Corporate Governance, Profitability And Firm Value: A Systematic Literature Review
Keywords:
Corporate Governance, Profitability, Frim Value
Abstract
This study conducts a systematic literature review combined with bibliometric analysis to map the intellectual landscape, conceptual development, and research trends surrounding Corporate Governance, Profitability, and Firm Value within contemporary academic scholarship. Using the PRISMA framework, peer-reviewed articles published up to November 2025, written in English, and indexed in the Scopus database were rigorously identified, screened, and synthesized. Bibliometric techniques using VOSViewer were applied to visualize citation structures, co-authorship networks, and keyword co-occurrence patterns, enabling a comprehensive understanding of the field’s thematic evolution. The review reveals that scholarly interest in the nexus between corporate governance mechanisms, profitability indicators, and firm value has grown substantially over the past decade. However, the research stream remains dispersed across varying methodological approaches and is dominated by specific corporate governance constructs, such as board characteristics and ownership structure. Influential authors, dominant themes, and existing research gaps are identified, underscoring the need for deeper theoretical integration, stronger causal designs, and broader cross-country comparisons. The combined methodology of systematic review and bibliometric mapping provides a robust analytical foundation, clarifying the trajectory of the field and offering direction for future empirical and conceptual contributions to corporate governance and value-creation research.
References
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Aoki, H. (2009). The decrease in diversification and corporate governance: Evidence from Japanese firms+. Corporate Ownership and Control, 6(4 A), 28–39. https://doi.org/10.22495/cocv6i4p3
Ardini, L., Wahidahwati, & Adhitya, D. (2022). The Effect of Investment Decisions, Funding, And Profitability on Company Value with Corporate Governance as Moderating Variables. Quality - Access to Success, 23(190), 1–10. https://doi.org/10.47750/QAS/23.190.01
Arsh, M., Ansari, M. S., Ahmad, G., Enam, M., Tabash, M. I., & Al-Absy, M. S. M. (2025). Unveiling the corporate governance dynamics: exploring the nexus of board composition, audit committee attributes, foreign ownership, and firm performance in an emerging market. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2468876
Biçer, M., & Şit, A. (2023). the Impact of Corporate Governance Quality on Firm Value: a Case Study on Corporate Governance Index of Borsa Istanbul. Central European Business Review, 12(3), 1–19. https://doi.org/10.18267/j.cebr.324
Chen, C., Lv, L., & Xu, C. (2025). Forced or willing: A study of corporate ESG peer effects and value from the perspective of institutional isomorphism. BRQ Business Research Quarterly, 99. https://doi.org/10.1177/23409444251339767
Dewi, H. P., Uzliawati, L., Lestari, T., & Ibrani, E. Y. (2024). CSR as a mediating to company characteristic, corporate governance, and firm value. Edelweiss Applied Science and Technology, 8(6), 4235–4246. https://doi.org/10.55214/25768484.v8i6.2923
Gwala, R. S., & Mashau, P. (2022). Corporate Governance and Its Impact on Organisational Performance in the Fourth Industrial Revolution: a Systematic Literature Review. Corporate Governance and Organizational Behavior Review, 6(1), 98–114. https://doi.org/10.22495/cgobrv6i1p7
Hadi, S., Tjahjono, H. K., & Palupi, M. (2020). Study of organizational justice in smes and positive consequences: Systematic review. International Journal of Advanced Science and Technology, 29(3), 4717–4730.
Karasamani, I., Magidou, M., Stylianou, I., Christofi, M., & Tarba, S. (2025). Industry-Specific CEO Experience on Boards and Environmental Innovation. Corporate Governance: An International Review, 1–32. https://doi.org/10.1111/corg.70006
Kawewong, N., Diskulnetivitya, P., Chaiprasit, K., & Limpaphayom, P. (2025). Corporate Governance, Capital Investments, Profitability and Firm Value: a Case Study of Thailand During the Covid-19 Pandemic. ABAC Journal, 45(4). https://doi.org/10.59865/abacj.2025.26
Mandacä, P., & Gumus, G. (2010). Ownership concentration, managerial ownership and firm performance: Evidence from Turkey. South East European Journal of Economics and Business, 5(1), 57–66. https://doi.org/10.2478/v10033-010-0005-4
Ni, C., & Abdullah, N. L. (2025). Research on absorptive capacity in the green context: a bibliometric and visualization analysis. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2024.2435602
Nuansa-ard, W. moderating impact of institutional shareholders on the relationship between audit quality and firm value, Boonyanet, W., & Tongkong, S. (2024). The moderating impact of institutional shareholders on the relationship between audit quality and firm value. Journal of Infrastructure, Policy and Development, 8(3), 1–20. https://doi.org/10.24294/jipd.v8i3.3428
