Investigations of Climate Risk Exposure in Corporate Finance Implications: A Bibliometric Analysis and Future Research Directions

This study utilizes the Scopus database to examine research developments on climate risk exposure and its implications for corporate finance. The primary objectives are to identify dominant themes, map the intellectual structure of the field, and highlight prospective avenues for future inquiry. Employing bibliometric techniques and content analysis guided by the PRISMA protocol, the study applies strict inclusion-exclusion criteria to compile relevant publications. A total of 102 journal articles and reviews published between 2007 and 2025 were analyzed using R-Biblioshiny, VOSviewer, and Harzing’s Publish or Perish. The findings reveal a notable expansion in scholarly output and uncover four core thematic clusters: (1) climate change and financial market dynamics, (2) climate risk exposure within corporate activities, (3) sustainable development and financial system stability, and (4) risk management and strategic corporate responses to climate-related risks. These clusters underscore the multidimensional nature of climate risk, spanning issues such as market volatility, asset pricing, credit and default risk, sustainability transitions, and firm-level adaptation mechanisms. The study synthesizes major contributions within each thematic area and proposes future research priorities, including enhanced climate risk quantification, cross-country comparative assessments, the integration of climate science into financial modeling, and deeper investigation of firm-level responses to climate threats. To the best of the authors' knowledge, relatively few studies have employed a comprehensive Scopus-based bibliometric and content analysis to examine climate risk within the corporate finance literature. This study contributes to the field by systematically mapping its intellectual structure, thematic evolution, and emerging research directions, thereby providing a foundation for future theoretical and practical developments.