TRENDS IN CORPORATE GOVERNANCE RESEARCH OF RISK MANAGEMENT: A BIBLIOMETRIC ANALYSIS

Purpose: The purpose of this article is to determine research trends on the relationship between corporate governance and risk management. Company managers are known for corporate governance by collecting various policies to make the company's basic norms more effective. Methods: Rapid economic changes, technological developments, the challenges of climate change, and political uncertainty are all factors that can disrupt company operations. A total of 30 documents from the Scopus database have been analyzed using VOSviewer. Resullt and Conclusion: It can be seen from the research results that the most relevant author is Von Solms R., with the countries that publish the most, namely China and South Africa. Research Implication: Research with relevant keywords in corporate governance and risk management is information technology, information management, industrial management and risk assessment. Publication will be carried out from 2004-2022. Originality/Value: So from the analysis carried out, conclusions were drawn regarding the keywords that are widely used, the most relevant publication years, and the countries that publish the most research.


INTRODUCTION
Corporate management has received widespread attention in the academic world and also in business practice.Company management is known as corporate governance with a collection of various policies and practices that become the company's basic norms for effective control.The complexity of modern business has increased significantly.Rapid economic changes, technological developments, the challenges of climate change, and political 3 uncertainty are all factors that can disrupt company operations.As highlighted by (Berrone et al., 2013) "modern businesses face increasingly complex and diverse risks."The increasingly complex business environment gives rise to new risks that need to be managed.Therefore, research into the relationship between corporate governance and risk management becomes increasingly relevant in facing this challenge.Current business developments are caused by the modernization of information technology.can be seen from the development of digital technology which makes information accessible easily.Company value can provide prosperity for shareholders if the company's share price increases (Ross et al, 2012).
Research related to corporate governance and Risk Management was conducted by Ian (Brown et al., 2009) with the title "Risk Management in Corporate Governance: A Review and Proposal".The authors discuss the relationship between corporate governance and risk management, focusing on Australian stock exchange-listed biotechnology companies.They argue that traditional audit committee models for risk oversight may be inadequate for complex risk environments.The authors propose that separate risk management committees reporting to the board and audit committee would be more appropriate for biotechnology companies because of the number and complexity of risks they face.This model will include members of the audit committee and operational management.The authors conclude that the appropriate governance model depends on the level, complexity and cost of potential risks.Further research is needed to determine whether this proposed model increases the market value of the company.
Another research has been conducted by (Abhilash et al., 2023) with the title "Overview of Corporate Governance Research in India: A Bibliometric Analysis".This research provides a general description of corporate governance in India based on bibliometric analysis of 344 articles.The main finding is that research in this field has increased significantly since 2004 with an annual growth rate of 23.99%.Additionally, articles focusing on the impact of corporate governance on corporate performance and earnings management have received the most citations.The Indian Journal of Corporate Governance and the journal Corporate Governance have published most of the articles in the field of corporate governance.Singh, Ghosh, and Pattanayak were the most prolific writers.Thematic analysis shows that earnings management, gender diversity, ownership structure, board structure, board size, corporate governance, ownership, and company performance are the main themes in the research.Network analysis identified similar topics as key clusters in corporate governance research.
To understand trends and developments in research on the relationship between corporate governance and risk management, a bibliometric study becomes relevant.The

CORPORATE GOVERNANCE
Corporate governance is a process of supervision and control carried out to ensure that company management is in line with the interests of shareholders (Solomon et al., 2002).
Another definition of corporate governance is a system, process, set of regulations related to directing and controlling a company to create good, transparent corporate governance (De Giuli et al., 2023).Corporate governance is defined as the processes and structures of a company controlled and regulated with high policy (Al-ahdal et al., 2020).Meanwhile, according to (Jensen & Meckling, 1979) corporate governance is the relationship between parties who own company shares and company management who control the company.
Corporate governance relates to the structures and processes that regulate the relationship between stakeholders and company management, while risk management relates to the identification, assessment and management of risks faced by the company.A good combination of effective corporate governance and strong risk management can help companies better achieve their goals, reduce risks, and improve long-term performance.
From the definitions above, it can be seen that corporate governance is a system, process and rules designed to direct and control a company so that good, fair and transparent relationships will be created between the various parties involved and having an interest in the company.Related parties include internal parties responsible for company management, as well as external parties such as shareholders and creditors (Dwiridotjahjono, 2010).In an ideal world, internal parties such as directors, employees and management will receive reasonable compensation, while shareholders will get a return on their capital investment.Creditors will get loan payments along with interest, customers will get products or services at a fair price, and suppliers will receive payment for the goods or services they provide to the company.Apart from that, corporate governance also seeks to provide social contributions and other benefits to the surrounding community.By implementing good corporate governance, it is hoped that a harmonious and mutually beneficial relationship will be created between the various parties involved in the company.

