Yes / Purpose – Previous scholars have assumed that multinational enterprises (MNEs) can reduce the liability of foreignness and increase profitability by investing in corporate social responsibility (CSR). However, empirical validation of this assumption has rarely been attempted. This study provides empirical evidence that the adoption of multi-stakeholder initiatives, which are globally recognized as signals of CSR, helps MNEs increase profits from internationalization. Design/methodology/approach – Fixed effect models, which address model misspecification problems, and instrumental variable estimation, which controls for the endogeneity in firms’ choice of internationalization, offer empirical evidence supporting the moderating effects of global multi-stakeholder initiatives on the relationship between internationalization and firm performance. Findings – This study examines the moderating role of multi-stakeholder initiatives in the relationship between internationalization and firm performance, drawing on signaling and stakeholder theories. The results suggest that the signaling effect of multi-stakeholder initiatives can help MNEs overcome the liability of foreignness and, therefore, profit from overseas markets. Originality/value – Although the internationalization–firm performance relationship has been a subject of debate in the field of international business, the role of firms’ stakeholder engagement in this relationship has been largely overlooked in previous studies. In this study, we explore the impact of multi-stakeholder initiatives on the internationalization–firm performance relationship. Our primary contention is that multi-stakeholder initiatives have moderating effects on this relationship by reducing the liability of foreignness experienced by MNEs in host countries. Furthermore, our findings suggest that active engagement in multi-stakeholder initiatives significantly contributes to the financial success of MNEs as they internationalize.

Background:Nova Poshta, a leading Ukrainian logistics company, faced with the disruption caused by the 2022full-scaled Russian invasion, strategically adapted by expanding into Europe under the new brand"Nova Post," becoming the first Ukrainian company to enter the EU internal market during wartime.Despite the challenges posed by the war, Nova Post entered 13 European countries, aiming to servethe Ukrainian diaspora while also attracting a broader European customer base.Problem:Despite the fact that the Temporary Protection Directive was crucial in harmonizing the EU’sresponse to the humanitarian crisis caused by the war and allowing Nova Post to target displacedUkrainians as their primary audience, the company faced significant legal challenges and varyingenforcement across member states, particularly affecting parcel delivery services and food products.Understanding the harmonization of EU legislation is essential for Nova Post's expansion strategy.Research methods:This research undertakes a mix of legal and business methods, namely a legal dogmatic method and aqualitative single-case study, describing the Ukrainian firm Nova Post’s expansion to Europeancountries during wartime.Conclusion:Nova Post's internationalization into the European market has been shaped by strategic entry modes,leveraging network relationships, and adapting to local market conditions. While EU legislation hasprovided a robust framework facilitating smoother logistics, trade in services, and a stable businessenvironment, regulatory fragmentation and non-harmonized procedures across member states posesignificant challenges. Overcoming these barriers through greater regulatory harmonization will becrucial for enhancing efficiency and reducing costs in Nova Post’s cross-border operations.

Småland is a region within Sweden that has many successful businesses that have internationalized to other markets with adequate results. IKEA, Husqvarna, Norden Machinery, and many more are prime examples of firms that have made successful entries to other markets. Therefore, this study aims to find the fundamental reasons why Småland businesses are so successful in their internationalization process, and how the culture of the region Småland may affect the process as a whole. Firms of different sizes have been given the opportunity to share their insights and opinions about their internationalization process, and how Småland functions as a suitable business environment. Furthermore, this study strives to give a dynamic and unique perspective of Småland’s business culture functions in the business world. The study has a qualitative method with a thematic and abductive approach which allows the authors to draw their own conclusions based on the appendix and ask open-ended questions as well as follow-up questions. Different theoretical frameworks such as the Uppsala Model, institutional theory, market selection process, and three pillars of Hofstede’s value dimensions have been used in order to conduct an adequate analysis of the research question. Moreover, the gathered data from the participants in the study has been used to link it to the different theories used, as well as emphasize our own opinion on the relevant matter. Småland’s business culture plays a vital role within organizations and their internationalization endeavors.

