Twenty-five years of the Journal of Corporate Finance: A scientometric analysis

Journal Pre-proof Twenty-five years of the Journal of Corporate Finance: A Scientometric analysis

H. Kent Baker, Satish Kumar, DebiDutta Pattnaik PII:

S0929-1199(20)30016-X

DOI:

https://doi.org/10.1016/j.jcorpfin.2020.101572

Reference:

CORFIN 101572

To appear in:

Journal of Corporate Finance

Received date:

1 July 2019

Revised date:

27 November 2019

Accepted date:

6 January 2020

Please cite this article as: H.K. Baker, S. Kumar and D. Pattnaik, Twenty-five years of the Journal of Corporate Finance: A Scientometric analysis, Journal of Corporate Finance(2020), https://doi.org/10.1016/j.jcorpfin.2020.101572

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© 2020 Published by Elsevier.

Journal Pre-proof Research Paper Twenty-Five Years of the Journal of Corporate Finance: A Scientometric Analysis H. Kent Baker1,* [email protected], Satish Kumar2 [email protected] and DebiDutta Pattnaik2 [email protected] 1

University Professor of Finance, American University, Kogod School of Business, Department of Finance and Real Estate, 4400 Massachusetts Avenue, NW, Washington, DC 20016, USA. 2 Department of Management Studies, Malaviya National Institute of Technology, Jaipur 302017, Rajasthan, India. *

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Corresponding author.

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Abstract

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The Journal of Corporate Finance (JCF) is a highly regarded academic journal specializing in corporate finance. The journal celebrated its silver jubilee year in 2018. We use

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scientometrics to analyze the journal’s impact, prominent topics, most frequent authors, and

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their affiliated institutions and countries. Using network analysis, we group JCF publications into nine main clusters. Our study depicts the bibliographic couplings of authors and their

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affiliated institutions and countries, co-citations of journals, and co-occurrences of the

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authors’ specified keywords. Using text mining techniques, we also present the major content

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of JCF titles, keywords, or abstracts in the form of word clouds. Keywords: Journal of Corporate Finance, scientometrics, text mining, Scopus, citations

1. Introduction JCF publishes high quality, peer-reviewed articles related to corporate finance with an exclusive focus on the contractual relations that govern firms including financial contracts and corporate governance structure. Ken Lehn (University of Pittsburgh) founded JCF in 1994. Its current editors are Douglas J. Cumming (Florida Atlantic University), Bart Lambrecht (University of Cambridge), and William L. Megginson (University of Oklahoma). Between 1994 and 2018, JCF published more than 1,400 articles. According to Scimago’s 1

Journal Pre-proof journal ranking, JCF is among the top 50 business and international management journals. Its source normalized impact per paper (SNIP) score, which measures the average citation impact of a journal’s publications, is 1.821. Given that a journal with a SNIP of 1.0 has the median number of citations for journals in that field, JCF has a greater than average citation impact. It is rated A* in the Australian Business Dean Council (ABDC) 2016 journal ranking and 4 in the Association of Business Schools (ABS) Academic Journal Guide (AJG) 2018 for publishing the most original and best executed research. According to Google Scholar

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metrics in 2018, JCF is ranked sixth in the finance category with an h5-index of 53 and an h5-median of 77. These latter metrics indicate that JCF published 53 articles in the previous

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five years having at least 53 citations each with the median of those citation values being 77.

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Its 2018 impact factor is 2.349, which means that, on average, its articles published in 2016

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and 2017 received 2.349 citations each in 2018.

In recognition of JCF reaching 25 years of publication, this study provides a

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scientometric analysis of the journal for its special issue. Such retrospectives are common in

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JCF. For example, in Mulherin et al. (2018), former JCF editors, present their insights on

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JCF’s evolution as a specialized journal and acknowledge the contributions that characterized JCF as an innovator in corporate finance research. Netter et al. (2009) offer a summary of JCF’s special issue on corporate control, mergers and acquisitions that captured the most updated and latest intellectual debates related to corporate governance.

Lewis and Veld

(2014) review the most recent scientific developments pertaining to research on convertible bond financing. Appendix 1 contains a list of JCF’s former special issues and special sections. Recently, JCF published an article by Andrikopoulos and Trichas (2018) that discusses JCF’s publication patterns and the social network in financial economics by analyzing co-authorship in JCF between 1994 and 2017.

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Journal Pre-proof By contrast, our study provides a scientometric overview of JCF between 1994 and 2018 for its special issue highlighting 25 years of JCF. It offers an in-depth analysis of the publication trend and citation structure of JCF articles, most prolific JCF authors, and their affiliated institutions and countries. It also highlights the evolution of the major themes discussed in JCF, classifies JCF publications into nine bibliographic clusters, and examines their content. Our mapping analysis authenticates the descriptive findings and visualizes the co-citation of the journals cited in JCF revealing its intellectual associations and sources of

institutions and

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influence. It also explores the semantic association of JCF authors and their affiliated countries using bibliographic coupling analysis. The mapping analysis

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occurrences of author keywords.

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visualizes the thematic links of the major discussions of JCF authors by examining the co-

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The study’s primary contribution is to provide an in-depth content analysis of JCF over its first 25 years helping its global readers to gain a comprehensive overview on the

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journal’s development and evolution. It also enables its key stakeholders, including JCF’s

Additionally, the study provides a methodological and structural framework

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past 25 years.

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editorial board, to monitor growth of the literature and patterns of research in JCF over the

for scientometric studies of finance journals in future. This paper has the following organization. Section 2 discusses the study’s methods and section 3 presents the descriptive and network results. Section 4 graphically portrays the bibliographic data. Section 5 provides the study’s conclusions and discusses potential limitations.

2. Data and Method The Scopus database was the source of the bibliographic data used in this study. It is the largest multidisciplinary database of peer-reviewed literature in the social sciences (Bartol et al., 2014; Norris and Oppenheim, 2007) and is widely recognized and used for quantitative 3

Journal Pre-proof analyzes (Guerrero-Baena et al., 2014; Silveira and Zilber, 2017; Durán-Sánchez et al., 2019). However, the metadata retrieved from Scopus database is subject to ambiguity involving the multiple representations of author names, author affiliations, titles, journals, volume and issue numbers, and page numbers in the original manuscript. Therefore, constructing a clean data set required considerable manual work to enhance the integrity of

the data and to ensure the accuracy of our analysis. The Scopus database contained a total number of 3,373 JCF authors. However, some

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authors appear with different variations of their names. For example, the database shows Douglas J. Cumming also as Cumming, Douglas, Cumming, Douglas, J, Cumming D., and

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Cumming D. J. In total, we identified 71 sets of such discrepancies involving 280 JCF

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articles. Further analysis revealed that 45 sets of author names in 179 JCF titles represented

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the same authors, while the remaining 26 sets of authors presented in 101 JCF titles represented different individuals. Given these discrepancies, we examined the authors based

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on their author-ID in Scopus to avoid any misidentification. We followed similar processes to The steps

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remove other discrepancies arising from any ambiguous representation of data.

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taken to ensure uniformity in the representation of the metadata led to greater accuracy in assessing the bibliographic records. According to Hess (1997, p. 75), scientometrics is the “quantitative study of science, communication in science, and science policy.” However, from peer-reviewed scientific publications, commonly referred as the “bibliometric” analysis of science, this field has evolved to standardize, collect, report, and analyze a broad range of documents and information sources (OECD, n.d.). We present a scientometric or bibliometric overview of JCF in terms of both descriptive and network analyses. Our descriptive analysis includes the total number of publications, citations, and the citations per publications. The h-index

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Journal Pre-proof represents the journal’s productivity and impact (Hirsch, 2005). The network analysis includes bibliographic couplings, co-occurrences, co-citations, and co-authorships. Bibliometrics is rooted in two concepts initially proposed by Kessler (1963) and extended by Small (1973). According to Kessler, when two documents cite one or more common documents, they form a bibliographic couple based on their common sources of intellectual influence. Although Small explains that when a third document cites two or more documents, each receives a co-citation. Moreover, the frequency of co-citations determines

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the intellectual congruence of the cited documents, which inadvertently also exposes the intellectual similarities among the citing sources. Other commonly used bibliographic

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methods include co-authorship and co-occurrence analyses. Co-authorship measures the

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degree of connectivity among the co-authors affiliated with the same or different institutions

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(Peters and Van Raan, 1991). Co-occurrence of the keywords reveals the conceptual structure of the existing literature (Callon et al., 1983; Ravikumar et al., 2015).

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We use VOSviewer and Gephi software for our mapping analyses (Bastian et al.,

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2009; van Eck and Waltman, 2017) VOSviewer uses two standardized weights: the number

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and total strength of the links for graphically visualizing the nodal network. Node size and the interlinking lines connecting the nodes denote relevance and link strength. Generally, a link denotes a connection or relation between two items, which could be two journals, authors, author affiliated institutions, or keywords. The strength of a link represents the significance or intensity of a relation with its implication varying across the types of bibliometric analyses. For example, link strength in the case of a bibliographic coupling indicates the number of common cited references in two publications. In the case of co-occurring keywords, the link visualizes the number of publications in which both the keywords/terms appear together. We use VOSviewer and Gephi to visualize the bibliographic networks among JCF documents. Although Gephi uses similar measures for constructing bibliographic

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Journal Pre-proof networks, it provides additional statistical tools for analyzing the networks. Additionally, we use a series of text mining packages (tm, String R, word cloud, and dplyr) in R to visualize the important words discussed in the 25 years of JCF presented as word clouds.

3. Results An analysis of the Scopus database shows that JCF published 1,401 documents between 1994 and 2018: 1,324 published articles, 42 articles in press, 14 editorials, 1

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erratum, 3 notes, and 17 reviews. According to the Scopus core collection database, the 1,401 documents have 47,905 citations. We exclude the erratum but consider the rest of the

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documents in our analysis. For purposes of discussion, we refer to these 1,400 items as

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documents, publications, works, or simply articles given that the vast majority are articles. Appendix 2 presents the summary of important bibliometric indicators about research

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published in JCF between 1994 and 2018.

