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Corporate governance and COVID-19: a literature review

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DOI: 10.1108/CG-10-2020-0447

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Corporate governance and COVID-19: a
literature review
Andreas Koutoupis, Panagiotis Kyriakogkonas, Michail Pazarskis and
Leonidas Davidopoulos

Abstract Andreas Koutoupis is

Purpose – The purpose of this study is to review the literature on corporate governance (CG); based at the Department of
environmental, social and governance (ESG) issues and corporate social responsibility (CSR) during the Accounting and Finance,
Coronavirus disease 2019 (COVID-19) pandemic and addresses three research questions: What are the University of Thessaly,
characteristics of the literature on CG and COVID-19? What are the themes in CG in the COVID-19 era? Volos, Greece.
and What are key areas of future research on CG and COVID-19?
Panagiotis Kyriakogkonas
Design/methodology/approach – The authors attempted a systematic literature review of 62 studies
is based at the School of
published in 2020. The authors used four criteria to identify characteristics of the literature on CG and
Economics, Business and
COVID-19 and three criteria to identify key themes in the literature addressing CG and the pandemic. The
authors analyzed answers to the above research questions and proposals from studies reviewed to guide Computer Science,
future research. Neapolis University
Findings – CG in the context of COVID-19 has been studied mostly in developed countries and within a Paphos, Pafos, Cyprus.
theoretical framework. As accounting data are insufficient, more research is required in all countries Michail Pazarskis is based
(developed, emerging and other). Further, there are no conclusive results regarding the relevance of at the Department of
ESG and CSR to financial performance. Future research should use additional methodologies and data Economics, International
sources to fully explain the impact of COVID-19 on CG. Hellenic University, Thermi,
Practical implications – Practitioners and policymakers could benefit from the study, as the authors Greece.
present key challenges to CG for the present and the future. Leonidas Davidopoulos is
Originality/value – This study is the first to provide a systematic literature review on CG during the based at the Department of
COVID-19 pandemic and presents current trends, challenges and avenues for future research. Accounting and Finance,
Keywords CSR, Corporate governance, ESG, coronavirus disease 2019, pandemic University of Thessaly,
Paper type Literature review Volos, Greece.

1. Introduction
The Coronavirus disease 2019 (COVID-19) pandemic has arguably caused many
disturbances in every aspect of modern life. Firms and societies have had to cope with the
radical changes a global health pandemic imposes on its surroundings. Corporate
institutions have switched to safe mode and mechanisms that ensure the interests of
stakeholders have been put to the test. Environmental, social and governance (ESG) refers
to a set of standards to evaluate a firm’s performance regarding the protection of nature
(environment), its relationship with stakeholders, such as employees and suppliers (social)
and its governance as reflected in a firm’s management, executive remuneration and other
variables. Moreover, corporate social responsibility (CSR) and its positive impact on society
have become a priority alongside profit maximization. In this review, the authors have JEL classification – G32, G34
broadly examined corporate governance (CG) and metrics of sustainability, such as ESG,
in the extraordinary context of the COVID-19 pandemic and provide early results. Received 4 October 2020
Revised 28 January 2021
Additionally, the systematic literature review highlights to market policymakers and 3 March 2021
21 March 2021
academics the key issues concerning CG and ESG and CSR and sustainability during the 22 March 2021
first year of this health pandemic. Generally, the authors observe significant concern with Accepted 23 March 2021

DOI 10.1108/CG-10-2020-0447 VOL. 21 NO. 6 2021, pp. 969-982, © Emerald Publishing Limited, ISSN 1472-0701 j CORPORATE GOVERNANCE j PAGE 969
 the adequacy of the existing CG framework as a regulatory structure meant to prepare firms
for turbulent times. The authors further identify characteristics of CG that could render firms
resilient through the COVID-19 era. Furthermore, the authors tested whether investment in
ESG, CSR and sustainability is warranted. However, more research is needed to fully
estimate the impact of COVID-19 and the adequacy of governance mechanisms in
unexpected and extraordinary events.
The systematic literature review attempts to identify current trends in CG research, outline
key issues and propose new avenues of research. To achieve this goal, the authors
addressed the following questions:
RQ1. What are the characteristics of the literature on CG and COVID-19?
RQ2. What are the themes in CG in the COVID-19 era?
RQ3. What are key areas of future research on CG and COVID-19?

