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This study aims to examine the nexus of corporate governance with firms' financial risk-taking behavior under the corporate social responsibility (CSR) disclosures in the context of non-financial listed firms of an emerging economy.

This study investigates the relationship between corporate governance as evaluated by an index and several financial risks, including idiosyncratic, default and systematic risks. The connection of corporate governance with financial risks is also studied while considering the moderation of CSR disclosures. The data are collected from 2014 to 2018 of 73 top 100-index listed non-financial firms of Pakistan Stock Exchange (PSX). Panel regression fixed effect and 2-step generalized method of moments techniques are applied to confirm the hypothesis along with the diagnostic tests to confirm that all outcomes of models must be authentic and reliable.

The study’s findings confirm that enhancing the overall corporate governance measures resulted in an augment in the firm’s risk due to weak control and regulations prevailing in emerging economies. Moreover, CSR disclosures enhance stakeholder information, lessen information asymmetry about management policies and mitigate the risk associated with operational uncertainties.

This study has a practical implementation to policymakers that effective monitoring and controlling measures facilitate the corporate management for minimizing the financial risks. Further, the study’s findings shed light that implementing corporate governance measures is not enough to mitigate financial risks until supervisory measures in the form of CSR disclosures are not taken to analyse corporate governance effectiveness.

This paper enhances the key findings in the literature by examining the role of corporate governance measures with respect to firms’ financial risks considering the moderating role of CSR disclosures. Furthermore, this research adds to the body of knowledge regarding the implementation of monitoring measures that assist in the mitigation of firms’ financial risks hence firm value.

This study aims to verify the significance of Andersen (2008) corporate risk management (CRM) framework in Asian emerging markets (AEMs) to control firm risk and improve firm performance.

The cross-sectional analyses are performed on a sample of 4,609 firms across nine Asian emerging countries using 2SLS estimation technique.

The empirical findings show that the adoption of CRM not only enhances firm performance by increasing the firm ability to capitalize on the market opportunity but also plays a significant role in reducing firm risk. The findings of this study assert that by institutionalizing risk management practices into an integrated CRM framework, the firm can reap multiple benefits by maintaining better contractual agreements and strategic partnerships with key stakeholders.

The study shifts the focus of CRM away from Western countries toward AEMs, which has been afflicted by high risks and uncertainties. The effectiveness of CRM against firm risk is established by dividing firm risk into firm-specific risk and systematic risk. Furthermore, this study also establishes that CRM not only leads to high returns but also reduces firm operational and production costs. Overall, the study provides a compelling argument to implement CRM for improving organizational performance and managing risks in a strategic and integrated manner. The findings are also relevant to risk management practitioners, as well as to academicians interested in the broader fields of corporate finance and strategy.

This study aims to explore the relationship between firm risk, capital structure, cost of equity capital and social and environmental sustainability during the COVID-19 pandemic for companies listed on Tehran Stock Exchange.

To this aim, the information about 190 companies in 2014–2020 was retrieved to be analyzed. The total risk and systematic risk were used as the indicators of company risk; the industry-adjusted earnings price ratio (IndEP) and GORDON were used for the cost of equity capital. To measure social sustainability and environmental sustainability, the procedure suggested by Arianpoor and Salehi (2020) was used.

Underleveraged firms have had a lower total risk during the COVID-19 pandemic, while overleveraged firms have not had a higher risk during this time. In overleveraged firms, using systematic risk has a negative impact on social sustainability during the COVID-19 pandemic. In overleveraged firms, using total risk and systematic risk has a significant negative impact on environmental sustainability in the pandemic. Besides, overleveraged firms have a lower cost of equity capital (IndEP) during COVID-19.

To the best of the authors’ knowledge, no similar study has so far examined the joint impact of COVID-19 and corporate risk on social and environmental sustainability and also the joint impact of COVID-19 and capital structure on the cost of equity. This study contributes to the related literature by providing corporations with insightful post-pandemic directions on capital structure decisions and social and environmental activities. Furthermore, this research and the relevant findings can help understand and develop social responsibility in Iran as a developing country.

The current study focuses on many risk categories that have emerged in the digital ecosystem of the financial technology industry, which has dramatically changed traditional financial systems as a result of innovations in financial technology.

The Web of Science Core Collection database was used to find a data set of 719 pertinent papers on the subject encompassing the year 2015–2023. The sample procedure was carried out utilising the PRISMA approach. The keywords were first gathered relating to technological risks in banking sectors and after confirming the keywords, the authors performed the search by the “topic” which covers “title” in the search bar. On February 15, 2023, the Web of Science database was searched using the terms “Cyber security risk OR data theft OR financial crimes OR financial stability risk OR operational risk OR default risk OR money laundering OR financial terrorism AND FinTech AND banking sector”. Two-step approach is applied in this study. First, descriptive analysis is applied using RStudio to highlight prominent authors, countries and affiliations. Furthermore, relationship among authors, countries and keywords is shown by using three fields plot. Second, using VOSviewer, co-occurrence of keyword analysis is used to determine the most influential themes.

