Research Evolution, Knowledge Mapping and Frontier Trends of Modern Enterprise Governance System Restructuring: A Visual Analysis of Business Administration Discipline
PDF

Keywords

modern enterprise governance
governance restructuring
business administration
bibliometric analysis
knowledge mapping
ESG governance
digital governance

Abstract

This study examines how research on modern enterprise governance has changed as digitalization, ESG duties, wider stakeholder claims, and repeated uncertainty have altered the problems firms must govern. Bibliometric analysis and visual knowledge mapping are combined to reconstruct publication development, scholarly collaboration, keyword relations, thematic clusters, co-cited foundations, and emerging topics. The evidence shows continuity as well as expansion. Ownership, boards, incentives, and control remain the classical core, but newer work increasingly addresses stakeholder participation, sustainability, data and algorithm accountability, compliance, platform ecosystems, innovation, and resilience. These themes do not form a single theoretical school. Read together, they support a system-level understanding of governance in which decision authority, information, answerability, social responsibility, and adaptive capacity must remain aligned. The review concludes by identifying comparative and empirical questions that can advance research on governance modernization.

https://doi.org/10.70693/itphss.v3i4.663
PDF

References

Aguilera, R. V., Aragón-Correa, J. A., Marano, V., & Tashman, P. A. (2021). The corporate governance of environmental sustainability: A review and proposal for more integrated research. Journal of Management, 47(6), 1468-1497. https://doi.org/10.1177/0149206321991212

Alkaraan, F., Albitar, K., Hussainey, K., & Venkatesh, V. G. (2022). Corporate transformation toward Industry 4.0 and financial performance: The influence of environmental, social, and governance (ESG). Technological Forecasting and Social Change, 175, 121423. https://doi.org/10.1016/j.techfore.2021.121423

Aria, M., & Cuccurullo, C. (2017). Bibliometrix: An R-tool for comprehensive science mapping analysis. Journal of Informetrics, 11(4), 959-975. https://doi.org/10.1016/j.joi.2017.08.007

Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. https://doi.org/10.1177/014920639101700108

Berle, A. A., & Means, G. C. (1932). The modern corporation and private property. New York, NY: Macmillan.

Cai, C., Tu, Y., & Li, Z. (2023). Enterprise digital transformation and ESG performance. Finance Research Letters, 58(Part D), 104692. https://doi.org/10.1016/j.frl.2023.104692

Chen, C. (2006). CiteSpace II: Detecting and visualizing emerging trends and transient patterns in scientific literature. Journal of the American Society for Information Science and Technology, 57(3), 359-377. https://doi.org/10.1002/asi.20317

Chen, H., & Zhang, L. (2023). ESG表现、数字化转型与企业价值提升 [ESG performance, digital transformation and firm value enhancement]. Journal of Zhongnan University of Economics and Law, (3), 136-149. [In Chinese].

DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147-160. https://doi.org/10.2307/2095101

Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65-91. https://doi.org/10.5465/amr.1995.9503271992

Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285-296. https://doi.org/10.1016/j.jbusres.2021.04.070

Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325. https://doi.org/10.1086/467037

Fang, M., Nie, H., & Shen, X. (2023). Can enterprise digitization improve ESG performance? Economic Modelling, 118, 106101. https://doi.org/10.1016/j.econmod.2022.106101

Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman.

Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. https://doi.org/10.1080/20430795.2015.1118917

Han, G., Chen, T., & Liu, T. (2022). 数字化转型与企业产能利用率——来自中国制造企业的经验发现 [Digital transformation and enterprise capacity utilization: Empirical findings from Chinese manufacturing enterprises]. Journal of Finance and Economics, 48(9), 154-168. [In Chinese].

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. https://doi.org/10.1016/0304-405X(76)90026-X

Jiang, T. (2022). Mediation and moderation effects in causal inference empirical studies. China Industrial Economics, (5), 100-120. https://doi.org/10.19581/j.cnki.ciejournal.2022.05.005 [In Chinese].

Jiang, X., & Jin, J. (2022). 数字技术提升经济效率:服务分工、产业协同与数实孪生 [Digital technology improves economic efficiency: Service division, industrial collaboration and digital-real twinning]. Management World, 38(12), 9-26. [In Chinese].

Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, 101668. https://doi.org/10.1016/j.ribaf.2022.101668

Kraus, S., Durst, S., Ferreira, J. J., Veiga, P., Kailer, N., & Weinmann, A. (2022). Digital transformation in business and management research: An overview of the current status quo. International Journal of Information Management, 63, 102466. https://doi.org/10.1016/j.ijinfomgt.2021.102466

Lai, J., & Yan, Y. (2024). 数字化转型与企业集团权力配置:变革的力量 [Digital transformation and power allocation of corporate groups: The power of change]. Journal of Shanghai University of Finance and Economics, 26(2), 95-107. https://doi.org/10.16538/j.cnki.jsufe.2024.02.007 [In Chinese].

Ma, R., Wang, G., & Dou, J. (2024). ESG表现与企业专业化分工——基于上市公司的证据 [ESG performance and enterprise specialization: Evidence based on listed companies in China]. Journal of Finance and Economics, 50(5), 19-33. https://doi.org/10.16538/j.cnki.jfe.20240222.401 [In Chinese].

