Managing Corporate Risks for Value Creation: A Systematic Literature Review of Risk Governance, Resilience, and Firm Value

Nur Fadilah Hanifah; Yusnaini Yusnaini; Shelly Febriana Kartasari

doi:10.63922/ijebir.v5i05.6509

Nur Fadilah Hanifah Master of Accounting Science Program, Sriwijaya University, Indonesia
Yusnaini Yusnaini Department Of Accounting, Sriwijaya University, Indonesia
Shelly Febriana Kartasari Department Of Accounting, Sriwijaya University, Indonesia

DOI: https://doi.org/10.63922/ijebir.v5i05.6509

Keywords: Corporate Risk Management, Risk Governance, Organizational Resilience, Firm Value, Stakeholder Theory.

Abstract

This study examines the transformation of corporate risk management as a strategic approach for value creation through the perspectives of risk governance, organizational resilience, and firm value using a Systematic Literature Review (SLR) approach. A total of 50 peer-reviewed articles published between 2021 and 2026 were analyzed based on PRISMA guidelines. The review focuses on risk governance mechanisms, organizational resilience, sustainability practices, digital transformation, and corporate strategies in managing uncertainty. The findings indicate that effective risk management contributes to adaptive decision-making, organizational resilience, and long-term value creation. The study highlights that integrating financial and non-financial factors strengthens stakeholder trust and supports sustainable competitive advantage. This research contributes to corporate risk literature by explaining how firms transform risks into strategic opportunities through integrated governance and sustainable approaches.