Background: Academic interest in emerging markets and their growth has been relevant due to their promised potential for foreign multinational companies. Internationalization is a fundamental differentiator for MNCs aiming to expand and grow in novel markets. The existing unequalness prevailing in emerging markets necessitates strategy adaptation to overcome the existing heterogeneity.  Research Problem: Despite the increasing relevance of emerging markets, research on both institutional environment and foreignness in structurally unequal markets is underdeveloped. Combining institutional theory with internationalization activities presented itself as a research area, with the focus on structurally unequal emerging markets being identified as a research gap. Research Purpose: The purpose of this research is to identify the interconnectedness between institutions and foreignness under the theoretical lens of institutional theory. It aims to showcase the relevance of strategy adaptation and market awareness for continued success within the context of South Africa.   Research Question: How do internationalization activities affect the survival of foreign MNCs in structurally unequal emerging markets? Research Method:  The study follows qualitative, inductive research – based on a relativist ontology and social constructionist epistemology. Research is approached with an explorative multiple-case study, with data being purposefully collected through semi-structured interviews and company reports. Data was analyzed with the Gioia method. Conclusion: Our findings concentrate on the existence of institutional voids, with distance being an important factor. Foreignness is found to be an advantage for foreign MNCs, with isomorphic behavior to be absent. From this we abstract a framework which showcases the distance and foreignness under the driving factor of internationalization.

Background: CEO succession is a critical process in organizations, marked by its potential for disruption andstrategic changes. CEO succession can significantly influence corporate strategy, with the CEOwielding considerable power in shaping organizational direction. As part of corporate strategy,internationalization is considered one of the most important future priorities in many familybusinesses. It holds the potential to help those businesses survive in an increasingly competitivebusiness environment while also maintaining the business for generations to come. As the CEOsuccession entrusts a new person with a role that can have a significant influence oninternationalization, the challenge is to ensure that this person not only follows financial goalsin internationalization but also balances non-financial goals. This is because family businessesgenerally attach great importance to SEW, which are non-financial attributes. An influence ofthe CEO successor on internationalization that is not in line with the SEW could therefore beundesirable for the family businesses. Hence, choosing an appropriate CEO becomes crucial. Purpose: This study aims to examine how CEO succession influences the internationalization of familybusinesses. The study intends to contribute to the current literature by investigating theindividual influence of CEO successors on internationalization, offering both theoreticalinsights and practical implications. By identifying the diverse outcomes associated withdifferent succession types, this research intends to support family businesses to better predictand anticipate the consequences of CEO succession and internationalization. Method: The methodology of this study follows an ontological relativism approach, meaning weacknowledge that multiple truths exist. This further aligns with our epistemological stance onsocial constructionism. The basis of our master thesis is built on a qualitative study followingan inductive approach to generate new theories arising from the empirical data collected.Therefore, we conducted an exploratory interview study and analyzed the acquired dataaccording to the Gioia method. The sampling of our interviewees was done purposively byincluding predefined selection criteria. Conclusion: This paper examines how CEO succession in family businesses affects their internationalizationstrategies, considering successors from within the family, internal employees, and externalhires. It was found that all types of successors can influence internationalization, yet withvarying outcomes as a result. Intra-family successors, while not necessarily having a greaterinfluence on the board, often align with family values, leading to continuity in internationalstrategy. Internal employee successors tend to maintain existing strategies, benefiting fromfirm-specific knowledge, while external successors may bring about strategic changes due totheir outside perspectives and lack of familiarity with the family culture. Various factors caneither reverse or strengthen the successors' influence on internationalization.

Purpose - This thesis aims to explore the combined effects of entrepreneurs' human and social capital on the growth of small and medium-sized enterprises through internationalization.  Research question - How does the interplay of an entrepreneur´s human and social capital influence small and medium-sized enterprise´s growth through internationalization? Method - This research is a qualitative single case adopting an inductive approach aligned with an ontology relativism position and social constructivism position of epistemology. Seven semi-structured interviews were conducted to collect data for the research. The data was analyzed using the Gioia method, creating 33 first-order terms, 8 second-order themes, and, lastly, the aggregate dimension.  Findings - The results of this research show that both the entrepreneur's human and social capital play a decisive role in the growth of SMEs through internationalization. There is a strong correlation between human and social capital, which means that SMEs cannot effectively go through the internationalization process solely with the support of one of these capitals without the other. By effectively utilizing both human and social capital, companies can create advantages and increase their competitiveness. Implications - This research's Theoretical implications highlight that by examining the interplay between entrepreneurs' human and social capital, researchers can identify key factors for successful SME internationalization and understand network leveraging for growth. Additionally, this research provides practical implications by emphasizing the importance of leveraging human and social capital, existing networks, and strategic relationships to enhance SME internationalization and drive sustainable growth.