Mahajan, R., Lim, W. M., Sareen, M., Kumar, S., & Panwar, R. (2023). Stakeholder theory. Journal of Business Research, 166, 114104. https://doi.org/10.1016/j.jbusres.2023.114104

Martiny, A., Taglialatela, J., Testa, F., & Iraldo, F. (2024). Determinants of environmental social and governance (ESG) performance: A systematic literature review. Journal of Cleaner Production, 456, 142213. https://doi.org/10.1016/j.jclepro.2024.142213

Mukherjee, D., Lim, W. M., Kumar, S., & Donthu, N. (2022). Guidelines for advancing theory and practice through bibliometric research. Journal of Business Research, 148, 101-115. https://doi.org/10.1016/j.jbusres.2022.04.042

Shao, J., & Wang, L. (2023). 企业数字化转型能够抑制高管腐败吗?——基于中小股东参与治理视角 [Can corporate digital transformation curb executive corruption? From the perspective of minority shareholders’ participation in governance]. Journal of Shanghai University of Finance and Economics, 25(2), 64-77. https://doi.org/10.16538/j.cnki.jsufe.2023.02.005 [In Chinese].

Tao, F., Wang, X., Xu, Y., & Zhu, P. (2023). 数字化转型、产业链供应链韧性与企业生产率 [Digital transformation, industrial chain and supply chain resilience, and enterprise productivity]. China Industrial Economics, (5), 118-136. https://doi.org/10.19581/j.cnki.ciejournal.2023.05.012 [In Chinese].

Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509-533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7%3C509::AID-SMJ882%3E3.0.CO;2-Z

Truant, E., Borlatto, E., Crocco, E., & Bhatia, M. (2023). ESG performance and technological change: Current state-of-the-art, development and future directions. Journal of Cleaner Production, 429, 139493. https://doi.org/10.1016/j.jclepro.2023.139493

van Eck, N. J., & Waltman, L. (2010). Software survey: VOSviewer, a computer program for bibliometric mapping. Scientometrics, 84(2), 523-538. https://doi.org/10.1007/s11192-009-0146-3

Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Qi Dong, J., Fabian, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889-901. https://doi.org/10.1016/j.jbusres.2019.09.022

Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, 28(2), 118-144. https://doi.org/10.1016/j.jsis.2019.01.003

Wang, H., Wang, S., Zhang, C., & Guo, L. (2023). 数字化转型提高了企业ESG责任表现吗?——基于MSCI指数的经验研究 [Does digital transformation improve ESG responsibility performance? An empirical study based on the MSCI index]. Foreign Economics & Management, 45(6), 19-35. https://doi.org/10.16538/j.cnki.fem.20221128.202 [In Chinese].

Wu, F., Hu, H., Lin, H., & Ren, X. (2021). 企业数字化转型与资本市场表现——来自股票流动性的经验证据 [Enterprise digital transformation and capital market performance: Empirical evidence from stock liquidity]. Management World, 37(7), 130-144. https://doi.org/10.19744/j.cnki.11-1235/f.2021.0097 [In Chinese].

Wu, L. (2023). 数字化转型对企业税收遵从的影响 [The impact of digital transformation on corporate tax compliance]. Foreign Economics & Management, 45(8), 17-33, 50. https://doi.org/10.16538/j.cnki.fem.20230624.201 [In Chinese].

Wu, P., Yang, K., Jiang, J., et al. (2023). 企业ESG表现会影响盈余价值相关性吗? [Does corporate ESG performance affect earnings value relevance?]. Journal of Finance and Economics, 49(6), 137-152, 169. https://doi.org/10.16538/j.cnki.jfe.20230221.104 [In Chinese].

Wu, Q., Shahbaz, M., & Bigerna, S. (2024). Does board gender diversity benefit for corporate ESG performance? Evidence from Germany. Journal of Environmental Management, 372, 123304. https://doi.org/10.1016/j.jenvman.2024.123304

Wu, S., & Li, Y. (2023). A study on the impact of digital transformation on corporate ESG performance: The mediating role of green innovation. Sustainability, 15(8), 6568. https://doi.org/10.3390/su15086568

Yuan, C., Xiao, T., Geng, C., & Sheng, Y. (2021). 数字化转型与企业分工:专业化还是纵向一体化 [Digital transformation and enterprise division of labor: Specialization or vertical integration]. China Industrial Economics, (9), 137-155. https://doi.org/10.19581/j.cnki.ciejournal.2021.09.007 [In Chinese].

Zhang, S., & Gu, C. (2024). 供应链数字化与供应链韧性 [Supply chain digitization and supply chain resilience]. Journal of Finance and Economics, 50(7), 21-34. https://doi.org/10.16538/j.cnki.jfe.20231017.101 [In Chinese].

Zhao, C., Wang, W., & Li, X. (2021). 数字化转型如何影响企业全要素生产率 [How does digital transformation affect the total factor productivity of enterprises?]. Finance & Trade Economics, 42(7), 114-129. https://doi.org/10.19795/j.cnki.cn11-1166/f.20210705.001 [In Chinese].

Zhao, X., & Cai, L. (2023). Digital transformation and corporate ESG: Evidence from China. Finance Research Letters, 58(Part A), 104310. https://doi.org/10.1016/j.frl.2023.104310

Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18(3), 429-472. https://doi.org/10.1177/1094428114562629

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Copyright (c) 2026 Zijing Luo