References

Adam, M., Soliman, A. M., & Mahtab, N. (2023). Measuring enterprise risk management implementation: A multifaceted approach for the banking sector. Quarterly Review of Economics and Finance, 87(02), 244–256. https://doi.org/10.1016/j.qref.2021.01.002
Akhtar, T., & Ahmad, A. (2025). Executive, non-executive compensation, and firm performance: Evidence from FinTech firms. Finance Research Open, 1, 1–16. https://doi.org/10.1016/j.finr.2025.100034
Almonares, R. A. L., Maneenop, S., & Jaroenjitrkam, A. (2026). The impact of carbon emissions on firm performance in the global transportation sector. Research in Transportation Economics, 117, 1–14. https://doi.org/10.1016 /j.retrec.2026.101761
Ararat, M., & Yurtoglu, B. B. (2021). Female directors, board committees, and firm performance: Time-series evidence from Turkey. Emerging Markets Review, 48, 1–27. https://doi.org/10.1016/j.ememar.2020.100768
Bagh, T., Fuwei, J., & Khan, M. A. (2024). Corporate ESG investments and firm’s value under the real-option framework: Evidence from two world-leading economies. Borsa Istanbul Review, 24, 1–17. https://doi.org/10.1016/j.bir .2024.01.002
Bachiller, P., Boubaker, S., & Mefteh-Wali, S. (2021). Financial derivatives and firm value: What have we learned? Finance Research Letters, 39, 1–9. https://doi.org/10.1016/j.frl.2020.101573
Ban, N., Che, X., Walker, T., & Zhao, Y. (2025). Does green bond issuance affect firm value? Evidence from China. Global Finance Journal, 66, 1–19. https://doi.org/10.1016/j.gfj.2025.101124
Bao, X., Sun, B., Han, M., Lin, H., & Lau, R. Y. K. (2023). Quantifying the impact of CEO social media celebrity status on firm value: Novel measures from digital gatekeeping theory. Technological Forecasting & Social Change, 189, 1–10. https://doi.org/10.1016/j.techfore.2023.122334
Barman, S., & Mahakud, J. (2025). Energy uncertainty and firm performance: Does ESG matter? The Journal of Economic Asymmetries, 31, 1–20. https://doi.org/10.1016/j.jeca.2025.e00413
Campayo-Sanchez, F., Mas-Ruiz, F. J., & Nicolau, J. L. (2026). Presidential elections and hotel market value: How CEO political ideology shapes firm performance. Journal of Hospitality and Tourism Management, 67, 1–12. https://doi.org/10.1016/j.jhtm.2026.101455
Cheng, L. (2025). Political governance and firm performance in China: Evidence from a quasi-natural experiment. Journal of Financial Stability, 76, 1–20. https://doi.org/10.1016/j.jfs.2024.101348
Cosma, S., Cosma, S., Pennetta, D., & Rimo, G. (2025). Does biodiversity matter for firm value? Journal of International Financial Markets, Institutions & Money, 105, 1–23. https://doi.org/10.1016/j.intfin.2025.102240
Di Tommaso, C., Foglia, M., & Pacelli, V. (2025). The impact of biodiversity score on the European firm’s performance. International Review of Financial Analysis, 106, 1–12. https://doi.org/10.1016/j.irfa.2025.104460
El Diri, M., Harakeh, M., Lambrinoudakis, C., & Tsileponis, N. (2026). Deciphering blockchain’s impact on earnings quality and firm value. Journal of International Accounting, Auditing and Taxation, 61, 1–17. https://doi.org/10.1016/j.intaccaudtax.2026.100772
Fang, Y., Fiordelisi, F., Hasan, I., Leung, W. S., & Wong, G. (2023). Corporate culture and firm value: Evidence from crisis. Journal of Banking & Finance, 146, 1–26. https://doi.org/10.1016/j.jbankfin.2022.106710
Fung, D. W. H., Lee, W. Y., & Yang, C. C. (2025). Surviving the storm: Evaluating the role of enterprise risk management in property and liability insurers’ performance during the COVID-19 pandemic. Journal of Corporate Finance, 91, 1–19. https://doi.org/10.1016/j.jcorpfin.2025.102751
García-Sánchez, I. M., Hussain, N., Aibar-Guzmán, C., & Aibar-Guzmán, B. (2026). ESG controversies and external assurance: Examining their impact on firm value and image. The British Accounting Review, 58, 1–28. https://doi.org/10.1016/j.bar.2025.101704
Guo, H., Shen, Z., Chen, Y., & Dong, M. (2025). Analyzing the impact of government R&D subsidy and digital transformation on supply chain risk dynamics management and firm performance in the China’s chip industry. International Journal of Production Economics, 281, 1–16. https://doi.org/10 .1016/j.ijpe.2025.109524
Gupta, P., & Chauhan, S. (2023). Dynamics of corporate governance mechanisms-family firms’ performance relationship: A meta-analytic review. Journal of Business Research, 154, 1–23. https://doi.org/10.1016/j.jbusres.2022.113299