<p>The 21st century would be a nightmare for Don Quijote: thousands of windmills are installed all over the globe and the number will increase tremendously over the next years. If climate change was an issue in the early 17th century, Don Quijote might have specialized in fighting nuclear or fossil fuel power plants.</p><p>The change in power production is clearly pronounced, and it inspires the market to respond immediately. Numerous wind turbine manufacturers emerge, developing one technological innovation after another. The trend clearly goes in one direction: horizontal axis wind turbines in all possible variations. However, there are a few companies that do not follow the mainstream – they swim against the current and introduce new concepts, with the potential to set new standards in the industry.</p><p>Nevertheless, the question whether these companies can establish operations and survive in an industry dominated by large multinational corporations arises. If these companies want to become recognized, they need to compete on an international scale from the outset – they become born globals.</p><p>This master’s thesis investigates the preconditions under which an innovative start-up company can become born global in the wind turbine industry. For that, distinctive resources and capabilities of such companies, as well as key success factors for the industry are defined. Furthermore, enhancing or restricting parameters lying within company’s environment – in particular, within its networks – are discovered. These findings are based on and supported by the case study of an innovative vertical axis wind turbine manufacturer. In addition, the influence of this company’s university spin-off origin is investigated.</p>

全球化的到來，象徵正式進入國際化的時代，同時也引爆東西方各學術界的許多辯論。台灣也搭上了全球化發展的列車，著手在教育結構和政策上進行轉型。有鑒於此，本研究首先將會討論台灣高等教育國際化的背後因素，試著從國際與當地觀點來討論國際化，並且了解台灣高等教育國際化之目標與所採用的策略。本研究採用了混合方法的研究架構，採用了個人和焦點團體訪談的方式，訪談了國外國際化專家、國內的外國教師與學生、國內大學國際單位的工作者……等。同時也使用了紙本與網路問卷調查來強化研究上的數據訊息。分析結果後並提出一種國際化評估系統，來衡量台灣高等教育的國際化。期望研究發現將可以當作當代東南亞國家的高等教育國際化在該國家的一個衡量指標。 / The advent of globalization has ushered in the era of internationalization. Much debate on such processes has occurred in academe both in the East and the West. Taiwan has kept pace with these developments by ensuring that measures and changes in both structure and policy are being implemented at all levels. This research attempts to discuss the factors behind the internationalization of Taiwan’s higher education. Discussions on global views, local contextual perspectives and concepts on internationalization, and strategies and rationales behind Taiwan’s internationalization are included. Interviews were conducted with local internationalization officers, internationalization scholars and experts, and international students in Taiwan. Results were then analyzed together with the changing trends and issues on the importance of internationalization, which led to the quest for a set of performance indicators. An analysis of previous assessment practices and mechanisms from both foreign and local sources was completed, which culminated in the proposal of a set of performance indicators to measure internationalization in Taiwan’s higher education institutions. An actual assessment of Taiwan’s HEIs internationalization using the proposed indicators was then accomplished. Findings shall serve as a point of reference for contemporary visions of the internationalization of an East Asian higher education exemplar in the age of globalization.

