Business Risk and Corporate Debt During COVID-19: A Bibliometric Analysis

Abstract

The COVID-19 pandemic created unprecedented disruptions in global economic activity, exposing firms with high levels of leverage to heightened financial vulnerability and operational uncertainty. Understanding how corporate debt levels interact with business risk under such crisis conditions has therefore become an important topic in business and management research. This study applies bibliometric analysis to systematically examine the evolving relationship between corporate debt levels and business risk in the context of the COVID-19 pandemic. Using 2,488 relevant publications indexed in the Web of Science database and following the PRISMA (Preferred Reporting Items for Systematic Reviews and MetaAnalyses) framework, the research identifies core authors, influential journals, and major thematic clusters within this rapidly expanding body of literature. Co-citation analysis and keyword co-occurrence analysis are employed to map the intellectual structure and developmental trajectory of the field. The findings show that the pandemic significantly intensified financial instability among highly leveraged firms, particularly in capital-intensive industries such as real estate and manufacturing. At the same time, the literature increasingly highlights the importance of effective debt management and risk mitigation strategies in strengthening organisational resilience during periods of large-scale economic shocks. From a theoretical perspective, the results indicate that the relationship between leverage and business risk is closely connected to discussions on organisational resilience and crisis management in strategic management research. Methodologically, this study contributes to business and management research by demonstrating how bibliometric mapping can be used to analyse complex and rapidly evolving research topics during global crisis events. By visualising knowledge structures, identifying influential research clusters, and tracing the evolution of key themes, the approach provides a systematic framework for synthesising fragmented academic debates. The results also offer practical insights for managers and policymakers. For example, the findings suggest that firms operating in capital-intensive sectors should adopt more flexible debt structures and strengthen liquidity management during crisis periods to reduce operational vulnerability. Overall, the study provides a comprehensive overview of the research landscape on corporate debt and business risk during the COVID-19 pandemic and highlights promising directions for future research in corporate finance, risk management, and crisis-related business studies.