Multiple internal and external factors affect the level of risk for businesses in their operating environment. Accordingly, numerous studies have been conducted to determine the impact of these components on corporate risk, sometimes yielding heterogeneous results. Given the nature of meta-analysis studies, the purpose of this research is to examine the determinants of systematic and unsystematic risk and the magnitude of their effect at the level of empirical studies, including 102 studies in the area of systematic risk and 106 studies in the area of unsystematic risk. The research findings showed that the factors of shareholders’ equity market value, the ratio of intangible assets to total assets, earnings per share, the loan-to-asset ratio, size, the loan loss ratio, the market value-to-book value ratio, operational efficiency, operating leverage, the ratio of off-balance-sheet commitments to total assets, liquidity, return on assets, leverage, business risk, and operational risk had the greatest significant effect size on systematic risk, respectively. Additionally, factors such as gross national product, the external borrowing health index, the degree of lack of corruption, currency stability, uncertainty avoidance, stock market returns, trading volume, information disclosure, liquidity, company size, market power, financial leverage, the price-to-earnings ratio, cash yield, and return momentum had the greatest significant effect size on unsystematic risk, respectively.