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Right-wing populist parties who obtain governmental power rely on ethno-nationalist mobilization for domestic legitimacy. They may therefore adopt policies that explicitly seek to disadvantage foreign multinational corporations (MNCs). Understanding what factors increase a foreign MNC’s exposure to adverse action by right-wing populists is an understudied question in the field of international business policy. We investigate this question in post-socialist member states of the European Union, which constitute extreme cases of right-wing populist government power. As such, they constitute a fertile ground to further our theoretical understanding of the distinction between calculable political risk and incalculable political uncertainty. Through a case study-based theory-building approach, which draws on existing literature and interview data, we derive a series of propositions and develop a research agenda. We identify factors at the country-, sector-, and firm-level that influence exposure to adverse policy action by host-country governments. We explore when political risk may turn into political uncertainty and provide suggestions to foreign MNCs operating in right-wing populist contexts on how to reduce this uncertainty. Our study provides insights for policy makers too, who should be aware of the impact political shifts towards right-wing populist governments have on political uncertainty for foreign companies.

Although state-owned enterprises (SOEs) are recognized as important economic actors, the literature to date has assumed close state control over SOEs and, therefore, their passive stance towards institutions. Drawing on the institutional work and historical institutionalism literatures, we challenge this view. We develop a multilevel framework of SOE top management teams’ (TMTs’) embedded agency, spanning the national macro-institutional level, the meso-level of regimes of state-SOE relations, and sector-specific institutions. We then derive propositions regarding the factors across these multiple levels that shape SOE TMTs’ motivation, resources, and scope for institutional work. This framework allows us to explain the leeway for and likelihood of SOE TMTs’ engagement in institutional work across institutional contexts. 尽管国有企业被认为是重要的经济行动者，但迄今为止的文献都假定国有企业受到国家的严密控制，因此他们对制度抱有消极的态度。基于制度工作和历史制度主义文献，我们对这一观点提出了挑战。我们建立了国有企业高管团队嵌入能动性的多层次框架，跨越国家宏观制度层面、国有企业关系的中观层面和行业特定制度层面。此外，我们还发展出涉及影响国有企业高管团队动机、资源和制度工作范围的多层次因素的命题。这一框架使我们能够解释国有企业的管理团队在制度情境下执行制度工作的自由空间和可能性。 Несмотря на то, что государственные предприятия (ГП) признаны важными экономическими субъектами, в научной литературе на сегодняшний день предполагается, что существует жесткий государственный контроль над государственными предприятиями, что подразумевает пассивное отношение к институтам. На основании научной литературы по институциональной работе и историческому институционализму, мы оспариваем эту точку зрения. Мы разрабатываем многоуровневую модель интегрированного управления со стороны руководства высшего звена на государственных предприятиях, которая охватывает государственный макро-институциональный уровень, мезо-уровень отношений между государством и государственным предприятием, а также отраслевые институты. Далее, мы строим предположения относительно факторов на этих множественных уровнях, которые формируют мотивацию, ресурсы и объем институциональной работы для руководства высшего звена на государственных предприятиях. Данная модель позволяет нам объяснить относительную свободу действий и вероятность участия руководства высшего звена на государственных предприятиях в институциональной работе в различных институциональных контекстах. Aunque las empresas de propiedad estatal (SOEs por sus siglas en inglés) son reconocidas como actores económicos importantes, la literatura a la fecha ha asumido un estrecho control del estado sobre las empresas estatales, y, por ende, su postura pasiva hacia las instituciones. Basándonos en las literaturas del trabajo institucional de institucionalismo histórico, retamos este punto de vista. Desarrollamos un marco multinivel de la agencia integrada de los equipos de alta dirección de las empresas estatales, que abarca el nivel macroinstitucional nacional, el nivel meso de los regímenes de relaciones entre el Estado y las empresas estatales, y las instituciones específicas del sector. Después, formulamos proposiciones sobre los factores de estos múltiples niveles que determinan la motivación, los recursos y el alcance de la labor institucional de los equipos de alta dirección (TMT por sus iniciales en inglés) de las empresas del estado. Este marco nos permite explicar el margen de maniobra y la probabilidad de que los equipos de alta dirección de las empresas estatales se comprometan con la labor institucional en distintos contextos institucionales.

The recent financial crisis has severely shaken confidence in the conventional wisdom of economic liberalism, giving rise to debate about the appropriate direction of theory and policy. In this context, the sharply divergent experiences of the four main Anglo-Saxon banking systems suggest that the crisis may not so much be one of liberal capitalism per se as it is of the neoclassical variety that characterises the British and American systems. Whereas these banking systems were very badly affected by the crisis, the Canadian and Australian systems were not. Our analysis suggests that this can be explained by differences in the way that economic liberalism was interpreted and translated into policy in the four countries during the period preceding the crisis. It also suggests that broad classifications of national business systems into 'liberal market' and other varieties of capitalism do not capture their inherent diversity, and that financial market liberalisation does not necessarily lead to instability, particularly when it is accompanied by appropriate supervision and prudential regulation.

