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July 16, 2026Open Access

Intellectual Capital and Corporate Governance: A Bibliometric and Systematic Literature Review

IAIrvan Fadhila AsirUniversitas Gadjah Mada BTBalqis Najwa TsabithaUniversitas Gadjah Mada VWVinalia Eka WardaniUniversitas Gadjah Mada

Key Points

This review aims to synthesize existing literature on intellectual capital and corporate governance, identifying key trends and future research directions.
Conducted a bibliometric-systematic literature review of 85 peer-reviewed articles indexed in Scopus and/or Web of Science through a PRISMA 2020 screening process.
Utilized Biblioshiny and Microsoft Excel for bibliometric analysis, framed by the Theory–Context–Characteristics–Methodology framework to evaluate various aspects of the literature.
Focused on thematic development, theoretical foundations, measurement approaches, and methodological techniques in the field.
The literature has transitioned from intellectual capital disclosure towards discussions of governance effectiveness and performance metrics.
Agency Theory is the primary theoretical perspective, supplemented by various other theories such as Resource Dependency and Stakeholder Theory.
Quantitative approaches dominate the analysis; however, there is a lack of qualitative studies and mixed-methods research in this domain.

Abstract

Intellectual capital has become an increasingly important source of corporate value creation, yet its relationship with corporate governance remains fragmented across theories, measurements, contexts, methods, and research directions. This study provides a bibliometric-systematic literature review of the intellectual capital and corporate governance literature to map its intellectual development, synthesize its dominant characteristics, and identify future research directions. A total of 85 peer-reviewed articles indexed in Scopus and/or Web of Science were selected through a PRISMA 2020 screening process. Bibliometric analysis using Biblioshiny and Microsoft Excel was combined with a Theory–Context–Characteristics–Methodology framework to examine publication trends, thematic development, theoretical foundations, research contexts, construct operationalization, methodological approaches, and directional streams. The findings show that the field has evolved from early studies on intellectual capital disclosure toward broader discussions of governance effectiveness, board characteristics, performance, gender diversity, and value creation. Agency Theory remains the dominant theoretical lens, while Resource Dependency Theory, Resource-Based View, Stakeholder Theory, Signaling Theory, and Stewardship Theory serve as complementary perspectives. Contextually, the literature is concentrated in emerging markets, Asian and Middle Eastern settings, financial institutions, listed firms, and knowledge-intensive industries. Conceptually, intellectual capital is mostly measured through disclosure indices and VAIC-based efficiency models, while corporate governance remains largely board-centric and proxy-based. Methodologically, the field is dominated by quantitative and regression-based studies, with very limited mixed-method research and no purely qualitative studies identified. This review advances the literature by offering an integrated map of the intellectual capital–corporate governance field and proposing a future agenda that emphasizes reciprocal relationships, broader intellectual capital measurements, governance process quality, contextual diversification, and methodological pluralism.

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