A Gestão de Riscos Corporativos (GRC) tem despertado interesse da academia desde a década de 1990, quando foi definida como uma administração abrangente e holística dos riscos empresariais, em contraste à Gestão Tradicional de Riscos que objetiva proteção. Desde então, a maior parte dos estudos empíricos disponíveis sobre a GRC pretenderam associá-la a desempenho ou eficiência e pouco há sobre sua relação com o processo de internacionalização de empresas. O menor foco da literatura sobre essa relação desperta atenção, uma vez que o processo de internacionalização implica na exposição a riscos inerentes às diversas geografias e frequentemente atípicos nos países de origem das empresas. Dessa forma, a GRC pode ser uma vantagem competitiva no processo de internacionalização. Nesse contexto, esta dissertação investigou a relação entre Grau de Internacionalização (GI) e Nível de Maturidade em Gestão de Riscos Corporativos (NMGRC) de empresas brasileiras. Para isso, utilizou-se de análise de conteúdo dos Formulários de Referência de 72 empresas listadas nos três níveis de governança corporativa da BM&F Bovespa no ano fiscal de 2013. Por meio da técnica estatística multivariada de Análise de Componentes Principais foram definidos três construtos para a composição do GI (Receita do Exterior, Recursos Físicos e Humanos no Exterior e Participação em Sociedades no Exterior) e três para NMGRC (Liderança na Gestão de Riscos, Suporte Externo para Gestão de Riscos e Prática de Gestão de Riscos). Os construtos então foram agrupados em um índice composto para NMGRC e GI, seguidos de propostas métricas aplicáveis a dados primários. As análises estatísticas foram realizadas de forma associativa, por meio de correlações, entre grupos, com a análise de quatro agrupamentos ordenados por GI; e de forma preditiva, com emprego de Regressão Logística Ordinal. Os resultados mostraram uma relação direta e proporcional entre o Nível de Maturidade em Gestão de Riscos Corporativos e o Grau de Internacionalização das empresas pesquisadas pelos três métodos de análise. Quanto ao efeito da GRC no GI, esta última teve maior relação com Liderança na Gestão de Riscos, seguida em importância por Prática de Gestão de Riscos. O construto Suporte Externo para Gestão de Riscos não foi conclusivo. Quanto ao efeito da internacionalização no NMGRC, a maior relação foi encontrada para Receita do Exterior, seguida de Recursos Físicos e Humanos no Exterior. O construto Participação em Sociedades no Exterior não foi conclusivo. Com esses resultados, esta dissertação encontrou indícios de que o engajamento da alta direção com a GRC pode trazer vantagem no atingimento dos objetivos de internacionalização das empresas brasileiras de capital aberto, principalmente quando as receitas do exterior aumentam ou há alocação de recursos físicos e humanos fora do país. / The Enterprise Risk Management (ERM) has been of academic interest since the 90´s when it was defined as a wider and holistic management of business risks, in contrast to the Traditional Risk Management practice, which intends to protection. Since then, the vast majority of available empirical researches on ERM aimed to associate it with performance and efficiency and scarce literature is found on its relationship with the internationalisation process. The absence of this connection draws attention as the internationalisation process involves the exposition of a firm to risks derived from the array of involved geographies, frequently unusual in its origin country. Then, the ERM is potentially a competitive advantage in the internationalisation process of a firm. This research investigated the relationship between the Degree of Internationalisation (DI) and the Maturity Level of Enterprise Risk Management (MLERM) thru empirical data. To meet this objective, a documental research on 72 listed companies in the three top tier corporate governance index of the Brazilian Stock Exchange was conducted. Data was extracted from the forms officially submitted to the government market authority in the fiscal year of 2013 by an extensive content analysis. Using the multivariate statistic method of Principal Component Analysis, three constructs were defined to DI (Revenues from Abroad, Physical and Human Resources Abroad and Interest in Societies Abroad) and three to MLERM (Leadership in Risk Management, External Support to Risk Management and Risk Management Practices). These constructs were then used to build composite indexes to MLERM and DI, followed by a proposition of counterpart indexes applicable to primary data. The statistical analysis were made in three ways: associative, with use of correlations; between groups, with the analysis of four clusters ranked by their DI; and predictive, with the use of Ordinal Logistic Regression. The results have shown a proportional and direct relation between the Maturity Level of Enterprise Risk Management and the Degree of Internationalization of researched companies by the three applied methods. As for the effect of ERM on ID, the later shown greater relation to Leadership in Risk Management, followed in importance by Risk Management Practices. The construct External Support to Risk Management was inconclusive. As for the effect of internationalization on MLERM, the greater relation was found to Revenues from Abroad, followed in importance by Physical and Human Resources Abroad. The construct Interest in Societies Abroad was inconclusive. With these results this research has found indications that the engagement of the higher directive board towards ERM may be an advantage in achieving the internationalization targets of Brazilian public companies, mainly when the revenues from abroad increase or there are human or physical resources invested out of the borders.

