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Juan Pablo Gonzales Bustos ORCID logo, Ana Beatriz Hernández-Lara ORCID logo


The main objectives of this study are two-fold. The first one is to determine the relevance that the academic world has given to the study of the relationship between corporate governance and innovation. The second is to identify the key aspects of this relationship that deserve further investigation, and the models in which the research is recently interested in order to advance in this field. To do so, a systematic literature review was conducted on the relationship between corporate governance and innovation. The findings show that the main topics discussed include ownership concentration and the composition and structure of boards of directors, whose impacts on innovation have been analyzed with scarce consensus. Many academic works have studied these elements of corporate governance separately; however, studies analyzing ownership and board together are becoming more frequent, highlighting the moderating effect of some aspects of government on others, and how their influence depends on contingent factors. To the authors’ best knowledge, no similar systematic review has been undertaken on this subject, although such reviews allow us to visualize better the evolution of topics with a long research tradition and identify the main findings and the lines of research open.

Keywords: Corporate Governance, Ownership Structure, Board of Directors, Innovation, Systematic Literature Review

How to cite this paper: Gonzales-Bustos, J.P., Hernández-Lara, A.B. (2016). Corporate governance and innovation: A systematic literature review. Corporate Ownership & Control, 13(3), 33-45.