In the contemporary business landscape, characterized by globalization, heightened competition, and the imperative for firms to pursue internationalization strategies (De Massis et al., 2018; Debellis et al., 2020), the pivotal role of a company's board of directors in governance and strategic decision-making has gained prominence (Hitt et al., 2007; McNulty & Pettigrew, 1999). While extensive research has examined board characteristics in the context of various strategic decisions, such as mergers and acquisitions, diversification, innovation, and divestment (Dalziel et al., 2011; Kirsch, 2018; McDonald et al., 2008), a relatively understudied facet of corporate governance pertains to the influence of boards on a firm's internationalization decisions, particularly the selection of entry modes into foreign markets (Chen & Messner, 2011; Rivas, 2012).

Internationalization decisions, specifically the choice of entry mode, are of paramount importance for firms seeking to expand their global presence (Morschett et al., 2010; Nielsen et al., 2011). The selection of entry modes entails intricate considerations, encompassing market risks, resource commitments, and managerial strategies (Richards & Yang, 2007; Zhao et al., 2004). However, despite extensive research on this topic, a noticeable research gap exists in comprehending the role of the board of directors in shaping these critical internationalization decisions (Zheng & Kouwenberg, 2019; Trinarningsih et al., 2021).

This academic inquiry embarks on a bibliometric analysis to address this research gap and provide insights into the relationship between boards of directors and the choices of entry modes in internationalization strategies. Through an extensive review of existing scholarly literature and the application of bibliometric methodologies, including citation analysis and keyword co-occurrence analysis, the aim is to uncover patterns, emerging trends, and research lacunae specific to this domain.

The analysis delves into how the composition and characteristics of a firm's board of directors influence the selection of entry modes, including acquisitions, joint ventures, licensing, franchising, exports, and other cooperative arrangements (Tihanyi et al., 2003; Álvarez & Marín, 2010). Established theories, such as agency theory and resource dependence theory, are examined to elucidate the pivotal role played by the board's roles and incentives in shaping these strategic choices (Hillman & Dalziel, 2003; Xu et al., 2022). By comprehensively reviewing prior research, the study seeks to provide an encompassing overview of the state of knowledge in this specific domain.

This research is underpinned by the belief that a more profound understanding of the interplay between boards of directors and the selection of entry modes is essential for firms navigating the intricate terrain of international business. Such understanding can furnish valuable insights into the governance mechanisms that influence internationalization strategies, thus aiding firms in making informed and strategic decisions as they extend their operations into foreign markets.

Through this review, the aspiration is to illuminate the central role of boards of directors in entry mode choices and attain a nuanced understanding of the distinctive practices and characteristics specific to these internationalization contexts. To fulfill these objectives, a meticulous examination of 43 articles from the Web of Science (WoS) and Scopus databases was conducted. Employing bibliometric techniques, including citation analysis and keyword co-occurrence analysis, alongside a content analysis of abstracts, the study traces the evolutionary trajectory of literature in this field over time. This scholarly endeavor enriches the existing corpus of literature by offering a comprehensive bibliometric review of the state of research on boards of directors in the context of entry modes.

The structure of this document unfolds as follows: Firstly, we expound upon the methodology employed and the search strategy undertaken. In the second section, our findings are presented, addressing research inquiries through the analysis of data culled from academic databases and the application of VOSViewer software. The third section engages in a robust scholarly discussion, extrapolating from the content of selected articles and providing an overview of the literature concerning applied themes. The final section offers our scholarly conclusions.

2.1. Data Sources and Search Strategy

The data for this study were obtained from journal articles that were indexed in the Web of Science. The articles were selected based on specific criteria, including the presence of quality indexes such as the Journal Citation Reports (JCR), coverage over a long period of time (2011 and 2023), and the ability to download a large number of references at the same time. The choice of this database is justified by these criteria, as described by Durán-Sánchez et al. (2019) and Rojas-Sánchez et al. (2023) . In addition, the Scopus multidisciplinary bibliographic database was used to collect information from scientific publications that are categorized into a structured hierarchy of areas and subfields (business and management). The decision to use Scopus was based on three criteria: the inclusion of quality indexes like the Source Normalized Impact per Paper (SJR), a coverage expansion of around 25% compared to the Web of Science, and the ability to download a significant number of references simultaneously (Falagas et al., 2007; Hassan et al., 2019, Rojas-Sánchez et al., 2023).