Rodríguez Valencia, L. (2025). Financial Performance and Corporate Governance on Firm Value: Evidence from Spain. International Journal of Financial Studies, 13(3). https://doi.org/10.3390/ijfs13030123
Santosa, P. W. (2020). The moderating role of firm size on financial characteristics and islamic firm value at indonesian equity market. Business: Theory and Practice, 21(1), 391–401. https://doi.org/10.3846/btp.2020.12197
Setiany, E., Utami, W., & Zamzami, A. H. (2023). Firm Value: Competitive Position and Corporate Governance During the Covid-19 Pandemic. Journal of Governance and Regulation, 12(3 Special Issue), 266–273. https://doi.org/10.22495/jgrv12i3siart8
Simoes, N., & Carvalhal, A. (2016). Value, governance and foreign shareholding in Brazilian companies. Corporate Ownership and Control, 13(3continued2), 275–278. https://doi.org/10.22495/cocv13i3c2p1
Sumani, S., & Suryaningsih, I. B. (2022). The Moderating Role of Good Corporate Governance: The Influence of Capital Structure, Profitability, Dividend Payment and Inflation on The Value of Mining Companies in Indonesia. Quality - Access to Success, 23(188), 189–197. https://doi.org/10.47750/QAS/23.188.25
Tarighi, H., Hosseiny, Z. N., Akbari, M., & Mohammadhosseini, E. (2023). The Moderating Effect of the COVID-19 Pandemic on the Relation between Corporate Governance and Firm Performance. In Journal of Risk and Financial Management (Vol. 16, Issue 7). https://doi.org/10.3390/jrfm16070306
Titisari, K. H., Moeljadi, Ratnawati, K., & Indrawati, N. K. (2019). The roles of cost of capital, corporate governance, and corporate social responsibility in improving firm value: Evidence from Indonesia. Investment Management and Financial Innovations, 16(4), 28–36. https://doi.org/10.21511/imfi.16(4).2019.03
Wang, T., Elsayed, M., & Ahmed, A. D. (2011). Corporate governance and institutional ownership: A critical evaluation and literature survey. Corporate Ownership and Control, 9(1 A), 72–85. https://doi.org/10.22495/cocv9i1art4
Wijaya, A., Setyadi, D., & Yudaruddin, R. (2025). the Effects of Capital Structure, Corporate Governance, and Intangible Assets on the Performance of Selected Indonesian Chemical Companies: the Role of Firm Size. Investment Management and Financial Innovations, 22(3), 163–174. https://doi.org/10.21511/imfi.22(3).2025.13
Yondrichs, Muliati, Laupe, S., Mayapada, A. G., Jurana, & Ridwan. (2021). The effect of fundamental factors, sustainability reporting, and corporate governance on firm value. Universal Journal of Accounting and Finance, 9(6), 1503–1509. https://doi.org/10.13189/ujaf.2021.090627
Yucel, M., Yanik, G., Dayi, F., & Benek, A. (2025). Strategic Management of Environmental, Social, and Governance Scores and Corporate Governance Index: A Panel Data Analysis of Firm Value on the Istanbul Stock Exchange. Sustainability (Switzerland), 17(11), 1–24. https://doi.org/10.3390/su17114971
Alwadi, A. K., Magableh, F., Tawfiq, T., & Shiyyab, F. (2025). Female investors and corporate performance: an empirical analysis in the Jordanian context. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2494714
Aoki, H. (2009). The decrease in diversification and corporate governance: Evidence from Japanese firms+. Corporate Ownership and Control, 6(4 A), 28–39. https://doi.org/10.22495/cocv6i4p3
Ardini, L., Wahidahwati, & Adhitya, D. (2022). The Effect of Investment Decisions, Funding, And Profitability on Company Value with Corporate Governance as Moderating Variables. Quality - Access to Success, 23(190), 1–10. https://doi.org/10.47750/QAS/23.190.01
Arsh, M., Ansari, M. S., Ahmad, G., Enam, M., Tabash, M. I., & Al-Absy, M. S. M. (2025). Unveiling the corporate governance dynamics: exploring the nexus of board composition, audit committee attributes, foreign ownership, and firm performance in an emerging market. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2468876
Biçer, M., & Şit, A. (2023). the Impact of Corporate Governance Quality on Firm Value: a Case Study on Corporate Governance Index of Borsa Istanbul. Central European Business Review, 12(3), 1–19. https://doi.org/10.18267/j.cebr.324
Chen, C., Lv, L., & Xu, C. (2025). Forced or willing: A study of corporate ESG peer effects and value from the perspective of institutional isomorphism. BRQ Business Research Quarterly, 99. https://doi.org/10.1177/23409444251339767
Dewi, H. P., Uzliawati, L., Lestari, T., & Ibrani, E. Y. (2024). CSR as a mediating to company characteristic, corporate governance, and firm value. Edelweiss Applied Science and Technology, 8(6), 4235–4246. https://doi.org/10.55214/25768484.v8i6.2923
Gwala, R. S., & Mashau, P. (2022). Corporate Governance and Its Impact on Organisational Performance in the Fourth Industrial Revolution: a Systematic Literature Review. Corporate Governance and Organizational Behavior Review, 6(1), 98–114. https://doi.org/10.22495/cgobrv6i1p7
Hadi, S., Tjahjono, H. K., & Palupi, M. (2020). Study of organizational justice in smes and positive consequences: Systematic review. International Journal of Advanced Science and Technology, 29(3), 4717–4730.
