Sustainability frontiers of strategic risk management and firm survival: The Altman score effectiveness. A bibliometric analysis

Abstract

AbstractThe financial networking of companies operating in the globalized market raises the imperative of assessing the risk of insolvency. Business survival is an extremely trending topic in the literature and the managerial context. Risk management requires new perspectives on sustainability. The aim of this work is to verify that Altman's score still maintains its supremacy as the best tool used to investigate the financial insolvency of enterprises. The novelty of the work is the implementation of a bibliometric analysis conducted on Scopus and Web of Science, using analytical software (Bibliometrix R, VOSviewer), identifying future paths of analysis and evaluations of the impact of Altman's methods. Results reveal an exceptional growth in the number of publications on this topic over the last two decades, testifying to its topicality in the academic debate. In light of rising climate change and environmental risks, findings suggested how the Altman score may preserve its function in getting deeper to prevent business bankruptcy. By providing practical evidence, Altman's models encompass a variety of fields, including finance, accounting, economics, management, and all of them addresses the area of sustainability.