international business management research project

• Business Management

400 Trending Business Management Research Topics in 2024

Home Blog Business Management 400 Trending Business Management Research Topics in 2024

Business management is crucial for competitiveness and profitability in today's fast-paced world. It involves understanding business structure, finance, marketing, and strategy. Pursuing a postgraduate course, like PGDM, often requires a well-researched paper to launch one's career. The main challenge is selecting a relevant, trending research topic. To assist, here are ten current business management research topics for 2024, focusing on technological advancements and innovative leadership strategies. Enrolling in Business Management training courses can further enhance your skills and knowledge, propelling your career to new heights. Let's explore these cutting-edge topics together for career growth.

Business Management Research Topics [Based on Different Industries]

A. business management research topics for business administration.

• Data analytics’ role in company performance and decision-making.
• Revolution of firm operations and strategy due to artificial intelligence.
• How sustainable business practices affect a company’s financial performance.
• Blockchain technology’s role in business.
• Impact of fintech on traditional financial institutions.
• How digital transformation affects organizational culture.
• Consequences of social media marketing for customer engagement.
• Impact of the gig economy on the traditional employment model.
• Abuse experienced by women in the workplace.
• Effects of the COVID-19 pandemic on global supply chain management.
• Impact of agile methodologies on business management.
• The role of emotional intelligence in business leadership.
• Outsourcing and its effects on business efficiency.
• Implementing corporate governance for better decision-making.
• The influence of consumer behavior on marketing strategies.
• E-commerce trends and their impact on retail businesses.
• Strategies for managing business risks and uncertainties.
• Ethical considerations in business strategy formulation.
• Role of business analytics in strategic planning.
• Organizational resilience in times of economic downturns.
• Corporate philanthropy and its impact on business reputation.
• Change management strategies for business growth.
• Impact of employee engagement on organizational performance.
• Role of innovation hubs in business development.
• The influence of global trade policies on local businesses.
• Business model innovation in the digital age.
• Customer relationship management (CRM) systems and their impact.
• The role of leadership development programs in businesses.
• Strategic alliances and partnerships in business growth.
• The impact of business process reengineering on performance.
• The effectiveness of telecommuting in business operations.
• Business continuity planning in disaster management.
• The impact of organizational structure on business efficiency.
• The role of corporate governance in fraud prevention.
• The influence of market segmentation on business strategies.
• The role of strategic management in business growth.
• The impact of regulatory changes on business operations.
• The role of knowledge management in business success.
• The impact of employee training and development on performance.
• Strategies for improving business process efficiency.
• The role of innovation in competitive advantage.
• The impact of globalization on small businesses.
• The role of social responsibility in business ethics.
• Strategies for enhancing customer loyalty.
• The impact of digital marketing on business growth.
• The role of strategic planning in organizational success.
• The influence of leadership styles on business outcomes.
• Strategies for managing business transformation.
• The impact of technological advancements on business operations.
• The role of corporate social responsibility in branding.
• The effectiveness of business incubators in start-up success.
• The role of organizational culture in business performance.
• The impact of financial management on business sustainability.
• The influence of business intelligence on decision-making.
• Strategies for improving customer satisfaction.

B. Business Management Research Topics for Accounting and Finance

• Asset pricing and financial markets
• Business history
• Corporate finance
• Corporate governance
• Credit management
• Financial accounting and auditing
• Organizations: ownership, governance and performance
• SME finance
• Sustainable finance and ESG
• Venture capital and private equity
• Banking and financial intermediation
• Behavioral finance
• The effect of digital currencies on global finance.
• Forensic accounting and fraud detection.
• Impact of financial regulations on banking operations.
• Corporate financial planning and risk management.
• Trends in international financial reporting standards.
• The role of auditing in corporate governance.
• Financial forecasting techniques in business planning.
• The impact of economic crises on financial markets.
• Mergers and acquisitions: Financial implications and outcomes.
• The role of financial technology in modern banking.
• Sustainable investment strategies and their impact.
• Corporate social responsibility and financial performance.
• Financial literacy and its importance for small businesses.
• The role of credit rating agencies in financial markets.
• Comparative analysis of different investment portfolios.
• The impact of taxation policies on business growth.
• Financial management practices in non-profit organizations.
• Trends in global investment and capital flows.
• The role of financial markets in economic development.
• Ethical issues in financial reporting.
• Financial risk management in multinational corporations.
• The role of financial intermediaries in economic growth.
• The impact of financial innovations on market stability.
• Financial distress and corporate restructuring.
• The role of hedge funds in financial markets.
• The influence of monetary policy on financial markets.
• Behavioral finance and investor psychology.
• The impact of interest rates on investment decisions.
• Corporate governance and shareholder value.
• The role of venture capital in entrepreneurial success.
• Financial market efficiency and anomalies.
• The influence of financial globalization on local markets.
• Financial inclusion and its impact on economic development.
• The role of institutional investors in corporate governance.
• The impact of fiscal policy on financial markets.
• Financial market integration and economic growth.
• The role of financial regulation in preventing crises.
• The influence of economic indicators on financial markets.
• Financial planning for retirement and its importance.
• The role of microfinance in poverty alleviation.
• Financial implications of environmental sustainability.
• The impact of demographic changes on financial markets.
• The role of corporate finance in strategic decision-making.
• Financial analysis and valuation of companies.
• The influence of globalization on financial reporting standards.

