The board of directors characteristics research: A bibliometric analysis using VOSviewer and Rstudio

Abstract

The Board of Directors (BOD) is widely recognized as a central governance mechanism influencing corporate effectiveness, strategic decision-making, and organizational performance. As corporate governance challenges have intensified in the post–global financial crisis era, scholarly interest in board characteristics has expanded significantly, generating a rapidly growing and fragmented body of literature. In response, this study conducts a comprehensive bibliometric analysis to systematically map the intellectual structure, thematic evolution, and emerging research trends in studies on board of directors’ characteristics over the period 2014–2025. Using 862 peer-reviewed journal articles retrieved from the Web of Science Core Collection, this study applies performance analysis and science mapping techniques with the support of Bibliometrix (R) and VOSviewer. The analysis includes descriptive statistics, citation and co-citation analysis, bibliographic coupling, keyword co-occurrence, three-field plots, and thematic evolution analysis. The results show that publication output has grown a lot since 2018, with Spain, the United States, the United Kingdom, and China being the most important contributors. The bibliographic coupling and cocitation analyses identify three dominant thematic clusters: (1) corporate governance, corporate social responsibility (CSR), and firm performance; (2) board characteristics and firm outcomes; and (3) ownership structure, governance mechanisms, and firm performance. Furthermore, thematic evolution analysis highlights a gradual shift from traditional board structure and agency-oriented research toward emerging themes related to board diversity, ESG (environmental, social, and governance), audit committees, executive roles, and sustainability-oriented governance. By extending the temporal scope beyond earlier bibliometric reviews and incorporating advanced visualization techniques, this study provides updated and more nuanced evidence on the evolution of board characteristics research. The findings contribute to the corporate governance literature by illustrating the field’s theoretical transition toward broader stakeholder-oriented perspectives and provide helpful suggestions to scholars, practitioners, and policymakers seeking to enhance governance effectiveness in an increasingly sustainability-driven business environment.