2. Methodology: systematic literature review

The methodology for conducting the literature review ensured selection of the highest quality
studies. The authors included all studies published in journals listed in the UK’s Chartered
Association of Business Schools (Chartered ABS), Academic Journal Guide (AJG) (ABS) guide, a
good indicator of high-quality studies. The authors also included studies not listed in ABS when they
were heavily cited or provided insights into the future of CG in the context of the COVID-19
pandemic. The authors used Google Scholar, Web of Science and Scopus (Nguyen et al., 2020)
as their research sources and used the following search strings: “corporate governance” AND
“coronavirus disease 2019 (COVID-19),” “corporate governance” AND “health pandemic,” “ESG”
AND “COVID-19,” “ESG” AND “health pandemic,” “CSR” AND “COVID-19,” “CSR” AND “health
pandemic,” “corporate social responsibility” AND “COVID-19” and “corporate social responsibility”
AND “health pandemic.” To mitigate selection bias, the authors included most literature produced
up to January 2021, as the total number of studies was relatively small due to the limited time range.
This process provided a total of 62 studies relevant to the subject.

3. Results
3.1 RQ1: What are the characteristics of the literature on corporate governance
and COVID-19?
The aim of this study is to present key developments in CG in the COVID-19 era and to
provide new avenues for research. Given the global impact of the pandemic on the
economy and society, the answer to this question provides a picture of the main
demographics of the current literature on CG. To answer RQ1, the authors use the four
criteria presented in Table 1.
3.1.1 Number of countries. Criterion A in the review reflects the number of countries
referenced and studied the articles reviewed. A.1 and A.2 refer to studies with single-
country data and multiple-country data, respectively. Single-country studies represent the
majority in the review, with a total of 32 studies (52%), whereas multicountry studies
represent 24% of the sample. A.3 refers to general studies describing current challenges in
CG, ESG and sustainability in the COVID-19 era; as such, specific countries are not
mentioned or studied. These studies account for 24% of the total sample. The above
provides a greater picture of the subject of interest of researchers regarding the new CG
environment.
3.1.2 Academic discipline. The authors use criterion B to allocate the reviewed studies across
the following seven academic disciplines, based on the Academic Journal Guide (2018): (B.2)
Finance, (B.3) Sector, (B.4) Ethics-CSR-Man, (B.5) Accounting, (B.6) Economics, (B.7) Ops
and Tech, (B.8), Soc-sci and (B.1) N/A. The B.1 classification refers to studies published in

PAGE 970 j CORPORATE GOVERNANCE j VOL. 21 NO. 6 2021

 Table 1 Results of analysis of RQ1 based on four criteria
A. Number of countries
A.1 Single country 32 (52%) – – –
A.2 Multi country 15 (24%) – – –
A.3 N/A – 15 (24%) – – –
Total – – 62 – – –
B. Academic Discipline
B.1 N/A – 29 (47%) – – –
B.2 Finance – 12 (19%) – – –
B.3 Sector – 7 (11%) – – –
B.4 Ethics-CSR-man 6 (10%) – – –
B.5 Accounting 3 (5%) – – –
B.6 Economics 3 (5%) – – –
B.7 Ops and Tech 1 (2%) – – –
B.8 Soc-sci – 1 (2%) – – –
Total – 62 – – –
C. Location and region
C.1 America – 23 – – – –
C.2 Europe – 15 – – – –
C.3 N/A – 14 – – – –
C.4 Asia – 10 – – – –
C.5 Worldwide 5 – – – –
C.6 Oceania – 3 – – – –
C.7 Africa – 3 – – – –
D. Number of studies per country- MSCI classification
D.1 Developed No. D.2 Emerging No. – – –
USA 24 – Mexico 1 – – –
Canada 4 – Argentina 1 – – –
Netherland 2 – Philippines 1 – – –
France 4 – South Africa 2 – – –
UK 10 – Peru 2 – – –
Germany 2 – Chile 2 – – –
Australia 3 – India 3 – – –
Spain 5 – Poland 2 – – –
Italy 4 – Turkey 4 – – –
South Korea 2 – Greece 3 – – –
Japan 2 – Malaysia 1 – – –
Ireland 2 – Thailand 2 – – –
Finland 1 – Brazil 3 – – –
Belgium 3 – China 5 – – –
Singapore 3 – Indonesia 1 – – –
Portugal 3 – Taiwan 1 – – –
Denmark 1 – Pakistan 1 – – –
Norway 2 – Russia 2 – – –
Hong Kong 3 – Czech Republic 2 – – –
New Zealand 2 – UAE 1 – – –
Sweden 1 – – – – – –
Austria 2 – – – – – –
Netherlands 2 – – – – – –
Switzerland 1 – – – – – –
Israel 1 – – – – – –
D.3 Frontline No. D.4 Standalone No. – – No.
Marocco 1 Ethiopia 1 D5. N/A 20
Nigeria 1 – – – – –

nonrated journals but are included because of their citations or use of innovative methodology.
Further, many studies in this category have been published in Social Science Research
Network or at conferences; however, their high number of citations and their analysis depict
their intrinsic potential. Among the rated studies, the majority are published in finance-related

