["Business Strategy and the Environment, EarlyView. ", "\nABSTRACT\nThis research aims to highlight the empirical, theoretical, and corporate governance arguments employed in the academic literature that examines ownership structure as a determinant of carbon performance—a key element in contemporary climate governance frameworks. Drawing on a systematic literature review of 23 articles selected from 61 initially identified records that met the quality criteria based on bias assessment according to the Joanna Briggs Institute methodology, this study examines peer‐reviewed research published in high‐quality journals between 2016 and 2025 across Scopus, Web of Science, Business Source Complete/EBSCO, ScienceDirect, and Emerald/ProQuest, following PSALSAR and PRISMA protocols, structured in meta‐analysis and meta‐synthesis. The analysis revealed 294 relationships involving 53 distinct shareholding attributes. This study helps researchers, investors, boards of directors, policymakers, and regulators to understand the role played by different corporate stakeholders regarding the relevance of ownership concentration as key actors in shaping climate governance strategies, including entrenchment and alignment effects across diverse contexts. Among other implications, we underscore how ownership structure should be seen as a core element in the pursuit of carbon performance—analyzed from multiple perspectives—and we offer guidelines for the design and implementation of policies and regulations aimed at minimizing potential conflicts. This has clear repercussions for isomorphism, legitimacy, climate governance, and Nationally Determined Contributions.\n"]