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3.1. Citation structure and publications trend of JCF

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What is JCF’s publication trend and citation structure during its first 25 years? JCF

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published 11 articles in its inaugural year and the number of publications has grown over time. Figure 1 and Table 1 present JCF’s annual publications and citation structure, respectively. During its first five years (1994 to 1998), JCF published 64 works averaging 12.8 publications per year. The number grew to 101, averaging 20.2 annual publications between 1999 and 2003. The publications increased to 41.8, 67.0, and 138.2 works per year between 2004 and 2008, 2009 and 2013, and 2014 and 2018, respectively. The publications in the third and fifth periods more than doubled over the preceding periods. Further, JCF published about 50% of its works between 2014 and 2018. The journal has been publishing more than 100 works each year since 2014 and peaked at 168 in 2017.

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Journal Pre-proof Table 1 provides descriptive statistics on JCF publications each year between 1994 and 2018. About 47% of the publications between 1994 and 2018 receive at least 10 citations each, whereas about 17% have more than 50 citations. However, about 24% have no citations. Further, 29 works have more than 250 citations, 10 more than 500 citations, and two more than 1000 citations each. The highest number of citations per publication occurred in 2001 with 180.50. (Insert Figure 1 and Table 1 about here)

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How often do JCF publications represent collaborative work? Such growth in the number of published works largely results from the increasing rate of global submissions and

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collaborations among researchers (Acedo et al., 2006; Zhai et al., 2014; Finardi and Burati,

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2016). Figure 2 shows the distribution of publications by JCF authors: 527 (37.64%) of JCF

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publications result from the collaborative endeavors of two authors, 456 (32.57%) from three, 170 (12.14%) from four, and six (0.44%) from five JCF authors. The remaining 241 works

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(17.21%) are sole-authored. Thus, 82.79% of JCF publications represent collaborative work

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for the entire 25-year period. Appendix 2 separates the sole-authored and collaborative works

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into five 5-year periods. The results show a generally upward trend in the percentage of collaborative works appearing in JCF. For example, between 1994 and 1998, 73.44% of JCF publications represent co-authored works compared with 87.70% between 2014 and 2018. Thus, the vast majority of JCF articles are co-authored. This collaborative trend is common in business journals and is motivated by the growth in global research (Merigó et al., 2019) and further fuelled by unprecedented advances in networking and communication technologies. (Insert Figure 2 about here)

3.2. The most cited JCF articles

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Journal Pre-proof What are the most frequently cited JCF articles? According to Tsay (2009), the number of citations reflects a publication’s influence. Table 2 presents the 25 most frequently cited JFC articles between 1994 and 2018. Demsetz and Villalonga’s “Ownership Structure and Corporate Performance” (2001) is the most cited article with 1,291 citations, averaging about 76 citations per year. This article is followed by Xie et al.’s “Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee” (2003) with

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(Insert Table 2 about here)

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1,118 citations. All 25 of the most highly cited articles have at least 277 citations.

What are the main themes included in JCF and how have they evolved over time?

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Table 3 presents the major themes published in JCF. Corporate governance tops the list with

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216 publications cited 13,423 times, averaging 62.14 cites per year. Besides corporate

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governance, other highly cited themes are ownership structure (3,664) and earnings management (3,128). In terms of average cites per publication, earnings management leads

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the list with 107.86 followed closely by ownership structure with 107.18. Other main themes

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with at least 36 works include capital structure (72), executive compensation (59), mergers

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and acquisitions (M&As) (41), firm performance (37), China (37), and venture capital (36). Table 3 also examines the temporal evolution of themes over five 5-year periods. The results suggest that corporate governance has been the most persistent theme in JCF followed by capital structure. Between 2004 and 2008 (P3), executive compensation and ownership structure gained prominence as the second most discussed themes in JCF. However, between 2014 and 2018 (P5), an increasing number of works emerged involving M&As and empirical perspectives involving China. What words appear most often in JCF titles between 1994 and 2018? Figure 3 presents the word cloud formed by the words appearing at least 50 times in JCF titles between 1994 and 2018. Centrality of the words, “corporate” and “evidence” suggest that the

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Journal Pre-proof majority of JCF works are empirical inquiries, which is consistent with the journal’s central focus on corporate finance. These words appear in 294 and 263 of the 1400 JCF titles, respectively, published between 1994 and 2018. Other common words appearing in the titles at least 100 times are “firms” (128), “capital” (113), “governance” (102), and “performance” (100). (Insert Table 3 and Figure 3 about here)

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3.3. Top authors and their affiliated institutions and countries

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Who are the top JCF authors during the journal’s first 25 years? Table 4 lists JCF

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contributors with at least three publications and 400 citations. Luc Renneboog leads the list

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with 19 publications followed by Douglas J. Cumming and Marc Goergen with 14 articles each. Michael Firth has the most citations with 1,555 followed by Luc Renneboog with

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1,276. James A. Brickley has the highest number of citations per publication with 361.33

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followed by Leora F. Klapper with 302.67. Of the top JCF authors, six have more than 500

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citations and 23 have at least 250 citations of their JCF publications. (Insert Table 4 about here)

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What institutions are most often affiliated with JCF authors? Table 5 shows the top institutions affiliated with JCF authors. Three universities share the top spot with 26 publications each: Tilburg University, University of Georgia, and University of Manchester. In terms of total citations, Hong Kong University of Science and Technology leads the list with 1,178 citations. Hong Kong Polytechnic University is second with 1,050 citations but has the most citations per publication with 55.26. Of the leading institutions affiliated with JCF authors, 60% are outside the United States, suggesting that JCF attracts authors globally. (Insert Table 5 about here) What countries are most often affiliated with JCF authors? Table 6-A lists the countries most frequently associated with JCF authors. The United States heads the list by a 9

Journal Pre-proof high margin over the United Kingdom both in terms of publications (862 versus 185) and citations (22,336 versus 4,007). The United States also has the highest h-index with 72, indicating that 72 papers are cited at least 72 times. However, Finland leads in citations per publication with 35.79 followed closely by Hong Kong with 35.40. (Insert Table 6-A about here) Has the geographical distribution of authors changed during JCF’s first 25 years? Table 6-B lists the top five JCF authors’ affiliated countries over five 5-year periods.

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However, the list includes seven or eight countries following a tie. The United States, the United Kingdom, and Canada appears in all time periods and Hong Kong appears in four.

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Also among the top authors’ affiliated nations, Australia appears in three; China and

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Netherlands in two; Israel, Taiwan, Singapore, and Switzerland in one of the 5-year periods

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between 1994 and 2018.

JCF’s first five years (1994 to 1998). During the first 5-year period, authors affiliated

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with the United States dominate JCF publications with other countries including

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Hong Kong, Australia, Canada, Israel, Taiwan, and the United Kingdom contributing

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just a few articles each. The United States leads the period with the most publications (56), number of authors’ contributing those publications (109), total citations associated with those publications (2,501), and average cites per contributing author (22.94). However, in the category of average citations per publication, Canada tops the list with 48.50 average cites per article. 

JCF’s second five years (1999 to 2003). Although the United States tops the list by a wide margin, the United Kingdom moves up the list to a distant second place. However, several countries enter the list for the first time including the Netherlands, Singapore, and Switzerland.

The United States again dominates the period with

publications (66), number of contributing authors (128), and total citations (5,100).

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Journal Pre-proof Yet, in the categories of average cites per contributing author and average cites per publication, Hong Kong leads with 70.10 and 116.83 average cites, respectively. 

JCF’s third five years (2004 to 2008). During the third 5-year period, no new countries enter the list, which consists of the United States, the United Kingdom, Canada, Hong Kong, and the Netherlands.

The United States leads with most

publications (144), most contributing authors (325), and citations associated with those publications (8,711). However, Hong Kong tops the period with the most

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average citations per contributing author (40.43) and Canada occupies the top position in the category of maximum average cites per publication (100.68). JCF’s fourth five years (2009 to 2013). During the fourth 5-year period, China enters

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

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the list of the top five countries affiliated with JCF authors. Others in this list include

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the United States, the United Kingdom, Hong Kong, and Canada. The United States dominates the period in the categories of total publications (219), total contributing

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authors (529), and total citations (5,770) while China leads in the remaining

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per publication.

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categories with 10.91 average cites per contributing author and 26.35 average cites

JCF’s fifth five years (2014 to 2018). During the fifth 5-year period, the United States still holds the top position as the country with the most affiliated JCF authors. However,

other countries,

especially the United

Kingdom and

China show

considerable growth in the number of JCF publications from affiliated authors. Canada remains among the top countries and Australia re-enters the list. The United states retains dominion in most categories such as, total publications (371), total citations (3,598), average cites per contributing author (3.69), and average cites per publication (9.70) while the United Kingdom leads with the most contributing authors (1,253).

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Journal Pre-proof In summary, although the geographical distribution of authors changed to some degree during JCF’s first 25 years, JCF authors affiliated with the United States dominate in terms of total publications and total citations in all 5-year periods examined. The United Kingdom and Canada consistently appear in the list of top countries. Yet, the emergence of China and Hong Kong as leaders in a few categories depicts the growing contribution of South East Asian nations during JCF’s first 25 years. (Insert Table 6-B about here)

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Which journals cite JCF publications most often? Table 7 lists the 25 journals citing JCF publications most frequently between 1994 and 2018. Perhaps not surprisingly, authors

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publishing in JCF cite its articles most often with 938 citations. The next two journals with

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the highest number of cites of JCF articles are the Journal of Banking and Finance (448) and

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Corporate Ownership and Control (433). The table also shows that, including JCF, about 20% of the journals frequently citing JCF works have a rating of 4 or above in AJG 2018 and

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about 56% of the journals are rated 3 or above. This indicates the widespread acceptance of

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JCF’s research among high quality academic outlets.