VOL. 21 NO. 6 2021 j CORPORATE GOVERNANCE j PAGE 971

 fields, followed by studies exploring sector-specific concerns with CG and COVID-19. This is
due to limited accounting data currently and the abundance of financial data, such as stock
price, which is an easy measure of atypical returns. While recognizing the pandemic is still in
progress, the authors report that the literature addressing CG in the COVID-19 era already
covers a wide range of social sciences.
3.1.3 Location and region. Criterion C groups studies by location, with the following categories
emerging from the review: (C.1) America, (C.2) Europe, (C.3) N/A, (C.4) Asia, (C.5) Worldwide,
(C.6) Oceania and (C.7) Africa. (C.3) represents 14 studies which did not specify a country. The
analysis highlights that the America region, mentioned in 23 studies, is heavily researched,
followed by the Europe region. Africa and Oceania are significantly underrepresented. The
authors further highlight that global studies are scarce and are required.
3.1.4 Number of studies per country by Morgan Stanley Capital International Classification.
Criterion D allocates studies according to a country’s Morgan Stanley Capital International
(MSCI) equity index (Nerantzidis et al., 2020). The classification includes: (D.1) Developed,
(D.2) Emerging, (D.3) Frontline and (D.4) Standalone. (D.5) N/A represents studies in which
a specific country is not mentioned and therefore cannot be categorized under this
criterion. The authors observe the majority of studies refer to developed and emerging
economies, as the number of countries and the frequency of mentions per country is the
highest in these categories. The authors conclude that more research is required in frontline
and standalone economies.

3.2 RQ2: What are the key themes in corporate governance in the COVID-19 era?
In this subsection, the authors outline the themes emerging in research on CG during the
COVID-19 pandemic. Further, the authors introduce the key features of current research
based on three criteria, which are comprehensively reported in Table 2. Concisely, these
criteria refer to (G.) research instrument, (E.) Research themes used in CG and COVID-19
studies and (F.) research themes used in ESG/CSR/sustainability and COVID-19 studies.
To facilitate presentation and in the interest of conciseness, the authors discuss only
selected studies, a method used by other accounting studies (Massaro et al., 2016
Nerantzidis et al.,2020).
3.2.1 Research instrument. Using Criterion G, the authors classify the studies into the
following 12 categories based on research instrument: (G.1) essay, (G.2) regression, (G.3)
event study, (G.4) event study and regression, (G.5) survey, (G.6) multicriteria decision
analysis, (G.7) event study and survey, (G.8) event study and essay, (G.9) experimental
study, (G.10) survey and regression, (G.11) corpus linguistics and (G.12) literature review.
To provide a clearer view of current methodologies used, the authors choose to create
distinct categories for studies that use mixed research instruments. The authors notice that
most research follows a narrative approach, with essays representing 62% of our review.
Regression analysis makes up 22% of studies, followed by mixed studies (14%), which
represent the sum of G.4, G.7 and G.10.
3.2.2 Research themes examined. To properly allocate the studies, the authors initially
make a distinction between studies that refer to CG and those that refer to ESG, CSR and
sustainability. The authors use this categorization as it is clear and objective and because
the distinction can be made directly from the study titles. Furthermore, the authors draw on
the objective(s) and result(s) of each study reviewed to define its theme. To avoid potential
allocation bias, two researchers reviewing the literature were supervised by a third to
generate the final categorization. The authors conclude that the literature specific to CG and
COVID-19 comprises: (E1.) Amendments to the CG framework, extraordinary measures
and challenges, (E2.) CG characteristics and (E3) disclosures. In contrast, ESG, CSR and
sustainability are considered in conjunction with: (F1.) Financial performance, (F2.)
marketing, (F3.) economic growth, (F4.) sector analysis and (F5.) risk management.