C. Business Management Research Topics for Economics

• Environment, infrastructure, innovation and the circular economy
• Work, labour and organisation
• Financialisation and globalisation
• Development and wellbeing
• The macro economy and macroeconomic policy
• The impact of trade wars on global economies.
• Economic policies and their effect on unemployment rates.
• Economic implications of climate change policies.
• The future of globalization in the post-pandemic world.
• Behavioral economics and consumer decision-making.
• Economic growth and income inequality.
• The role of government subsidies in economic development.
• Economic effects of demographic changes.
• Digital economy and its impact on traditional industries.
• The relationship between inflation and interest rates.
• The impact of economic sanctions on global trade.
• The economics of renewable energy sources.
• Economic policies for sustainable development.
• The role of entrepreneurship in economic growth.
• Economic impacts of technological advancements.
• Comparative analysis of economic systems.
• The effect of financial crises on emerging markets.
• Economic policies for managing public debt.
• The impact of immigration on labor markets.
• The role of international trade in economic development.
• The impact of monetary policy on economic stability.
• The influence of fiscal policy on economic growth.
• Economic implications of global health crises.
• The role of education in economic development.
• The impact of urbanization on economic growth.
• Economic policies for reducing income inequality.
• The influence of political stability on economic development.
• The role of innovation in economic growth.
• Economic effects of environmental regulations.
• The impact of global economic integration on local economies.
• Economic policies for promoting entrepreneurship.
• The influence of cultural factors on economic behavior.
• The impact of technological advancements on labor markets.
• Economic implications of international trade agreements.
• The role of government intervention in market economies.
• The impact of population growth on economic development.
• Economic policies for managing inflation.
• The influence of global economic trends on local economies.
• The impact of economic crises on poverty levels.
• The role of social welfare programs in economic development.
• Economic implications of digital currencies.
• The influence of economic policies on business cycles.
• The impact of economic inequality on social stability.

D. Business Management Research  Topics for International Business

• International business policy, SDGs and “grand challenges”
• International business, migration and society
• Global health and international business
• Cross-cultural management, diversity and inclusion
• The theory of the multinational enterprise (MNE)
• The governance of global value chains (GVCs)
• Emerging market multinational enterprises (EMNEs)
• The impact of political instability on international business.
• Strategies for managing cultural differences in global teams.
• The role of international trade agreements in business expansion.
• Global business strategies in emerging markets.
• International marketing challenges and opportunities.
• The impact of Brexit on European businesses.
• Global supply chain management best practices.
• The role of global business networks in innovation.
• Cross-border mergers and acquisitions: Challenges and strategies.
• The influence of global economic trends on business strategy.
• International business ethics and legal considerations.
• The impact of digital globalization on traditional business models.
• Strategies for entering new international markets.
• The role of global leadership in multinational corporations.
• International business communication challenges.
• The impact of global crises on international business operations.
• Managing global talent and human resources.
• The role of expatriates in international business.
• Global financial management practices.
• The impact of cultural intelligence on international business success.
• Strategies for managing international business risks.
• The role of international joint ventures in business growth.
• The influence of global consumer behavior on marketing strategies.
• The impact of international regulatory changes on business operations.
• Strategies for managing cross-cultural negotiations.
• The role of global logistics in supply chain management.
• The influence of international economic policies on business strategy.
• The impact of global technological advancements on business operations.
• Strategies for managing international business partnerships.
• The role of international business in economic development.
• The impact of global trade policies on business competitiveness.
• The influence of international market trends on business strategy.
• Strategies for managing international business expansion.
• The role of global innovation hubs in business development.
• The impact of cultural differences on international business negotiations.
• The influence of global financial markets on business operations.
• Strategies for managing international business compliance.
• The role of international business in promoting sustainability.
• The impact of global economic integration on business strategy.
• The influence of cultural diversity on international business success.
• Strategies for managing international business innovation.
• The role of global entrepreneurship in business growth.
• The impact of international trade disputes on business operations.
• The influence of global economic shifts on business strategy.
• Strategies for managing international business risks and uncertainties.

