Unraveling the relationship between corporate governance and green innovation: a systematic literature review

Purpose This study aims to identify the relationship between corporate governance (CG) and green innovation (GIN), along with its enablers, through a systematic literature review (SLR). The purpose is fulfilled using an SLR added with a few bibliometric analysis approaches for analyzing 48 peer-reviewed articles published in the English language between 1995 and 2023. Design/methodology/approach A total of 48 papers are shortlisted using online databases based on the Prisma method for keywords “Corporate governance” and “green innovation” or “sustainable innovation”. The authors propose the results with the help of a comparative analysis of the scope, methodologies used, results and context of the study. The methodology also uses initial bibliometric analysis using VOSViewer to establish the relevance of keywords and citations of the existing literature and their results. Findings This study demonstrates a positive correlation between CG and GIN and also finds 14 factors impacting the relationship. Innovation is driven by introducing transparency, accountability, environmental, social and governance initiatives, performance, organizational culture, research and development investments and digital technology interventions. This study also demonstrates the positive impact of external forces such as government policies, mergers and acquisitions that consider sustainable efforts. Practical implications This study has provided pivotal insights for organizations interested in improving their sustainability. The industries can use their CG mechanism and GIN strategies to improve sustainability, whereas academia can leverage the results to explore cross-disciplinary studies, including sustainability among corporations. Originality/value This study is a unique effort combining CG, innovation and sustainable efforts. The authors could not find any extent of work done in the congestion of CG and GIN together considering the SLR, making this a unique and original study.