O tema geral da tese é o processo de internacionalização universitária em países emergentes, mais especificamente no Brasil. A internacionalização universitária é entendida como políticas voltadas para as áreas de conhecimentos científicas e tecnológicas estabelecidas entre os países e as instituições de ensino superior. A internacionalização universitária pode ser, ainda, entendida como uma estratégia de inserção no cenário internacional e configuração de uma ordem multipolar. O objetivo geral da presente tese consistiu em analisar o processo de internacionalização universitária do Brasil com os demais países membros dos BRICS – Rússia, Índia, China e África do Sul – comparando as políticas adotadas durante o período de governo de Luiz Inácio Lula da Silva (2003-2010) e Dilma Rousseff (2011-2016). Houve diferença de orientação da política de ambos os governos em relação ao tema? Quais foram as características específicas de cada um e quais as razões da internacionalização universitária para com esses países? Para responder a tais questões, foi utilizada uma abordagem comparativa e qualitativa tendo como base a análise de conteúdo e discursos de pronunciamentos oficiais dos presidentes, documentos, discursos de ações e programas de governo e entrevistas com expoentes da área tanto do Brasil quanto dos países membros dos BRICS. Foram analisadas a) a política e as ações de internacionalização universitária do Brasil, com retrospectiva histórica e nos períodos dos governos de Lula e Dilma; b) as ações desenvolvidas com os países membros dos BRICS tanto no governo de Lula quanto no governo de Dilma; c) os governos Lula e Dilma e suas políticas e ações de internacionalização universitária para com os países membros dos BRICS. Como resultados identificaram-se os seguintes: a) discrepâncias entre visões e ações de internacionalização universitária, apesar da sequência partidária no governo, confirmando a hipótese de pesquisa “a política de internacionalização do ensino superior foi diferente no governo Lula e no governo Dilma” na relação com os países membros dos BRICS; b) diferenciação entre os dois governos quanto ao tipo de relação, se de reciprocidade ou não, com tais países; c) distinção entre os dois governos quanto à iniciativa de criar uma política unificada de internacionalização do ensino superior com os países membros dos BRICS. A conclusão da tese aponta para as diferenças entre os dois governos de um mesmo partido em relação ao tema da internacionalização universitária, indicando que não é suficiente a presença de um mesmo partido no governo para a criação de uma política de Estado. Para solucionar o dilema entre uma política de Estado e de governo e inserir-se estrategicamente no cenário internacional, o Brasil precisaria que a sua elite política transcendesse as rivalidades conjunturais e elegesse a educação e o nível de criação de conhecimentos como moedas não intercambiáveis. / The general theme of this thesis is the process of university internationalization in emerging countries, more specifically in Brazil. University internationalization is known as policies geared towards the areas of scientific and technological knowledge established between countries and institutions of higher education. The university internationalization can also be recognized as a strategy of insertion in the international scenario and configuration of a multipolar order. The general objective of this thesis was to analyze and compare the university internationalization of Brazil with the other BRICS countries - Russia, India, China and South Africa - during the period of government of Luiz Inácio Lula da Silva (2003-2010) and Dilma Rousseff (2011-2016). Was there a difference in policy orientation between the two governments in relation to the issue? What were the specific characteristics of each, and what are the reasons for university internationalization in these countries? To answer such questions, a comparative and qualitative approach was used, based on the analysis of content and speeches of official statements by presidents, documents, speeches and government programs and interviews with exponents of the area both in Brazil and in BRICS´ member countries. We analyzed i) the politics and actions of university internationalization of Brazil with historical retrospective and in the periods of the governments of Lula and Dilma; ii) the actions developed with BRICS member countries both in Lula's government and in Dilma's government; iii) the Lula and Dilma governments and their university internationalization policy and actions towards BRICS member countries. As results we identified 1) discrepancies between visions and actions of university internationalization despite the party sequence in government, confirming the research hypothesis "the policy of internationalization of higher education was different in the Lula government and the Dilma government" in relation to the countries members of BRICS; 2) differentiation between the two governments as to the type of relationship whether or not reciprocity with such countries; 3) distinction between the two governments on the initiative to create a unified policy of internationalization of higher education with BRICS member countries. The conclusion of the thesis points to the differences between the two governments of the same party in relation to the topic of university internationalization, indicating that the presence of the same party in the government for the creation of state policy is not enough. In order to solve the dilemma between a state and government policy and to insert itself strategically on the international scene, Brazil would need its political elite to transcend conjunctural rivalries and choose education and the level of knowledge creation as non-interchangeable currencies.