E. Business Management Project Topics for Management 

• Organizational strategy
• Global supply chains
• Leadership and performance
• Technology and innovation
• Digital transformation
• Sustainability
• Information management and information systems
• Learning and change
• Human information processing
• Decision making
• Strategies for managing remote teams.
• The role of leadership in fostering innovation.
• Performance management systems in modern businesses.
• Conflict management and resolution strategies.
• The impact of organizational culture on employee performance.
• Strategic human resource management practices.
• The role of technology in transforming management practices.
• Change management in dynamic business environments.
• Effective communication strategies in management.
• The impact of leadership styles on organizational change.
• Crisis management and business continuity planning.
• Employee motivation techniques in diverse workforces.
• The role of mentoring in leadership development.
• Strategic planning in uncertain business environments.
• The influence of corporate culture on business success.
• Managing innovation in established companies.
• The impact of globalization on management practices.
• Decision-making processes in business management.
• Strategies for enhancing employee productivity.
• The role of ethics in business management.
• Managing diversity and inclusion in the workplace.
• The impact of emotional intelligence on leadership effectiveness.
• Strategies for managing organizational change.
• The role of corporate governance in management practices.
• Managing cross-functional teams for business success.
• The influence of digital transformation on management practices.
• Strategies for improving employee engagement and retention.
• The role of strategic alliances in business growth.
• Managing work-life balance in modern organizations.
• The impact of leadership development programs on business performance.
• Strategies for fostering a culture of continuous improvement.
• The role of management consulting in business success.
• Managing organizational conflicts and their resolution.
• The influence of corporate social responsibility on management practices.
• Strategies for managing business process reengineering.
• The role of technology in enhancing management practices.
• Managing employee performance through effective feedback.
• The impact of leadership styles on team dynamics.
• Strategies for improving organizational communication.
• The role of strategic management in business success.
• Managing organizational growth and scalability.
• The influence of corporate ethics on management decisions.
• Strategies for managing business transformation and change.
• The role of human resource management in organizational development.
• Managing innovation and creativity in the workplace.

F. Project Topics for Marketing

• Corporate responsibility and sustainability
• Green marketing and advertising
• International marketing
• Cross cultural buyer-seller relationships
• Consumer buying behaviour
• Analysis of consumer heterogeneous preferences and discrete choice analysis
• Retailing and store choice analysis
• Branding and brand equity
• Formulating and implementing sustainability marketing strategies: Bridging the gap
• Marketing strategy making
• Emergent marketing strategy and decision making in marketing organizations
• Export marketing strategy and performance
• Sustainable strategies of multinational corporations
• Standardizations/adaptation of international service offerings
• International marketing process standardization/adaptation
• Strategies for leveraging user-generated content in marketing campaigns.
• The impact of augmented reality on consumer purchasing decisions.
• Marketing strategies for virtual reality products.
• The influence of personalization on consumer loyalty.
• The effectiveness of loyalty programs in retaining customers.
• The role of neuromarketing in understanding consumer behavior.
• Strategies for marketing to Generation Z.
• The impact of voice search on digital marketing strategies.
• The influence of podcast advertising on brand awareness.
• Marketing strategies for crowdfunding campaigns.
• The role of gamification in enhancing customer engagement.
• The impact of blockchain technology on marketing practices.
• The effectiveness of omnichannel marketing strategies.
• The influence of artificial intelligence on customer service.
• Marketing strategies for non-profit organizations.
• The impact of eco-labeling on consumer purchasing behavior.
• The role of data privacy regulations on digital marketing.
• The influence of interactive content on consumer engagement.
• Marketing strategies for subscription box services.
• The impact of influencer partnerships on brand reputation.
• The effectiveness of cross-promotion in increasing sales.
• The role of predictive analytics in marketing strategy.
• The influence of social commerce on consumer behavior.
• Marketing strategies for pop-up shops and temporary retail spaces.
• The impact of mobile payment systems on consumer spending.
• The role of virtual influencers in marketing campaigns.
• The effectiveness of geotargeting in local marketing.
• The influence of ethical branding on consumer trust.
• Marketing strategies for cause-related marketing campaigns.
• The impact of social media challenges on brand engagement.
• The role of experiential marketing in building brand loyalty.
• The influence of mobile gaming on advertising effectiveness.
• The effectiveness of remarketing campaigns in conversion rates.
• The impact of chatbots on customer experience in e-commerce.
• The role of video marketing in enhancing brand storytelling.
• Marketing strategies for health and wellness products.
• The influence of social proof on consumer purchasing decisions.
• The effectiveness of SMS marketing in reaching target audiences.
• The impact of subscription models on customer retention.
• The role of interactive advertising in consumer engagement.
• Marketing strategies for sustainable fashion brands.
• The influence of visual content on social media engagement.
• The effectiveness of email segmentation in increasing open rates.
• The impact of digital wallets on consumer behavior.
• The role of affiliate marketing in driving sales.