PAGE 972 j CORPORATE GOVERNANCE j VOL. 21 NO. 6 2021

 Table 2 Results of analysis of RQ2 based on three criteria
G. Research instrument
G.1 Essay 26 (62%)
G.2 Regression 14 (22%)
G.3 Event study 8 (13%)
G.3 Event study and 5 (8%)
regression
G.4 Survey 2 (3%)
G.5 Multicriteria decision 1 (2%)
analysis
G.6 Event study and 1 (2%)
survey
G.7 Event study and 1 (2%)
essay
G.8 Experimental study 1 (2%)
G.9 Survey and 1 (2%)
regression
G.10 Corpus linguistics 1 (2%)
G.11 Literature review 1 (2%)
Total 62
E. Research themes used in CG and COVID-19 studies
E1. Amendments of Xiong et al., 2020; Mazur et al., 2020; Chiah and Zhong, 2020; Albitar et al., 2020; Budhwar and Cumming,
corporate governance 2020; Atici and Gursoy, 2020; Ding et al., 2020; Larcker et al., 2020; Kells, 2020; May and Mackin, 2020;
framework, extraordinary Nigeria, 2020; Patel and Patel, 2020; Deliu, 2020a, 2020b; Mathew and Sivaprasad, 2020; Garel and Petit-
measures and challenges Romec, 2020; Nurunnabi, 2020; Amore et al., 2020; Enriques, 2020; Loughran and McDonald, 2020;
E2. Corporate governance Puaschunder et al., 2020; Stephany et al., 2020; Wang and Xing, 2020; Zetzsche et al., 2020; Deliu, 2020a,
characteristics E3. 2020b; Batish et al., 2020
Disclosures
F. Research themes used in ESG/CSR/sustainability and COVID-19 studies
F1. Financial performance Popkova et al., 2020; Susskind and Vines, 2020; Levy 2020; Singh 2020; Notteboom and Haralambides,
F2. Marketing F3. 2020; He and Harris 2020; Parker 2020; Broadstock et al., 2020; Crane and Matten 2020; Jones and Comfort
Economic growth F4. 2020; Sharma et al., 2020; Amankwah-Amoah 2020; Manuel and Herron 2020; Talbot and Ordonez-Ponce
Sector analysis F5. Risk 2020; Ferriani and Natoli 2020; Folger-Laronde et al., 2020; Dı́az et al., 2020; Caldecott 2020; Kanamura
management 2020; Mukanjari and Sterner 2020; Bae et al., 2020; Huang and Liu 2020; Mao et al., 2020; Filimonau et al.,
2020; Ou et al., 2021; Donthu and Gustafsson 2020; Ejiogu et al., 2020; Ikram et al., 2020; Albuquerque et al.,
2020; Palma-Ruiz et al., 2020; Dravis 2020; Demers et al., 2020; Gamlath 2020; Döttling and Kim 2020;
Hoang 2020; Takahashi and Yamada 2020; Cheema-Fox et al., 2020

3.2.2.1 Amendments to corporate governance framework, extraordinary measures and

challenges. A large portion of the literature attempts to address challenges of CG both
during health pandemics and in the postpandemic period (Albitar et al., 2020; Deliu, 2020a,
2020b; Enriques, 2020; May and Mackin, 2020; Nigeria, 2020; Nurunnabi, 2020; Patel and
Patel, 2020; Puaschunder et al., 2020; Zetzsche et al., 2020).
The principle of going concern is of great concern (Albitar et al., 2020; Mathew and
Sivaprasad, 2020; Nurunnabi, 2020; Nigeria, 2020). This principle may be brought back
under the spotlight during health pandemic (Mathew and Sivaprasad, 2020). The principle
states that management should disclose material uncertainties in financial statements if it
recognizes significant uncertainties that can seriously impact the entity’s ability to continue
to operate (Deliu, 2020a, 2020b). Consequently, it is of paramount importance that firms
recognize the possible effects of COVID-19, adjust and properly report consequences at
the end of 2019 (Deliu, 2020a, 2020b). However, predicting the potential impact of the
imminent pandemic on firms’ operations was extremely difficult in December 2019. Auditors
should therefore be alert given the challenges ahead as audit risk increases (Albitar et al.,
2020, Deliu, 2020a, 2020b). In the same vein, Nurunnabi (2020) recognizes the going
concern principle as one of the main challenges for an audit committee, whereas