The recent financial crisis has severely shaken confidence in the conventional wisdom of economic liberalism, giving rise to debate about the appropriate direction of theory and policy. In this context, the sharply divergent experiences of the four main Anglo-Saxon banking systems suggest that the crisis may not so much be one of liberal capitalism per se as it is of the neoclassical variety that characterises the British and American systems. Whereas these banking systems were very badly affected by the crisis, the Canadian and Australian systems were not. Our analysis suggests that this can be explained by differences in the way that economic liberalism was interpreted and translated into policy in the four countries during the period preceding the crisis. It also suggests that broad classifications of national business systems into 'liberal market' and other varieties of capitalism do not capture their inherent diversity, and that financial market liberalisation does not necessarily lead to instability, particularly when it is accompanied by appropriate supervision and prudential regulation. [PUBLICATION ABSTRACT]

Various characterisations exist of the model of post-social capitalism exist. While most typologies underscore the prominent role of the state in post-socialist capitalism compared to Western economies, the literature is less clear about what exactly this role consists of. For the case of East Central Europe, some authors underscore the weakness of the state and its ‘capture’ by business interests, while others attribute to the state a benign role in successful industrial restructuring. We show that both views are of limited use to understand the phase of ‘backsliding’ that these economies are currently experiencing. We draw on anthropological models of post-socialist states that focus on elite dynamics within the state and show that this focus allows us to interpret backsliding in Hungary as a reversal of the developmental state into a clan-state.

Europe experienced a considerable “structural break” during the 1990s due to extensive liberalization policies, like those found in other regions around the globe. Indeed, European countries were involved in a unique project of harmonization and coordination of their policies within the framework of the European Union. In the late 1980s, pathbreaking European Directives paved the way for a common European market, first and foremost geared toward financial markets. The Single European Act, effective as of 1987, and the subsequent European Monetary Union led to a process of financial deregulation and to a wave of cross-border takeovers and acquisitions within the

This study contributes to the corporate political activities (CPA) and the \"institutional duality\" literature by investigating how MNE subsidiaries and local firms develop their CPA in an increasingly politicised environment in an emerging market (EMs). Our longitudinal case study, based on interviews with top-level managers in Hungary, supports the view that institutional duality is not just a constraint for MNEs, but allows even firms from institutionally distant economies to successfully transfer political capabilities to the host context, providing them with competitive advantage over local firms. However, we also find that the value of these capabilities changes as institutional change progresses in our post-socialist case. Therefore institutional duality needs to be understood as a time-dependent phenomenon.

This paper reviews recent studies that analyse and criticise existing academic and commercial corporate governance (CG) indices. Most of these 'rating the ratings' papers reach the conclusion that encompassing composite measures of CG are ineffective and suggest therefore to return to simpler measures. This paper draws on the 'configurational-' or 'bundles approach' to CG and argues that, while the criticisms made by the 'rating the ratings' papers are justified, their recommendations are misguided. Based on four central insights derived from the 'bundles approach', the paper shows that reverting to simpler measures of firm-level CG practices is a step in the wrong direction, in that it eliminates information about interactions between different corporate governance mechanisms. This is particularly consequential for comparative CG research that aims to identify differences in country-specific CG systems. Alternative solutions are developed to improve corporate governance measures, which take into account insights from the 'bundles approach'.

This paper investigates how companies manage risk associated with political ties in the context of the 'return of state capitalism'. We show that findings from previous studies of firms' copying strategies under autocratic regimes are of limited relevance in the context of Hungary, because they lack a sophisticated, theoretically underpinned conceptualisation of 'the state'. We develop a more fine-grained analysis of the role of the state in emerging markets. We then show that the type of 'state capitalism' that is emerging in Hungary poses unique challenges to companies with implications for existing theories of companies' political 'buffering strategies'. Based on interviews with business leaders in Hungary, we identify two coping strategies: responsiveness -whereby firms accommodate state pressures by giving in to them - and a non-responsive strategy of 'dormancy', which consists in firms putting forward-looking activities on hold and focussing on survival. We discuss implications for theories of corporate political risk management.

The study of decoupling - i.e. the discrepancies between formal policies and actual practices and outcomes - has seen a remarkable revival. Importantly, a distinction between policy-practice and means-ends decoupling has become widely-used. We argue that the decoupling literature still neglects a key feature of decoupling, namely that it is inherently a multi-level concept. Distinguishing explicitly the macro- (country) and the micro- (organisation) levels, we develop a more fine-grained typology of policy-practice and means-ends decoupling. We hypothesise that differences in the macro-environment may influence the type and extent of decoupling that prevails in a given country. We test our hypotheses in the context of the adoption of legal minority shareholder protection in four European countries. We go beyond previous studies that have investigated policy-practice and means-end decoupling in the same context by using a unique dataset for firm-level corporate governance practices that allows us to investigate the multi-level nature of decoupling more directly. Our findings suggest that that decoupling is context specific and the extent to which policy-practice decoupling occurs may depend on a country's legal style.