Karasamani, I., Magidou, M., Stylianou, I., Christofi, M., & Tarba, S. (2025). Industry-Specific CEO Experience on Boards and Environmental Innovation. Corporate Governance: An International Review, 1–32. https://doi.org/10.1111/corg.70006
Kawewong, N., Diskulnetivitya, P., Chaiprasit, K., & Limpaphayom, P. (2025). Corporate Governance, Capital Investments, Profitability and Firm Value: a Case Study of Thailand During the Covid-19 Pandemic. ABAC Journal, 45(4). https://doi.org/10.59865/abacj.2025.26
Mandacä, P., & Gumus, G. (2010). Ownership concentration, managerial ownership and firm performance: Evidence from Turkey. South East European Journal of Economics and Business, 5(1), 57–66. https://doi.org/10.2478/v10033-010-0005-4
Ni, C., & Abdullah, N. L. (2025). Research on absorptive capacity in the green context: a bibliometric and visualization analysis. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2024.2435602
Nuansa-ard, W. moderating impact of institutional shareholders on the relationship between audit quality and firm value, Boonyanet, W., & Tongkong, S. (2024). The moderating impact of institutional shareholders on the relationship between audit quality and firm value. Journal of Infrastructure, Policy and Development, 8(3), 1–20. https://doi.org/10.24294/jipd.v8i3.3428
Rodríguez Valencia, L. (2025). Financial Performance and Corporate Governance on Firm Value: Evidence from Spain. International Journal of Financial Studies, 13(3). https://doi.org/10.3390/ijfs13030123
Santosa, P. W. (2020). The moderating role of firm size on financial characteristics and islamic firm value at indonesian equity market. Business: Theory and Practice, 21(1), 391–401. https://doi.org/10.3846/btp.2020.12197
Setiany, E., Utami, W., & Zamzami, A. H. (2023). Firm Value: Competitive Position and Corporate Governance During the Covid-19 Pandemic. Journal of Governance and Regulation, 12(3 Special Issue), 266–273. https://doi.org/10.22495/jgrv12i3siart8
Simoes, N., & Carvalhal, A. (2016). Value, governance and foreign shareholding in Brazilian companies. Corporate Ownership and Control, 13(3continued2), 275–278. https://doi.org/10.22495/cocv13i3c2p1
Sumani, S., & Suryaningsih, I. B. (2022). The Moderating Role of Good Corporate Governance: The Influence of Capital Structure, Profitability, Dividend Payment and Inflation on The Value of Mining Companies in Indonesia. Quality - Access to Success, 23(188), 189–197. https://doi.org/10.47750/QAS/23.188.25
Tarighi, H., Hosseiny, Z. N., Akbari, M., & Mohammadhosseini, E. (2023). The Moderating Effect of the COVID-19 Pandemic on the Relation between Corporate Governance and Firm Performance. In Journal of Risk and Financial Management (Vol. 16, Issue 7). https://doi.org/10.3390/jrfm16070306
Titisari, K. H., Moeljadi, Ratnawati, K., & Indrawati, N. K. (2019). The roles of cost of capital, corporate governance, and corporate social responsibility in improving firm value: Evidence from Indonesia. Investment Management and Financial Innovations, 16(4), 28–36. https://doi.org/10.21511/imfi.16(4).2019.03
Wang, T., Elsayed, M., & Ahmed, A. D. (2011). Corporate governance and institutional ownership: A critical evaluation and literature survey. Corporate Ownership and Control, 9(1 A), 72–85. https://doi.org/10.22495/cocv9i1art4
Wijaya, A., Setyadi, D., & Yudaruddin, R. (2025). the Effects of Capital Structure, Corporate Governance, and Intangible Assets on the Performance of Selected Indonesian Chemical Companies: the Role of Firm Size. Investment Management and Financial Innovations, 22(3), 163–174. https://doi.org/10.21511/imfi.22(3).2025.13
Yondrichs, Muliati, Laupe, S., Mayapada, A. G., Jurana, & Ridwan. (2021). The effect of fundamental factors, sustainability reporting, and corporate governance on firm value. Universal Journal of Accounting and Finance, 9(6), 1503–1509. https://doi.org/10.13189/ujaf.2021.090627
Yucel, M., Yanik, G., Dayi, F., & Benek, A. (2025). Strategic Management of Environmental, Social, and Governance Scores and Corporate Governance Index: A Panel Data Analysis of Firm Value on the Istanbul Stock Exchange. Sustainability (Switzerland), 17(11), 1–24. https://doi.org/10.3390/su17114971
Published
2025-11-28
How to Cite
Kharimah Murni, Enggar Diah Puspa Arum, & Wiralestari. (2025). Corporate Governance, Profitability And Firm Value: A Systematic Literature Review. International Journal of Economics, Business and Innovation Research, 4(06), 1001-1023. https://doi.org/10.63922/ijebir.v4i06.2599
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