CALL FOR PAPERS 

 

INTERNATIONAL BUSINESS REVIEW 

 

Invites manuscripts for a Special Issue on
"Corporate Governance, Finance and Global Strategy” 

Submission deadline: 30 September 2023 

 

 

Guest Editors: 

Marc Goergen            IE Business School, IE University, Madrid, Spain ([log in to unmask]) 

Igor Filatotchev           King’s College London, UK ([log in to unmask]) 

Konstantinos Bozos     University of Leeds, UK ([log in to unmask]) 

 

 

Background 

International Business (IB) scholars have increasingly called for applying multi-disciplinary perspectives to studying firm-level strategies and corporate governance in the global context. For example, Agmon (2006) highlights several dimensions in which economics, finance and accounting theoretical domains can contribute to international business research, such as financial contracting theory, corporate governance of multi-national enterprises (MNEs), the recent growth of private equity and its effects on international investment, among many other relevant themes.  Starting from the 2010 seminal special issue of the International Business Review on “Integrating Contemporary Finance and International Business Research”, IB, economics and finance scholars have developed a significant body of research focused on the international mobility of capital, labour, and goods (Bowe, Filatotchev & Marshall, 2010). Although prior studies have identified a number of factors that may affect global strategy both at the headquarters and subsidiary levels of a MNE, Puck & Filatotchev (2020) emphasize a persistent lack of multi-disciplinarity and point out that researchers generally consider corporate finance, governance and strategic management as separate domains associated with the process of firm internationalization. To date, the economics, finance, and international business research fields have been developing rather independently, and the main objective of this Special Issue is to build conceptual and empirical bridges between these disciplines.  

 

In accelerating the integration of IB with finance, accounting, corporate governance, and global strategy several avenues can be pursued. The increasing role of (domestic and foreign) Venture Capital (VC) firms and VC syndicates in shaping foreign market entry decisions and outcomes (Chahine, Saade & Goergen; 2019; Chemmanur, Hull & Krishnan, 2016; Park & LiPuma, 2020), offers a very promising such perspective. The application of Real Options Theory in MNE activities and decisions (Chi, Li, Trigeorgis & Tsekrekos, 2019) also lends itself to meaningful theorisations and empirical tests on themes such as the timing and scale of market entry (or exit), the mode of entry, the choice of governance forms, among others. National culture materially affects the utilities of financial choices - and by extension financial decision-making itself - and shapes national institutions, which can be viewed as a path-dependent result of cultural influence and historical events. Therefore, the influence of national cultures on foreign investment decision making (Ahern, Daminelli & Fracassi, 2015) is another promising area for theoretical and empirical integration.  

 

The surge of emerging market MNEs (EMNEs), and the global impact of their financing and investment decisions (i.e., by cross listing to ‘bond’ to better institutional regimes, or by acquiring institutionally ‘upstream’ targets) offers further opportunities to bridging IB and international finance (Ning, Kuo, Strange & Wang, 2014). Another prominent area of interest in traditional finance and strategy with scope for further development in IB is the management of risk and uncertainty in IB decisions, including - but not limited to - market entry, location choice, entry mode, cross border mergers and acquisitions, etc (Buckley & Casson, 2019; Lewis & Bozos, 2019). On the financial reporting and accounting quality front, the institutional complexity of MNEs offers an excellent laboratory to test and develop new theories of international corporate governance (Cumming, Filatotchev, Knill, Reeb & Senbet, 2017), but also to better understand the reporting practices of MNEs, especially in light of the adoption of the IFRS (Li, Magnan & Shi, 2022). Finally, the employment of interdisciplinary research methods (i.e. Fainshmidt, Witt, Aguilera & Verbeke, 2020; El Ghoul, Guedhami, Mansi & Sy, 2022). the adoption of multilevel approaches (Meyer, Li, & Schotter, 2020), and the focus on phenomena-driven research questions, such as ones arising from the ‘grand challenges’ (Buckley et al. 2017) can act as further enablers of integrative, cross-disciplinary research across IB, finance, corporate governance and global strategy.    

 

In this Special Issue, IBR invites the submission of theoretical and empirical papers, which contain original and innovative applications of contemporary economics, finance, and accounting research to current issues in international business at the intersection of corporate governance, finance and global strategy. The Guest Editors are seeking novel applications which may have their origins in the research ideas, theoretical developments, research methodology, research design and/or the international business setting which is being examined. The scope of the Special Issue is an attempt to encourage research contributions that not only address hitherto unexplored international business-related topics, but also provide an original framework, capable of challenging conventional approaches to international business research while using rigorous methodologies developed in other disciplines, such as the institutional perspective, contemporary economics and finance fields. 