RISK MANAGEMENT
According to the Committee of Sponsoring Organizations of the Treadway Commission (Abhilash et al., 2023)(COSO) risk management is defined as "the process carried out by an entity in planning, organizing, directing and controlling risk-related activities with the aim of achieving organizational goals .".Meanwhile, the Project Management Institute (PMI) defines risk management as "a systematic process involving the identification, analysis, and handling of risks in a project to minimize the potential impact on project objectives." Risk management allows companies to identify and analyze the risks they may face, both internal and external risks.By understanding these risks, companies can take appropriate preventative steps, reduce undesirable risks, and increase the chances of success.This helps companies avoid significant financial losses, damaged reputations, and adverse legal consequences.

BIBLIOMETRICS
Bibliometrics is a statistical method used to analyze scientific articles on a particular topic quantitatively using mathematical methods (Dong et al., 2022).Bibliometrics is a field of study that has developed in recent decades due to the large databases available online (Fiorillo, 2022).These databases index research articles on various subject areas.Bibliometric analysis can be used to measure the number and analyze the development of a field of study (Baffoe, 2020) using data provided by these databases.
Bibliometrics can also help evaluate and predict development trends in a field of study (Moreno-Morente et al., 2022).In previous studies, the author did not find much research on bibliometric analysis related to corporate governance.The author found more bibliometric analysis regarding corporate governance in a country.One bibliometric analysis that specifically discusses corporate governance is the analysis conducted by (Abhilash et al., 2023) with results showing that research related to corporate governance continues to increase.

SEARCH STRATEGY
The search strategy used to obtain documents was "corporate governance" and " risk management" with limitations on keywords, titles and abstracts in the Scopus database.

Keyword search strategy
Apart from that, the search strategy to obtain this document is to limit documents to articles and in English.

Search strategy at document boundaries
The year of publication is also not limited, so the documents analyzed are documents published in 2004-2022.There were 30 documents related to corporate governance and risk management.Based on the documents obtained, all of them are related to corporate governance, so there are no documents that are not included in the analysis.

BIBLIOMETRIC ANALYSIS
The steps taken in this research, depicted in a graph, are as follows.

Research steps
The first step taken is to determine the subject whose development will be researched.
After successfully determining the subject, a reference search is carried out.References are used as references in compiling articles or research.After getting references, a database selection is carried out.In this research, the database used is Scopus.After determining the database to be used, a search strategy is determined.The search strategy used in this research was "corporate governance" and "risk management" with restrictions on documents in the form of articles.This search strategy obtained 30 document results.
After obtaining the relevant documents, the documents are sorted.This is done so that the documents analyzed are in accordance with the topic or subject being studied.Based on the sorting results, all documents found were related to the keyword corporate governance.After obtaining the documents, bibliometric analysis is carried out.
analysis in this study used the VOSviewer and Statistics applications from Scopus.The VOSviewer application is used to analyze keyword trends, while Scopus statistics are used to analyze the names of contributing authors, the year the document was published, the country where it was published most and the document publication trend for each year.After getting the results from VOSviewer and Scopus statistics, the next step is to present the results of the research using these two software.

RESULTS AND DISCUSSION
Based on the results of bibliometric analysis using VOSviewer and Scopus, answers were obtained to the research questions mentioned in the introductory point.VOSviewer is used to find out keyword trends, while Scopus is used to find out the contributing authors, the year the document was published, the country where it was published the most and the document publication trend for each year.The following is a discussion of the results of bibliometric analysis using VOSviewer and Scopus.

