Risk Management and Its Influence on Corporate Performance: A Systematic Literature Review Approach
DOI:
https://doi.org/10.70062/globalmanagement.v2i1.63Keywords:
Risk, Management, Performance, ResilienceAbstract
Objective: This study investigates the critical role of risk management practices in enhancing corporate performance, with a specific focus on financial institutions and manufacturing sectors. The research aims to uncover how effective risk management contributes to organizational resilience, operational efficiency, and long-term sustainability.Methodology: A Systematic Literature Review (SLR) methodology was employed to analyze 11 peer-reviewed academic articles published between 2015 and 2023. The selected studies were drawn from reputable databases such as Scopus and Web of Science, using predefined inclusion criteria. The analysis focused on identifying patterns, gaps, and emerging trends in risk management practices.Findings: The study reveals that robust risk management significantly enhances organizational resilience, mitigates exposure to financial and operational risks, and fosters improved corporate governance. Frameworks such as ISO 31000 and Enterprise Risk Management (ERM) are identified as pivotal in aligning risk management with strategic objectives, thereby driving sustainable growth.Contribution: This research underscores the need for a unified and standardized risk management framework that addresses sector-specific challenges while promoting cross-industry applicability. Policymakers and industry leaders are urged to prioritize risk management as a strategic imperative, especially in times of crisis.
References
Ait Novatiani, R., Afiah, N. N., & Sumantri, R. (2022). Risk management and other factors preventing fraudulent financial reporting by state-owned enterprises in Indonesia. Asian Economic and Financial Review, 12(8), 686–711. https://doi.org/10.55493/5002.v12i8.4587
Aulia Asry, M., Firmansyah, P. K. (2022). Efektivitas pinjaman dana bergulir program kota tanpa kumuh (Kotaku) dalam meningkatkan perekonomian masyarakat pada masa COVID-19 (Studi pada rumah tangga peserta program Kotaku di Kelurahan Tanjung, Kecamatan Labuhan Haji, Kabupaten Lombok Timur). Jurnal Ekonomi dan Pembangunan, 7(2), 250.
Deni Sunaryo, E. P., Lestari, S. P., & Haryanto, H. (2023). Testing the effect of debt to equity ratio and dividend payout ratio on stock return in the food industry and beverages. Jurnal Manajemen, 13(1), 40–60.
Deni Sunaryo, Hamdan, A., Anggriani, C., & Winata, D. D. A. (2024). Prediksi tren risiko keuangan perusahaan berdasarkan model machine learning (ARIMA): Tinjauan literatur. Jurnal Akuntansi Manajemen, 3(2), 78–94. https://doi.org/10.30656/jakmen.v3i2.9704
Dinu, V., & Bunea, M. (2022). The impact of competition and risk exposure on profitability of the Romanian banking system during the COVID-19 pandemic. Journal of Competitiveness, 14(2), 5–22. https://doi.org/10.7441/joc.2022.02.01
Dumrose, M., & Höck, A. (2023). Corporate carbon-risk and credit-risk: The impact of carbon-risk exposure and management on credit spreads in different regulatory environments. Finance Research Letters, 51, Article 103414. https://doi.org/10.1016/j.frl.2022.103414
Hascika, D. P., Sinurat, D. P., Dewi, A. V., Sunaryo, D., & Wulandari, S. S. (2024). Fraud factor analysis hexagon in detecting financial report fraud in listed companies in Indonesia: A systematic literature approach. Indo-Fintech Intellectuals: Journal of Economics and Business, 4(5), 2589–2605. https://doi.org/10.54373/ifijeb.v4i5.2057
Indirwan, S. S., Karya, M. A., & Arief, S. M. (2023). Pengaruh debt to equity ratio (DER), return on asset (ROA) dan earning per share terhadap harga saham dengan kebijakan dividen sebagai variabel intervening. Jurnal Pendidikan Tambusai, 7(3), 21223–21231.
Lestari, M., Febriyanto, B., Marbun, N. S., & Sunaryo, D. (2024). A comprehensive approach to financial risk management: Analysis of regulation, innovation and sustainability through semantic literature reviews.