The findings show that 2,611 documents have been published from 2016 to 2023. Year 2021 is the most productive year in terms of number of publications. The results also show that WANG XC is tied for the position of most prolific contributing author. In a similar vein, the United States leads the world in publication output. Furthermore, Southwestern University of Finance and Economics in China is leading the list with 15 articles. The results from the co-occurrence of keywords reveal that “default risk”, “operational risk”, “money laundering”, “credit risk”, “corporate governance”, “systematic risk”, “financial stability risk”, “risk management” and “crises” are the frequently keywords.

The results of this study are beneficial to academia and industry in order to advance their current understanding of FinTech and associated concerns. This work expands the understanding of the technology hazards facing the banking industry from a broad perspective.

The novel coronavirus (COVID-19) has caused financial stress and limited their lending agility, resulting in more non-performing loans (NPLs) and lower performance during the II wave of the coronavirus crisis. Therefore, it is essential to identify the risky factors influencing the financial performance of Indian banks spanning 2018–2022.

Our sample consists of a balanced panel dataset of 75 scheduled commercial banks from three different ownership groups, including public, private and foreign banks, that were actively engaged in their operations during 2018–2022. Factor identification is performed via a fixed-effects model (FEM) that solves the issue of heterogeneity across different with banks over time. Additionally, to ensure the robustness of our findings, we also identify the risky drivers of the financial performance of Indian banks using an alternative measure, the pooled ordinary least squares (OLS) model.

Empirical evidence indicates that default risk, solvency risk and COVAR reduce financial performance in India. However, high liquidity, Z-score and the COVID-19 crisis enhance the financial performance of Indian banks. Unsystematic risk and systemic risk factors play an important role in determining the prognosis of COVID-19. The study supports the “bad-management,” “moral hazard” and “tail risk spillover of a single bank to the system” hypotheses. Public sector banks (PSBs) have considerable potential to achieve financial performance while controlling unsystematic risk and exogenous shocks relative to their peer group. Finally, robustness check estimates confirm the coefficients of the main model.

This study contributes to the knowledge in the banking literature by identifying risk factors that may affect financial performance during a crisis nexus and providing information about preventive measures. These insights are valuable to bankers, academics, managers and regulators for policy formulation. The findings of this paper provide important insights by considering all the risk factors that may be responsible for reducing the probability of financial performance in the banking system of an emerging market economy.

The empirical analysis has been done with a fresh perspective to consider unsystematic risk, systemic risk and exogenous risk (COVID-19) with the financial performance of Indian banks. Furthermore, none of the existing banking literature explicitly explores the drivers of the I and II waves of COVID-19 while considering COVID-19 as a dependent variable. Therefore, the aim of the present study is to make efforts in this direction.

The study aims to identify the possible risk factors for electricity grids operational disruptions and to determine the most critical and influential risk indicators.

A multi-criteria decision-making best-worst method (BWM) is employed to quantitatively identify the most critical risk factors. The grey causal modeling (GCM) technique is employed to identify the causal and consequence factors and to effectively quantify them. The data used in this study consisted of two types – quantitative periodical data of critical factors taken from their respective government departments (e.g. Indian Meteorological Department, The Central Water Commission etc.) and the expert responses collected from professionals working in the Indian electric power sector.

The results of analysis for a case application in the Indian context shows that temperature dominates as the critical risk factor for electrical power grids, followed by humidity and crop production.

The study helps to understand the contribution of factors in electricity grids operational disruptions. Considering the cause consequences from the GCM causal analysis, rainfall, temperature and dam water levels are identified as the causal factors, while the crop production, stock prices, commodity prices are classified as the consequence factors. In practice, these causal factors can be controlled to reduce the overall effects.

From the results of the analysis, managers can use these outputs and compare the risk factors in electrical power grids for prioritization and subsequent considerations. It can assist the managers in efficient allocation of funds and manpower for building safeguards and creating risk management protocols based on the severity of the critical factor.

The research comprehensively analyses the risk factors of electrical power grids in India. Moreover, the study apprehends the cause-consequence pair of factors, which are having the maximum effect. Previous studies have been focused on identification of risk factors and preliminary analysis of their criticality using autoregression. This research paper takes it forward by using decision-making methods and causal analysis of the risk factors with blend of quantitative and expert response based data analysis to focus on the determination of the criticality of the risk factors for the Indian electric power grid.

