Enhancing Corporate Governance with Blockchain and Smart Contracts: A Systematic Review of Agency Conflict Mitigation
DOI:
https://doi.org/10.61978/moneta.v4i1.1249Keywords:
Blockchain, Smart Contracts, Corporate Governance, Agency Theory, Transparency, Systematic Literature ReviewAbstract
Agency conflicts remain a persistent challenge in corporate governance because information asymmetry and misaligned incentives can weaken monitoring and accountability. This systematic literature review synthesizes international empirical evidence on how blockchain and smart contracts relate to agency conflict mitigation and governance outcomes, and it clarifies boundary conditions and implications for Agency Theory. We followed PRISMA reporting guidance and searched Scopus for English journal articles published between 2018 and 2025. After title, abstract, and full-text screening, 13 empirical studies were included for quality appraisal and thematic narrative synthesis. Across contexts, blockchain adoption or innovation intensity is most consistently associated with improved information environments, including higher transparency and reporting quality and lower opportunism related proxies, and it is also associated with improved investment efficiency and selected compliance and risk outcomes. Evidence on smart contracts is substantially thinner. Smart contracts are explicitly analysed in one case study and they are discussed secondarily in one additional study, while none of the large sample quantitative studies operationalises smart contract use as a distinct construct. The synthesis indicates that governance benefits depend on data integrity supported by internal controls, external monitoring and assurance capacity, and regulatory and legal alignment that enables auditability and enforceability. Overall, blockchain-enabled corporate governance is best interpreted as governance by system design that complements conventional mechanisms and motivates future research on measurable smart contract use cases and stronger causal identification.
References
Akhtar, T. (2024). Blockchain technology: The beginning of a new era in reforming corporate governance mechanisms. Journal of the Knowledge Economy, 15(1), 3059–3084. https://doi.org/10.1007/s13132-023-01289-7 DOI: https://doi.org/10.1007/s13132-023-01289-7
Akhtar, T., Afridi, M. A., & Islam, M. D. S. (2024). Corporate governance, blockchain technology and firm performance. Singapore Economic Review. https://doi.org/10.1142/S0217590824500449 DOI: https://doi.org/10.1142/S0217590824500449
Akhtar, T., Chen, L., & Tareq, M. A. (2024). Blockchain technology enterprises’ ownership structure and cash holdings. Sustainable Futures, 8, 100229. https://doi.org/10.1016/j.sftr.2024.100229 DOI: https://doi.org/10.1016/j.sftr.2024.100229
Al-Shahamani, H. K., Obaid, A. A., Malik, Y. S., Al-Shiblawi, G. A. K., & Ojah, S. K. (2025). Digital transformation, blockchain, impact on the quality of financial reporting and corporate governance. International Journal of Analysis and Applications, 23, 166. https://doi.org/10.28924/2291-8639-23-2025-166 DOI: https://doi.org/10.28924/2291-8639-23-2025-166
Aromataris, E., Lockwood, C., Porritt, K., Pilla, B., & Jordan, Z. (Eds.). (2024). JBI Manual for Evidence Synthesis. JBI. https://doi.org/10.46658/JBIMES-24-01 DOI: https://doi.org/10.46658/JBIMES-24-01
Ben Salah, I., & Kammoun, A. (2025). Impact of blockchain technology on corporate governance: International evidence from ESG firms. EuroMed Journal of Business. https://doi.org/10.1108/EMJB-10-2024-0286 DOI: https://doi.org/10.1108/EMJB-10-2024-0286