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(Insert Table 7 about here)

3.4. Network analysis

3.4.1. Clustering of JCF articles based on bibliographic coupling What are the main clusters of topics included in JCF? When two documents share common references, they exhibit intellectual similarities and form a bibliographic couple (Kessler, 1963). Our analysis shows nine clusters formed with 1,336 JCF works sharing common citations. The following subsections provide a discussion of these nine clusters including some influential works from each cluster. Table 8 provides an overview of the nine JCF clusters including the central focus and the most cited publications in each cluster. Naming the clusters involves some subjective judgment, which is conceptually similar to 12

Journal Pre-proof naming factors in factor analysis. We identify the central focus of each cluster based largely on the most frequently appearing terms or keywords in the cluster. Figure 4 compares the title-based word clouds of JCF’s nine clusters. 3.4.1.1. Cluster 1 – Private equity and IPOs Cluster 1 consists of 202 JCF publications with 4,711 citations. It has the second largest number of publications and ranks third in terms of citations. As Table 8 shows,

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articles in this cluster mainly focus on private equity such as venture capital (VC) and leveraged buyouts (LBOs) and initial public offerings (IPOs), which is also evident in the

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cluster’s title-based word cloud presented in Figure 4. The most frequently cited articles are

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by Jeng and Wells (2000) with 415 citations, Dennis (2004) with 168, and Cumming et al. (2007) with 157. According to Jeng and Wells, VC is a crucial source of funding for start-ups

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and eventually having an IPO is a strong motive behind VC investing. The authors stress that

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the expected returns associated with VC investments determine both the optimal portfolio

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construction and the extent of managerial advice by venture capitalists. Denis provides an overview on entrepreneurial finance and Cumming et al. discuss the state of research on

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private equity and leverage buyouts. Both reviews identify potential gaps in the literature and provide direction for future research. 3.4.1.2. Cluster 2 – Corporate risk and mitigation The second cluster consists of 57 JCF publications receiving 737 citations. The most frequent terms in the keywords of the cluster titles include risk management, hedging, hedge funds, financial crisis, and financial distress, suggesting that the cluster primarily focuses on corporate risk and its mitigation. Words including corporate, hedging, hedge, and risk in the title-based cluster’s word cloud further confirm the naming of this cluster. It is the smallest cluster in terms of both the number of articles and citations.

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Journal Pre-proof The most frequently cited article in this cluster − Li et al. (2013) with 107 citations − discusses the influence of national culture in determining the appetite for corporate risktaking. The next most cited articles are by Almeida et al. (2011) with 70 and Kim et al. (2006) with 66. Almeida et al. construct a model to explain why firms exposed to the risk of future financing constraints invest in projects with shorter pay-back periods. Kim et al. examine the relation between operational and financial hedging of firms. Operational hedging refers to the extent of foreign sales whereas non-operationally hedged firms rely on exports

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over direct participation in foreign markets. This study finds that non-operationally hedged firms use more financial derivatives to mitigate their currency risk exposure.

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3.4.1.3. Cluster 3 – Corporate governance and executive compensation

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The third and largest cluster consists of 309 JCF works, which have the highest

corporate governance,

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number of citations (12,399). Some frequently appearing keywords of the cluster include executive or CEO compensation, managerial incentives, CEO

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turnover, and firm performance. The presence of words such as corporate, compensation,

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board, CEO, managerial performance, and directors in the cluster’s title-based word cloud

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further support the cluster’s central focus. The most frequently cited articles are by Demsetz and Villalonga (2001) with 786 citations, followed closely by Xie et al. (2003) with 783, and Brickley et al. (1997) with 576. Brickley et al. find that separating the titles of CEO and Chairman of the Board reduces agency costs and enhances firm performance. Yet, Demsetz and Villalonga conclude that corporate performance is independent of ownership structure. Xie et al. (2003), who investigate the roles of the board of directors, audit committee, and executive committee, find that the financial background, alertness, and activities of each group reduce the likelihood of earnings management. 3.4.1.4. Cluster 4 – Corporate restructuring and M&As

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Journal Pre-proof The fourth cluster, with 166 papers having 3,270 citations, contains topics mainly related to corporate restructuring and M&As. The most frequent themes presented in the cluster’s keywords include mergers, acquisitions, takeovers, as well as takeover or acquisition premiums. The title-based word cloud also confirms that majority of the works reported in the cluster focus on terms such as corporate, mergers, acquisition, and takeovers. The most cited work in the cluster, Mulherin and Boone (2000) with 295 citations, finds that the economic changes in the 1990s resulted in mass divestitures. Andrade and

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Stafford (2004) with 195 citations reveal that mergers have both contractionary and expansionary effects on industrial restructuring but the triggers vary with time. Ghosh (2001)

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with 145 citations finds that mergers have no significant impact on a firm’s operating

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performance.

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3.4.1.5. Cluster 5 – Family firms, corporate governance, and ownership structure Ranked fifth in terms of the number of works (195) and second in citations (7,493),

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cluster 5 is an extension of third cluster. Among the dominant themes discussed are corporate

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governance with a special focus on family firms and legal systems in emerging economies

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such as China. Themes such as corporate governance, China, family firms, privatization, and ownership structure represent the majority of the works as is evident in the keywords of the titles constituting this cluster. The cluster’s focus is also evident in the title-based word cloud presented in Figure 4 where words such as corporate, firms, family, ownership, governance, and China appear. The most cited work in this cluster is by Klapper and Love (2004) with 623 citations. The authors investigate the firm-level corporate governance ranking of 14 emerging economies. Their evidence shows that economies with a weaker legal framework exhibit lower firm-level governance, which affects firm performance. Other highly cited articles are Miller et al. (2007) with 509 and Maury (2006) with 392. Maury reports that family-owned

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Journal Pre-proof firms exhibit superior performance in contrast to non-family corporates in Europe. Miller et al. find similar evidence among U.S. corporations. 3.4.1.6. Cluster 6 – Capital structure and corporate finance Cluster 6 consists of 178 publications credited with 2,440 citations. It ranks fourth and fifth in terms of total publications and citations, respectively. Main themes represented in the keywords of the cluster are capital structure, corporate finance, debt, leverage, and convertible bonds. The cluster’s title-based word cloud presented in Figure 4 supports the

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cluster’s central focus.

The most cited work in this cluster with 234 citations is De Miguel and Pindado

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(2001), who analyze how firm and institutional characteristics affect capital structure. Other

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frequently cited articles in this cluster are Flannery et al. (2013) with 166 and Barclay et al.

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(2003) with 121. Flannery et al. offer the first empirical evidence on the efficiency of robust analytical methods available to address the econometric bias linked to the nature of dynamic

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panel data models involving corporate finance research. Barclay et al. examine theories of

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environments.

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leverage and debt maturity as well as the investment opportunities of firms in regulatory

3.4.1.7. Cluster 7 – Dividend policy With 78 articles and 1,133 citations, the seventh cluster ranks seventh on these two dimensions. Primary themes of the cluster as indicated in the most frequent keywords of the titles include payout policy, dividends, dividend policy, share repurchases, and agency costs. The title-based word cloud confirms that the majority of the titles constituting this cluster focus on dividend(s) and policy. Short et al. (2002) have the most cited work in this cluster with 144 citations. This article examines the widely neglected association between institutional ownership and dividend policy among U.K. corporations and reports a positive association. Banyi et al.

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Journal Pre-proof (2008) with 66 citations find that most estimating models used to measure a firm’s repurchases of common stock are redundant. Goergen et al. (2005) with 65 citations report that German firms offer more flexible dividends than Anglo-American firms. 3.4.1.8. Cluster 8 – Corporate diversification and firm valuation Sharing the sixth rank both in terms of total publications and citations, the eighth cluster consists of 81 JCF publications with 1,775 citations. The main themes presented in the keywords include cash holdings, diversification, firm value, and institutional investors.

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The cluster’s title-based word cloud in Figure 4 further affirms the cluster’s central focus. Notable articles include Martin and Sayrak (2003) on corporate diversification with 182

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citations; a study by Shin and Park (1999) with 180 citations on the investment-to-cash flow

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sensitivity between Korean family and non-family owned firms; and Han and Qui’s (2007)

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study with 149 citations on the precautionary motives driving cash holdings. 3.4.1.9. Cluster 9 – Innovation and corporate social responsibility

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Cluster 9 ranks eighth on total publications count (70) and citations (973). This cluster

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can be linked to the third and fifth clusters in terms of its shared focus on corporate

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governance. However, it differs by focusing on innovation and corporate social responsibility (CSR). Major themes of the cluster indicated in the keywords include corporate governance, corporate social responsibility, innovation, corporate innovation, and R&D. The cluster’s name is also confirmed in the title-based word cloud as evidenced by such words as corporate, social, and responsibility presented in Figure 4. The most cited work in the cluster, Renneboog et al. (2008) with 209 citations, examines whether earnings or ethics drive socially responsible investments. Other notable works include An and Zhang (2013) with 65 citations and Huseynov and Klamm (2012) with 55, who report that CSR affects tax avoidance. 3.4.2 Evolution of the nine JCF clusters

17

Journal Pre-proof How has research in terms of the finance topics covered evolved over the journal’s history? Table 9 shows the evolution of the nine JCF clusters by year between 1994 and 2018. It reveals that eight of the nine clusters emerged during JCF’s early years. Cluster 4 on corporate restructuring and M&As dominated between 1994 and 1998 but Cluster 3 on corporate governance and firm performance eventually replaced it in 1999. Cluster 3 continued its dominance for the remaining years evolving into the largest cluster. Cluster 4, however, has the highest average yearly growth in publications followed by Clusters 9 and 8.