 

 

Possible paper topics include, but are not limited to: 

• Cross-border ownership patterns and the international market for corporate control 
• The relationship between MNE corporate governance and business strategy, including internationalisation strategy and FDI 
• The interaction between financial risk management, corporate finance and investment decision making for MNEs 
• The impact of capital structure and financial constraints on the internationalisation decisions of firms 
• Internalisation of capital market transaction by MNEs and the financing of overseas subsidiaries 
• Financial contracting in the context of diverse institutional patterns as a determinant of cross-border organisational structure 
• The impact of international accounting standards on MNE business strategy 
• The role of private equity in the evolution of international business 
• Applications of recent developments in real and financial option valuation in international business research 
• Corporate ownership types (State, family, institutions, business groups, etc) and internationalisation strategy 
• MNEs, intangible assets and tax avoidance strategies 
  
   
  
   
  
  Deadline, Submission Process and Workshop 
  
  
  The submission deadline is 30 September 2023. Manuscripts can be submitted through the IBR online submission system (https://www.editorialmanager.com/ibr) from 1 September until 30 September 2023 only. They should follow the IBR guidelines: 
  
  
  https://www.elsevier.com/journals/international-business-review/0969-5931/guide-for-authors 
  
   
  
  All submissions will go through double-blind review. 
  
   
  
  Any queries regarding the Special Issue should be directed to the Guest Editors. 
  
   
  
  The Guest Editors, in co-operation with IBR and Elsevier, plan to host a paper development workshop in December 2023 in conjunction with this Special Issue. The workshop will provide an opportunity for authors whose work has been shortlisted by the Guest Editors and IBR to develop their research beyond the reviewing process. Experienced and distinguished scholars will serve as discussants to facilitate the development of the papers. Other scholars may be interested in attending as general participants.  Details on the workshop will be forthcoming in 2023. 
  
   
  
  About the Guest Editors    
  
   
  
  Marc Goergen ([log in to unmask]) is Professor of Finance at IE Business School, IE University in Madrid. Previous appointments include UMIST and the Universities of Cardiff, Manchester, Reading and Sheffield. Marc is an Honorary Professor at Cardiff Business School, a Research Member of the European Corporate Governance Institute (ECGI) and a board member of the International Corporate Governance Society (ICGS). His research interests are at the intersection between corporate finance and corporate governance. Marc has published more than 75 papers in academic journals, including the Journal of Finance, Entrepreneurship Theory and Practice, the Journal of Corporate Finance, European Economic Review, and Industrial Relations – A Journal of Economy & Society. He has also authored a successful textbook on corporate governance published by Cengage. He is the joint editor-in-chief of Annals of Corporate Governance and an associate editor of the British Accounting Review, the British Journal of Management, European Financial Management and the European Journal of Finance. In the past, Marc served as an Associate Editor of the Journal of Banking and Finance and the Journal of Corporate Finance. 
  
   
  
  Igor Filatotchev ([log in to unmask]) is Professor of Corporate Governance and Strategy at King’s Business School, King’s College London, and a Visiting Professor at Vienna University of Economics and Business. His research interests are focused on the corporate governance effects on internationalization decisions and liabilities of foreignness in global capital markets. He has published more than 150 academic papers in the fields of corporate governance and global strategy including publications in leading academic journals such as Academy of Management Journal, Strategic Management Journal, Journal of International Business Studies, Organization Science, Journal of Corporate Finance and Journal of Management. In 2019 his scholarship has been acknowledged by JIBS Silver Medal award for exceptional contributions to the Journal of International Business Studies. He is Fellow of the Academy of International Business and British Academy of Management. He served as General Editor in Journal of Management Studies, Corporate Governance: International Review and Journal of Management and Governance. Currently he is Senior Editor of Oxford Research Encyclopedia of Business and Management. 
  
   
  
  Konstantinos Bozos ([log in to unmask]) is Professor of International Accounting & Finance at the Leeds University Business School, and a CIBER Research Associate at the J. Mack Robinson College of Business at Georgia State University. He is the co-founder of the International Symposium in Finance (ISF) and co-chairs the Financial Management Special Interest Group (FM-SIG) of the British Academy of Management (BAM) and associate editor of the Rutgers Business Review. His research spans the areas of international accounting and finance and their intersections with institutions and governance, with a focus on corporate decisions of all forms, and in particular Mergers & Acquisitions. His work has been published, among others, in the Strategic Management Journal, the Journal of World Business, Corporate Governance: an International Review, the International Business Review, the European Jou­rnal of Operational Research, the Review of Quantitative Finance and Accounting, etc.   
  
   
  
   
  
   
  
   

References 

 

Agmon, T. (2006). ‘Bringing financial economics into international business research: taking advantage of a paradigm change.’ Journal of International Business Studies, 37(5): 575-577. 

Aguilera, R.V., Crespí-Cladera, R., Infantes, P.M. & Pascual-Fuster, B. (2020). ‘Business groups and internationalization: effective identification and future agenda.’ Journal of World Business, 55(4): 101050. 