Braun, V., & Clarke, V. (2021). One size fits all? What counts as quality practice in (reflexive) thematic analysis? Qualitative Research in Psychology, 18(3), 328–352. https://doi.org/10.1080/14780887.2020.1769238 DOI: https://doi.org/10.1080/14780887.2020.1769238
Campbell, M., McKenzie, J. E., Sowden, A., Katikireddi, S. V, Brennan, S. E., Ellis, S., Hartmann-Boyce, J., Ryan, R., Shepperd, S., Thomas, J., Welch, V., & Thomson, H. (2020). Synthesis without meta-analysis (SWiM) in systematic reviews: Reporting guideline. BMJ, 368, l6890. https://doi.org/10.1136/bmj.l6890 DOI: https://doi.org/10.1136/bmj.l6890
Chang, R., Sun, K., Zhang, R., Wang, X., & Xu, Z. (2025). How blockchain innovation affects corporate transparency: Evidence from Chinese-listed firms. Applied Economics. https://doi.org/10.1080/00036846.2025.2549094 DOI: https://doi.org/10.1080/00036846.2025.2549094
Chouaibi, Y., Ardhaoui, R., & Affes, W. (2024). Does good governance moderate the relationship between blockchain technology use and tax evasion? Evidence from STOXX 600. EuroMed Journal of Business. https://doi.org/10.1108/EMJB-12-2023-0337 DOI: https://doi.org/10.1108/EMJB-12-2023-0337
Du, J., Shi, Y., Li, W., & Chen, Y. (2023). Can blockchain technology be effectively integrated into the real economy? Evidence from corporate investment efficiency. China Journal of Accounting Research, 16(2), 100292. https://doi.org/10.1016/j.cjar.2023.100292 DOI: https://doi.org/10.1016/j.cjar.2023.100292
Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74. https://doi.org/10.5465/amr.1989.4279003 DOI: https://doi.org/10.2307/258191
Ezzi, F., Abida, M., & Jarboui, A. (2023). The mediating effect of corporate governance on the relationship between blockchain technology and investment efficiency. Journal of the Knowledge Economy, 14(2), 718–734. https://doi.org/10.1007/s13132-022-00892-4 DOI: https://doi.org/10.1007/s13132-022-00892-4
Fahlevi, M., Vional, & Pramesti, R. M. (2022). Blockchain technology in corporate governance and future potential solution for agency problems in Indonesia. International Journal of Data and Network Science, 6(3), 721–726. https://doi.org/10.5267/j.ijdns.2022.3.010 DOI: https://doi.org/10.5267/j.ijdns.2022.3.010
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301–325. https://doi.org/10.1086/467037 DOI: https://doi.org/10.1086/467037
Fang, B., Liu, X., Ma, C., & Zhuo, Y. (2023). Blockchain technology adoption and accounting information quality. Accounting and Finance, 63(4), 4125–4156. https://doi.org/10.1111/acfi.13088 DOI: https://doi.org/10.1111/acfi.13088
Fauzzia, I., Waspada, I., & Sari, M. (2025). Corporate governance in the 21st century: How technological disruption is shaping corporate control. Indonesian Management and Accounting Research, 24(1), 61–88. https://doi.org/10.25105/v24i1.21940 DOI: https://doi.org/10.25105/v24i1.21940
Gusenbauer, M., & Haddaway, N. R. (2020). Which academic search systems are suitable for systematic reviews or meta-analyses? Evaluating retrieval qualities of Google Scholar, PubMed, and 26 other resources. Research Synthesis Methods, 11(2), 181–217. https://doi.org/10.1002/jrsm.1378 DOI: https://doi.org/10.1002/jrsm.1378
Hong, Q. N., Fàbregues, S., Bartlett, G., Boardman, F., Cargo, M., Dagenais, P., Gagnon, M.-P., Griffiths, F., Nicolau, B., O’Cathain, A., Rousseau, M.-C., Vedel, I., & Pluye, P. (2018). The Mixed Methods Appraisal Tool (MMAT) version 2018 for information professionals and researchers. Education for Information, 34(4), 285–291. https://doi.org/10.3233/EFI-180221 DOI: https://doi.org/10.3233/EFI-180221
Islam, M. M., Islam, M. M., Islam, M. A., Alharthi, M., & Hassan, M. S. (2025). Shaping the future: Board communication, credit risk and blockchain technology evolution in banking industries: Evidence from Bangladesh. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-04-2024-0206 DOI: https://doi.org/10.1108/IMEFM-04-2024-0206
