Understanding the determinants and consequences of share-pledging: a systematic literature review and future research agenda

This systematic literature review examines the fragmented field of corporate share pledging, synthesizing its determinants, managerial responses, and consequences within the Antecedents-Decisions-Outcomes (ADO) framework. Following PRISMA guidelines, we analyze 96 peer-reviewed articles from 19 Scopus-indexed journals spanning China, Taiwan, India, and the United States. The review reveals three cross-cutting patterns: institutional context determines whether pledging signals confidence or distress; governance mechanisms deter pledging entry but fail to constrain post-pledging opportunism; and firms strategically bifurcate stakeholder treatment along lines of external visibility. A pronounced methodological gradient characterizes the evidence base: 86% of Outcome studies rely on quasi-experimental designs, while Decision studies are evenly split (50%), and Antecedents remains the smallest dimension with only 14 studies. Ninety percent of the reviewed evidence derives from Chinese and Taiwanese markets, raising questions about generalizability beyond concentrated ownership economies. The review constructs an evidence hierarchy within the ADO framework, reconciles the cross-market signaling paradox through fund deployment, and proposes a research agenda emphasizing cross-country replication.