Keywords
Economic shocks
Emerging economies
Firm resilience
Systematic literature review
How to Cite
Abstract
This study systematically examines how corporate governance mechanisms shape firm resilience during economic shocks and why their effectiveness varies across crisis phases and institutional environments. Addressing fragmented and inconsistent findings in governance research, the study develops a contingency-based perspective relevant to emerging economies. Following PRISMA 2020, a systematic literature review synthesises 105 peer-reviewed articles retrieved from Scopus and Web of Science through structured thematic and cross-study analysis. The findings reveal no universally optimal governance structure. Instead, resilience is associated with four interrelated governance functions: monitoring and risk control, resource access and financial flexibility, information credibility, and stakeholder commitment. Their relative importance changes across preparedness, shock absorption, adaptation, and recovery. Board effectiveness depends on crisis-specific information and decision-making requirements, while family and state ownership may provide financial and relational support despite potential agency and governance risks. Disclosure credibility and incentive alignment also emerge as important mechanisms for limiting vulnerability and maintaining stakeholder confidence. These relationships are conditioned by ownership concentration, institutional quality, financing constraints, and shock characteristics. The study contributes an integrated contingency-based framework connecting governance functions, multidimensional resilience outcomes, crisis phases, and institutional conditions. By reconciling heterogeneous governance findings, it advances a dynamic understanding of firm resilience and identifies research priorities for Indonesia and comparable emerging economies, where institutional constraints and ownership structures shape organisational responses to economic disruptions.
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