Han, X., & Laing, E. (2025). Enterprise risk management and foreign currency derivatives usage. International Review of Economics and Finance, 103, 1–25. https://doi.org/10.1016/j.iref.2025.104518
Horobet, A., Kostakis, I., Banerjee, A., & Belascu, L. (2025). Deconstructing the environmental innovation-governance-firm value nexus: Evidence from European industrial and technology companies. Journal of Innovation & Knowledge, 10, 1–16. https://doi.org/10.1016/j.jik.2025.100790
Huang, X., Wang, N., & Ye, M. (2026). Climate risk, supply chain stability, and firm value. International Review of Economics and Finance, 111, 1–16. https://doi.org/10.1016/j.iref.2026.105701
Jin, S., Gan, C., & Li, Z. (2025). Impact of firm-level climate change exposure on firm value: The moderating role of carbon transparency. Borsa Istanbul Review, 25, 360–373. https://doi.org/10.1016/j.bir.2025.01.006
Khandelwal, C., Kumar, S., Tripathi, V., & Madhavan, V. (2023). Joint impact of corporate governance and risk disclosures on firm value: Evidence from emerging markets. Research in International Business and Finance, 66, 1–12. https://doi.org/10.1016/j.ribaf.2023.102022
Kozol, E. (2026). Composite ESG ratings and firm value under inflation: Evidence from Borsa Istanbul, 2015–2023. Borsa Istanbul Review, 26, 1–14. https://doi.org/10.1016/j.bir.2026.100862
Kuo, Y. F., Lin, Y. M., & Chien, H. F. (2021). Corporate social responsibility, enterprise risk management, and real earnings management: Evidence from managerial confidence. Finance Research Letters, 41, 1–19. https://doi.org/10. 1016/j.frl.2020.101805
Lai, G., Huang, Q., & Ren, B. (2026). For better and for worse: The dual effect of marital ownership on firm value. Pacific-Basin Finance Journal, 98, 1–13. https://doi.org/10.1016/j.pacfin.2026.103177
Li, X., Fung, A., Fung, H. G., & Jin, H. (2025). Enhancing firm resilience: A dual focus on value creation and risk mitigation. International Review of Financial Analysis, 106, 1–19. https://doi.org/10.1016/j.irfa.2025.104562
Lin, Z., Patel, A. K., Almasabi, S. S., Battisti, E., & Christofi, M. (2026). Green investment, green expenditure, green revenue, and financial hedging: An empirical analysis of firm performance in G20 countries. Research in International Business and Finance, 90, 1–15. https://doi.org/10.1016/j. ribaf.2026.103564
Liu, C., & Song, Y. (2026). Extreme heat, supply chain spillovers, and firm performance. Ecological Economics, 249, 1–10. https://doi.org/10.1016/j. ecolecon.2026.109133
Lu, D., Wu, H., Xing, C., Xu, J., & Zhang, G. (2026). Natural disasters, corporate ESG performance and firm value. International Review of Economics and Finance, 107, 1–18. https://doi.org/10.1016/j.iref.2026.105082
Lv, W., Meng, Q., Cao, Y., & Liu, J. (2025). Impact and moderating mechanism of corporate tax avoidance on firm value from the perspective of corporate governance. International Review of Financial Analysis, 99, 1–6. https://doi.org/10.1016/j.irfa.2025.103926
Ma, C., Gao, L., Jiang, Y., & Ren, Y. S. (2025). How biodiversity information disclosures spill the beans on firm value? Finance Research Letters, 85, 1–10. https://doi.org/10.1016/j.frl.2025.108240
Mishra, G., Patro, A., & Tiwari, A. K. (2024). Does climate governance moderate the relationship between ESG reporting and firm value? Empirical evidence from India. International Review of Economics and Finance, 91, 1–22. https://doi.org/10.1016/j.iref.2024.01.059
Narula, R., Rao, P., Kumar, S., & Matta, R. (2024). ESG scores and firm performance: Evidence from emerging market. International Review of Economics and Finance, 89, 1170–1184. https://doi.org/10.1016/j.iref.20 23.08.024
Naseer, M. M., Khan, M. A., Bagh, T., Guo, Y., & Zhu, X. (2024). Firm climate change risk and financial flexibility: Drivers of ESG performance and firm value. Borsa Istanbul Review, 24, 106–117. https://doi.org/10.1016/j.bir. 2023.11.003
Nazir, Y., Cai, X., & Tennojiya, T. (2026). Does ESG performance enhance investment efficiency and firm performance? Evidence from Japan. Research in International Business and Finance, 91, 1–22. https://doi.org/10.1016 /j.ribaf.2026.103582
Pandher, G., & Sun, J. (2023). Firm performance & effective mitigation of adverse business scenarios. Global Finance Journal, 58, 1–16. https://doi.org/10.1016/ j.gfj.2023.100889
Poretti, C., Weisskopf, J. P., & de Vivie de Régie, P. (2024). Innovative business strategies, corporate performance, and firm value in the travel and leisure industry. International Journal of Hospitality Management, 118, 1–12. https://doi.org/10.1016/j.ijhm.2023.103683
