From Financial Distress to Financial Resilience: A Systematic Review of the Determinants and Research Agenda for Oil and Gas Firms in the Energy Transition

Authors

  • Nugroho Setyo Utomo IPB University, Bogor, Indonesia
  • Hermanto Siregar IPB University, Bogor, Indonesia
  • Koes Pranowo IPB University, Bogor, Indonesia
  • Nimmi Zulbainarni IPB University, Bogor, Indonesia

DOI:

https://doi.org/10.38035/gijea.v4i3.1068

Keywords:

Financial Resilience, Oil And Gas, Energy Transition, Capital Structure, Green Capital Expenditure, Systematic Literature Review

Abstract

The oil and gas (O&G) industry faces a double disruption: structurally higher oil-price volatility and an accelerating net-zero transition that jointly threaten the financial stability of incumbent firms. This study reviews the determinants of financial resilience in O&G firms during the energy transition and consolidates a research agenda. Following the PRISMA 2020 protocol, a Boolean query in Scopus returned 74 records. After removing 5 duplicates and screening 69 records against pre-specified eligibility criteria, 23 studies were retained for synthesis, 22 of them oil-and-gas or energy-firm focused. Evidence was synthesised through an effect-direction matrix and organised with the ADO and TCCM frameworks. The literature converges on a recurrent set of determinants: internally, capital structure and leverage, liquidity, green capital expenditure, and profitability; externally, oil-price volatility, interest rates, and carbon pricing or climate policy. The evidence base remains fragmented and dominated by macro- and policy-level analyses, with limited firm-level dynamic modelling. The review reframes the field from financial distress toward financial resilience, proposes an integrative antecedents–decisions–outcomes framework, and articulates a TCCM-structured research agenda with propositions testable using dynamic panel (GMM) methods.

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Published

2026-07-30

How to Cite

Utomo, N. S., Siregar, H., Pranowo, K., & Zulbainarni, N. (2026). From Financial Distress to Financial Resilience: A Systematic Review of the Determinants and Research Agenda for Oil and Gas Firms in the Energy Transition. Greenation International Journal of Economics and Accounting, 4(3), 620–637. https://doi.org/10.38035/gijea.v4i3.1068

Issue

Vol. 4 No. 3 (2026): Greenation International Journal of Economics and Accounting (July - August 2026)

Section

Articles

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Copyright (c) 2026 Nugroho Setyo Utomo, Hermanto Siregar, Koes Pranowo, Nimmi Zulbainarni

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