This study aims to identify the publication phase, performance and scientific contributions of research papers related to enterprise risk management (ERM) and to visualise the emerging themes in addressing volatility, uncertainty, complexity and ambiguity (VUCA).

The biblioshiny technique based on the bibliometrix R package was used to draw journal papers’ performance and scientific contributions by displaying distinctive features from the bibliometric method used in prior studies. The data was extracted from the Web of Science (WOS) and Scopus databases.

Since the 1990s, ERM publication has gained momentum, and it is generally categorised into four main themes. Studies by Miller (1992) and Bromiley et al. (2015) scored the highest in global and local citations, respectively. However, the Economic Outlook ranked first in quality of publications while the Journal of Risk and Insurance topped in quantity of publications. Collaborative research mainly exists between two authors, and the dynamic number of collaborative networks is evident in the USA.

This study is limited by the filtered keywords used to generate the search on journal papers’ in WOS and Scopus. It is imperative to have more comprehensive and rigorous analytics on ERM research to enable a direction for future research. Finally, ERM implementation better equips firms to mitigate risk in a VUCA environment.

This study attempts to fill a vacuum of ERM literature, specifically in business economics, in addressing VUCA. Moreover, it covers a comprehensive predetermined period of from its inception in 1983 until 2022.

This study aims to examine the impact of chief executive officers’ (CEOs’) personal characteristics on firms’ risk taking and the moderating role of family ownership on this relationship.

This study used 2,647 firm-year observations of non-financial firms listed on Pakistan Stock Exchange over the period 2013–2021. To test the hypotheses, the authors used ordinary least squares regression and, to resolve the possible endogeneity problem, the authors used system generalized method of moments technique.

Drawing insights first from upper echelons theory, the authors report that CEOs with business, economics, finance and/or management educational background and female CEOs reduce firms’ risk-taking behaviour. Further, using insights from social and organizational identity theoretical perspectives, the results indicate that due to strong family affiliation and organizational identity, family owners exhibit risk aversion behaviour and moderate this relationship.

This study provides novel evidence of risk averse behaviour of CEOs with business, economics, finance and/or management educational background and female CEOs along with moderating impact of family ownership on this relationship in an emerging economy. Overall, the results extend empirical support for upper echelons and social identity theories in an emerging market context.

This paper aims to examine the relationship between board structure and risk-taking, exploring how this association is influenced by advanced technologies in the banking sector.

This study uses a panel sample of 22 Pakistani banks from 2011 to 2018. To test the authors’ hypothesis, the authors use regression analysis with two-way cluster robust standard errors. Further, the authors also check the robustness of the authors’ findings using alternate proxies of board structure and bank risk-taking behavior. To address endogeneity concerns, the authors use the two-stage least square technique.

In the era of the Fourth Industrial Revolution, Pakistani banks’ digitalization is modeled by the presence of Temenos-T24/Oracle as their core banking system (software providing end-to-end operational integration). Its interactional effect with corporate governance is evaluated to implicate informed risk-taking by the board as a result of improved information access and analysis. The authors find that board size has a positive association with risk-taking, and the use of modern technology reshapes this association in the banking sector.

The contribution of this paper is twofold. First, the impact of board structure on bank risk-taking has not been extensively researched in Pakistan – a highly volatile and unpredictable economy. Second, the evaluation of the role of technology on bank risk is being researched for the very first time – a uniqueness of this paper.

This paper aims to investigate whether executive compensation, corporate social responsibility (CSR)-based incentives, environmental social and governance (ESG) performance and firm performance are the significant predictors of CSR committees, in addition to CEO, firm and corporate governance characteristics, from the tenet of stakeholder and managerial power theories.

Switzerland is an exemplary country from the perspective of corporate governance and executive compensation. This empirical study includes a panel data set of listed Swiss companies, so fixed-effect logistic regression has been used.

It has been found that the companies that offer CSR-based incentives and higher compensation to their CEOs and have better ESG performance are more likely to have CSR committees.

This empirical paper fills the gap in the literature, guides practitioners about the factors that influence the creation and efficiency of CSR committees, and inspires regulatory bodies to ponder on a mandatory CSR committee to form resilient and sustainable organizations worldwide.

COVID-19 has re-emphasized the prominence of sustainability and the stakeholder approach. Thus, this paper indicates that CSR committees require the adaption and implementation of a holistic sustainability policy that integrates both external and internal factors and thereby provides a whole process for sustainability issues.

The impact of CSR committees on corporate social performance (CSP) has already been investigated. However, the predictors of CSR committees have been less scrutinized in the literature.