Riaz, A., Ur Rehman, S., Brezina, I., & Jabeen, F. (2026). Artificial intelligence, human collaboration, and big data knowledge management: Enabling governance innovation and firm performance. Journal of Innovation & Knowledge, 18, 1–13. https://doi.org/10.1016/j.jik.2026.101100
Ren, Z., Zhang, X., & Zhang, Z. (2021). New evidence on COVID-19 and firm performance. Economic Analysis and Policy, 72, 1–13. https://doi.org/10.1 016/j.eap.2021.08.002
Sahu, S. R., & Sur, J. K. (2026). Does ESG reporting enhance firm performance? Journal of Policy Modeling, 48, 1–14. https://doi.org/10.1016/j.jpolmod .2025.12.002
Suder, M., Kusa, R., Kallmuenzer, A., Glinka, B., & Kłobukowski, P. (2025). Building resilience in hotels: Unveiling the nexus of entrepreneurial orientation, firm performance and fear of crisis. International Journal of Hospitality Management, 131, 1–16. https://doi.org/10.1016/j.ijhm.2025 .104252
Sun, Y., Morley, B., & Zeppini, P. (2026). The effects of currency hedging on firm value using a threshold model. International Review of Economics and Finance, 108, 1–15. https://doi.org/10.1016/j.iref.2026.105323
Suu, N. D., Nhan, D. T. T., Chung, C. Y., Choi, J. H., & Choi, P. M. S. (2026). Financial distress and firm performance: Evidence from Vietnam. International Review of Economics and Finance, 106, 1–14. https://doi.org/10.1016/j.iref.2026.105006
Tang, M. (2025). Data element utilization and firm value. International Review of Financial Analysis, 102, 1–12. https://doi.org/10.1016/j.irfa.2025.104004
Tripathi, V., Goodell, J. W., Madhavan, V., & Kumar, S. (2024). Moderating effect of capital structure on the relationship between corporate governance mechanisms and firm value: Evidence from India. International Review of Economics and Finance, 92, 1–15. https://doi.org/10.1016/j.iref.2024.02.082
Veeravel, V., Hiremath, R. B., & Panda, P. (2025). Does internal carbon pricing improve firm performance? Evidence from Indian listed companies. Finance Research Letters, 86, 1–7. https://doi.org/10.1016/j.frl.2025.108780
Vidalis, S., Petsas, I., Cai, J., Guan, R., Lu, Y., & Balagyozyan, A. (2025). Does female participation improve firm value? Board gender diversity reform and asymmetric market responses. The Journal of Economic Asymmetries, 32, 1–18. https://doi.org/10.1016/j.jeca.2025.e00440
Wang, Z. (2026). Can the establishment of a personal data protection system promote firm value? An exploration of the economics of privacy. Research in International Business and Finance, 82, 1–21. https://doi.org/10.1016/j.ribaf. 2025.103230
Wu, W., Zhang, S., Fan, Y., & Shi, Y. (2024). Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics. International Review of Financial Analysis, 96, 1–10. https://doi.org/10.1016/j.irfa.2024.103706
Wu, Z., Lin, S., Chen, T., Luo, C., & Xu, H. (2023). Does effective corporate governance mitigate the negative effect of ESG controversies on firm value? Economic Analysis and Policy, 80, 1–22. https://doi.org/10.1016/j.eap. 2023.11.018
Xu, W., & Zuo, X. (2026). Cross-border data risk and firm performance: The moderating role of digital resilience and agility. Journal of International Management, 32, 1–17. https://doi.org/10.1016/j.intman.2026.101350
Yavuz, M. S., & Çalik, H. (2025). AI and ML patent intensity and firm performance: A machine learning-based lagged analysis. European Research on Management and Business Economics, 31, 1–12. https://doi.org/10.10 16/j.iedeen.2025.100291
Zhang, H., Han, B., & He, L. (2026). How financial soundness shapes firm value volatility: Moderating effects of financial frictions. Finance Research Letters, 107, 1–11. https://doi.org/10.1016/j.frl.2026.110391
Zhang, L. A., Lee, H., & Kim, J. (2026). Politically motivated CSR and firm value: Evidence from China. Journal of Contemporary Accounting & Economics, 22, 1–19. https://doi.org/10.1016/j.jcae.2026.100584
Zhang, Q. (2026). Private equity investment, executives’ financial background, and firm performance. Finance Research Letters, 99, 1–10. https://doi.org/10.10 16/j.frl.2026.109925
Zhang, X., & Yu, Z. (2025). Supply chain resilience, cash conversion cycle, and E-commerce firm performance. Finance Research Letters, 86, 1–9. https://doi. org/10.1016/j.frl.2025.108601
Zhao, Y., Wu, W., Shen, Z., & Ji, Z. (2025). Supply chain transparency and firm performance : the role of customer trust. Finance Research Letters, 85, 1-8. https://doi.org/10.1016/j.frl.2025.107880