G. Business Management Research Topics for Employment Relations

• Labour mobility, migration and citizenship
• Markets, flexibilization and social protection
• Voice, representation and social movement
• Digitalization, automation, platformisation, and the future of work
• Between professions and precarity: the new world of work
• Changing structures of governance and organisation
• Employment, skills and occupations
• The impact of flexible working arrangements on employee productivity.
• Strategies for managing employee relations in remote work environments.
• The role of employee resource groups in promoting diversity and inclusion.
• The impact of gig economy trends on traditional employment relations.
• Strategies for handling workplace harassment and discrimination.
• The role of mental health initiatives in employee well-being.
• The impact of automation on employment relations in manufacturing.
• Strategies for managing employee grievances and disputes.
• The role of labor unions in the modern workforce.
• The impact of cultural diversity on employee relations.
• Strategies for fostering a positive organizational culture.
• The role of employee feedback in improving workplace policies.
• The impact of generational differences on employee relations.
• Strategies for enhancing employee participation in decision-making.
• The role of work-life balance in employee satisfaction.
• The impact of telecommuting on team dynamics.
• Strategies for managing employee turnover in high-stress industries.
• The role of employee recognition programs in motivation.
• The impact of workplace wellness programs on employee productivity.
• Strategies for improving communication between management and employees.
• The role of training and development in employee engagement.
• The impact of job security on employee morale.
• Strategies for managing conflict in multicultural teams.
• The role of leadership styles in shaping employee relations.
• The impact of economic downturns on employment practices.
• Strategies for addressing employee burnout and fatigue.
• The role of corporate social responsibility in employee relations.
• The impact of remote work on employee collaboration.
• Strategies for enhancing employee loyalty and retention.
• The role of digital tools in managing employee relations.
• The impact of legal regulations on employment practices.
• Strategies for fostering innovation through employee engagement.
• The role of mentorship programs in career development.
• The impact of employee empowerment on organizational success.
• Strategies for managing employee relations in mergers and acquisitions.
• The role of conflict resolution training in improving workplace harmony.
• The impact of social media policies on employee behavior.
• Strategies for promoting ethical behavior in the workplace.
• The role of transparency in building employee trust.
• The impact of employee surveys on organizational improvement.
• Strategies for managing generational conflicts in the workplace.
• The role of flexible benefits in employee satisfaction.
• The impact of workplace design on employee productivity.
• Strategies for addressing the skills gap in the workforce.
• The role of employee advocacy in shaping company policies.

