Corporate Governance and Financial Resilience: Systematic Literature Review and Bibliometric Analysis
Keywords:
Bibliometric, Corporate governance, Financial resilience, Systematic literature review
Abstract
This article examines how firm level research links corporate governance to financial resilience. A corpus of 113 Scopus indexed articles is analysed through performance analysis and science mapping, and is complemented by five systematic or bibliometric reviews that focus on governance, stability and crisis related outcomes. Bibliometric indicators are used to trace publication dynamics, leading journals, countries and collaboration networks, while co-occurrence and thematic mapping reveal clusters around board structures, risk governance, ESG oriented governance and crisis performance. A qualitative reading of highly cited and review articles then distils how financial resilience is conceptualised and operationalised, showing that most studies rely on nearby constructs such as financial stability, distress and post shock performance rather than on a harmonised resilience index. The findings portray a rapidly expanding yet uneven field, anchored in a triangle of sustainability, finance and governance journals and dominated by board and banking stability perspectives, with explicit resilience constructs still emerging. By juxtaposing this evidence with existing reviews, the study identifies underexplored combinations of governance mechanisms and resilience outcomes and proposes a more integrated agenda for future firm level research on corporate governance and financial resilience.
Downloads
Download data is not yet available.
References
Adam, S. H., Alnor, N. H. A., Taha, M. A., Al-Matari, E. M., & Eltahir, I. A. E. (2025). Exploring the Implications of the Managerial Choice of Accounting Conservatism Strategy on the Financial Growth of Saudi Banks. Journal of Risk and Financial Management, 18(7). https://doi.org/10.3390/jrfm18070356
Aevoae, G. M., Andrieş, A. M., Ongena, S., & Sprincean, N. (2023). ESG and systemic risk. Applied Economics, 55(27), 3085–3109. https://doi.org/10.1080/00036846.2022.2108752
Allen, A., & Wahid, A. S. (2024). Regulating Gender Diversity: Evidence from California Senate Bill 826. Management Science, 70(4), 2023–2046. https://doi.org/10.1287/mnsc.2023.4825
Biondi, Y. (2025). Financial Sustainability of the Company and the Principle of Share Capital Maintenance. Accounting, Economics and Law: A Convivium, 15, s107–s202. https://doi.org/10.1515/ael-2024-0007
Boubaker, S., & Elnahass, M. (2024). Banking Resilience and Global Financial Stability. World Scientific Publishing Co. https://doi.org/10.1142/q0422
Chakraborty, B., & Das, A. K. (2024). Mergers and Acquisitions in the Banking Sector: A Systematic Literature Review. Vision. https://doi.org/10.1177/09722629241275326
Colantoni, F., Berndt, T., Rudisser, M. S., & Tron, A. (2025). ESG Prioritization: The Impact of Sustainability on Mitigating Bankruptcy Risk. Strategic Change, 34(6), 793–811. https://doi.org/10.1002/jsc.2659
del Sarto, N. (2025). Corporate Governance and ESG Controversies: Navigating Risk-Taking in Banks. Business Strategy and the Environment, 34(4), 4541–4560. https://doi.org/10.1002/bse.4214
Dell’Atti, S., & Sylos Labini, S. (2025). Climate risk and sustainability: Emerging impacts and future perspectives for the financial intermediaries. Springer Nature. https://doi.org/10.1007/978-3-031-79142-0
Do, Q. A., Phan, V., & Nguyen, D. T. (2023). How do local banks respond to natural disasters? European Journal of Finance, 29(7), 754–779. https://doi.org/10.1080/1351847X.2022.2055969
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
Ellili, N. O. D. (2020). Environmental, social, and governance disclosure, ownership structure and cost of capital: Evidence from the UAE. Sustainability (Switzerland), 12(18). https://doi.org/10.3390/su12187706
Ellili, N. O. D., & Seow, R. Y. C. (2025). Mapping Environmental, Social, and Governance Controversies and Corporate Financial Performance: Insights From Bibliometric and Content Analyses. Business Strategy and Development, 8(2). https://doi.org/10.1002/bsd2.70125
Galanos, A. K., & Perlin, M. S. (2025). Understanding financial resilience through innovation and top management. Revista Brasileira de Gestao de Negocios, 27(3). https://doi.org/10.7819/rbgn.v27i03.4302
Grassa, R., Moumen, N., & Hussainey, K. (2020). Do ownership structures affect risk disclosure in Islamic banks? International evidence. Journal of Financial Reporting and Accounting, 19(3), 369–391. https://doi.org/10.1108/JFRA-02-2020-0036
Hermawan, J., Inggrit Wijaya, L., & Rianawati, A. (2025). Environmental, social and governance trends in Asian firms: a systematic review and bibliometric analysis using the antecedents-decisions-outcomes–theories-context-methods framework. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2525531
