Abstract
Aim/purpose – This study aims to synthesize the extant literature and illustrate the thematic evolution and intellectual structure of research on corporate cash holdings (particularly precautionary cash holdings) and risk, through a scientific mapping of works published over the past 20 years.
Design/methodology/approach – The study applies various bibliometric analysis techniques offered by the SciMAT software. Following the PRISMA methodological rigor, the analysis covers 110 research publications indexed in the Scopus database from 2005 to 2025.
Findings – The study reveals motor themes leading the development of this domain: cash holdings, cash flows, investment decisions, working capital management, and bank loans. Emerging topics highlight the importance of agency costs and industry studies, while the notable gap underscores the need to develop a risk management theme. Research on Central European companies and sectors beyond energy, agriculture, finance, and hospitality is scarce. This opens the door to further research on corporate governance, cross-country studies, or industry-related factors.
Research implications/limitations – This study contributes to the scholarly discourse by highlighting the multifaceted, interconnected dimensions of cash holdings and risk management decisions, thereby enhancing managers’ and policymakers’ knowledge. Future research may explore the link between cash holdings and new emerging types of risk, namely ESG risk, cybersecurity risk, climate risk, or geopolitical risk. The main limitations of this study stem from the methodological choices, namely: using the Scopus database solely, defining selection criteria and keywords, and setting specific parameters in the SciMAT software.
Originality/value/contribution – This study makes a novel contribution to the literature, being the first to use the SciMAT tool to analyze cash holdings and risk-related studies. It demonstrates that studies linking cash holdings to risk management represent a potentially promising area for future research. This work can serve as a reference point for researchers investigating the determinants of cash holdings, particularly precaution-ary cash holdings, in the context of risk management. The findings can also guide future strategies to develop more efficient and effective cash and risk management in a turbulent business environment and amid global shocks.