The implementation of our bibliometric analysis, which aimed at studying the correlation between boards of directors and the international entry modes of businesses, followed to a meticulously organized approach. The databases Web of Science (WoS) and Scopus were utilized because to their recognized status as objective sources that facilitate thorough literature evaluations. These databases include journals that have significant impact factors and supply comprehensive data on sources, authors, institutions, nations, and citations. These metrics are necessary to conduct a complete bibliometric analysis. Using the criteria established by Moher et al. (2010), we meticulously followed the four important steps for identifying and organizing data for a bibliometric review, shown in Figure 1. These steps are as follows:

Step 1: Search Query Design The first step in our methodology entailed crafting an effective search query to identify articles that delve into the nuanced relationship between boards of directors and their role in international entry modes. Our search query was meticulously designed as follows:

Search Query = ("board directors" OR "board of director" OR "board") AND "entry mode"

Step 2: Initial Search and Data Collection The process of selecting relevant documents commenced with a comprehensive search conducted across titles, abstracts, and keywords for all document types within both databases. This initial search yielded 36 publications from WoS and 21 from Scopus.

Step 3: Research Area Categorization In the second step of our methodology, we meticulously filtered the identified publications based on specific research areas. These areas included domains such as business, management, and economics. This categorization was instrumental in refining our dataset and led to the exclusion of 3 articles from WoS and 5 from Scopus.

Step 4: Language Selection and Duplicate Removal In the third step, out of the 49 publications initially identified, we further narrowed our focus by exclusively selecting articles published in the English language. This decision was grounded in the reality that a substantial portion of the relevant research in this field is predominantly available in English. A meticulous manual review of the articles obtained from both databases was conducted to identify and subsequently eliminate any duplicate entries. This rigorous curation process resulted in a final dataset comprising 41 articles published between 1998 and 2023. This meticulously crafted dataset serves as the foundation for our comprehensive bibliometric analysis, which will shed light on the key trends, influential authors, and core theories within the research landscape of boards of directors and international entry modes. Our detailed approach ensures the robustness and reliability of our findings, enabling a thorough exploration of the chosen research area.

Figure 1: Flowchart of the Search Strategy

2.2. Data Analysis Procedure

Following the selection of articles, a comprehensive data analysis procedure was undertaken. This involved the retrieval of datasets from both the Web of Science (WoS) and Scopus databases. The retrieved datasets contained a wealth of information, including article titles, author names and affiliations, journal titles, abstracts, and the number of citations each article had received. These datasets served as the foundation for subsequent analyses.

To gain a deeper understanding of the data, a series of descriptive analyses were carried out using the built-in tools provided by WoS and Scopus. These analyses aimed to reveal important patterns and insights within the dataset. Specific areas of interest included the temporal distribution of publications (i.e., the number of publications per year) and the geographical distribution of articles (i.e., the number of articles by country). These aspects were critical in understanding the evolution and global relevance of the research in the field.

Additionally, statistical analyses were performed to generate tables summarizing the average number of authors per publication. This information shed light on collaboration trends within the academic community studying boards of directors and international business entry modes. It provided insights into whether research in this area tended to be the result of single-authored efforts or collaborative endeavors. Furthermore, the analyses aimed to identify the most influential articles and journals in the field. Citations were used as a key metric to assess the academic impact of publications. This provided an indication of the extent to which the research had influenced subsequent scholarship and contributed to the overall body of knowledge.

To delve even deeper into the dataset, VOSviewer, a specialized bibliometric analysis tool, was employed. VOSviewer allowed for the exploration of co-authorship relationships among researchers and the identification of thematic focuses within the field. By visualizing the co-occurrence of keywords in the articles, it was possible to map out clusters of related research topics and identify overarching themes.