VOL. 21 NO. 6 2021 j CORPORATE GOVERNANCE j PAGE 973

 Kells (2020) underlines that the COVID-19 crisis has allowed due consideration to business
continuity, which was previously considered abstract and was widely ignored.
In addition to their responsibility for going concern, boards must oversee firms’ operations
while adjusting to the new normal (Atici and Gursoy, 2020; Mathew and Sivaprasad, 2020;
Nigeria, 2020; Patel and Patel, 2020). The main priority of boards is wise capital allocation
(Mathew and Sivaprasad, 2020; Patel and Patel, 2020), a concept strongly related to the
principle of going concern. Specifically, boards need to reevaluate dividends and
executives’ remuneration programs and scrutinize each expenditure (Mathew and
Sivaprasad, 2020; Patel and Patel, 2020). Wise capital allocation appears to be of
paramount importance, as 50% of free cash flow in the S&P 500 was directed to share
buybacks (Patel and Patel, 2020) when boards were tasked with protecting the interests of
all stakeholders and not exclusively those of shareholders (Mathew and Sivaprasad, 2020).
Boards must ensure they are well prepared to live up to these challenges by planning for
extreme conditions and ensuring the appropriate technology infrastructure, which entails
investment in innovation and digitalization (Atici and Gursoy, 2020; Nigeria, 2020).
In addition to corporate measures, the literature describes measures enacted by
governments worldwide in response to the COVID-19 pandemic. Online board meetings,
dividend payout ratios within certain limits, relaxation of the insolvency framework and
corporate laws (Atici and Gursoy, 2020; Enriques, 2020; Zetzsche et al., 2020) are the most
common. Moreover, some studies recognize the need for regulatory governance
mechanisms for such unprecedented circumstances (Enriques, 2020; Puaschunder et al.,
2020).
3.2.2.2 Corporate governance characteristics. The common characteristic of studies
included in this subsection is the inclusion of a performance-resilience measure as the
dependent variable. All studies use market data, such as stock returns to determine
causality. Specifically, stock returns are used by both Garel and Petit-Romec (2020) and
Amore et al. (2020) to measure firms’ resilience. Garel and Petit-Romec (2020) corroborate
that board independence in troubled times is less important than a board’s monitoring
responsibility. In the same vein, Amore et al. (2020) conclude that the superior performance
of family controlled businesses in Italy during the COVID-19 crisis both in capital (most
shareholders are family members) and in the board, reaffirming that independence is not
that important when a crisis occurs. Finally, it appears that firms with less entrenched
executives perform better than the rest of the market (Ding et al., 2020).
3.2.2.3 Disclosures. There is emerging literature on risk perception and disclosure during
COVID-19 (Larcker et al., 2020; Loughran and McDonald, 2020; Stephany et al., 2020;
Wang and Xing, 2020). Larcker et al. (2020) specifically conclude that considerable
variation exists in whether and how a relevant disclosure is made. Moreover, health
pandemic-related disclosures are mostly industry-dependent (Stephany et al., 2020; Wang
and Xing, 2020) and were not taken into consideration before the COVID-19 outbreak
(Loughran and McDonald, 2020).
3.2.2.4 Financial performance. Research in this field also analyzes exchange-traded funds
(ETFs) (Folger-Laronde et al., 2020), mutual funds (Döttling and Kim, 2020) and individual
firm stocks (Albuquerque et al., 2020; Bae et al., 2020; Broadstock et al., 2020; Demers
et al., 2020; Dı́az et al., 2020; Mukanjari and Sterner, 2020; Palma-Ruiz et al., 2020; Hoang,
2020; Takahashi and Yamada, 2020). ETFs are financial products like mutual funds but are
traded like stocks. Generally, studies provide evidence of the importance of ESG metrics to
financial performance (Albuquerque et al., 2020; Broadstock et al., 2020; Dı́az et al., 2020;
Hoang 2020; Palma-Ruiz et al., 2020). However, four studies did not find a statistically
significant correlation between returns and ESG/CSR metrics (Bae et al., 2020; Demers
et al., 2020; Folger-Laronde et al., 2020; Mukanjari and Sterner, 2020). In contrast, one
study supported a negative relationship between sustainability ratings and net fund flows