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(Insert Table 9 and Figure 4 about here)

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4. Bibliometric networks in JCF documents: Visualization

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What are the most cited articles in JCF between 1994 and 2018? To provide further analysis of the bibliographic data, we use VOSviewer and Gephi software for graphical

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mapping (Van Eck and Waltman, 2010; Bastian et al., 2009). Using a citation analysis of the

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cited references, Table 10 lists the 25 most highly cited articles in JCF. The co-citation links

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(CoLs) of the publications indicate their networking strength and relatedness with the other cited publications. Three works have at least 50 citations and 40 CoLs in JCF. Jensen and

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Mecking’s “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” (1976) has 59 citations and 47 CoLs. Jensen’s “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers” (1986) with 56 citations and 48 CoLs represents the largest co-citation network among the top 25 cited references. Finally, Djankov et al.’s “The Law and Economics of Self-dealing” (2008) has 51 citations and 41 CoLs. Of JCF’s 25 most highly cited articles, 11 appear in the Journal of Financial Economics. (Insert Table 10 about here) How do the frequently co-cited journals in JCF connect intellectually? When two or more documents (sources) are cited in a third document (source), each receives a co-citation (Small, 1973). Co-citation of journals indicates semantic similarities of the publications. 18

Journal Pre-proof Figure 5 shows the results involving citations of the 25 most highly cited journals in JCF set at a threshold of 200 citations. The width of the lines shows the strength of the connections and the spatial expanse between any two journals visualizes the relatedness of the journals in terms of CoLs. The co-citations of the cited journals in JCF presented in Figure 3 reveal two clusters. Journal of Financial Economics (JFE) is the most co-cited journal in JCF followed by Journal of Finance (JF). In terms of spatial affinity, JFE is closely connected to JF, Review of Economic Studies (RES), Journal of Financial Intermediation (JFI), Rand Journal

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of Economics, Econometrica, and JCF. Yet, JCF has its closest intellectual similarities with the Rand Journal of Economics (RJE), Econometrica, JFE, and Management Science.

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(Insert Figure 5 about here)

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What is the intellectual connection among the most contributing JCF authors? Apart

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from the co-citations of journals cited in JCF, another issue is to visualize the connections among the most frequently contributing authors publishing in JCF and their affiliated

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institutions. The connections among authors is visualized using the bibliographic coupling of

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authors (Kessler, 1963). Figure 6 depicts such bibliographic coupling of authors with at least

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five JCF publications and 100 citations. Using a fractional counting method, bibliographic coupling of authors reveals six clusters. Luc Renneboog has the most publications (19) followed by Marc Goergen (14). They both have co-authored five JCF articles. With nine articles and 1,151 citations, Michael Firth is the most highly cited author sharing a close connection with Oliver Rui. They have co-authored four JCF articles. In terms of the bibliographic coupling network, Luc Renneboog has the highest total link strength (TLS) of 574 followed by Narjess Boubakri linked with 567 JCF cited articles. (Insert Figure 6 about here) What is the semantic association of JCF authors’ affiliated institutions? Figure 7 presents the bibliographic coupling of the JCF authors’ affiliated institutions set at the

19

Journal Pre-proof coupling threshold of at least three documents and cited at least 100 times between 1994 and 2018. Renmin University of China is the most productive author affiliated institution followed by the University of Georgia. Institutions with geographical proximity tend to be linked to each other in terms of publications and citations. That is, these research communities follow and cite similar bibliographic material and are therefore placed closer to each other. For example, Renmin University, Peking University, and Hong Kong University of Science and Technology (HKUST) are spatially close in Figure 5. An analysis of their

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references reveals that JCF articles associated with these institutions exhibit a similar referencing pattern. For instance, Michael C. Jensen, Rafael La Porta, and Stijn Claessens are

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among the top cited authors in the articles associated to these three universities. Further, the

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collaborative work at HKUST amounts to 14 publications: nine of the 14 collaborations are

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formed within the extended territory of China, two with institutions in Australia or New Zealand, and the remaining three extend to European or North American institutions.

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(Insert Figure 7 about here)

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How do the JCF authors’ affiliated countries connect intellectually? Figure 8 presents

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the bibliographic coupling of JCF authors’ affiliated countries. The coupling threshold is set at a minimum of five publications and 100 citations. The results are consistent with Table 6. Among the top contributing and influential nations, the United States, the United Kingdom, China, Canada, Australia, and Hong Kong have the highest number of citations. According to Merigó et al. (2019), the countries represent the geography of the authors’ affiliated institutions. Further, the institutions denote those affiliations mentioned by the authors while publishing their manuscripts in a journal. Therefore, the countries indicate an author’s workplace but not necessarily an author’s home country. This connotation is relevant considering the increasing number of scholarly migrations where researchers from emerging and developing countries join well-known institutions in developed countries.

20

Journal Pre-proof Figure 8 also shows the in-degree edges for the U.S. node are the strongest with the United Kingdom, China, Canada, Australia, the Netherlands, and France placing it as the center of intellectual influence over the networking countries. In general, “in-degree” in a social network represents the number of links or edges directed toward the node from the networking nodes (Bastian et al., 2009). In our analysis, width of the in-degree edges denotes the strength of the network formed by the number of bibliographic couples (extracted by analyzing the citation patterns) among the JCF authors’ affiliated countries. Apart from the

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strength of the edges, the figure also depicts the source of intellectual influence among the JCF authors’ affiliated countries.

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(Insert Figure 8 about here)

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Which themes most frequently co-appear in JCF? Figure 9 illustrates the most

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frequent topics presented in JCF between 1994 and 2018, which results from analyzing the frequency of co-occurrence of author specified keywords in the same document. This figure

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is based on a threshold of at least 20 co-occurrences of the keywords. Among the most

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common keywords are corporate governance, capital structure, executive compensation,

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M&As, takeovers, venture capital, corporate finance, board of directors, and earnings management. The majority of the works published in JCF are grouped among the most frequently appearing keywords. In terms of their spatial affinity, the word corporate governance is closely linked to executive compensation. It indicates that discussions on corporate governance in JCF articles frequently lead to discussions involving executive compensation. Similarly, the co-occurrences of capital structure with leverage, financial distress,

bankruptcy,

financial

constraints,

and

investment

perspectives of the theme in JCF articles. (Insert Figure 9 about here)

5. Conclusions 21

indicate

the

specialized

Journal Pre-proof Our study offers a scientometric analysis of JCF between 1994 and 2018. Below are key findings from our study.

Over the 25-year period, JCF published 1,401 documents,

mainly articles, receiving 47,905 citations. The findings show substantial growth in published works and citations. JCF published about 86% of its works since 2005. About half of JCF papers have more than 10 citations each. A considerable portion of the publications in JCF, about 83%, are collaborative in nature with majority of the collaborations are by two or three authors. Among the most cited publications, Demsetz and Villalonga’s “Ownership Structure

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and Corporate Performance” (2001) occupies the top position among JCF publications with 1,291 citations. Corporate governance is by far the leading theme in JCF in terms of total

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publications and total citations.

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The top JCF contributors are Luc Renneboog closely followed by Douglas J.

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Cumming and Marc Goergen. The top institutions affiliated with JCF authors are Tilburg University, University of Georgia, and University of Manchester. Although JCF authors are

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most commonly affiliated with the United States and United Kingdom, 60% of the leading

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institutions affiliated with authors publishing in JCF are based outside of the United States.

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Among the top authors’ affiliated nations, the United States, the United Kingdom, and Canada occupies top positions in all the five-years periods of JCF between 1994 and 2018. Authors publishing in JCF cite JCF works most, followed by those publishing in the Journal of Banking and Finance and Corporate Ownership and Control. Network analysis groups the publications into nine main clusters and presents the cluster dynamics. With 309 publications and 12,399 citations, Cluster 3 on corporate governance and firm performance dominates the bibliographic coupling network of JCF works followed by Cluster 1 on venture capital and IPOs. Cluster 4 on corporate restructuring and M&As has the highest average growth in the number of publications followed by Clusters 9 and 8 involving CSR and corporate diversification and firm valuation. The

22

Journal Pre-proof evolution of finance topics over the journal’s history reveals that eight of the nine clusters emerged during the early years of JCF. Although discussions on corporate restructuring and M&As dominated between 1994 and 1998, corporate governance and firm performance gained prominence in the later years. The most frequently cited articles in JCF are by Jensen and Meckling (1976), Jensen (1986), and Djankov et al. (2008). Co-citation analysis of the journals reveals that the Journal of Financial Economics, Journal of Finance, American Economic Review, and Journal of

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Economic Perspectives are among the most cited sources in JCF articles. Bibliographic coupling of JCF authors reveals six intellectual clusters. Luc Renneboog and Marc Goergen

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have co-authored the most publications indicating that they exhibit the most intellectual

institutions

suggests

that

institutions

in

geographical proximity

use

similar

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affiliated

e-

cohesion followed by Michael Firth and Oliver Rui. Bibliographic coupling of JCF authors’

intellectual resources. Bibliographic coupling of JCF authors’ affiliated countries reveals

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their intellectual association. The United States is positioned in the center of intellectual

rn

influence followed by the United Kingdom, China, Canada, and Australia.

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Co-occurrence of authors’ specified keywords identifies the spatial links among the major discussions in JCF works. The word corporate governance is closely linked to executive compensation indicating that discussions on corporate governance often lead to those involving executive compensation. In conclusion, during its first quarter of a century, JCF has emerged as an important academic outlet in corporate finance as documented by its growth in the number of publications and citations. The current study offers useful insights about JCF’s growth and development. Its primary contribution is providing an in-depth analysis of JCF’s content, which may help its global readers gain a comprehensive overview of the journal’s evolution during its first 25 years and its board members to shape JCF’s editorial policy and future

23

Journal Pre-proof strategy. The study also provides a methodological and structural example for this genre of research in the future. Its key limitation is restricting the source of bibliometric data to

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rn

al

Pr

e-

pr

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Scopus. Including data from other sources could alter the results and justify additional study.