Barrios, S., Huizinga, H., Laeven, L. & Nicodème, G. (2012). ‘International taxation and multinational firm location decisions.’ Journal of Public Economics, 96(11-12): 946-958. 

Bowe, M., Filatotchev, I. & Marshall, A. (2010). ‘Integrating contemporary finance and international business research.’ International Business Review, 19(5): 435-445.  

Buckley, P.J., Doh, J.P., & Benischke, M.H. (2017). ‘Towards a renaissance in international business research? Big questions, grand challenges, and the future of IB scholarship.’ Journal of International Business Studies, 48(9): 1045-1064.  

Buckley, P. & Casson, M. (2019). Decision-making in international business. Journal of International Business Studies, 50(8): 1424-1439. 

Chahine, S., Saade, S. & Goergen, M. (2019). ‘Foreign business activities, foreignness of the VC syndicate, and IPO value.’ Entrepreneurship Theory and Practice, 43(5): 947-973.  

Chemmanur, T.J., Hull, T.J. & Krishnan, K. (2016). ‘Do local and international venture capitalists play well together? The complementarity of local and international venture capitalists.’ Journal of Business Venturing, 31(5): 573-594. 

Chi, T., Li, J., Trigeorgis, L.G. & Tsekrekos, A.E. (2019). ‘Real options theory in international business.’ Journal of International Business Studies, 50(4): 525-553.  

Contractor, F.J. (2016). ‘Tax avoidance by multinational companies: methods, policies, and ethics.’ Rutgers Business Review, 1(1): 27-43. 

Cumming, D., Filatotchev, I., Knill, A., Reeb, D.M. & Senbet, L. (2017). ‘Law, finance, and the international mobility of corporate governance.’ Journal of International Business Studies, 48(2): 123-147. 

De Massis, A., Frattini, F., Majocchi, A. & Piscitello, L. (2018). ‘Family firms in the global economy: toward a deeper understanding of internationalization determinants, processes, and outcomes.’ Global Strategy Journal, 8(1): 3-21. 

El Ghoul, S., Guedhami, O., Mansi, S.A., & Sy, O. (2022). ‘Event studies in international finance research.’ Journal of International Business Studies, available online. 

Fainshmidt, S., Witt, M.A., Aguilera, R.V. & Verbeke, A. (2020). ‘The contributions of qualitative comparative analysis (QCA) to international business research.’ Journal of International Business Studies, 51(4): 455-466. 

Foss, N.J., Mudambi, R. & Murtinu, S. (2018). ‘Taxing the multinational enterprise: on the forced redesign of global value chains and other inefficiencies.’ Journal of International Business Studies, 50(9): 1644–1655. 

Kohlhase, S. & Pierk, J. (2020). ‘The effect of a worldwide tax system on tax management of foreign subsidiaries.’ Journal of International Business Studies, 51(8): 1312-1330. 

Lewis, Y. & Bozos, K. (2019). ‘Mitigating post-acquisition risk: the interplay of cross-border uncertainties.’ Journal of World Business, 54(5): 100996.  

Li, T., Magnan, M. & Shi, Y. (2022). ‘Governance tensions in MNCs’ accounting quality.’ Journal of International Business Studies, 53(8): 1641–1669. 

Meyer, K.E., Li, C. & Schotter, A.P. (2020). ‘Managing the MNE subsidiary: advancing a multi-level and dynamic research agenda.’ Journal of International Business Studies, 51(4): 538–576. 

Mariotti, S. & Marzano, R. (2020). ‘Relational ownership, institutional context, and internationalization of state‐owned enterprises: when and how are multinational co‐owners a plus?’ Global Strategy Journal, 10(4): 779–812. 

Ning, L., Kuo, J.M., Strange, R. & Wang, B. (2014). ‘International investors’ reactions to cross-border acquisitions by emerging market multinationals.’ International Business Review, 23(4): 811-823.  

Oesterle, M-J., Richta, H.N. & Fisch, J.H. (2013). ‘The influence of ownership structure on internationalization.’ International Business Review, 22(1): 187-201. 

Oxelheim, L., Randoy, T. & Stonehill, A. (2001). ‘On the treatment of finance-specific factors within the OLI paradigm.’ International Business Review, 10(4): 381-398. 

Park, S. & LiPuma, J.A. (2020). ‘New venture internationalization: the role of venture capital types and reputation.’ Journal of World Business, 55(1): 101025. 

Puck, J. & Filatotchev, I. (2020). ‘Finance and the multinational company: building bridges between finance and global strategy research.’ Global Strategy Journal, 10(4): 655-675. 

Ting, A. & Gray, S.J. (2019). ‘The rise of the digital economy: rethinking the taxation of multinational enterprises.’ Journal of International Business Studies, 50(9): 1656-1667.