Blockchain technology and corporate governance: A bibliometric and systematic literature review

Corporate governance is a dynamic and complex research area that has gained significant attention for decades. The increasing complexity of the business terrain, advocacy for transparency, and stakeholder focus have prompted the exploration of technologies that may support robust corporate governance systems. Blockchain technology supports a decentralized network of transactions and thus acts as a highly immutable database of transactions and records. These features have guided a burgeoning interest in leveraging blockchain technology in corporate governance systems. To contribute to this field of knowledge, we conduct a bibliometric and systematic review of Blockchain Technology and Corporate Governance literature. We use the Biblioshiny and VOSViewer Software to perform bibliometric analyses on forty-three papers published between 2016-2022, which were extracted from Scopus following the PRISMA protocol. We also conduct a detailed thematic analysis. The study identifies three knowledge clusters, maps social patterns, and clarifies nomological networks of research exploring the role and significance of blockchain technology in corporate governance. The review demonstrates the extent to which blockchain technology encourages transparency, reduces agency costs, and increases shareholder engagement. The review draws out important strategies that may be adopted to ensure the effective leveraging of blockchain technology within firms for various purposes as well as day-to-day operations, and shareholder activities. Finally, the study presents twenty-three research questions with a focus on knowledge gaps that may guide future research.