24

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28

Journal Pre-proof Table 1. Citation structure of JCF publications between 1994 and 2018 This table shows JCF’s annual citation structure between 1994 and 2018. It also shows the total number of JCF publications (TP), number of cited publications (NCP), total citations (TC), average citations per publication (C/P), average citations per cited publication (C/CP), and h-index (h). The remaining seven columns show the number of JCF publications with at least 1000, 500, 250, 100, 50, 10, and 1 citation(s), respectively. Year TP

NCP

TC

C/P

C/CP

h

Publications with citations ≥ 1000 500 250 100 50

10

1

11

10

845

76.82

84.50

10

0

0

0

3

7

10

10

1995

14

14 1,171

83.64

83.64

11

0

0

0

5

8

12

14

1996

11

11

31.73

31.73

9

0

0

0

1

3

9

11

1997

12

11 1,360 113.33 123.64

9

0

1998

16

15

51.40

11

1999

17

17 1,892 111.29 111.29

14

2000

17

16 2,231 131.24 139.44

14

2001

18

18 3,249 180.50 180.50

2002

21

20 1,709

85.45

2003

28

2004

1

5

9

11

0

0

0

4

5

12

15

0

1

2

6

11

15

17

0

pr

2

2

5

10

15

16

16

1

1

3

9

11

16

18

17

e-

0

0

2

4

8

20

20

28 2,832 101.14 101.14

18

1

1

2

8

10

24

28

32

31 3,447 107.72 111.19

23

0

1

4

10

17

28

31

2005

45

45 3,713

82.51

29

0

0

1

16

24

42

45

2006

35

35 4,145 118.43 118.43

28

0

1

5

12

19

34

35

2007

47

46 3,966

84.38

86.22

34

0

1

3

13

23

43

46

2008

50

48 3,961

79.22

82.52

33

0

1

3

11

27

44

48

2009

40

39 1,683

42.08

43.15

24

0

0

0

3

10

34

39

2010

47

46 1,643

34.96

35.72

23

0

0

0

3

11

39

46

2011

96

95 3,637

37.89

38.28

36

0

0

0

6

23

84

95

2012

77

74 1,809

23.49

24.45

22

0

0

1

2

3

60

74

2013

75

71 1,032

13.76

14.54

18

0

0

0

1

2

38

71

2014 123

117 1,251

10.17

10.69

17

0

0

0

0

2

46 117

2015 112

105

801

7.15

7.63

14

0

0

0

0

1

26 105

2016 140

95

302

2.16

3.18

7

0

0

0

0

0

3

95

2017 168

53

104

0.62

1.96

4

0

0

0

0

0

1

53

2018 148

2

2

0.01

1.00

1

0

0

0

0

0

0

2

48.19

81.38

al

82.51

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771

29

oo

1

Pr

1

rn

349

f

1994

Journal Pre-proof Table 2. The 25 most frequently cited JCF articles published between 1994 and 2018 This table lists the 25 most frequently cited JCF articles between 1994 and 2018. Besides showing the total citations (TC) associated with these publications, the table also presents the title, author(s), publication year, and the average cites per year (CPY).

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rn

al

CPY 75.94

2003

74.53

1997

45.62

2004

64.64

Miller D., Le Breton-Miller I., Lester R. H., Cannella Jr. A. A. Jeng L. A., Wells P. C. Bhagat S., Bolton B. Maury B.

2007

66.73

2000

38.39

2008

62.70

2006

48.00

Short H., Keasey K.

1999

28.58

Mulherin J. H., Boone A. L. Chung R., Firth M., Kim J. B. Chen G., Firth M., Gao D. N., Rui O. M. Farrell K. A., Hersch P. L. Goyal V. K., Park C. W. De Miguel A., Pindado J.

2000

28.56

2002

26.56

2006

35.00

2005

32.31

2002

26.06

2001

23.53

2006

29.58

2008

35.30

oo

Pr

691 “The Determinants of Venture Capital Funding: Evidence Across Countries” 627 “Corporate Governance and Firm Performance” 576 “Family Ownership and Firm Performance: Empirical Evidence from Western European Corporations” 543 “Managerial Ownership and the Performance of Firms: Evidence from the UK” 514 “Comparing Acquisitions and Divestitures” 425 “Institutional Monitoring and Opportunistic Earnings Management” 420 “Ownership Structure, Corporate Governance, and Fraud: Evidence from China” 420 “Additions to Corporate Boards: The Effect of Gender” 417 “Board Leadership Structure and CEO Turnover” 400 “Determinants of Capital Structure: New Evidence from Spanish Panel Data” 355 “CEO Compensation, Director Compensation, and Firm Performance: Evidence of Cronyism?” 353 “Large Shareholders and Firm Performance: An Empirical 30

Year 2001

pr

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905 “Corporate Governance, Investor Protection, and Performance in Emerging Markets” 734 “Are Family Firms Really Superior Performers?”

Author(s) Demsetz H., Villalonga B. Xie B., Davidson III W. N., Dadalt P. J. Brickley J. A., Coles J.L., Jarrell G. Klapper L. F., Love I.

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TC Title 1,291 “Ownership Structure and Corporate Performance” 1,118 “Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee” 958 “Leadership Structure: Separating the CEO and Chairman of the Board”

Brick I. E., Palmon O., Wald J. K. Andres C.

Journal Pre-proof

291

277

31

CPY

29.00

2007

29.18

Gillan S. L.

2006

26.75

Park Y. W., Shin H. H. Martin J. D., Sayrak A.

2004

21.57

2003

19.53

2001

17.24

2012

48.50

2004

19.79

f

2006

oo

293

Year

Firth M., Fung P. M. Y., Rui O. M. Liu Q., Lu Z. J.

Mak Y. T., Li Y.

pr

293

Author(s)

Erkens D. H., Hung M., Matos P.

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302

Pr

321

al

321

rn

348

Title Examination of Founding-family Ownership” “Corporate Performance and CEO Compensation in China” “Corporate Governance and Earnings Management in the Chinese Listed Companies: A Tunnelling Perspective” “Recent Developments in Corporate Governance: An Overview” “Board Composition and Earnings Management in Canada” “Corporate Diversification and Shareholder Value: A Survey of Recent Literature” “Determinants of Corporate Ownership and Board Structure: Evidence from Singapore” “Corporate Governance in the 20072008 Financial Crisis: Evidence from Financial Institutions Worldwide” “Investigating the Economic Role of Mergers”

Jo u

TC

Andrade G., Stafford E.

Journal Pre-proof Table 3. Main themes included in JCF between 1994 and 2018 This table lists the main themes included in JCF between 1994 and 2018. It also shows the total number of JCF publications classified under the respective theme (TP), total citations associated with these publications (TC), and average cites per publication (C/P). The remaining five columns (P1, P2, P3, P4, and P5) depict the temporal evolution of the themes over five periods (1994-1998, 1999-2003, 2004-2008, 2009-2013, and 2014-2018, respectively) and presents the respective count of publications for each period.

rn

f

pr

Pr 32

P1 5 3 2 4 1 0 1 3 0 3 0 3 1 1 1 2 2 3 1 0 0 0 0 0 0

oo

C/P 62.14 31.57 31.46 18.95 64.89 28.30 59.67 107.18 12.80 107.86 37.93 52.04 47.64 11.93 23.93 18.56 37.93 44.42 23.83 54.63 95.75 17.29 23.71 41.78 16.39

e-

TC 13,423 2,273 1,856 777 2,401 1,047 2,148 3,644 384 3,128 1,062 1,457 1,334 322 646 501 1,024 1,066 572 1,311 2,298 415 569 961 377

al

TP 216 72 59 41 37 37 36 34 30 29 28 28 28 27 27 27 27 24 24 24 24 24 24 23 23

Jo u

Theme Corporate governance Capital structure Executive compensation Mergers and acquisitions Firm performance China Venture capital Ownership structure Cash holdings Earnings management Investment Initial public offerings Acquisitions Information asymmetry Dividends Financial distress Agency costs Takeovers Underpricing Private equity Family firms Financial constraints Firm value Performance Payout policy

P2 11 5 3 14 4 0 2 4 1 2 2 2 2 1 3 4 1 3 0 0 1 0 0 2 0

P3 51 7 11 4 7 3 6 11 0 2 7 7 2 1 3 3 6 6 8 6 4 2 2 4 2

P4 58 23 12 5 10 6 13 2 9 7 4 8 10 6 11 7 7 5 3 10 3 9 6 4 9

P5 91 34 31 21 15 28 14 14 20 15 15 8 13 18 9 11 11 7 12 8 16 13 16 13 12

Journal Pre-proof Table 4. The top JCF authors between 1994 and 2018 This table lists the top JCF authors with at least three publications and 400 citations between 1994 and 2018. It also shows the institution and country affiliated with the author, total number of JCF publications by each author (TP), total citations associated with these publications (TC), citations per publication (C/P), and h-index (h). The remaining five columns refer to the number of publications with at least 500, 250, 100, 50, and 25 citations, respectively.

Author

Institution

Country

Renneboog L.

Tilburg University

Netherlands

Cumming D. J.

Florida Atlantic University

United States

Goergen M.

Cardiff University

Boubakri N. Guedhami O. Wei K. C. J. Firth M. Saffar W. Mulherin J. H. Liu Q.

American University of Sharjah University of South Carolina Hong Kong Polytechnic University Lehigh University American University of Sharjah

Wright M.

Imperial College London

Boone A. L. McConnell J. J. Rui O. M. Keasey K.

