This thesis investigates the impact of strategic networks on corporate strategic decision-making, focusing on how political and military connections influence firm innovation and internationalization based on data from Chinese listed firms from 2006 to 2017. It utilizes robust analytical methods to offer solid contributions to literature and practice. The first study demonstrates that political connections facilitate innovation in emerging markets by enabling firms to continue to acquire necessary resources and establish partnerships, with human resource slack and state ownership playing crucial roles in the innovation process. The second study addresses how political connections, financial slack, and state ownership interact to affect cross-border mergers and acquisitions, suggesting that while political connections may increase transaction costs, financial slack and state ownership can mitigate these effects. The third paper applies prospect theory to explore the risk-taking behaviors of executives with military backgrounds in domestic innovation and overseas expansion, considering the influence of non-financial wealth and the unique context of family firms. The findings reveal varied risk preferences influenced by military connections and the firm's ownership structure, contributing new perspectives to the understanding of strategic networks.