PAGE 974 j CORPORATE GOVERNANCE j VOL. 21 NO. 6 2021

(Döttling and Kim, 2020). Controlling for factors, such as fund size, expense ratios and risk-
adjusted performance, Döttling and Kim (2020) attributes their observation to retail
investors’ view that sustainability is a luxury good and is therefore expensive.
Furthermore, Takahashi and Yamada (2020) appear to show mixed results, finding no
evidence of superior performance among firms with high ESG ratings. Firms with ESG funds
nevertheless seem to outperform those without similar funds.
Research in this subsection has been conducted in a broad range of countries. Specifically,
empirical evidence has emerged from Canada (Folger-Laronde et al., 2020), the USA
(Albuquerque et al., 2020; Bae et al., 2020; Demers et al., 2020; Dı́az et al., 2020; Döttling
and Kim, 2020), Spain (Palma-Ruiz et al., 2020), the UK (Hoang, 2020), Japan (Takahashi
and Yamada, 2020) and China (Broadstock et al., 2020).
3.2.2.5 Marketing. The literature in this subsection reflects how CSR actions by firms may
correlate with customer loyalty (He and Harris, 2020; Huang and Liu, 2020) while also
recording examples of firms’ CSR activities (He and Harris, 2020; Talbot and Ordonez-
Ponce, 2020). Generally, there are two opposing views on CSR in the COVID-19 era. The
first view asserts that firms should halt CSR actions, as the immediate question of company
viability is a top priority. The alternative view holds that a health pandemic will actually
accelerate long-term postpandemic CSR actions as firms realize the need for a balance
between profitability and giving back to society (He and Harris, 2020). Nevertheless,
studies indicate firms are not homogenous regarding level of assistance to their
communities (Talbot and Ordonez-Ponce, 2020).
3.2.2.6 Economic growth. Popkova et al. (2020) attempted to clarify the role of CSR during
the economic crisis prompted by the COVID-19 pandemic. The study examined indicators
of corporate management, such as shadowization of business and complexity of
conducting foreign economic activities and applied a multiple regression analysis to
measure effect on the economic growth of developing markets. They concluded that
compliance positively affects economic growth.
3.2.2.7 Sector analysis. Several studies examine the effect of the COVID-19 pandemic on
specific industries. Most of these studies address CSR and sustainability in the hospitality
industry (Filimonau et al., 2020; Huang and Liu, 2020; Jones and Comfort, 2020; Mao et al.,
2020; Ou et al., 2021), whereas others focus on the port (Notteboom and Haralambides,
2020) and airline (Amankwah-Amoah, 2020) industries. All studies recognize challenges
regarding not only in governance and sustainability but in the sectors’ ability to foresee the
future of sustainability (Jones and Comfort, 2020; Notteboom and Haralambides, 2020).
Moreover, even though the sharp decline of air flights and driving has led to an inevitable
reduction in gas emissions, it is assumed that it is only temporary and that it will be reversed
as soon as normality is reestablished (Amankwah-Amoah, 2020; Jones and Comfort, 2020).
Furthermore, it is reasonable to assume that the pandemic forces the reassessment of
company priorities as survival becomes essential and environmental commitments are
deprioritized (Amankwah-Amoah, 2020; Jones and Comfort, 2020). Further, CSR activities
in the hospitality industry were deemed important for employees (Filimonau et al., 2020;
Mao et al., 2020), with perceived employee wellness leading to organizational resilience.
3.2.2.8 Risk management. Volatility is intertwined with risk, as accurate forecasting is a key
component in the risk management of portfolios (Hyup Roh, 2007). During crisis periods, it
is assumed that investors will allocate capital based on corporate fundamentals, rendering
ESG portfolios safe havens (Singh, 2020). Furthermore, the literature on perceived risks
linked with ESG portfolios appears to conclude that these risks are relatively lower than
those of their peers (Broadstock et al., 2020; Ferriani and Natoli 2020; Kanamura 2020),
whereas they likely provide significantly higher returns (Albuquerque et al., 2020).
Moreover, the more transparent the ESG disclosures of a firm, the less the impact of
COVID-19, as disclosures reduce volatility (Hoang, 2020).

