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<p>The scholarly discourse on political risks faced by Emerging Market Multinational Enterprises (EMNEs) has recently gained significant attention. Political risks include expropriation, corruption, breach of contract, sectoral salience, and several others. Therefore, the direction of the discourse needs to be shaped from the conceptualization to the exact nature and source of these risks. The study contributes by mapping the extant literature into three key themes and provides new avenues for future research. Through an interpretive literature review blended with both theory and a phenomenon, we examine the studies carried out over four decades, from March 1980 to December 2025, through Scopus and Web of Science databases, and we narrowed down to systematically reviewing 122 papers. Further, we have categorized and synthesized the existing literature on critical themes. The broad themes are firm internationalization, regulatory and legitimacy concerns, and mitigation and strategic foresight.We have also outlined various sub-themes within the three identified themes. Our study contributes to the discourse in two ways. First, we classify the discourse into timelines, emergent themes, and consequent sub-themes. Second, we look beyond the traditional International Business (IB) theories and try to decipher political risk from the perspective of Political Science and International Relations (PSIR) frameworks. This is one of the initial studies to provide a thorough understanding of the discourse on EMNEs and Political risk.</p>

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Toward a deeper discourse on political risk

  • 期刊论文

  • 发表日期：

    2026年6月19日

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  • Soumya Tiwari,
  • Faisal Ahmed,
  • Rahul Pratap Singh Kaurav

摘要

The scholarly discourse on political risks faced by Emerging Market Multinational Enterprises (EMNEs) has recently gained significant attention. Political risks include expropriation, corruption, breach of contract, sectoral salience, and several others. Therefore, the direction of the discourse needs to be shaped from the conceptualization to the exact nature and source of these risks. The study contributes by mapping the extant literature into three key themes and provides new avenues for future research. Through an interpretive literature review blended with both theory and a phenomenon, we examine the studies carried out over four decades, from March 1980 to December 2025, through Scopus and Web of Science databases, and we narrowed down to systematically reviewing 122 papers. Further, we have categorized and synthesized the existing literature on critical themes. The broad themes are firm internationalization, regulatory and legitimacy concerns, and mitigation and strategic foresight.We have also outlined various sub-themes within the three identified themes. Our study contributes to the discourse in two ways. First, we classify the discourse into timelines, emergent themes, and consequent sub-themes. Second, we look beyond the traditional International Business (IB) theories and try to decipher political risk from the perspective of Political Science and International Relations (PSIR) frameworks. This is one of the initial studies to provide a thorough understanding of the discourse on EMNEs and Political risk.