Jayasuriya, D. J., & Sims, A. (2020). Blockchain-enabled corporate governance and regulation. International Journal of Financial Studies, 8(2), 1–41. https://doi.org/10.3390/ijfs8020036 DOI: https://doi.org/10.3390/ijfs8020036
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X DOI: https://doi.org/10.1016/0304-405X(76)90026-X
Kaal, W. A. (2020). Decentralized corporate governance via blockchain technology. Annals of Corporate Governance, 5(2), 101–147. https://doi.org/10.1561/109.00000025 DOI: https://doi.org/10.1561/109.00000025
Kanojia, S. (2023). Application of blockchain in corporate governance: Adaptability, challenges and regulation in BRICS. BRICS Law Journal, 10(4), 53–67. https://doi.org/10.21684/2412-2343-2023-10-4-53-67 DOI: https://doi.org/10.21684/2412-2343-2023-10-4-53-67
Kiger, M. E., & Varpio, L. (2020). Thematic analysis of qualitative data: AMEE Guide No. 131. Medical Teacher, 42(8), 846–854. https://doi.org/10.1080/0142159X.2020.1755030 DOI: https://doi.org/10.1080/0142159X.2020.1755030
Lombardi, R., de Villiers, C., Moscariello, N., & Pizzo, M. (2022). The disruption of blockchain in auditing: A systematic literature review and an agenda for future research. Accounting, Auditing and Accountability Journal, 35(7), 1534–1565. https://doi.org/10.1108/AAAJ-10-2020-4992 DOI: https://doi.org/10.1108/AAAJ-10-2020-4992
Moher, D., Shamseer, L., Clarke, M., Ghersi, D., Liberati, A., Petticrew, M., Shekelle, P., & Stewart, L. A. (2015). Preferred reporting items for systematic review and meta-analysis protocols (PRISMA-P) 2015 statement. Systematic Reviews, 4(1), 1. https://doi.org/10.1186/2046-4053-4-1 DOI: https://doi.org/10.1186/2046-4053-4-1
Mongeon, P., & Paul-Hus, A. (2016). The journal coverage of Web of Science and Scopus: A comparative analysis. Scientometrics, 106(1), 213–228. https://doi.org/10.1007/s11192-015-1765-5 DOI: https://doi.org/10.1007/s11192-015-1765-5
Murray, A., Kuban, S., Josefy, M., & Anderson, J. (2021). Contracting in the smart era: The implications of blockchain and decentralized autonomous organizations for contracting and corporate governance. Academy of Management Perspectives, 35(4), 622–641. https://doi.org/10.5465/amp.2018.0066 DOI: https://doi.org/10.5465/amp.2018.0066
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., Shamseer, L., Tetzlaff, J. M., Akl, E. A., Brennan, S. E., Chou, R., Glanville, J., Grimshaw, J. M., Hróbjartsson, A., Lalu, M. M., Li, T., Loder, E. W., Mayo-Wilson, E., McDonald, S., & Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, n71. https://doi.org/10.1136/bmj.n71 DOI: https://doi.org/10.1136/bmj.n71
Paul, J., & Criado, A. R. (2020). The art of writing literature review: What do we know and what do we need to know? International Business Review, 29(4), 101717. https://doi.org/10.1016/j.ibusrev.2020.101717 DOI: https://doi.org/10.1016/j.ibusrev.2020.101717
Pranckutė, R. (2021). Web of Science (WoS) and Scopus: The titans of bibliographic information in today’s academic world. Publications, 9(1), 12. https://doi.org/10.3390/publications9010012 DOI: https://doi.org/10.3390/publications9010012
Rahman, M. J., & Ziru, A. (2023). Clients’ digitalization, audit firms’ digital expertise, and audit quality: Evidence from China. International Journal of Accounting and Information Management, 31(2), 221–246. https://doi.org/10.1108/IJAIM-08-2022-0170 DOI: https://doi.org/10.1108/IJAIM-08-2022-0170
Saeed, U. F. (2025). Can artificial intelligence and blockchain condition governance mechanisms to restrict earnings management? SN Business and Economics, 5(12), 206. https://doi.org/10.1007/s43546-025-00973-x DOI: https://doi.org/10.1007/s43546-025-00973-x
