Empirical Advances in Corporate Finance and Governance Under Emerging Risks and Strategic Challenges

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: 30 June 2026 | Viewed by 1939

Special Issue Editors


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Guest Editor
School of Economics, Finance and Marketing, RMIT University, Melbourne, VIC 3000, Australia
Interests: corporate finance; corporate governance; Asian financial markets
School of Economics, Finance and Marketing, RMIT University, Melbourne, VIC 3000, Australia
Interests: empirical corporate finance; common ownership; sustainable finance

Special Issue Information

Dear Colleagues,

In today’s volatile global landscape, corporate financial decision-making and governance structures are increasingly shaped by a wide array of emerging risks and strategic pressures. Inflationary pressures, climate transition policies, digitalization, and cybersecurity threats are fundamentally reshaping how companies structure their finances and design governance strategies to maintain resilience, competitiveness, and accountability.

This Special Issue seeks to explore recent empirical advancements in corporate finance and governance, with a particular focus on how organizations respond to emerging risk factors and adapt to evolving stakeholder expectations. We welcome empirical studies—drawing on archival data, experimental methods, or novel econometric approaches—that investigate the dynamic interplay between firm behavior, financial policy, and governance mechanisms under uncertainty.

We especially encourage interdisciplinary approaches and studies with practical implications for investors, policymakers, and corporate leaders. Submissions that bridge corporate finance with environmental economics, risk analytics, or strategic management are particularly welcome. Topics of interest include, but are not limited to, the following:

  • Capital structure adjustments during financial shocks or crises;
  • Board composition, ownership structure, and risk management;
  • Institutional investors and shareholder activism;
  • Risk-adjusted corporate performance and managerial compensation;
  • ESG-related financial disclosure and governance response;
  • Cross-country evidence on governance under systemic or regulatory risk;
  • Corporate financial policies in the face of digital disruption and AI;
  • Cybersecurity risk and corporate financial policies;
  • Corporate response to green transition, carbon pricing, or sustainability regulation;
  • Emerging market perspectives on governance and risk resilience.

Dr. Hsin-I (Daisy) Chou
Dr. Ha Truong
Guest Editors

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Keywords

  • corporate finance
  • corporate governance
  • systemic risk
  • ESG disclosure
  • capital structure
  • shareholder activism
  • risk management
  • digital transformation
  • sustainability regulation
  • emerging markets

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Published Papers (2 papers)

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Research

22 pages, 434 KB  
Article
Firm Performance, Liquidity and Capital Structure Nexus: Evidence from the PMG Panel-ARDL Approach
by Godfrey Marozva
Risks 2026, 14(3), 61; https://doi.org/10.3390/risks14030061 - 11 Mar 2026
Viewed by 838
Abstract
Utilising data from the selected companies listed on the Johannesburg Stock Exchange and using the Panel Autoregressive Distributed Lag (ARDL) specifically employing the Pooled Mean Group approach, this study examines the cointegrating and causal relationships among firm liquidity, performance and firm leverage. The [...] Read more.
Utilising data from the selected companies listed on the Johannesburg Stock Exchange and using the Panel Autoregressive Distributed Lag (ARDL) specifically employing the Pooled Mean Group approach, this study examines the cointegrating and causal relationships among firm liquidity, performance and firm leverage. The results reveal a negative and significant long-run and short-run relationship between profitability and leverage. Conversely, higher leverage is found to diminish firm performance, consistent with trade-off theory implications regarding financial distress costs. On liquidity, results revealed a bidirectional long-run relationship among liquidity, leverage, and firm value as measured by Tobin’s Q. Also, liquidity plays a pivotal moderating role, where firms with stronger liquidity and profitability exhibit reduced reliance on external debt, highlighting the interplay between financial health and capital structure decisions. Additionally, a positive bidirectional relationship between Tobin’s Q and leverage suggests that growth opportunities and market valuation influence firms’ debt utilisation. The error correction terms confirm stable long-run equilibrium and moderate adjustment speeds. These results contribute to the understanding of optimal capital structure by integrating liquidity and performance factors and provide practical insights for corporate financial management and policy formulation. Full article
23 pages, 430 KB  
Article
Risk or Reward? Assessing the Market Value Implications of CSR Disclosure and Family Ownership
by Farzaneh Nassirzadeh, Davood Askarany and Fatemeh Keyvani
Risks 2026, 14(2), 33; https://doi.org/10.3390/risks14020033 - 3 Feb 2026
Viewed by 672
Abstract
This study investigates whether Corporate Social Responsibility Disclosure (CSRD) serves as a risk-mitigating or cost-inducing signal for firms’ market value in an emerging market. Utilising a panel dataset of 120 companies listed on the Tehran Stock Exchange (2015–2023) and employing content analysis alongside [...] Read more.
This study investigates whether Corporate Social Responsibility Disclosure (CSRD) serves as a risk-mitigating or cost-inducing signal for firms’ market value in an emerging market. Utilising a panel dataset of 120 companies listed on the Tehran Stock Exchange (2015–2023) and employing content analysis alongside panel regression and System GMM models, we find that disclosure quality in social, employee, and environmental dimensions is positively associated with market value, while customer-related disclosure is not. The role of family ownership is nuanced: baseline specifications suggest no broad moderating influence, yet robust dynamic modelling reveals that family ownership significantly enhances the positive market valuation of environmental disclosure. The primary contribution is a nuanced, dimension-specific analysis of CSRD’s value relevance, challenging blanket assumptions about family firm behaviour and offering granular, methodologically informed insights for stakeholders in institutionally complex environments. Full article
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