Mapping of Islamic corporate governance research: a bibliometric analysis

Abstract

PurposeThe principles of good corporate governance (GCG) in Islam are more stakeholder oriented than shareholder oriented. If the implementation of GCG always refers to the principles of GCG that are sourced from the values of capitalism, it is necessary to reconstruct corporate governance so that it can be applied to Sharia institutions. Therefore, this study aims to carry out a detailed development of Islamic corporate governance with careful evaluation of the various aspects of the scientific panorama inherent in Islamic business and social finance.Design/methodology/approachThe approach in this research is Islamic corporate governance research as a reference in “Article Title, and Keywords” based on Scopus from 1994 to 2021. The analysis was carried out in December 2021. VOSviewer and Excel software were used to analyze the collected data and apply bibliometric analysis.FindingsThe research findings indicate that Islamic corporate governance research can be categorized into subfields, such as research on the basics of Islamic corporate governance, analysis of Islamic corporate governance and research on various applications of Islamic corporate governance in Islamic finance. Although there is some important or fundamental research in Islamic corporate governance, this does not yet answer for such a powerful Islamic financial instrument. This study relies on research in the existing Islamic corporate governance literature and future research.Research limitations/implicationsThis study relies on research in the existing Islamic corporate governance literature and future research. The outcome of the current study will provide a strategic perspective to law-making bodies and practitioners of the organization to implement Islamic corporate governance to attain a higher sustainability performance.Practical implicationsGCG practices make companies have better performance; the failure of small and medium enterprises is the result of weak corporate governance practices. Corporate governance is indeed not a solution to all the problems faced, but governance is an unquestionable thing to achieve business success.Social implicationsIt discusses above the current state of corporate governance practices in the conventional economy and establishes the measurement of GCG at the functional level, compared from Islamic perspectives. Like any other civilization and religion, Islamic culture also embedded GCG since the early days of Islamization.Originality/valueTo the best of the authors’ knowledge, this paper is the first to examine the existing Islamic corporate governance literature by bibliometric analysis. The definite results and research areas can help scholars and researchers to conduct future research to enhance the scientific development of Islamic finance and provide alternative instruments to implement corporate governance according to Islamic values.