Additionally, a meticulous content analysis of the articles was conducted. This involved categorizing the articles based on their thematic focus. The variables studied in relation to boards of directors and the internationalization of companies were carefully documented. Moreover, the theoretical frameworks adopted in the research and the specific research methodologies employed were identified and cataloged. This content analysis enriched the understanding of the research landscape and highlighted the various approaches and perspectives that scholars had taken in their investigations. Results

An analysis of keyword co-occurrence is conducted to pinpoint frequently studied themes within the domain of board of directors in entry modes. As per Zupic and Čater (2015), when words frequently co-occur in documents, it signifies that the concepts behind those words are closely related. Therefore, the outcome of the co-occurrence analysis is a network of themes and their relationships, representing the conceptual landscape of a knowledge field and revealing patterns and trends in the subjects studied within that field.

The co-occurrence analysis of keywords conducted (see Figure 3) identified 12 keywords. The five most concurrent keywords were "entry mode” (19 links), "corporate governance” (15 links), "performance" (14 links), "internationalization" (9 links), and "board composition" (17 links). These results reveal the relationship between corporate governance and entry modes, with the former being the theoretical focus on which most of the search articles are based. Performance, internationalization, and board composition stand out as the main topics of interest in this context, highlighting their relevance.

Figure 3: Network visualization map of keywords.

The analysis conducted using VOSviewer suggests that the 12 identified keywords form 2 clusters of words based on the strength of their relationships.

Cluster 1: Identified in Figure 3 with red lines, it consists of 8 words, with "corporate governance" and "entry modes" having the highest number of occurrences (15 and 19, respectively). This cluster highlights words like "internationalization" and "performance" (12 and 14 occurrences, respectively), with "board composition" being the characteristic of the board that has the strongest relationship with the other identified words (9 occurrences).

Cluster 2: A second group identified in Figure 3 with green lines, comprising 4 words, led by the word "cultural distance" with 7 occurrences, followed by "firm performance" with 6 occurrences. In this group, "ownership structure" stands out as the primary characteristic of board management with 5 occurrences, the same number of occurrences as "entry modes."

This co-occurrence analysis allows for the identification of two relevant aspects within the analysis of board management and its influence on international market entry: board composition and ownership structure. However, it does not present a differentiation in thematic focuses, for which a complementing analysis of the content of the selected articles' abstracts and, in many cases, a general review of the article's content is required to understand the most representative theoretical approaches. Through this bibliographic analysis, several characteristics in the publications have been identified, which have been useful in gaining a broader overview of advances in the field of knowledge. Consequently, the results have allowed the identification of four thematic axes presented in Table 5: characteristics, capabilities, behavior, and board composition.

In Table 5, articles are summarized for each thematic approach. Out of the 41 articles, 7 of them conducted qualitative studies, 31 conducted quantitative studies, and 3 applied mixed methods. Most of the articles correspond to empirical studies conducted in Asian countries, followed by Europe, with a few studies conducted in North American countries such as the United States and Canada. Regarding the first thematic approach concerning board of directors' characteristics, these studies are divided into three subtopics:

The second thematic approach is board capabilities, which can be further divided into three subtopics:

The third thematic approach is board behavior, which analyzes how the mental models and psychological attributes of its members influence their internationalization decisions. Cultural and institutional distance between the home and target countries plays a prominent role in this relationship.

Finally, the fourth thematic approach is board composition and independence. It is the second most prevalent thematic area after board characteristics, encompassing aspects such as female representation on the board, independence from partners or owners, ownership structure, and its influence on internationalization decisions and entry mode selection in multinational and family-owned companies in countries such as Taiwan, Italy, Germany, and India.

Based on the presented analysis, an integrated framework is proposed to organize thematic axes and theoretical approaches to provide guidance for future research. Figure 4 depicts the main thematic approaches to board of directors emerging from the literature review, distinguishing on the right the theoretical approaches linked to the entry mode literature and on the left the theoretical approaches related to the board of directors literature. Different types of companies identified within the literature review are shown at the bottom.