WIDELY DISCUSSED TOPICS
After carrying out analysis using VOSviewer, results were obtained regarding topics that were widely discussed in the article data as below.This means that the topics of corporate governance and risk management are the topics most widely discussed.The size of the label also indicates the number of keywords used.It can be seen in the picture, apart from corporate governance and risk management, other keywords that are widely used are information technology, information management, industrial management and risk assessment.The colors in the image in a bag indicate the year of publication of the document containing the keyword.As mentioned above, corporate governance and risk management were widely used between 2010-2020.It can be said like that because the color of the keyword is green.In the bottom right corner of the image there is a color gradation with a description of the year.2020 is yellow and 2005 is purple.So it can be concluded that corporate governance and risk management were widely used between 2010-2020.
Figure 3 is a visualization of the density of keywords related to corporate governance and risk management.There are no differences in keywords in Figure 2 and Figure 3, the only difference between the two is their visual appearance.The yellow color in the image shows the density of keywords in the documents analyzed.In this picture, the yellow color is most widely used by the keywords corporate governance and risk management.
As mentioned, there is no difference in keywords in the two images, so it can be seen in Figure 3, the keywords corporate governance and risk management are the keywords that are most frequently used.Other keywords that have quite a large density are information technology, industrial management, corporate governance and risk management, and people.
Based on these two images, researchers can pay attention to keywords that are still little used by looking at the density of these keywords and then developing them or researching these keywords further.

Most relevant countries
The picture above shows that China is the country with the highest number of published articles with a ratio of 5, rivaling South Africa, followed by Taiwan below with a ratio of 4.
This proves that China and South Africa are the countries that publish the most articles on corporate governance and risk management.Indonesia only publishes articles on corporate governance with a ratio of 1 together with Australia, Brazil and Ecuador.This proves that these countries need to produce more articles on corporate governance.

CONCLUSIONS AND RECOMMENDATIONS
This research shows that enterprise risk management is still underdeveloped in many organizations, and is often considered a reactive approach.This research also shows that corporate risk management and corporate governance topics are closely related.This research was conducted by analyzing scientific articles related to corporate management risk and corporate governance using bibliometric methods.The results of the analysis show that enterprise risk management is still underdeveloped in many organizations.Research with relevant keywords in corporate governance and risk management is information technology, information management, industrial management and risk assessment.Publication will be With the results obtained, future research regarding risk management can be carried out using several relevant keywords that are still little used.Remembering that risk management has an important role in the future development of an organization or company.
Trends in Corporate Governance Research of Risk Management: A Bibliometric Analysis ___________________________________________________________________________ Rev. Gest.Soc.Ambient.| Miami | v.18.n.8 | p.1-14 | e05278 | 2024.4 research aims to analyze and map scientific work that has been published in this field, including research trends, main contributors, and main ideas and themes discussed.
Trends in Corporate Governance Research of Risk Management: A Bibliometric Analysis ___________________________________________________________________________ Rev. Gest.Soc.Ambient.| Miami | v.18.n.8 | p.1-14 | e05278 | 2024. in this research was obtained from the Scopus database.A total of 30 documents in the form of articles were obtained and used to analyze research trends regarding corporate governance and risk management.

Figure 4
Figure 4Keyword trends Figure 2 can answer the question about what topics are most discussed in research on corporate governance and risk management.Based on the image above, it is known Trends in Corporate Governance Research of Risk Management: A Bibliometric Analysis ___________________________________________________________________________ Rev. Gest.Soc.Ambient.| Miami | v.18.n.8 | p.1-14 | e05278 | 2024.9 that corporate governance and risk management are the keywords most frequently used in the documents obtained.Circles under topics indicate the number of topics for that year.For example, in corporate governance and risk management in 2005-2020, the circle on this topic was larger than other topics.

Figure 5
Figure 5Keyword Density Visualization

Figure 6
Figure 6Most relevant publication years

Figure 8
Figure 8 Trends in Corporate Governance Research of Risk Management: A Bibliometric Analysis ___________________________________________________________________________ Rev. Gest.Soc.Ambient.| Miami | v.18.n.8 | p.1-14 | e05278 | 2024.13 carried out from 2004-2022.It can be seen from the research results that the most relevant author is Von Solms R., with the countries that publish the most, namely China and South Africa.