This study maps two decades of insider trading research through bibliometric and content analysis, highlighting influential works, collaborations, and six core thematic areas with 29 key insights.

• Insider trading research over the last two decades reveals six core thematic areas: market efficiency, corporate governance, legislation and enforcement, mergers and acquisitions, financial reporting, and cross-market/global studies, with 29 key insights summarizing how insiders exploit private information, regulatory effects, and the roles of personal and organizational factors.

• The most influential research and collaborative hubs are concentrated in the United States and Europe, with productivity and impact mainly driven by a small group of authors and premier institutions, though a global diversification trend is emerging.

• The effectiveness of insider trading laws depends critically on enforcement, not just legislation—without robust enforcement, regulatory rules may inadvertently create more profitable opportunities for insiders, especially in emerging markets with weak governance.

  "Insider trading has long been a central focus of academic and regulatory debates due to its exploitation of superior information at the expense of outside investors and its impact on fairness and market integrity,"  says Baker. 

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