H. Project Topics for Business ethics topics

• Maintaining Compliance with Independent Contractors
• The perception of tax evasion ethics
• Consumer Rights to Privacy and Confidentiality
• The role of ethical leadership in fostering corporate integrity.
• Strategies for promoting transparency in business operations.
• The impact of corporate governance on ethical business practices.
• The role of ethics training programs in shaping employee behavior.
• The influence of corporate culture on ethical decision-making.
• Strategies for managing ethical dilemmas in the workplace.
• The impact of corporate social responsibility on business reputation.
• The role of whistleblowing policies in promoting ethical conduct.
• The influence of stakeholder engagement on ethical business practices.
• Strategies for ensuring compliance with ethical standards.
• The impact of ethical branding on consumer trust.
• The role of corporate ethics committees in governance.
• The influence of regulatory frameworks on business ethics.
• Strategies for fostering an ethical organizational culture.
• The impact of ethical supply chain management on brand reputation.
• The role of sustainability initiatives in ethical business practices.
• The influence of ethical marketing on consumer behavior.
• Strategies for addressing ethical issues in digital marketing.
• The impact of business ethics on corporate financial performance.
• The role of ethical considerations in mergers and acquisitions.
• The influence of corporate ethics on employee loyalty.
• Strategies for managing conflicts of interest in business.
• The impact of ethical leadership on organizational success.
• The role of ethics in strategic business planning.
• The influence of ethical practices on investor relations.
• Strategies for ensuring ethical compliance in global operations.
• The impact of ethics on corporate governance frameworks.
• The role of ethical innovation in business sustainability.
• The influence of corporate social responsibility on stakeholder trust.
• Strategies for managing ethical risks in business.
• The impact of ethical leadership on employee engagement.
• The role of ethics in business continuity planning.
• The influence of ethical considerations on product development.
• Strategies for promoting ethical behavior in customer service.
• The impact of corporate ethics on competitive advantage.
• The role of ethics in managing corporate social media presence.
• The influence of ethical practices on supply chain resilience.
• Strategies for fostering ethical behavior in remote teams.
• The impact of business ethics on brand equity.
• The role of ethical considerations in crisis management.
• The influence of corporate governance on ethical leadership.
• Strategies for integrating ethics into business strategy.
• The impact of ethical consumerism on marketing strategies.
• The role of ethical decision-making in corporate success.
• The influence of corporate ethics on organizational change.

What are Some Good Business Management Research Topics in 2024?

• Conflict Management in a Work Team
• The Role of Women in Business Management
• Issues that Affect the Management of Business Startups
• Consequences of Excessive Work in Business
• Why You Should Start a New Business After One Fails
• Importance of Inter-organizational Leadership and Networks
• How to Manage Organizational Crisis in Business
• Product and Service Development in a Strategic Alliance
• Innovation and Network Markets as a Business Strategy
• Social Enterprise and Entrepreneurship

Every aspect of business, like strategy, finance, operations, and management, is essential. So, it’s hard to say that a particular area of research is more significant. Choosing the best research topic in business management within your area of interest or specialization is one way to decide what your business management research project will be about. It is also a learning process and an opportunity to showcase your in-depth knowledge. 

But if you want to explore other options, write about trending issues and events in the business world, and learn something new, here’s a list of 10 research proposal topics in business management that can help you create an engaging and practical project. You can also take a CCBA training certification to learn more in-depth about business management. 

1. Conflict Management in a Work Team

With businesses going global, team management has escalated from merely managing people to guiding, mentoring and resolving conflicts among individuals. Teams with multicultural members from different departments are fertile ground for conflicts. If you are looking for international business management research topics, conflict management in work teams is an excellent option. 

This research will give you an insight into the various causes of conflict and different techniques and methods of conflict resolution within global multi-lingual and multi-cultural teams enabling you to lead teams successfully and keep disruptions minimal. Better teams translate to better productivity and, eventually, revenue. On the personal front, it means career growth, leadership roles, and higher pay scales for you.

2. The Role of Women in Business Management

In contemporary society, women have made notable strides in shattering patriarchal norms and embracing diverse opportunities and career paths, thereby demonstrating their strength and autonomy. While women encounter challenges in assuming leadership roles, often stemming from prevailing cultural attitudes, their presence in business management positions is more prevalent than commonly perceived. This prompts inquiry into the factors that contribute to the exceptional success of certain women in managerial positions and the unique value they bring to such roles. Exploring this subject through qualitative research could yield insightful findings regarding women's impact on business management.

3. Issues that Affect the Management of Business Startups

The COVID-19 pandemic drove everyone online and created a new digital startup ecosystem. However, while it may be easy to set up a digital business , sustenance, scaling, and growth are some of the challenges that follow. If you are entrepreneurial, your research title about business management should read something like “Challenges in the startup ecosystem.” Such research covers issues that affect the management of business startups. It covers the various factors that lead to success and the pitfalls and obstacles on the growth trajectory. It covers effective strategies to mitigate or work around challenges, and this is where you can get creative. Limiting your research to startups is okay, but you can also cover significant ground across other business models.

