Islamic corporate governance: A three decade bibliometric analysis

Abstract

This paper aims to review studies related to Islamic Corporate Governance over three decades. The approach in this study involves examining Islamic corporate governance as a reference in "Article Title, Abstract, and Keywords" based on Scopus data from 1994 to 2023. In June 2023, we conducted the analysis using Bibliometrix R-Package and Excel software to collect and analyze data and implement bibliometric analysis. The bibliometric analysis reveals the rapid development of Islamic Corporate Governance (ICG) research from 1994 to 2023. Interest in ICG is increasing in the Islamic financial market, with Malaysia serving as the primary research center, followed by countries like the UK, Indonesia, and Pakistan. The Journal of Islamic Accounting and Business Research is the primary source of ICG publications, and top authors such as Grassa R from the UK have made significant contributions to advancing knowledge about ICG. Research trends in ICG have shifted from Sharia themes to new topics like Shariah governance, board of directors, and Shariah supervisory boards. These new topics have gained significance in Islamic Corporate Governance due to the evolving business environment, increasing emphasis on Shariah compliance, the pivotal role of boards in decision-making, and the response to emerging challenges, facilitating the development of effective Shariah-aligned frameworks. Although the number of publications has increased, there has been a decline in citations per publication after 2020. Several factors may contribute to this decline, including a shift in research interests, increased competition in publications, changes in publisher preferences, indexing policies, or diverse research methodologies. Popular topics in this research include Corporate Social Responsibility (CSR), which emphasises the role of ethics and social responsibility in social and environmental well-being. Sustainable Development highlights the importance of environmentally conscious Islamic corporate governance and explores integration without compromising ethics. The Developing World theme focuses on challenges and opportunities, addressing issues of implementing Islamic corporate governance in developing countries and seeking innovative and sustainable solutions. The research significantly contributes to Islamic Corporate Governance by guiding future research, advancing knowledge, and establishing a framework aligned with Shariah principles. It reflects an increasing trend of publications in the field, emphasizing the importance of addressing theoretical challenges. This analysis provides valuable insights for academics and practitioners in guiding research and advancing knowledge in the field of ICG.