A Bibliometric Analysis of Four Decades of Shareholder Activism Research

This bibliometric review of shareholder activism literature spanning 1983–2021 investigates two core objectives: the degree of interdisciplinarity in the field and the trajectory of publication trends, foundational knowledge, core topics, and emerging themes. A systematic analysis of 1,055 scholarly works reveals significant growth in the field alongside increasing, yet uneven, interdisciplinarity, as disciplinary silos persist. The research highlights a notable evolution in shareholder activism, moving beyond traditional, firm-level financial motivations to incorporate sustainability-oriented goals, where environmental and social objectives intersect with corporate governance concerns and financial interests. This shift reflects broader engagement by diverse activist actors, strategies, and motivations, with a growing emphasis on the long-term impact of activism.

Our findings call for a redefinition of theoretical and methodological approaches to better capture the complex interrelationships among actors, objectives, strategies, and outcomes. The study underscores the need for greater interdisciplinary collaboration and highlights emerging themes such as sustainability-oriented activism, jurisdictional nuances, and the role of new actors like index funds and individual investors. For policymakers and practitioners, we advocate a holistic approach to shareholder activism, one that evaluates outcomes beyond financial metrics to include non-financial impacts at firm, market, and macro levels. This roadmap not only traces the field’s intellectual development but also charts future directions for research and practice in shareholder activism.