4. Consequences of Excessive Work in Business

Work-life balance is the buzzword in today’s business environment. If you choose to write your thesis on the impact of excessive work in business, it could well escalate to international levels as everyone talks about employee well-being, from corporates to SMEs and top management to HR. 

The single most significant reason behind this is the instances of early burnout seen in the past. Secondly, globalization is another cause for concern since people are often required to work multiple shifts. Lastly, the recent trend of post-Covid layoffs that have driven the need for side hustle makes it even more necessary to keep track of how hectic business operations are. 

5. Why You Should Start a New Business After One Fails

Failure is the steppingstone to success. Or so the saying goes. The recent outcrop of start-ups has proven this to be true. If one venture fails, do not give up. Learn from the experience and start again. Not only is that the mantra of the current generation, but it is also among the trending quantitative research topics in business management. 

The main objective and outcome of this business management research topic are to explore lessons learned from failures, the advantages of starting afresh, and the strategies for overcoming the fear of failure.

6. Importance of Inter-organizational Leadership and Networks

This research focuses on managing global networks in leadership roles. It is among the hot favorite research topics for business management students considering how businesses are going global. If you are an aspiring global entrepreneur or leader, you would want to know more about local and global inter-organizational networks, how things work, how people communicate, etc. Researching inter-organizational leadership and networks can provide insights into businesses' challenges and opportunities when building and maintaining relationships. Managing these relationships is another challenging part of the process, and that is what you will learn through this research. 

7. How to Manage Organizational Crisis in Business

Not only is crisis management a critical leadership skill, but today's turbulent business environment is fertile ground for an organizational crisis. Globalization, digitization, and the startup ecosystem have disrupted the environment. Barring corporates, a crisis can strike any business at any time and bailing out of that crisis is the responsibility of the business leadership. Managing an organizational crisis in business is a popular business management research paper topic, especially among MBA students, PGDM, and aspiring entrepreneurs.

8. Product and Service Development in a Strategic Alliance

When it comes to research paper topics related to business management, one area worth exploring is product bundling in a strategic alliance. The ICICI credit card offered to online customers of Amazon India is a classic example.

Development of such strategic products or services requires in-depth product knowledge, knowledge of finance, and of course, a strategic mindset. If you have a strategic mindset and interest in product management, this is one of your best business management research project topics.

9. Innovation and Network Markets as a Business Strategy

Innovation and Network marketing is an emerging and strategic business model for startups. When entrepreneurs need more resources to raise seed or venture capital for their businesses, they elect to market their products through networking. Social Media platforms like Facebook offer substantial networking opportunities. Choose this probe as your quantitative research topic for business management if you have entrepreneurial aspirations to understand every aspect of this business model and strategy in depth.

10. Social Enterprise and Entrepreneurship

Social enterprise is any business having a social objective and undertaking activities in the public interest. Writing a research paper on social enterprises and entrepreneurship will lead you to explore opportunities that can bring an innovative change in society and hold business potential. One thing to remember if you want to explore social enterprise and entrepreneurship as one of several business management research titles is that the organizational goal is primarily social impact rather than revenue generation. This research will make you more open to an inclusive idea of growth by bringing you closer to social causes, marginalized communities, and people thriving in them.

How to Find Business Management Research Topics?

This is just our list of hot and trending business research topics. To help you discover more research project topics on business management, here are some quick-follow tips:

1. Identify Your Interests

Start by making a list of the various aspects of business management that interest you. Rate them on a scale of 1-10, with one being the least liked and 10 being your most favorite. You can also narrow down your topic to a specific niche while seeking sample research topics in business management.

2. Read Academic Journals

You might want to conduct preliminary research on a few of the topics you shortlisted to see if something interesting jumps out at you. One way to do this is by reading academic journals related to your selected area of business management. Findings by earlier researchers may trigger innovative thought.

3. Attend Events

Attending business events like seminars, conferences, and webinars on topics of interest can help you narrow down your list of research topics related to business management. It is also an excellent way to gather knowledge about your area of interest as well as to grow your network.

4. Consult your supervisor or Mentor

Your thesis supervisor is a valuable resource when searching for the best research topics in business management. They can guide you about relevant research areas and help you identify potential research questions apart from guiding you on research presentation.