TP

f o

TC

o r p

C/P

19

1,276

67.16

14

786

56.14

14

430

30.71

12 11 10 9 8

583 493 905 1,555 400

United States

7

Texas Christian University

Australia United Kingdom United States

Purdue University CEIBS The University of Leeds

University of Georgia Curtin University

J

0

1

5

11

12

0

1

3

4

5

8

0

0

2

3

5

48.58 44.82 90.50 172.78 50.00

6 5 7 8 5

0 0 0 0 0

0 0 0 3 0

3 3 4 5 2

3 3 6 6 2

4 5 7 7 3

603

86.14

4

1

1

1

2

3

7

467

66.71

6

0

1

1

2

2

6

609

101.50

4

0

1

3

3

4

6

559

93.17

4

1

1

1

1

2

United States

6

437

72.83

5

0

0

2

3

3

China United

5 5

867 754

173.40 150.80

4 4

0 1

2 1

2 2

3 2

4 2

e

r P

United Kingdom UAE United States Hong Kong United States UAE

l a n

r u o

h 1 2 1 0

Publications with citations ≥ 500 250 100 50 25

33

Journal Pre-proof

Author Farrell K. A. Wald J. K. Cosset J. C. Andres C. Bhagat S. Denis D. J. Qiu J. Kim J. B. Gillan S. L. Brickley J. A. Klapper L. F. Shin H. H. Hersch P. L. Pindado J. Goyal V. K. Mak Y. T.

Institution University of Nebraska-Lincoln University of Texas at San Antonio HEC Montréal WHU University of Colorado University of Pittsburgh McMaster University City University of Hong Kong University of Georgia University of Rochester The World Bank Yonsei University Wichita State University Universidad de Salamanca Hong Kong University of Science and Technology National University of Singapore

TP

TC

C/P

h

5 5 5 5 4 4 4 4 4 3 3 3 3 3

495 472 466 415 749 596 515 449 442 1,084 908 617 475 466

99.00 94.40 93.20 83.00 187.25 149.00 128.75 112.25 110.50 361.33 302.67 205.67 158.33 155.33

4 4 4 4 4 4 3 2 3 3 2 3 2 3

0 0 0 0 1 0 0 0 0 1 1 0 0 0

1 1 0 1 1 1 0 1 1 1 1 2 1 1

1 1 2 1 1 3 3 1 1 1 1 2 1 1

2 2 2 1 2 4 3 1 2 2 1 2 2 2

2 4 3 2 2 4 3 1 3 3 1 3 2 2

Hong Kong

3

459

153.00

3

0

1

1

1

2

Singapore

3

417

139.00

3

0

1

2

2

2

l a n

r u o

J

Country Kingdom United States United States Canada Germany United States United States Canada Hong Kong United States United States United States South Korea United States Spain

Publications with citations ≥ 500 250 100 50 25

o r p

e

r P

34

f o

Journal Pre-proof Table 5. The top 25 institutions affiliated with JCF authors between 1994 and 2018 This table lists the 25 top institutions affiliated with JCF authors between 1994 and 2018. It also shows the country of the institution, total number of JCF publications (TP), number of cited publications (NCP), total citations of these publications (TC), citations per publication (C/P), and the h-index (h). The last five columns show the number of publications with at least 250, 200, 100, 50, and 25 citations, respectively.

Institution Tilburg University University of Georgia University of Manchester Hong Kong University of Science and Technology New York University City University of Hong Kong Florida State University York University University of New South Wales Cardiff University Renmin University China Hong Kong Polytechnic University University of South Carolina University of Pittsburgh Chinese University of Hong Kong University of Hong Kong University of Pennsylvania, Wharton School Peking University Fordham University

Country Netherlands United States United Kingdom

f o

NCP 26 23 22

TC 1,043 449 421

C/P 40.12 17.27 16.19

Hong Kong

23

20

1,178

51.22

14

1

1

5

9

11

United States Hong Kong United States Canada Australia United Kingdom China Hong Kong United States United States Hong Kong Hong Kong

r u o

23 22 22 21 20 20 20 19 19 18 17 16

21 20 20 20 16 19 20 16 19 16 13 13

312 644 299 499 487 385 258 1,050 536 494 809 549

13.57 29.27 13.59 23.76 24.35 19.25 12.90 55.26 28.21 27.44 47.59 34.31

9 12 11 10 11 10 9 8 12 9 9 10

0 0 0 0 0 0 0 2 0 0 1 0

0 0 0 0 0 0 0 3 0 0 2 1

0 3 0 1 1 0 0 4 1 1 3 1

2 4 0 2 4 2 1 4 3 1 4 3

4 6 5 6 6 5 2 4 7 7 6 6

United States

16

14

421

26.31

8

0

0

1

3

6

China United States

16 16

11 14

411 160

25.69 10.00

7 6

0 0

0 0

1 0

4 1

6 2

l a n

J

e

r P

35

o r p

h 16 12 10

Publications with citations ≥ 250 200 100 50 25 0 0 1 8 14 0 0 0 2 6 0 0 0 4 5

TP 26 26 26

Journal Pre-proof

Institution Ohio State University Erasmus University Rotterdam Vanderbilt University National University of Singapore Boston College Nanyang Technological University

Country United States Netherlands United States Singapore United States Singapore

TP 15 15 14 14 14 14

l a n

NCP 12 12 14 14 14 14

TC 329 311 415 371 348 155

r u o

J

36

h 8 8 10 8 8 8

f o

o r p

e

r P

C/P 21.93 20.73 29.64 26.50 24.86 11.07

Publications with citations ≥ 250 200 100 50 25 0 0 1 3 3 0 0 0 2 4 0 0 0 4 5 0 0 1 2 4 0 0 1 2 4 0 0 0 0 1

Journal Pre-proof Table 6-A. The top 25 countries affiliated with JCF authors between 1994 and 2018 This table presents the top 25 countries affiliated with JCF authors between 1994 and 2018. It also shows the total number of JCF publications (TP), total citations associated with these papers (TC), citations per publication (C/P), and h-index (h). The remaining five columns show the number of publications with at least 250, 200, 100, 50, and 25 citations, respectively. Publications with citations ≥ Country

TP

TC

C/P

h

250

200

100

50

25

862

22,336

25.91

72

10

12

33

106

224

United Kingdom China

185 122

4,007 2,512

21.66 20.59

37 29

1 1

1 1

7 7

26 15

41 26

Canada

102

2,950

28.92

26

1

1

8

15

25

Australia

90

1,317

14.63

23

0

0

2

6

17

Hong Kong

83

2,938

35.40

26

3

5

8

16

25

Netherlands

56

1,521

27.16

France Germany Italy Singapore

52 44 37 34

550 815 806 601

10.58 18.52 21.78 17.68

Belgium

28

825

South Korea

27

Spain

20

Finland

19

Taiwan Japan

0

0

2

10

19

15 16 15 14

0 0 0 0

0 1 0 0

0 1 2 1

2 3 6 2

4 6 9 6

29.46

15

0

0

2

4

9

540

20.00

13

0

0

1

2

4

563

28.15

10

0

1

1

4

5

680

35.79

8

1

1

2

3

3

17 17

242 85

14.24 5.00

6 6

0 0

0 0

0 0

3 0

3 1

16

347

21.69

8

0

0

1

3

3

14

211

15.07

7

0

0

1

1

1

14

208

14.86

6

0

0

1

1

2

Lebanon

13

246

18.92

7

0

0

1

1

3

Brazil UAE

11 11

153 83

13.91 7.55

7 5

0 0

0 0

0 0

0 0

2 2

Norway

9

265

29.44

5

0

0

1

2

3

Sweden

9

27

3.00

3

0

0

0

0

0

Israel Denmark

Pr

al

Jo u

Switzerland

e-

24

rn

pr

oo

f

United States

37

Journal Pre-proof Table 6-B. The top countries affiliated with JCF authors between 1994 and 2018 This table presents the top countries affiliated with JCF authors between 1994 and 2018 spread over 5-year periods. It also shows the total number of JCF publications (TP), number of contributing authors of the publications (NCA), total citations associated with these papers (TC), citations per contributing author (C/CA), and citations per publication (C/P).

United States United Kingdom Hong Kong Canada China United States United Kingdom China Australia Canada

TC

C/CA

38

C/P

22.94 11.13 17.50 19.40 0.20 16.00 1.00

44.66 29.67 35.00 48.50 0.50 40.00 1.50

5,100 1,011 193 701 91 110 280 235

39.84 45.95 21.44 70.10 30.33 18.33 46.67 33.57

77.27 84.25 32.17 116.83 30.33 36.67 93.33 78.33

8,711 1,512 1,913 1,617 802

26.80 28.53 39.85 40.43 27.66

60.49 65.74 100.68 95.12 72.91

5,770 1,113 1,143 677 1,122

10.91 12.23 16.33 10.58 17.26

26.35 31.80 45.72 29.43 51.00

3598 319 274 193 155

3.69 0.25 0.26 0.33 0.24

9.70 2.93 3.11 3.06 3.04

pr

oo

f

2,501 89 70 97 1 80 3

Pr

al

United States United Kingdom Canada Hong Kong Netherlands

rn

United States United Kingdom Canada Hong Kong Australia Netherlands Singapore Switzerland

NCA 1994-1998 56 109 3 8 2 4 2 5 2 5 2 5 2 3 1999-2003 66 128 12 22 6 9 6 10 3 3 3 6 3 6 3 7 2004-2008 144 325 23 53 19 48 17 40 11 29 2009-2013 219 529 35 91 25 70 23 64 22 65 2014-2018 371 974 109 1,253 88 1,045 63 589 51 634

Jo u

United States Hong Kong Australia Canada Israel Taiwan United Kingdom

TP

e-

Country

Journal Pre-proof Table 7. The top 25 journals citing JCF papers between 1994 and 2018

AJG Rating

Journal of Corporate Finance

938

4

Journal of Banking and Finance

448

3

Corporate Ownership and Control

433

NA

Corporate Governance: An International Review

276

3

Journal of Financial Economics

271

4*

Journal of Business Ethics

pr

247

3

222

3

218

2

207

3

Emerging Markets Finance and Trade

203

2

Managerial Finance

196

1

Review of Quantitative Finance and Accounting

189

3

Journal of Financial and Quantitative Analysis

181

4

Review of Financial Studies

164

4*

Financial Management

159

3

Accounting and Finance

151

2

Research in International Business and Finance

149

2

International Review of Economics and Finance

147

2

Journal of Business Research

140

3

European Financial Management

137

3

Applied Economics

137

2

Journal of Management and Governance

136

1

Corporate Governance (Bingley)

136

NA

Sustainability

130

NA

Journal of Finance

122

4*

International Review of Financial Analysis Pacific Basin Finance Journal

Jo u

rn

al

Pr

Journal of Business Finance and Accounting

39

oo

Journal

f

TC

e-

This table lists the 25 journals citing the most JCF publications between 1994 and 2018 where TC equals total citations associated with these journals. Here NA = Not available. AJG rating 4* indicates journals globally recognized as exemplars of academic excellence; rating 4 signifies journals publishing the most original and best research; rating 3 represents journals publishing original and well-executed research; rating 2 includes journals publishing original research of an acceptable standard; and rating 1 indicates recognized journals but publishing more modest standard research.

