Unravelling the research trend and mapping the intellectual structure of shareholder activism research: a bibliometric analysis

Purpose This paper aims to investigate the knowledge development and the diffusion of shareholder activism (SA) research through a conceptual structure approach. Design/methodology/approach The study builds upon articles indexed in the Scopus database. A systematic search of the articles was done using the keyword search string. After applying all exclusion criteria, 979 research papers from highly recognised journals were retrieved for bibliometric analysis. Findings This research identifies annual publication patterns and highlights influential articles using PageRank analysis. Motor themes, basic, transverse, niche and emerging and declining themes are also determined by using a thematic map. Additionally, this study identifies dominant research themes by dividing the entire research period into sections based on thematic evolution. The paper observed four themes that unite the research in this field: corporate social responsibility (CSR) and SA; return and cost of SA; corporate governance and hedge fund activism; and say-on-pay votes. Moreover, future directions are outlined, such as exploring the mechanisms by which CSR influences SA and identifying which types of CSR practices are more effective at deterring activism. Research limitations/implications This study analysed articles from a single database; however, Scopus provides broader coverage. Further research may broaden the study’s scope by drawing on multiple databases. A quantitative review has limitations that qualitative review methods can overcome, and SA research still has room for additional review methods, such as hybrid review and theoretical review. Practical implications The study provides a useful indicator for academics seeking to understand the emergence of SA, its current dynamics and future research directions. Originality/value The past few years have seen a rise in researchers’ interest in SA. In spite of increased research in this area, the present retrospective study still lacks. To the best of the authors’ knowledge, this study is the first to provide valuable insights into the conceptual and intellectual structure of SA by applying the bibliometric method optimally. It also suggests future prospects for this research field.