Scientific mapping of 20 years of literature on corporate cash holdings and risk

Aim/purpose – This study aims to synthesize the extant literature and illustrate the the- matic evolution and intellectual structure of research on corporate cash holdings (par- ticularly 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 tech- niques 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. Re- search on Central European companies and sectors beyond energy, agriculture, finance, and hospitality is scarce. This opens the door to further research on corporate govern- ance, 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 Sco- pus database solely, defining selection criteria and keywords, and setting specific param- eters in the SciMAT software. Originality/value/contribution – This study makes a novel contribution to the litera- ture, 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 turbu- lent business environment and amid global shocks. Keywords: Cash holdings, precautionary motive, risk, risk management, bibliometric analysis, scientific mapping, SciMAT. JEL Classification: G32, G34, D81, M21.