigate the overlapping relationship between SA, corporate governance, corporate strategies, and investments, which linkages in the current study have presented.