Tunku Puteri Intan Safinaz School of Accountancy
Universiti Utara Malaysia
06010 Sintok, Kedah, MALAYSIA.
Banking Department
Faculty of Business and Management
08400 Merbok, Kedah, MALAYSIA.
Banking Department
Faculty of Business and Management
Universiti Teknologi MARA (Kedah Branch)
08400 Merbok, Kedah, MALAYSIA.
Faculty of Business and Management
Universiti Teknologi MARA (Kedah Branch)
08400 Merbok, Kedah, MALAYSIA.
School of Business Management
College of Business
Universiti Utara Malaysia
06010 Sintok, Kedah, MALAYSIA.
Banking Department
Faculty of Business and Management
UiTM Kedah branch
08400 Merbok, Kedah, MALAYSIA.
Abstract
This study offers a comprehensive bibliometric analysis of ownership concentration research, conceptualised as a distinct corporate governance mechanism rather than merely a determinant of firm performance. Drawing on 782 journal articles indexed in Scopus from 1968 to 2023, the study maps the intellectual structure, thematic evolution, and global distribution of the literature using citation analysis and author keyword co-occurrence visualisations. The findings reveal a clear evolution from an early agency-theoretic focus on alignment and expropriation toward a more diversified, institutionally grounded, and governance-integrated research agenda. Six interconnected thematic clusters are identified, encompassing agency conflicts and value distribution; institutional and emerging-economy contexts; multiple large shareholders and hybrid ownership forms; governance and financial reporting mechanisms; societal and stakeholder-oriented outcomes; and capital market and regulatory dimensions. The results further highlight pronounced geographical asymmetries, with China and the United States leading in research output and influence, reflecting both institutional relevance and theoretical leadership, while several regions remain underexplored. By shifting the analytical focus from performance outcomes to ownership concentration as a multifaceted governance construct, this study extends existing bibliometric work. It provides a structured, theory-informed synthesis of the field. The findings offer actionable insights for scholars, practitioners, and policymakers and outline a forward-looking research agenda that integrates agency, institutional, and stakeholder perspectives in the study of concentrated ownership.