Figure 4: Main thematic focuses of boards of directors

This integrative framework contributes to understanding current research topics and identifying knowledge gaps and future research directions. So far, it is evident that the majority of studies have examined the influence of boards of directors on the international market entry modes of family businesses, followed by multinational corporations and exporting SMEs. Notably, the concept of entry mode has been primarily studied from the perspectives of internationalization theories such as Dunning's Eclectic Paradigm, process theory, and internalization theory.

Regarding studies on various topics associated with boards of directors, these have mostly been analyzed from the perspectives of agency theory, upper echelons theory, the resource-based view, and institutional theory. The conclusions include recommendations for future research.

In conclusion, this study has shed light on the intricate relationship between boards of directors and international market entry modes, emphasizing the significance of this intersection in the fields of international business and corporate governance. It has recognized the global nature of this field and acknowledged the diversity of institutions fostering influential scholars who have significantly shaped the discourse on corporate governance, entry modes, and international business practices. Their insights continue to guide both academic research and practical decision-making.

The thematic analysis has unveiled the major areas of exploration within this domain, revealing the subjects that researchers find most compelling. Notably, family businesses have taken the forefront, showcasing the paramount role of boards of directors in shaping the internationalization strategies of these enterprises. The applicability of this research to multinational corporations and small and medium-sized enterprises (SMEs) engaged in global markets underscores its relevance. The foundational internationalization theories, particularly Dunning's Eclectic Paradigm, process theory, and internalization theory, have played a pivotal role in providing theoretical underpinnings for understanding entry modes and corporate governance dynamics.

The delineation of four thematic axes - characteristics, capabilities, behavior, and board composition - provides a structured framework for future research. Investigating demographic characteristics, international experience, and board internationalization offers a lens through which to comprehend the nuanced decision-making processes of boards. In parallel, delving into organizational capabilities, management strategies, and director networks presents an opportunity to unravel the impact of board expertise on the selection of entry modes. Furthermore, scrutinizing board behavior and composition, with a specific focus on independence, opens avenues for exploring the psychological and structural factors that influence internationalization choices.

This study is not without limitations. The focus on prolific authors may not encompass all influential contributors, potentially overlooking emerging scholars with valuable perspectives. The selection of articles was based on specific keyword criteria, which could result in the exclusion of relevant studies that use different terminology. The study predominantly covers articles published up to a certain point, potentially missing more recent developments in the field. Therefore, this research provides a holistic view of the existing knowledge on the relationship between boards of directors and international entry modes. It highlights the importance of this intersection in the ever-evolving landscape of global business. Future research in this domain will continue to shape the practices and strategies of boards of directors and businesses as they navigate the complexities of international markets.

To deepen our understanding of the intricate relationship between boards of directors and international market entry modes, future studies can expand geographically, encompassing a more diverse range of countries and emerging economies, shedding light on the influence of cultural, regulatory, and economic contexts. Additionally, research into the impact of digitalization and technology on internationalization strategies guided by boards is essential in a rapidly changing technological landscape. Embracing interdisciplinary perspectives from fields like psychology, sociology, and economics can provide deeper insights into board decision-making processes. Longitudinal studies are valuable for tracking the evolution of board decisions and their long-term impact on entry modes, while comparative analyses can reveal how boards adapt their approaches to internationalization in various contexts, contributing to a more comprehensive understanding of this relationship. These research directions have the potential to provide practical insights for businesses operating on the global stage and enrich the ongoing discourse in international business and corporate governance.

From a managerial perspective, this research offers several practical insights. Boards of directors and business leaders can derive value from this study by gaining a deeper understanding of how the composition, capabilities, and behaviors of boards impact internationalization strategies, applying insights from the identified prolific authors to inform their governance practices and internationalization strategies, and recognizing the significance of demographic factors and international experience in shaping the effectiveness of boards in guiding international market entry. On the other hand, our theoretical contributions of this research lie in offering a structured framework with thematic axes that organizes the diverse body of literature and informs future research directions, recognizing the prevalence of certain internationalization theories and their impact on the research in this field, contributing to the ongoing theoretical discourse, and highlighting the need for more nuanced theoretical models that consider the psychological and cultural aspects of board decision-making in the context of internationalization.