Abstract
Purpose – Multinational corporations are increasingly augmenting their international strategies with insights on, and approaches to, external stakeholders and nonmarket dynamics. The rise of populism and increased geopolitical uncertainty have accelerated these efforts, particularly for business leaders anticipating and engaging external agents, events, and issues that challenge the strategic objectives of their enterprises.
Approach – In this introduction to the special issue, we begin by explaining why the increased preponderance of populism and geopolitical uncertainty are simultaneously posing an existential threat to the post-Cold War global economy predicated on free trade and (relatively) open borders, and consequently, challenging the structures and strategies of international business.
Findings – We provide an overview of the four papers in our special issue, and consider how each advances insights on how multinationals effectively navigate the nonmarket uncertainties of the contemporary global economy. We then advance four important areas for international business research around multinational nonmarket strategies: (i) resilience and legitimacy; (ii), diversification; (iii), market and nonmarket strategy integration; and (iv), institutional arbitrage.
Research implications – We anticipate that nonmarket strategy scholars can build on these themes to assess how nonmarket strategies can better enable multinationals to survive and thrive in an age of heightened global risk and uncertainty.