Journal Pre-proof Table 8. Overview of the nine clusters of JCF articles This table lists the nine clusters, their central focus, and major topics explored by the publications in each cluster. Here, TP = total number publications and TC = total citations. Cluster

1

Cluster focus

Private equity and IPOs

Major topics explored

Most cited articles

Private equity, IPOs, entrepreneurial finance, and underpricing

TP Authors 202 Jeng L. A., Wells P. C.

Title “The Determinants of Venture Capital Funding: Evidence Across Countries”

Year 2000

TC 415

“Entrepreneurial Finance: An Overview of the Issues and Evidence”

2004

168

Cumming D. J., Siegel D. S., Wright M. Li K., Griffin D., Yue H., Zhao L.

“Private Equity, Leveraged Buyouts and Governance”

2007

157

2

Corporate risk and mitigation

n r u

Risk management, hedging, hedge funds, financial crisis, and financial distress

o J

57

“How Does Culture Influence Corporate Risk-taking?”

2013

107

Almeida H., Campello M., Weisbach M. S. Kim Y. S., Mathur I., Nam J.

“Corporate Financial and Investment Policies When Future Financing Is Not Frictionless”

2011

70

“Is Operational Hedging a Substitute for or a Complement to Financial Hedging?”

2006

66

o r p

e

r P

Denis D. J.

al

f o

40

Journal Pre-proof Cluster

3

4

Cluster focus

Corporate governance and executive compensation

Corporate restructuring and M&As

Major topics explored

Corporate governance, Executive/CEO compensation, managerial incentives, CEO turnover, and firm performance

Family firms, corporate governance and ownership structure

TP Authors 309 Demsetz H., Villalonga B.

l a n

M&As, acquisitions, mergers, takeovers, takeover premiums, and acquisition premium

r u o

J 5

Most cited articles

Family firms, corporate governance, ownership structure, investment, firm performance, and China

Year 2001

TC 786

“Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee”

2003

783

“Leadership Structure: Separating the CEO and Chairman of the Board”

1997

576

“Comparing Acquisitions and Divestitures”

2000

295

Andrade G., Stafford E.

“Investigating the Economic Role of Mergers”

2004

161

Ghosh A.

“Does Operating Performance Really Improve Following Corporate Acquisitions?”

2001

145

“Corporate Governance, Investor Protection, and Performance in Emerging Markets”

2004

623

Xie B., Davidson III W. N., Dadalt P. J. Brickley J. A., Coles J. L., Jarrell G.

Title “Ownership Structure and Corporate Performance”

o r p

e

r P

166 Mulherin J. H., Boone A. L.

195 Klapper L. F., Love I.

41

f o

Journal Pre-proof Cluster

Cluster focus

Major topics explored

Most cited articles TP

6

7

Capital structure and corporate finance

Dividend policy

Capital structure, corporate finance, debt, leverage, and convertible bonds

J

Payout policy, dividends, dividend policy, share repurchases, and agency cost

78

Title “Are Family Firms Really Superior Performers?”

r P

Flannery M. J., Hankins K. W.

Year 2007

TC 509

“Family Ownership and Firm Performance: Empirical Evidence from Western European Corporations”

2006

392

“Determinants of Capital Structure: New Evidence from Spanish Panel Data”

2001

234

“Estimating Dynamic Panel Models in Corporate Finance”

2013

166

2003

121

f o

o r p

e

178 De Miguel A., Pindado J.

l a n

r u o

Authors Miller D., Le Breton-Miller I., Lester R. H., Cannella Jr. A. A. Maury B.

Barclay M. J., “The Joint Determination of Leverage and Marx L. M., Maturity” Smith Jr. C. W. Short H., Zhang H., Keasey K.

“The Link Between Dividend Policy and Institutional Ownership”

2002

144

Banyi M. L., Dyl E. A., Kahle K. M.

“Errors in Estimating Share Repurchases”

2008

66

42

Journal Pre-proof Cluster

Cluster focus

Major topics explored

Most cited articles TP

8

Corporate diversification and firm valuation

Cash holdings, diversification, firm value, and institutional investors

81

Authors Goergen M., Renneboog L., Correia da Silva L. Martin J. D., Sayrak A.

Year 2005

TC 65

“Corporate Diversification and Shareholder Value: A Survey of Recent Literature”

2003

182

“Financing Constraints and Internal Capital Markets: Evidence from Korean 'Chaebols'”

1999

180

Han S., Qiu J.

“Corporate Precautionary Cash Holdings”

2007

149

Corporate social responsibility

Corporate governance, corporate social responsibility, innovation, corporate innovation, and R&D

J

r u o

l a n 70

Renneboog L., Ter Horst J., Zhang C.

“The Price of Ethics and Stakeholder Governance: The Performance of Socially Responsible Mutual Funds”

2008

209

An H., Zhang T.

“Stock Price Synchronicity, Crash Risk, and Institutional Investors”

2013

65

Huseynov F., Klamm B. K.

“Tax Avoidance, Tax Management and Corporate Social Responsibility”

2012

55

r P

43

f o

o r p

e

Shin H. H., Park Y. S.

9

Title “When Do German Firms Change Their Dividends?”

Journal Pre-proof Table 9. Evolution of the nine JCF clusters This table shows the evolution of the nine JCF clusters by year between 1994 and 2018. The cluster development is based on the bibliographic coupling of JCF documents.

al

44

oo

f

6 0 0 0 1 5 1 2 2 4 4 0 3 0 3 4 6 7 9 13 14 28 11 18 25 18 178 2,440

pr

e-

4 0 0 5 4 2 2 7 4 1 5 5 5 1 5 8 14 4 14 8 16 16 7 8 13 12 166 3,270

Cluster 5 0 0 0 2 2 3 0 1 1 1 3 8 6 5 9 3 5 16 11 8 15 33 15 28 20 195 7,493

Pr

2 3 0 0 0 0 1 2 0 2 0 3 0 9 0 5 0 7 1 8 0 3 1 8 2 14 1 16 1 9 0 13 0 9 2 16 2 29 6 14 2 9 6 30 3 21 11 19 10 33 8 30 57 309 737 12,399

rn

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total papers Citations

1 0 0 3 2 3 0 1 2 2 6 12 9 8 17 6 5 6 7 14 10 9 17 21 22 20 202 4,711

Jo u

Year

7 0 0 0 1 0 1 0 0 1 2 1 3 0 1 4 1 4 8 6 9 8 7 8 6 7 78 1,133

8 0 0 0 0 1 1 2 2 3 7 2 1 3 5 3 1 3 10 2 5 7 4 4 9 6 81 1,775

9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 0 0 1 2 2 4 9 20 11 19 70 973

Journal Pre-proof Table 10. Top 25 articles cited in JCF This table ranks the 25 most cited articles in JCF between 1994 and 2018. It also shows the author(s) of the document, title, publication year, the publishing journal, total citations (TC) in JCF, and co-citation links (CoL) indicating the number of papers with which the document is co-cited in JCF. Author(s)

Title

Year

Journal

TC

CoL

Jensen, M. C., Meckling, W. H. Jensen, M. C.

“Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure” “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers” “The Law and Economics of Self-dealing”

1976

Journal of Financial Economics

59

47

American Economic Review

56

48

2008

Journal of Financial Economics

51

41

2003

Quarterly Journal of Economics

48

38

2009

Review of Financial Studies

48

38

1985

Journal of Political Economy

45

22

1980

Econometrica

44

22

1998

Journal of Political Economy

39

32

1984

Journal of Financial Economics

39

29

2007

Journal of Financial Economics

33

32

2009

Review of Financial Studies

Djankov, S., La Porta, R., Lopez-de-silanes, F., Shleifer, A. Gompers, P., Ishii, J., Metrick, “Corporate Governance and Equity Prices” A. Petersen, M. A. “Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches” Demsetz, H., Lehn, K. “The structure of Corporate Ownership: Causes and Consequences” White, H. “A Heteroskedasticity-consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity” La Porta, R., Lopez-de-silanes, “Law and Finance” F., Shleifer, A., Vishny, R. W. Myers, S. C., Majluf, N. S. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have” Dittmar, A., Mahrt-Smith, J. “Corporate Governance and the Value of Cash Holdings” Bebchuk, I., Cohen, A., “What Matters in Corporate Governance?” Ferrell, A.

al

rn

u o

J

45

o r p

1986

e

r P

f o

32

24

Journal Pre-proof Author(s)

Title

Year

Journal

TC

CoL

Chen, X., Harford, J., Li, K. Heckman, J.

“Monitoring: Which Institutions Matter?”

2007

32

22

1979

32

18

Myers, S. C.

“Sample Selection Bias as a Specification Error” “Determinants of Corporate Borrowing”

Journal of Financial Economics Econometrica

29

24

Fama, E. F., French, K. R.

“Industry Costs of Equity”

1997

26

21

Andrade, G., Mitchell, M., Stafford, E. Fama, E. F., French, K. R.

