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Abstract
This study conducts a comprehensive bibliometric analysis examining the relationship between board and financial performance in Indonesia, analyzing 61 Scopus-indexed articles (2011-2025) using VOSviewer software. Employing dual methodology combining bibliometric and social network analysis, the research maps publication trends, key contributors, co-citation networks, and keyword co- occurrence patterns. Findings from Scopus database reveal substantial research growth with 76% of global publications emerging in the last eleven years, though Indonesian research represents only 9.6% globally. Key insights include: increased scholarly interest, research concentration in major Indonesian universities; dominance of corporate governance themes; and emerging interest in board diversity, Sharia governance, and environmental performance. This first comprehensive bibliometric study of board-financial performance literature in Indonesian context provides scholars, policymakers, and practitioners systematic understanding of research priorities, influential works, and collaborative networks, enabling strategic research planning and evidence-based governance policy development in emerging markets.
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Copyright (c) 2025 Primanita Setyono, Bambang Sutopo

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References
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- Bhagat, S., & Bolton, B. (2009). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273 DOI: https://doi.org/10.1016/j.jcorpfin.2008.03.006
- Beiner, S., Drobetz, W., Schmid, F., Zimmermann, H. (2003). Working paper series is board size an independent corporate governance mechanism? “Asset Pricing and Portfolio Management”. DOI: https://doi.org/10.1111/j.0023-5962.2004.00257.x
- Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/j.ememar.2012.03.002 DOI: https://doi.org/10.1016/j.ememar.2012.03.002
- Cobo, M. J., López-Herrera, A. G., Herrera-Viedma, E., & Herrera, F. (2011). Science mapping software tools: Review, analysis, and cooperative study among tools. Journal of the American Society for Information Science and Technology, 62(7), 1382–1402. https://doi.org/10.1002/asi.21525 DOI: https://doi.org/10.1002/asi.21525
- Daily, C. M., Dalton, D. R., & Cannella Jr, A. A. (2003). Corporate governance: Decades of dialogue and data. Academy of Management Review, 28(3), 371-382. DOI: https://doi.org/10.2307/30040727
- Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). Meta-analytic reviews board composition, leadership structure, and financial performance. Strategic Management Journal, 19(3), 269-290 DOI: https://doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.3.CO;2-B
- Egghe L, & Rousseau R. (1990). Introduction to informetrics: Quantitative methods in library, documentation and information science. Elsevier Science Publisher.
- Garcia-Ramos, R., & Diaz, B. (2021) Board of director structure and firm financial performance: A qualitative comparative analysis. Long Range Planning, 54(6). DOI: https://doi.org/10.1016/j.lrp.2020.102017
- Gordini, N., & Rancati, E. (2017). Gender d iversity in the Italian boardroom and firm financial performance. Management Research Review, 40(1), 75-94. DOI: https://doi.org/10.1108/MRR-02-2016-0039
- Hillman, A. I., & Dalziel, T. (2003). Board of directors and firm performance: integrating agency and resource dependence. Management Review, 28(3). DOI: https://doi.org/10.2307/30040728
- Hjørland, B. (2013). Citation analysis: A social and dynamic approach to knowledge organization. Information Processing and Management, 49(6), 1313–1325. https://doi.org/10.1016/j.ipm.2013.07.001 DOI: https://doi.org/10.1016/j.ipm.2013.07.001
- Huang, Z. xiong, Savita, K. S., & Zhong-jie, J. (2022). The Business Intelligence impact on the financial performance of start-ups. Information Processing and Management, 59(1), 1-13. https://doi.org/10.1016/j.ipm.2021.102761 DOI: https://doi.org/10.1016/j.ipm.2021.102761
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. DOI: https://doi.org/10.1016/0304-405X(76)90026-X
- Mcnulty, T., Zattoni, A., & Douglas, T. (2013). Developing corporate governance research through qualitative methods: a review of previous studies. Corporate Governance: An International Review, 2(1), 183-198. https://doi.org/10.1111/corg.12006 DOI: https://doi.org/10.1111/corg.12006
- Monks, R. G. A., & Minow, N. (2011). Corporate Governance. WIlley & Son. DOI: https://doi.org/10.1002/9781119207238
- Pfeffer, J. (2016). Book review. Social Networks, 46, 103–105. https://doi.org/10.1016/j.socnet.2016.03.003 DOI: https://doi.org/10.1016/j.socnet.2016.03.003
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- Rossetto, D. E., Bernardes, R. C., Borini, F. M., & Gattaz, C. V. (2018). Structure and evolution of innovation research in the last 60 years: review and future trends in the field of business through the citations and co-citations analysis. Scientometrics, 115(3), 1329-1363. https://doi.org/10.1007/s11192-018-2709-7 DOI: https://doi.org/10.1007/s11192-018-2709-7
- Sarkar, S., & Searcy, C. (2016). Zeitgeist or chameleon? A quantitative analysis of CSR definitions. Journal of Cleaner Production, 135, 1423–1435. https://doi.org/10.1016/j.jclepro.2016.06.157 DOI: https://doi.org/10.1016/j.jclepro.2016.06.157
- Small, H. (1973). Co‐citation in the scientific literature: A new measure of the relationship between two documents. Journal of the American Society for Information Science, 24(4), 266-269 DOI: https://doi.org/10.1002/asi.4630240406
- Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 447-483. DOI: https://doi.org/10.1007/s10997-014-9307-8
- Zahra, S. A., & Pearce II, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15, 291-334. https://doi.org/10.1177/014920638901500208 DOI: https://doi.org/10.1177/014920638901500208
- Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18(3), 429-472. DOI: https://doi.org/10.1177/1094428114562629
References
Aria, M., & Cuccurullo, C. (2017). Bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959-975. DOI: https://doi.org/10.1016/j.joi.2017.08.007
Bhagat, S., & Bolton, B. (2009). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273 DOI: https://doi.org/10.1016/j.jcorpfin.2008.03.006
Beiner, S., Drobetz, W., Schmid, F., Zimmermann, H. (2003). Working paper series is board size an independent corporate governance mechanism? “Asset Pricing and Portfolio Management”. DOI: https://doi.org/10.1111/j.0023-5962.2004.00257.x
Claessens, S., & Yurtoglu, B. B. (2013). Corporate governance in emerging markets: A survey. Emerging Markets Review, 15, 1–33. https://doi.org/10.1016/j.ememar.2012.03.002 DOI: https://doi.org/10.1016/j.ememar.2012.03.002
Cobo, M. J., López-Herrera, A. G., Herrera-Viedma, E., & Herrera, F. (2011). Science mapping software tools: Review, analysis, and cooperative study among tools. Journal of the American Society for Information Science and Technology, 62(7), 1382–1402. https://doi.org/10.1002/asi.21525 DOI: https://doi.org/10.1002/asi.21525
Daily, C. M., Dalton, D. R., & Cannella Jr, A. A. (2003). Corporate governance: Decades of dialogue and data. Academy of Management Review, 28(3), 371-382. DOI: https://doi.org/10.2307/30040727
Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). Meta-analytic reviews board composition, leadership structure, and financial performance. Strategic Management Journal, 19(3), 269-290 DOI: https://doi.org/10.1002/(SICI)1097-0266(199803)19:3<269::AID-SMJ950>3.3.CO;2-B
Egghe L, & Rousseau R. (1990). Introduction to informetrics: Quantitative methods in library, documentation and information science. Elsevier Science Publisher.
Garcia-Ramos, R., & Diaz, B. (2021) Board of director structure and firm financial performance: A qualitative comparative analysis. Long Range Planning, 54(6). DOI: https://doi.org/10.1016/j.lrp.2020.102017
Gordini, N., & Rancati, E. (2017). Gender d iversity in the Italian boardroom and firm financial performance. Management Research Review, 40(1), 75-94. DOI: https://doi.org/10.1108/MRR-02-2016-0039
Hillman, A. I., & Dalziel, T. (2003). Board of directors and firm performance: integrating agency and resource dependence. Management Review, 28(3). DOI: https://doi.org/10.2307/30040728
Hjørland, B. (2013). Citation analysis: A social and dynamic approach to knowledge organization. Information Processing and Management, 49(6), 1313–1325. https://doi.org/10.1016/j.ipm.2013.07.001 DOI: https://doi.org/10.1016/j.ipm.2013.07.001
Huang, Z. xiong, Savita, K. S., & Zhong-jie, J. (2022). The Business Intelligence impact on the financial performance of start-ups. Information Processing and Management, 59(1), 1-13. https://doi.org/10.1016/j.ipm.2021.102761 DOI: https://doi.org/10.1016/j.ipm.2021.102761
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. DOI: https://doi.org/10.1016/0304-405X(76)90026-X
Mcnulty, T., Zattoni, A., & Douglas, T. (2013). Developing corporate governance research through qualitative methods: a review of previous studies. Corporate Governance: An International Review, 2(1), 183-198. https://doi.org/10.1111/corg.12006 DOI: https://doi.org/10.1111/corg.12006
Monks, R. G. A., & Minow, N. (2011). Corporate Governance. WIlley & Son. DOI: https://doi.org/10.1002/9781119207238
Pfeffer, J. (2016). Book review. Social Networks, 46, 103–105. https://doi.org/10.1016/j.socnet.2016.03.003 DOI: https://doi.org/10.1016/j.socnet.2016.03.003
Pugliese, A., Bezemer, P. J., Zattoni, A., Huse, M., Van den Bosch, F. A., & Volberda, H. W. (2009). Boards of directors' contribution to strategy: A literature review and research agenda. Corporate Governance: An International Review, 17(3), 292-306. DOI: https://doi.org/10.1111/j.1467-8683.2009.00740.x
Rossetto, D. E., Bernardes, R. C., Borini, F. M., & Gattaz, C. V. (2018). Structure and evolution of innovation research in the last 60 years: review and future trends in the field of business through the citations and co-citations analysis. Scientometrics, 115(3), 1329-1363. https://doi.org/10.1007/s11192-018-2709-7 DOI: https://doi.org/10.1007/s11192-018-2709-7
Sarkar, S., & Searcy, C. (2016). Zeitgeist or chameleon? A quantitative analysis of CSR definitions. Journal of Cleaner Production, 135, 1423–1435. https://doi.org/10.1016/j.jclepro.2016.06.157 DOI: https://doi.org/10.1016/j.jclepro.2016.06.157
Small, H. (1973). Co‐citation in the scientific literature: A new measure of the relationship between two documents. Journal of the American Society for Information Science, 24(4), 266-269 DOI: https://doi.org/10.1002/asi.4630240406
Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20(3), 447-483. DOI: https://doi.org/10.1007/s10997-014-9307-8
Zahra, S. A., & Pearce II, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15, 291-334. https://doi.org/10.1177/014920638901500208 DOI: https://doi.org/10.1177/014920638901500208
Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18(3), 429-472. DOI: https://doi.org/10.1177/1094428114562629