Research Questions/Issue
In this bibliometric review of shareholder activism literature spanning 1983–2021, we pursue two objectives. Firstly, we investigate the degree of interdisciplinarity in the field, and second, we scrutinize publication trends, foundational knowledge, core topics, and emerging thematic trends, exploring the trajectory of shareholder activism research over time and providing a roadmap for future scholars.
Research Findings/Insights
Systematic analysis of 1055 scholarly works reveals significant growth and a trend toward interdisciplinarity, though disciplinary silos persist. Shareholder activism is evolving beyond traditional, firm-level financial motivations to include sustainability-oriented goals, blending environmental, and social objectives with corporate governance concerns and financial interests. This shift signals broader engagement by diverse activist actors, strategies, and motivations, with a heightened emphasis on the long-term impact of shareholder activism. To capture this complexity, we advocate for research that emphasizes the intricate interrelationships among actors, objectives, strategies and outcomes, encouraging a redefinition of theoretical and methodological approaches.
Theoretical/Academic Implications
Our analysis underscores the need for greater interdisciplinary engagement in shareholder activism research and highlights an expanding scope of topics, regions and theories. With growing scholarly interest in sustainability-oriented shareholder activism, jurisdictional nuances, and the emergence of new activist actors like index funds and individual investors, we anticipate continued theoretical and methodological diversity.
Practitioner/Policy Implications
Policymakers and practitioners should adopt a holistic approach to shareholder activism, considering the multifaceted actors, objectives, and strategies involved. Evaluations of activist outcomes should account for both financial and non-financial impacts at the firm-, market-, and macro-levels.
Authors