Mariati, M. H., & Sinaga, K. (2022). Pengaruh total hutang dan modal kerja terhadap laba bersih pada perusahaan manufaktur sektor industri barang konsumsi yang terdaftar di Bursa Efek Indonesia periode (2017-2020). Journal of Economics and Business, 3(1), 58–70. https://doi.org/10.36655/jeb.v3i1.715
Maulana, A., Dwita, M., Fitriyani, M., Sunaryo, D., & Adiyanto, Y. (2024). Risk management as a determinant of Indonesian banking financial performance: A systematic literature approach. Indo-Fintech Intellectuals, 5, 8–11.
Narsa, N. P. D. R. H., Afifa, L. M. E., & Wardhaningrum, O. A. (2023). Fraud triangle and earnings management based on the modified M-score: A study on manufacturing company in Indonesia. Heliyon, 9(2), Article e13649. https://doi.org/10.1016/j.heliyon.2023.e13649
Natufe, O. K., & Evbayiro-Osagie, E. I. (2023). Credit risk management and the financial performance of deposit money banks: Some new evidence. Journal of Risk and Financial Management, 16(7). https://doi.org/10.3390/jrfm16070302
Rahayu, I., Ardi, D. S., & Hamdani, R. (2022). Risk management disclosure and their effect on banking firms' value in Indonesia. Humanities and Social Sciences Letters, 10(2), 139–148. https://doi.org/10.18488/73.v10i2.2959
Sunaryo, D. (2019). Pengaruh risiko bisnis dan growth opportunity terhadap struktur modal pada perusahaan manufaktur sub sektor kosmetik dan barang keperluan rumah tangga yang terdaftar di Bursa Efek Indonesia periode 2012-2017. Jurnal Riset Akuntansi Terpadu, 12(1), 22–40. https://doi.org/10.35448/jrat.v12i1.5193
Sunaryo, D. (2022a). Financial distress and debt to asset ratio can moderate stock price problems. International Journal of Educational Research & Social Sciences, 3(3), 1201–1219. https://doi.org/10.51601/ijersc.v3i3.391
Sunaryo, D. (2022b). What is share prices can affect return on assets, total asset turnover, and current ratio with financial distress and earnings per share as a moderating variable. International Journal of Economy, Education and Entrepreneurship (IJE3), 2(2), 422–437. https://doi.org/10.53067/ije3.v2i2.82
Sunaryo, D., & Lestari, E. P. (2023). Effect of cash, receivables, and inventory turnover on net profit margin (NPM) in food & beverage subsector manufacturing companies. Studies in Business and Economics, 18(1), 298–313.
Sunaryo, D., Adiyanto, Y., Syarifah, I., Dita, S., & Bella, D. S. (2024). Risk financing transfers and risk retention: A semantic literature analysis for financial stability.
Sunaryo, D., Lestari, E. P., & Puryandani, S. (2024). Mampukah kebijakan dividen mengintervening harga saham dilihat dari variabel independent. Jurnal Ekonomi dan Bisnis, 21(1), 57–76.
Sunaryo, D., Nafiuddin, Gentari, R. E., & Adiyanto, Y. (2022). Using current ratio indicator and total asset turnover approach in solving return on assets problems with debt-to-equity ratio moderated. Quality - Access to Success, 23(189), 199–209. https://doi.org/10.47750/QAS/23.189.23
Trisnawati, R., Mustikawati, S., & Sasongko, N. (2023). Enterprise risk management disclosure and CEO characteristics: An empirical study of go public companies in Indonesia. Business: Theory and Practice, 24(2), 379–391. https://doi.org/10.3846/btp.2023.18505
Valdiansyah, R. H., & Murwaningsari, E. (2022). Earnings quality determinants in pre-corona crisis: Another insight from bank core capital categories. Asian Journal of Accounting Research, 7(3), 279–294. https://doi.org/10.1108/AJAR-08-2021-0134
Wahyuni, R., Febriyanti, B., Laila, G., Sunaryo, D., & Adiyanto, Y. (2024). Sustainability-based financial risk management strategies for long term resilience: A systematic review. Indo-Fintech Intellectuals: Journal of Economics and Business, 4(5), 2625–2639. https://doi.org/10.54373/ifijeb.v4i5.2154