Huang, B., Punzi, M. T., & Wu, Y. (2021). Do banks price environmental transition risks? Evidence from a quasi-natural experiment in China. Journal of Corporate Finance, 69. https://doi.org/10.1016/j.jcorpfin.2021.101983
Jan, A. A., Lai, F.-W., & Tahir, M. (2021). Developing an Islamic Corporate Governance framework to examine sustainability performance in Islamic Banks and Financial Institutions. Journal of Cleaner Production, 315. https://doi.org/10.1016/j.jclepro.2021.128099
Marie, M., Kamel, H., & Elbendary, I. (2021). How does internal governance affect banks’ financial stability? Empirical evidence from Egypt. International Journal of Disclosure and Governance, 18(3), 240–255. https://doi.org/10.1057/s41310-021-00110-8
Marnouch, B., El Boudaly, H., & El Khamlichi, A. (2025). Bibliometric Analysis of Risk Governance and Financial Stability in Islamic Banks. Risk Governance and Control: Financial Markets and Institutions, 15(3 Special Issue), 187–202. https://doi.org/10.22495/rgcv15i3sip2
Marnouch, B., & El Khamlichi, A. (2024). Risk Governance and Financial Stability of Islamic Banks: A Systematic Literature Review. Corporate and Business Strategy Review, 5(2), 218–234. https://doi.org/10.22495/cbsrv5i2art19
Otero González, L., Santomil, P., & Tamayo-Herrera, A. (2020). The effect of Enterprise Risk Management on the risk and the performance of Spanish listed companies. European Research on Management and Business Economics, 26(3), 111–120. https://doi.org/10.1016/j.iedeen.2020.08.002
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, n71. https://doi.org/10.1136/bmj.n71
Raouf, H., & Ahmed, H. (2022). Risk governance and financial stability: A comparative study of conventional and Islamic banks in the GCC. Global Finance Journal, 52. https://doi.org/10.1016/j.gfj.2020.100599
Safiullah, M., & Paramati, S. R. (2024). The impact of FinTech firms on bank financial stability. Electronic Commerce Research, 24(1), 453–475. https://doi.org/10.1007/s10660-022-09595-z
Tang, P., Yang, S., & Yang, S. (2020). How to design corporate governance structures to enhance corporate social responsibility in China’s mining state-owned enterprises? Resources Policy, 66. https://doi.org/10.1016/j.resourpol.2020.101619
Wang, Y. (2025). Influence of Audit Quality on Investment Decisions: Focusing on Board Gender Diversity. Global Business and Finance Review, 30(5), 76–89. https://doi.org/10.17549/gbfr.2025.30.5.76
Young, S., & Abdoush, T. (2025). Corporate governance and financial stability of the English Premier League before and during COVID-19. International Journal of Accounting, Auditing and Performance Evaluation, 21(1–2), 82–106. https://doi.org/10.1504/IJAAPE.2025.144891
Yusuf, M., Dasawaty, E. S., Esra, M. A., Apriwenni, P., Meiden, C., & Fahlevi, M. (2024). Integrated reporting, corporate governance, and financial sustainability in Islamic banking. Uncertain Supply Chain Management, 12(1), 273–290. https://doi.org/10.5267/j.uscm.2023.9.022
Aevoae, G. M., Andrieş, A. M., Ongena, S., & Sprincean, N. (2023). ESG and systemic risk. Applied Economics, 55(27), 3085–3109. https://doi.org/10.1080/00036846.2022.2108752
Allen, A., & Wahid, A. S. (2024). Regulating Gender Diversity: Evidence from California Senate Bill 826. Management Science, 70(4), 2023–2046. https://doi.org/10.1287/mnsc.2023.4825
Biondi, Y. (2025). Financial Sustainability of the Company and the Principle of Share Capital Maintenance. Accounting, Economics and Law: A Convivium, 15, s107–s202. https://doi.org/10.1515/ael-2024-0007
Boubaker, S., & Elnahass, M. (2024). Banking Resilience and Global Financial Stability. World Scientific Publishing Co. https://doi.org/10.1142/q0422
Chakraborty, B., & Das, A. K. (2024). Mergers and Acquisitions in the Banking Sector: A Systematic Literature Review. Vision. https://doi.org/10.1177/09722629241275326
Colantoni, F., Berndt, T., Rudisser, M. S., & Tron, A. (2025). ESG Prioritization: The Impact of Sustainability on Mitigating Bankruptcy Risk. Strategic Change, 34(6), 793–811. https://doi.org/10.1002/jsc.2659
del Sarto, N. (2025). Corporate Governance and ESG Controversies: Navigating Risk-Taking in Banks. Business Strategy and the Environment, 34(4), 4541–4560. https://doi.org/10.1002/bse.4214
Dell’Atti, S., & Sylos Labini, S. (2025). Climate risk and sustainability: Emerging impacts and future perspectives for the financial intermediaries. Springer Nature. https://doi.org/10.1007/978-3-031-79142-0
Do, Q. A., Phan, V., & Nguyen, D. T. (2023). How do local banks respond to natural disasters? European Journal of Finance, 29(7), 754–779. https://doi.org/10.1080/1351847X.2022.2055969