VOL. 21 NO. 6 2021 j CORPORATE GOVERNANCE j PAGE 975

 3.3 RQ2: What are key areas of future research on corporate governance and
COVID-19?
To answer this question, the authors analyzed answers to RQ1 and RQ2. Further, the
authors considered the proposals for further research in articles reviewed.
3.3.1 Areas of future research based on RQ1 and RQ2. COVID-19 has already left a year of
extraordinary consequences in its wake. Based on the review, the authors can provide
some initial directions for future research. First, additional studies with a diverse sample of
countries are essential. Further, as most studies were conducted in America, the
opportunity remains to further examine the effect of COVID-19 on CG in Europe and Africa.
This observation is reaffirmed by the MSCI-based evaluation of countries, in which the USA
remains heavily studied, Europe is relatively overlooked and frontline and standalone
countries appear in significant need of research regarding CG and COVID-19. However, it
is quite plausible that the USA and other developed countries remain the prime focus of
research particularly in the finance discipline, as the authors conclude that most research
uses market data. Countries, such as the USA have an exceptional and widely available
data set, whereas its stock market is preferred by investors worldwide. Finally, given only a
year since the outbreak of COVID-19, the authors anticipate more accounting data will be
available for research in the future.
Particularly, the increasingly strategic issue of CSR (Jouber, 2020) could lead to promising
avenues for future research in the COVID-19 context. For instance, research can address
how board diversity affects CSR (Tapver et al., 2020) during the COVID-19 pandemic.
Moreover, even though the risk of COVID-19 on firms’ continuity is evident, political risks
that already exist and probably will exist, particularly in some regions, could also be taken
into consideration in their study by Ahsan et al. (2020).
The methodologies used, as shown in Table 2, are very limited. Additional sources, such as
social networks (Harjoto and Wang 2020) and surveys (Steens et al., 2020), could examine
different aspects of CG in the COVID-19 era. For instance, case studies could examine
more complex concepts (Süsi and Jaakson, 2020), such as the COVID-19 effects.
Moreover, industries, such as agriculture, (Teixeira et al., 2020) could also be examined.
3.3.2 Areas of future research based on proposals in articles reviewed. To identify future
avenues for research, the authors focus on articles that offer proposals for future research.
Moreover, the authors distinguish them based on the ABS ranking of the journal in which
they were published (Tables 3 and 4).
Regarding CSR, the authors propose researchers examine the effect of the COVID-19
pandemic on long-term as well as consumer behavior (He and Harris, 2020; Huang and Liu,
2020). Specifically, it would be valuable to examine real cases in which measures were
taken to mitigate the effects of the pandemic (Jones and Comfort, 2020) and how CSR
actions affected customer behavior (Huang and Liu, 2020) in the hospitality industry and
attributes of employee psychological capital, such as self-efficacy, optimism, resilience and
hope (Mao et al., 2020). Furthermore, further work is needed to examine and model how
and why key stakeholders (health-care workers, food services, public transportation and
others) appear to have been underpaid during the pandemic (Crane and Matten, 2020).
Another promising avenue of further research is the effect of COVID-19 and digitalization on
CG mechanisms, based on findings from the Balkans (Atici and Gursoy, 2020).
ETFs provide an exciting field of research as they track indices with great diversity (asset
class ETFs, region ETFs, country ETFs, sector ETFs and others). Therefore, the authors
propose comparative studies between countries using differing ETFs to examine the effect
of ESG on ETF performance (Folger-Laronde et al., 2020). Moreover, specific stock
performance can be gauged for impact from CSR actions, such as donation
announcements (Palma-Ruiz et al., 2020). Ultimately, more accounting data could be used

PAGE 976 j CORPORATE GOVERNANCE j VOL. 21 NO. 6 2021

Table 3 Future research proposals of reviewed studies-ABS
Google Scholar ABS
Study Future research citations rank

He and Harris (2020) Long-term impact of COVID-19 on CSR and consumer ethical decision-making 94 3
Opportunities and challenges for CSR in the long run
Parker (2020) Balance of office change strategies used and their evident focus on employee health and 0 3
safety or cost control and financial returns
Relationship between formal reporting and observed activities
Crane and Matten Models to examine how and why key stakeholders during pandemic get to be under- 3 2
(2020) appreciated in terms of compensation
Jones and Comfort Consumer behavior regarding hospitality industry as well as industry’s approach on new 4 3
(2020) normality
Perceived consumers’ concerns by different stakeholders of the hospitality industry during
and after the pandemic
Case studies on hospitality industry about the effects of COVID-19 and the strategies used
to mitigate these effects
Atici and Gursoy Effects of COVID-19 and digitalization on corporate governance mechanisms 0 1
(2020) Comparative study in the Balkan region
Talbot and Ordonez- CSR strategies evolution of Canadian banks and their impact 5 1
Ponce (2020)
Folger-Laronde et al. ESG ratings and ETF performance before market downturn outside Canada 0 1
(2020) Impact of the sector variable of equity holdings of ETFs on financial performance along
with ESG ratings
ESG ratings and financial performance of ETFs in the medium and long term horizon
Kanamura (2020) Risk mitigation and return resilience of ESG high yield bond ETFs 0 2
Huang and Liu (2020) Investigation on CSR marketing and specifically donations of hospitality industry and 0 3
consumer behavior
Investigation of the aforementioned relationship outside hospitality industry
Future research should test the proposed strategy in a real hospitality fundraising
campaign and collect consumers’ actual donation amounts and future loyalty behaviors
Mao et al. (2020) How CSR initiatives from hospitality industry can elevate employees’ psychological capital 18 2
(self-efficacy, hope, resilience and optimism) during COVID-19 through a multilevel survey
and diversified data sources
Filimonau et al. (2020) A comparative extension of the study 9 2

