Where are We Heading? An Analysis of the Corporate Governance Literature

Abstract

Corporate Governance has become one of the most discussed issues in the business world and has had a broad academic and practical impact. By analyzing the literature related to this area, we seek to examine the development of this subject and potential opportunities for research. Based on 31 theoretical and 59 empirical articles, we have been able to identify research opportunities through an interpretative and critical approach designed to guide studies within a variety of contexts and with various characteristics. We have noted a predominance in the use of Agency Theory, but a limited analysis of conflicts among shareholders and between creditors and management. The research opportunities that we have identified focus on the integrated analysis of Agency Theory, Stakeholder Theory, Stewardship Theory and Resource Dependence Theory. It has also been possible to demonstrate through the literature that the analysis of internal and external mechanisms in a complementary manner can make greater contributions to these investigations. This study contributes to the understanding of this area by providing a systematic presentation of the main characteristics of CG researchers, concepts and theoretical aspects, and it also identifies potential areas for future research related to the approach, theory and mechanisms of Corporate Governance.