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296. https://doi.org/10.1016/j.jbusres.2021.04.070
Ellili, N. O. D. (2020). Environmental, social, and governance disclosure, ownership structure and cost of capital: Evidence from the UAE. Sustainability (Switzerland), 12(18). https://doi.org/10.3390/su12187706
Ellili, N. O. D., & Seow, R. Y. C. (2025). Mapping Environmental, Social, and Governance Controversies and Corporate Financial Performance: Insights From Bibliometric and Content Analyses. Business Strategy and Development, 8(2). https://doi.org/10.1002/bsd2.70125
Galanos, A. K., & Perlin, M. S. (2025). Understanding financial resilience through innovation and top management. Revista Brasileira de Gestao de Negocios, 27(3). https://doi.org/10.7819/rbgn.v27i03.4302
Grassa, R., Moumen, N., & Hussainey, K. (2020). Do ownership structures affect risk disclosure in Islamic banks? International evidence. Journal of Financial Reporting and Accounting, 19(3), 369–391. https://doi.org/10.1108/JFRA-02-2020-0036
Hermawan, J., Inggrit Wijaya, L., & Rianawati, A. (2025). Environmental, social and governance trends in Asian firms: a systematic review and bibliometric analysis using the antecedents-decisions-outcomes–theories-context-methods framework. Cogent Business and Management, 12(1). https://doi.org/10.1080/23311975.2025.2525531
Huang, B., Punzi, M. T., & Wu, Y. (2021). Do banks price environmental transition risks? Evidence from a quasi-natural experiment in China. Journal of Corporate Finance, 69. https://doi.org/10.1016/j.jcorpfin.2021.101983
Jan, A. A., Lai, F.-W., & Tahir, M. (2021). Developing an Islamic Corporate Governance framework to examine sustainability performance in Islamic Banks and Financial Institutions. Journal of Cleaner Production, 315. https://doi.org/10.1016/j.jclepro.2021.128099
Marie, M., Kamel, H., & Elbendary, I. (2021). How does internal governance affect banks’ financial stability? Empirical evidence from Egypt. International Journal of Disclosure and Governance, 18(3), 240–255. https://doi.org/10.1057/s41310-021-00110-8
Marnouch, B., El Boudaly, H., & El Khamlichi, A. (2025). Bibliometric Analysis of Risk Governance and Financial Stability in Islamic Banks. Risk Governance and Control: Financial Markets and Institutions, 15(3 Special Issue), 187–202. https://doi.org/10.22495/rgcv15i3sip2
Marnouch, B., & El Khamlichi, A. (2024). Risk Governance and Financial Stability of Islamic Banks: A Systematic Literature Review. Corporate and Business Strategy Review, 5(2), 218–234. https://doi.org/10.22495/cbsrv5i2art19
Otero González, L., Santomil, P., & Tamayo-Herrera, A. (2020). The effect of Enterprise Risk Management on the risk and the performance of Spanish listed companies. European Research on Management and Business Economics, 26(3), 111–120. https://doi.org/10.1016/j.iedeen.2020.08.002
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, n71. https://doi.org/10.1136/bmj.n71
Raouf, H., & Ahmed, H. (2022). Risk governance and financial stability: A comparative study of conventional and Islamic banks in the GCC. Global Finance Journal, 52. https://doi.org/10.1016/j.gfj.2020.100599
Safiullah, M., & Paramati, S. R. (2024). The impact of FinTech firms on bank financial stability. Electronic Commerce Research, 24(1), 453–475. https://doi.org/10.1007/s10660-022-09595-z
Tang, P., Yang, S., & Yang, S. (2020). How to design corporate governance structures to enhance corporate social responsibility in China’s mining state-owned enterprises? Resources Policy, 66. https://doi.org/10.1016/j.resourpol.2020.101619
Wang, Y. (2025). Influence of Audit Quality on Investment Decisions: Focusing on Board Gender Diversity. Global Business and Finance Review, 30(5), 76–89. https://doi.org/10.17549/gbfr.2025.30.5.76
Young, S., & Abdoush, T. (2025). Corporate governance and financial stability of the English Premier League before and during COVID-19. International Journal of Accounting, Auditing and Performance Evaluation, 21(1–2), 82–106. https://doi.org/10.1504/IJAAPE.2025.144891
Yusuf, M., Dasawaty, E. S., Esra, M. A., Apriwenni, P., Meiden, C., & Fahlevi, M. (2024). Integrated reporting, corporate governance, and financial sustainability in Islamic banking. Uncertain Supply Chain Management, 12(1), 273–290. https://doi.org/10.5267/j.uscm.2023.9.022
Published
2026-02-20
How to Cite
Lestari, T., & Ahmad, G. N. (2026). Corporate Governance and Financial Resilience: Systematic Literature Review and Bibliometric Analysis. Pattimura Proceeding: Conference of Science and Technology, 6(1), 367-380. https://doi.org/10.30598/pcst.2026.iconbe.p367-380
Section
Articles
Copyright (c) 2026 Authors
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