Table 4 Future research proposals of reviewed studies-non-ABS

Google Scholar ABS
Study Future research citations rank

Kells (2020) COVID-19 effect on control systems and accountability 0 –

Research on “zombie” firms-firms that are viable due to government COVID-19-related aid
Palma-Ruiz et al. Employment of the Necessary Condition Analysis tool to asses wether donations 5 –
(2020) announcements necessary but no sufficient given their effect on stock market
Stephany et al. Use of different data sources like Wikipedia 23 –
(2020) Use of financial data to study credit risks
Implementation of unemployment rates in the analysis
Use of PLS model
Takahashi and Use more accounting data rather than market data (stock prices) 0 –
Yamada (2020)
Hoang (2020) Use different metrics for firms’ resilience, such as securing employment and digital 0 –
transformation
Implementation of sectoral effect in the model of ESG transparency and performance
Cheema-Fox et al. Examination of corporate responses on employee moral or customer behavior 10 –
(2020)

VOL. 21 NO. 6 2021 j CORPORATE GOVERNANCE j PAGE 977

 to explain the relationship between liquidity and capital expenditures in the COVID-19 era
(Takahashi and Yamada, 2020).
Finally, diverse methods of analysis [Partial Least Square (PLS) model],, new data sources
(Wikipedia) and macroeconomic variables could be used in risk management (Stephany et
al., 2020).

4. Conclusion
The study is the first to systematically review the literature specific to CG during the
COVID-19 crisis, a year after the beginning of the pandemic outbreak. The authors
initially researched “What are the characteristics of the literature on CG and COVID-19?”
by analyzing four criteria: A. Number of countries, B. Academic discipline, C. Location
and region, D. Number of studies per country by MSCI classification. The authors
conclude that there is significant interest in single-country studies within diverse
academic disciplines, such as finance, CSR, accounting, operations and technology,
economics and social sciences. The second question “What are the key themes in CG in
the COVID-19 era?” was analyzed using three criteria: G. research instrument, E.
research themes in studies on CG and COVID-19 and F. research themes in studies of
ESG, CS, sustainability and COVID-19. The authors observe that most studies are
theoretical essays outlining present and future challenges to CG posed by the COVID-19
crisis. Moreover, the authors distinguish CG literature from literature specific to ESG
issues, CSR and sustainability. The former involves amendments to the CG framework,
extraordinary measures, challenges and disclosures, whereas the latter mostly examines
ESG rankings to reflect a firm’s resilience. Furthermore, the answer to the research
question “What are key areas of future research on CG and COVID-19?” emerges from
the analysis of “areas of future research based on RQ1 and RQ2” and “areas of future
research based on proposals in articles reviewed.” Particularly, research could address
more emerging, frontline and standalone countries and use more accounting data.
Additionally, methodology could be extended to use multiple approaches, such as
surveys, regression analysis and collection of data from different sources. Future
research could also expand CSR literature to sectors other than hospitality, such as the
airline and health industries. Moreover, ETF performance relative to ESG rankings or
other CSR activities could be a fruitful field of research with practical implications. Finally,
characteristics of CG, such as independence and ownership, could be empirically
explored.
Ultimately, the authors firmly believe this research could be a cornerstone for academics,
practitioners and policymakers. Specifically, the authors provide academics an overview of
the current state of research and future avenues of investigation. The authors outline in
detail the opportunity to conduct more analysis once a considerable amount of data
becomes available. Practitioners could also benefit, as the authors present key concerns
regarding CG for the present and the future. In particular, the COVID-19 health crisis
provides market players (boards, committees and auditors) with an opportunity to develop
skills and leverage technology to ensure their firms are resilient to the type of exogenous
shock COVID-19 represents. Policymakers could also benefit from the presentation of key
CG measures taken by governments worldwide to address the COVID-19 crisis and the
proposal to consider a regulatory framework for such emergency situations. Last,
policymakers should be eager to leverage technology to enact measures facilitating firms’
survival.
While the authors have taken measures to reduce subjectivity, the authors recognize that
researcher intervention does not eliminate selection bias (Massaro et al., 2016). Finally,
given the COVID-19 pandemic is still in progress, the authors acknowledge that more
studies will follow beyond 2020.

PAGE 978 j CORPORATE GOVERNANCE j VOL. 21 NO. 6 2021

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Corresponding author
Andreas Koutoupis can be contacted at: andreas_koutoupis@yahoo.gr

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