“New Evidence and Perspectives on Mergers” “Common Risk Factors in the Returns on Stocks and Bonds” “Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction” “Additional Evidence on Equity Ownership and Corporate Value” “The Determinants and Implications of Corporate Cash Holdings” “Illiquidity and Stock Returns: Cross-section and Time-series Effects” “Enjoying the Quiet Life? Corporate Governance and Managerial Preferences” “Managing with Style: The Effect of Managers on Firm Policies” “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models” “Separation of Ownership and Control”

2001

24

19

24

19

24

18

24

15

24

18

2002

Journal of Financial Economics Journal of Financial Economics Journal of Economic Perspectives Journal of Financial Economics Journal of Financial Economics Journal of Financial Economics Journal of Financial Economics Journal of Financial Markets

23

21

2003

Journal of Political Economy

23

22

2003

22

16

1998

Quarterly Journal of Economics Journal of Economics

22

18

1983

Journal of Law and Economics

21

16

Malmendier, U., Tate, G. McConnell, J., Servaes, H. Opler, T., Pinkowitz, L., Stulz, R., Williamson, R. Amihud, Y. Bertrand, M., Mullainathan, S. Bertrand, M., Schoar, A. Blundell, R., Bond, S. Fama, E. F., Jensen, M. C.

l a n

46

2008 1990 1999

f o

ro

-p

1993

e r P

ur

o J

1977

Journal Pre-proof

168 140

148

123 112 97 77 75

47 50

45

oo

f

47

e-

pr

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

21 16 17 17 18 11 14 11 12

35

28 32

40

Pr

Figure 1. Distribution of JCF publications between 1994 and 2018

Jo u

rn

al

This figure shows the annual distribution of JCF publications between 1994 and 2018.

47

Journal Pre-proof

527

456

241

2

3

4

6 5

e-

1

pr

oo

f

170

Pr

Figure 2. Distribution of JCF publications by the number of authors between 1994 and 2018

Jo u

rn

al

This figure shows the number of JCF publications written by 1, 2, 3, 4, or 5 authors between 1994 and 2018.

48

pr

oo

f

Journal Pre-proof

e-

Figure 3. Major themes discussed in JCF between 1994 and 2018

Jo u

rn

al

Pr

Using ‘tm’, ‘String R’, ‘word cloud’, and ‘dplyr’ packages for data-analytics in R, this figure shows the most frequent words in JCF titles published between 1994 and 2018. Centrality and size of the words indicate prominence of the respective theme.

49

Journal Pre-proof Cluster 2

Cluster 3

Cluster 4

Cluster 5

Cluster 6

Cluster 7

Cluster 8

Cluster 9

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Figure 4. Comparative word clouds of the nine bibliographic clusters of JCF publications Using ‘tm’, ‘String R’, ‘word cloud’, and ‘dplyr’ packages for data-analytics in R, this figure presents the comparative word clouds formed by the most frequent words in the titles of the network Clusters 1 through 9.

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Figure 5. Co-citation of the journals in JCF between 1994 and 2018

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Using VOSviewer and Gephi software, this figure shows the co-citation of journals in JCF between 1994 and 2018 cited at least 200 times.

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Figure 6. Bibliographic coupling of JCF authors between 1994 and 2018

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Using VOSviewer and Gephi software, this figure shows the bibliographic coupling of JCF authors publishing at least five works and cited at least 100 times between 1994 and 2018.

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Figure 7. Bibliographic coupling of institutions affiliated with JCF authors

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Using VOSviewer and Gephi software, this figure shows the bibliographic coupling of institutions affiliated with JCF authors publishing at least three works and cited at least 100 times between 1994 and 2018.

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Figure 8. Bibliographic coupling of the countries affiliated with JCF authors between 1994 and 2018 Using VOSviewer and Gephi software, this figure shows the bibliographic coupling of countries affiliated with JCF authors publishing at least five works and cited at least 100 times between 1994 and 2018.

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Figure 9. Co-occurrence of the keywords in JCF between 1994 and 2018 Using VOSviewer and Gephi software, this figure shows the co-occurrence of the keywords appearing at least 20 times in JCF works published between 1994 and 2018.

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Journal Pre-proof Appendix 1. Special issues and (or) sections published in JCF between 1994 and 2019 This table presents the special issues and (or) sections published in JCF between 1994 and 2019. Along with the information pertaining to the volume and issue number of the JCF series, the table also provides the title/theme of the special issue or section and the editors. Issue

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Special Issue/Section's Theme/Title

2003 “Market Microstructure and Corporate Finance” 2004 “Venture Capital, Initial Public Offerings, and Entrepreneurial Finance” 2007 “Private Equity, Leveraged Buyouts, and Corporate Governance”

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2008 “Contractual Corporate Governance European Corporate Governance Institute (ECGI) Symposium on Contractual Corporate Governance” 2009 “Special Issues on Corporate Control, Mergers, and Acquisitions”

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2011 “Corporate Finance and Governance in Emerging Markets – Conference on Corporate Finance and Governance in Emerging Markets” 2012 “Financial and Real Effects of Alternative Investments”

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2012 “Contemporary Corporate Finance Research on South America” 2014 “Convertible Bond Financing Special Issue” 2019 “Islamic Corporate Finance, Financial Markets, and Institutions” 2019 “Corporate Governance in Multinational Enterprises”

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Editor Lipson, M. Denis, D. J. Cumming, D. J., Jensen, M. C., Siegel, D., Wright, M. Goergen, M., Renneboog, L.

Stegemoller, M. Fan, J. P. H., Wei, K. C. J., Xu, X. Shawky, H., Siegel, D. S., Wright, M. Campello, M. Lewis, C., Veld, C. Megginson, W., Alzahrani, M. Filatotchev, I., Poulsen, A., Bell, G.

Journal Pre-proof Appendix 2. Twenty-five years of JCF – An overview This table presents a summary of 25 years of research published in JCF using important bibliometric indicators. Here TP = total number of JCF publications, NCP = number of cited publications, PCP = proportion of cited publications, TC = total citations, C/P = average citations per publication, C/CP = average citations per cited publication, SA = sole-authored documents, and CA = co-authored documents. Figures in parentheses represent the respective counts or percentage of articles.

TP NCP PCP TC C/P C/CP SA CA Top themes published in JCF

1994 – 1998 64 61 95.31% 4,496 70.25 73.70 17 (26.56%) 47 (73.44%) Corporate control Corporate governance Franchising

1999 – 2003 101 99 98.02% 11,913 117.95 120.33 30 (29.70%) 71 (70.30%) Corporate governance Capital structure

2004 – 2008 209 205 98.09% 19,232 92.02 93.81 47 (22.49%) 162 (77.51%) Corporate governance Ownership structure Executive compensation Underpricing IPOs

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IPOs Capital structure Top authors Bhagwan Chowdhry publishing in JCF (3)

Managerial ownership Firm performance Ownership structure Daniel N. Deli (3) Yuen Teen Mak

Luc D. R. Renneboog (5) Douglas J. 57

2014 – 2018 691 372 53.84% 2,460 3.56 6.61 85 (12.30%) 606 (87.70%) Corporate governance Capital structure

Overall 1,400 1,062 75.86% 47,905 34.22 45.11 241 (17.21%) 1,159 (82.79%) Corporate governance Capital structure

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Executive compensation China M&A

Executive compensation M&A Firm performance Luc D.R. Renneboog (19) Douglas J.

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2009 – 2013 335 325 97.01% 9,804 29.27 30.17 62 (18.51%) 273 (81.49%) Corporate governance Capital structure

Venture capital Executive compensation Luc D. R. Renneboog (7) Kose John (5)

Narjess Boubakri (8) Omrane

Journal Pre-proof 1994 – 1998

1999 – 2003 (3) James A. Millar (3)

2004 – 2008 Cumming (4) Kathleen A. Farrell (3) Firth A. Michael (3) Marc Goergen (3)

2009 – 2013 K. C. John Wei (5) Thomas J. Chemmanur (4) Firth A. Michael (4) Marc Goergen (4)

Florida State University (7)

Tilburg University (11)

Hong Kong University of Science and Technology (6) Purdue University (6)

Hong Kong University of Science and Technology (9) City University of Hong Kong (9)

Douglas J. Cumming (7) Sadok El Ghoul (6) Stephen P. Ferris (6) Arif Khurshed (6) Luc D.R. Renneboog (6) Renmin University of China (18) Alliance Manchester Business School (17) University of Manchester (15)

The University of Georgia (6)

Florida State University (7)

Fordham University (13)

Philip L. Hersch (3) Jiaping Qiu (3)

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K. C. John Wei (3)

BongSoo Lee (4)

Mike T. Wright (3)

Top institutions affiliated with JCF authors

University of California (6) University of Pittsburgh (4)

University of Delaware (4)

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2014 – 2018 Guedhami (7) Iftekhar Hasan (7) Fuxiu Jiang (7)

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Overall Cumming (14) Marc Goergen (14) Narjess Boubakri (12) Omrane Guedhami (11)

Tilburg University (26) University of Georgia (25)

Hong Kong University of Science and Technology (23) Alliance Manchester Business School (23)

Journal Pre-proof 1994 – 1998

Top countries affiliated with JCF authors

United States (56) Hong Kong (3)

1999 – 2003

United States (66) United Kingdom (12) Canada (6) Hong Kong (6)

2004 – 2008 Krannert School of Management (6)

2009 – 2013 Boston College (7)

2014 – 2018 York University (13)

United States (144) United Kingdom (23) Canada (19) Hong Kong (17) Netherlands (11)

United States (219) United Kingdom (35) Hong Kong (25) Canada (23) China (22)

United States (371) United Kingdom(109) China (88) Australia (63) Canada (51)

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Overall City University of Hong Kong (22) York University (22) United States (856) United Kingdom(181) China (116) Canada (101) Hong Kong (90)

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Journal Pre-proof Twenty-Five Years of the Journal of Corporate Finance: A Scientometric Overview Highlights Study offers a scientometric analysis of the Journal of Corporate Finance.

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It identifies the journal’s top authors and most cited articles.

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Network analysis groups the publications into nine main clusters.

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Bibliographic coupling of authors reveals six intellectual clusters.

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The journal’s leading theme is corporate governance.

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