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Corporate governance and risk management: a systematic review and synthesis for future research

Ankita Kalia (University Business School, Panjab University, Chandigarh, India)
Suveera Gill (University Business School, Panjab University, Chandigarh, India)

Journal of Advances in Management Research

ISSN: 0972-7981

Article publication date: 26 April 2023

Issue publication date: 10 July 2023




The world economy has experienced several economic downturns, and each phase emphasised that no industry is immune to inappropriate risk-management practices. Against the backdrop of the recent COVID-19 pandemic, which had far more effects than a financial crisis, the existing paper reviewed the state of current research in the realm of corporate governance and risk-management practices.


This study rigorously followed a systematic approach in identifying, selecting and critically synthesising the existing literature on corporate governance and risk management. The review was carried out on the Web of Science and Scopus database until December 31, 2022. In total, 72 research works were examined and reviewed.


This systematic literature review showed that companies with strong governance mechanisms are less exposed to corporate risks. Several attributes, such as higher institutional ownership stakes, concentrated family ownership structures, lower CEO compensation and duality, higher presence of females in the management, better board dynamics in terms of independent boards and gender diversity are all strong mechanisms for mitigating risk. Additionally, socially responsible companies are better positioned to mitigate corporate risks. Furthermore, several themes emphasising the governance risk link have been identified to understand this domain further.


By analysing and synthesising existing corporate governance and risk-management themes, this study ascertained various research gaps that can be addressed in future studies. Furthermore, drawing on this paper's essential cues, researchers can significantly differentiate their work from existing ones in the field.



The authors would like to thank Prof. Surendra S. Yadav (Editor-in-Chief), Prof. Ravi Shankar (Executive Editor) and three anonymous reviewers for their helpful and constructive comments.


Kalia, A. and Gill, S. (2023), "Corporate governance and risk management: a systematic review and synthesis for future research", Journal of Advances in Management Research, Vol. 20 No. 3, pp. 409-461.



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