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This chapter proposes a framework which relates the Firm Specific Advantages (FSAs) of the multinational enterprise with the timing of entry in VUCA-type host environments, characterised by high volatility (V), uncertainty (U), complexity (C), and ambiguity (A), and which have become extraordinarily high risk. Drawing on historical evidence, in particular on Geoffrey Jones’ research - to whom this volume is dedicated - on the evolution of international business, it shows that in extraordinarily high-risk environments multinational enterprises need to have additional FSAs beyond those considered in the traditional FSAs/CSAs (country specific advantages/firm specific advantages) framework. The proposed framework distinguishes between prevention, mitigation, avoidance and withdrawal strategies carried out before and after entry in host markets that have become of extraordinary high risk.

We find that: (i) substantial insider ownership persists, though majority ownership by non-managerial employees is eroding fast; (ii) flexible pay systems and state-mandated forms of employee representation are becoming more common; and (iii) while increased employee influence is sometimes apparent, privatization often does not produce fundamental changes in inherited patterns of corporate governance.The evidence of the impact upon enterprise productivity indicates: (i) no persuasive evidence that a single form of private ownership is most efficient or that the key obstacle to enhanced performance is employee participation in economic returns; (ii) some evidence that employee participation enhances business productivity; (iii) limited evidence that employee participation boosts the effect of employee ownership and employee participation in profits; and (iv) a role for ownership dynamics as well as changes in patterns of influence in accounting for the determinants of differences in labor productivity. Thus it appears that widely differing ownership structures may be most appropriate when institutional contexts vary.

The objective of this longitudinal case study is to study management control problems in corporate mergers and acquisitions. This is executed by analysing the post acquisition merger processes of two companies of equal size, but with different cultures and management accounting systems (MAS). It is argued that the MAS evolution in such a context may differ significantly from other types of merger and acquisition. The study examines how the new MAS developed after the acquisition. It is argued that goal ambiguity, cultural conflicts, unintended consequences, and dominant individuals play a crucial role in such a process. The study expands and deepens previous findings on MAS integration after corporate mergers, and management accounting change and continuity in general. After comparing the findings of the case study with earlier research, the analysis is expanded and deepened through structuration theory and goal ambiguity.

This chapter uses the intellectual journey of Geoffrey Jones as an international business scholar to suggest that crises have been the norm rather than the exception in the history of international business. Over the last 100 years world wars, regional conflicts, the Great Depression, and decolonization are among the shocks which have transformed the political economy of global business. For businesses active in emerging markets, shocks have been regular occurrences. Scholars need to address the role of crises and rare events in international business, along with the wider social implications, by employing unconventional methodologies, and making bold claims. Robust evidence on climate change and multiple geo-political tensions suggest a prolonged period going forward when global business will encounter turbulence and crisis.

Business history has long been recognized as providing an important dimension to international-business (IB) studies. Much of this historical work has focused on mapping historical growth patterns of multinational enterprises (MNEs) but there is also a growing literature on the long-term impact of MNE investment on host economies, and this paper reviews this research. The focus is primarily on developing-country host economies, and more broadly on the global distribution of wealth and poverty. The article suggests three major arguments. First, it is necessary to take a long-time horizon when assessing impact on host economies. Second, it is necessary to incorporate societal and cultural impacts alongside more traditional measures of economic impact. Third, there is weak historical evidence that MNE’s have had a substantial positive impact over the long run on the development of host developing economies. A hypothesis is suggested that, given adequate domestic growth-supporting institutions and human-capital development, developing countries achieve more sustained development from excluding foreign-owned MNEs rather than hosting them.

Conflict and resistance on the part of employees assigned to teams have accompanied the recent increase in the use of work teams in organizations. Previous empirical research identified several sources of employee resistance including violations of fairness, increased work‐load concerns, uncertain manager support, unclear role definitions, and lack of team member social support. From a literature review, we identified additional sources of employee resistance including trust, cultural values, and low tolerance for change. Empirically, we conducted a content analysis of 1,060 open‐ended comments of employees in two Fortune 50 organizations who were newly assigned to self‐managing work teams (SMWTs). The results suggest that employees' concerns did reflect issues of trust and low tolerance for change, but not cultural values. We discuss the implications of our findings for conflict management scholars as well as managers who are charged with handling increased conflict due to employee resistance to teams.

International business (IB) as a discipline has given limited attention to contemporary grand challenges of inequality, global warming, aging populations, endemic health crises, and de-globalization, in all of which multinationals are either central to the problem or may offer some solutions. A historical perspective makes clear the reason for this neglect. IB theory and implicit assumptions were shaped during the discipline’s formative period during the 1960s and the 1970s. This has left it excessively focused on the growth of manufacturing multinationals, and with naïve assumptions about the linear and benevolent progress of globalization. This mental toolkit is ill-equipped to understand the present. Engaging deeply with history can also enhance the contextual intelligence of IB. Academy of International Business’s founders barely questioned the positive impact of multinationals, yet historical evidence points to many negative outcomes, and to globalization driving inequality. Understanding how implicit assumptions and biases arose is the first step to re-set IB with research questions and methodologies relevant to a turbulent and de-globalized age.

Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.

This paper aims to explore the role of multi-national enterprises in addressing grand societal challenges, emphasising the need for integrating environmental and social aspects into business models. Drawing on the books of Geoffrey Jones (2023) “Deeply Responsible Business” and Rob van Tulder and Eveline van Mil (2023) “Principles of Sustainable Business”, the paper provides comments and analysis of how principles and values can guide engaged international business (IB) scholarship and responsible leadership to effectuate meaningful change.

The paper adopts a dialogical review, as a curated discussion of the books whereby the authors attempt to co-construct a research and teaching agenda for responsible and engaged IB scholarship.

The paper highlights the critical importance of aligning business strategies with societal needs. Companies that adopt ethical principles, or adopt the sustainable development goals (SDGs) via principles-based frameworks, can achieve significant positive impacts.

The paper follows a viewpoint/perspective format. It relies on underpinning historical case studies and selected theoretical frameworks, which may not capture the full complexity of contemporary business environments. Scholars should conduct future research to study the underpinning principles and frameworks deployed in various industries and regions.

The paper suggests that business leaders should learn from the past to adopt a values and principles-based approach to integrate sustainability into their core strategies. It also highlights the importance of transforming the higher education teaching experience towards a value and principles-based one.

This paper underscores the potential of businesses to drive positive societal change by addressing environmental and social challenges. By adopting ethics-based value systems and aligning organisations with the SDGs, companies can help mitigate pressing issues, such as poverty, inequality and climate change. The authors suggest reading “Deeply responsible business” and “Principles of Sustainable Business” to influence public attitudes towards corporate social responsibility and foster a more sustainable and equitable global economy.

The paper offers a curated discussion and synthesis of historical and contemporary perspectives on sustainable business practices. It bridges the gap between theory and practice by providing actionable frameworks and tools for business leaders and scholars.