Literature Review The present literature review aims to address the academic knowledge gap within the framework of this paper and determine which areas require further analysis. It is claimed that stock price constitutes many factors, including corporate governance and risk management variables. Thus, there is a need to identify literary sources that establish the link and nature of the relationships between them. Corporate Governance Variables Board of Directors Size and Stock Price The number of members in the board of directors appear to correlate with the stock price in a variety of ways. Chambers, Harvey, Mannion, Bond, and Marshall (2013) argue that the size of the board influences a range of company performance measurements, including stock performance. They also note that no unified theory could be applied in order to measure each characteristic and variable simultaneously as they are rather diverse. Earlier research suggests that board size has little or no effect on stock performance. Regarding stock price relationships, Bennedsen, Kongsted, and Nielsen (2008) testify to the opposite but note that the positive effect of board size on shares subsides as the number of members exceeds 19. They connect such a tendency with the coordination, communication, and decision-making difficulties that arise as the board grows in size. Variance regression analysis performed by Page and Abdullah (2009) demonstrated little to no significant consistency between board size and share performance. However, the study conducted by Sayumwe and Amroune (2017) contradicts such findings. They suggest that a large size of the board actually contributes to creating viable long-term strategies to increase the share price and create value for shareholders. They further argue that the size of the board should match the size of the company in order to produce a positive effect (Sayumwe & Amroune, 2017). The data from the Ghana stock exchange analyzed by Isshaq, Bokpin, and Onumah (2009) suggest that there is a significant positive correlation between share prices and board size. The authors used multiple regression analysis to companies listed on the Ghana stock exchange. Mak, Tan, Tan, and Tee (2003) argue that during an IPO it is more beneficial for the prices of shares to have a small board. Interestingly, family ventures tend to be more dependent on the size as their coordinated decision-making becomes the crucial aspect of their survival on the market and, therefore, the price of their shares. McReynald (2013) provides evidence from the Philippines that identifies the negative effect of larger board size on stock performance. He suggests that due to the peculiarities of Asian corporate governance, the results require confirmation by an international study, which substantiates the need for current research. In accordance with research performed by Walker (2013), the stock price performance is influenced by multiple corporate governance variables, including board size. He argues that the effects of this governance are visible in the short term, yet significant changes in any parameter would invariably be reflected on share performance. Balasubramanian, Black, and Khanna (2011) report that if viewed collectively within a corporate governance index, board size along with other markers is associated wit