Salehi, M., & Molavi, H. (2025). Exploring the relationship between the use of blockchain technology and the accountability and reporting of organizations. Corporate Governance: The International Journal of Business in Society. https://doi.org/10.1108/CG-12-2024-0674 DOI: https://doi.org/10.1108/CG-12-2024-0674
Saurabh, K., Rani, N., & Upadhyay, P. (2024). Towards novel blockchain decentralised autonomous organisation (DAO) led corporate governance framework. Technological Forecasting and Social Change, 204, 123417. https://doi.org/10.1016/j.techfore.2024.123417 DOI: https://doi.org/10.1016/j.techfore.2024.123417
Shamseer, L., Moher, D., Clarke, M., Ghersi, D., Liberati, A., Petticrew, M., Shekelle, P., Stewart, L. A., & Group, P.-P. (2015). Preferred reporting items for systematic review and meta-analysis protocols (PRISMA-P) 2015: Elaboration and explanation. BMJ, 349, g7647. https://doi.org/10.1136/bmj.g7647 DOI: https://doi.org/10.1136/bmj.g7647
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x DOI: https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Singh, H., Jain, G., Munjal, A., & Rakesh, S. (2020). Blockchain technology in corporate governance: Disrupting chain reaction or not? Corporate Governance: The International Journal of Business in Society, 20(1), 67–86. https://doi.org/10.1108/CG-07-2018-0261 DOI: https://doi.org/10.1108/CG-07-2018-0261
Smith, S. S., & Castonguay, J. J. (2020). Blockchain and accounting governance: Emerging issues and considerations for accounting and assurance professionals. Journal of Emerging Technologies in Accounting, 17(1), 119–131. https://doi.org/10.2308/jeta-52686 DOI: https://doi.org/10.2308/jeta-52686
Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039 DOI: https://doi.org/10.1016/j.jbusres.2019.07.039
Suhardi, A. R., Marinda, V. S., Prasetia, A. R., Rohendra, T., & Budiawan, A. (2021). Development of LQ45 share price index during 2012-2016. Review of International Geographical Education Online, 11(6), 16–22. https://doi.org/10.48047/rigeo.11.06.3
Sun, R.-T., Garimella, A., Han, W., Chang, H.-L., & Shaw, M. J. (2020). Transformation of the transaction cost and the agency cost in an organization and the applicability of blockchain: A case study of peer-to-peer insurance. Frontiers in Blockchain, 3, 24. https://doi.org/10.3389/fbloc.2020.00024 DOI: https://doi.org/10.3389/fbloc.2020.00024
Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222. https://doi.org/10.1111/1467-8551.00375 DOI: https://doi.org/10.1111/1467-8551.00375
van der Elst, C., & Lafarre, A. (2019). Blockchain and smart contracting for the shareholder community. European Business Organization Law Review, 20(1), 111–137. https://doi.org/10.1007/s40804-019-00136-0 DOI: https://doi.org/10.1007/s40804-019-00136-0
Wijaya, F., Waspada, I., & Sari, M. (2024). A systematic literature review of investment strategies in perfect capital markets: Insights from the PRISMA framework. International Journal of Entrepreneurship and Sustainability Studies, 4(2), 47–65. https://doi.org/10.31098/ijeass.v4i2.2813 DOI: https://doi.org/10.31098/ijeass.v4i2.2813
Xiao, Y., & Watson, M. (2019). Guidance on conducting a systematic literature review. Journal of Planning Education and Research, 39(1), 93–112. https://doi.org/10.1177/0739456X17723971 DOI: https://doi.org/10.1177/0739456X17723971
Yermack, D. (2017). Corporate governance and blockchains. Review of Finance, 21(1), 7–31. https://doi.org/10.1093/rof/rfw074 DOI: https://doi.org/10.1093/rof/rfw074
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Moneta : Journal of Economics and Finance
This work is licensed under a Creative Commons Attribution 4.0 International License.