5. Use Online Resources

Many research journals online allow students access to research papers either free of cost or in exchange for a small fee. Explore this resource and sign up for a few that are relevant to your area of interest.

Business Management Research: Types and Methodologies

Business research, like any other research, involves the collection of data and information about your chosen topic, analysis of the information and data gathered, and exploring new possibilities in the field. 

Broadly speaking, research may be of two types – Quantitative or Qualitative. Quantitative research, also called empirical research, involves the collection of data from sample groups to answer a question. Qualitative research has more to do with the impact of certain phenomena. Such research is usually an extension of previously researched topics. 

The table below highlights the difference between quantitative research topics in business management and qualitative research about business management. 

The world of business management is constantly evolving and finding the right business management research topic might seem like a Herculean task. But, with a little thought, planning, and some research, it is not that hard. So, the 90 topics we've explored in this blog represent some of the most significant areas of development in the field of business management today, from the rise of women as business leaders and to the importance of innovation and network markets. As we move into 2024 and beyond, it's clear that these topics will only continue to grow in importance, shaping the way we do business and interact with the world around us. By staying informed and engaged with the latest research and trends, you can position yourself as a thought leader and innovator in the world of business management. 

Also, our pointers on how to discover a business management research topic will help you identify a list of research topics in business management for your thesis. You can then narrow it down to your area of talent or interest. If you still want to know more, you can enroll in our KnowledgeHut's Business Management training , where you’ll learn more about the different aspects of business. 

Frequently Asked Questions (FAQs)

An example of a business research study could be investigating the impact of social media marketing on consumer buying behavior or examining the effectiveness of a new leadership development program in a company.

The 4 types of business research include:

• Exploratory
• Descriptive

Business management is wide in scope, and there is a spectrum of research topics to choose from. The most prominent areas of business include finance, operations, procurement, marketing, and HR. Within each of these, you’ll find several macro and micro niches to explore.

Mansoor Mohammed

Mansoor Mohammed is a dynamic and energetic Enterprise Agile Coach, P3M & PMO Consultant, Trainer, Mentor, and Practitioner with over 20 years of experience in Strategy Execution and Business Agility. With a background in Avionics, Financial Services, Banking, Telecommunications, Retail, and Digital, Mansoor has led global infrastructure and software development teams, launched innovative products, and enabled Organizational Change Management. As a results-driven leader, he excels in collaborating, adapting, and driving partnerships with stakeholders at all levels. With expertise in Change Management, Transformation, Lean, Agile, and Organizational Design, Mansoor is passionate about aligning strategic goals and delivering creative solutions for successful business outcomes. Connect with him to explore change, Agile Governance, implementation delivery, and the future of work.

Avail your free 1:1 mentorship session.

Something went wrong

Upcoming Business Management Batches & Dates

• Services Paper editing services Paper proofreading Business papers Philosophy papers Write my paper Term papers for sale Term paper help Academic term papers Buy research papers College writing services Paper writing help Student papers Original term papers Research paper help Nursing papers for sale Psychology papers Economics papers Medical papers Blog

60 Exceptional International Business Topics To Score High

International business is today one of the most eyed professions in the world. As businesses continue to invest globally, it becomes necessary to explore markets in other parts of the world. But i t is not easy to write a research paper for a high grade.  With that in mind, we explore global business topics to help you complete your business paper in no time.

What Is International Business?

It is an academic field that gives students an understanding of globalization in the different business management practices found worldwide. International business also prepares the students for graduate careers working abroad or in organizations engaged in business on a global scale.

How To Write International Business Topics

To outsmart your peers in such a paper, following the guidelines below in choosing a top-notch topic:

Have a topic that you have an interest in Avoiding picking narrow or broad-based topics Choose one that is based on the current affairs in the world of business Explore annual reports, periodicals, and news articles for unique topic ideas Ensure that the topic has sufficient sources

The structure of your topic will also determine whether it is viable or not. Reading previous international business topics will also give you an idea of coming up with a top-rated topic. However, we have 60 impressive ideas to jumpstart your international business paper.

Captivating International Business Topics

• Why do most international companies prefer candidates with a Master’s degree?
• The role of digitization in enhancing international businesses
• How the coronavirus has made the international business a risky venture
• Considerations when choosing to invest in developing countries
• How e-commerce has made international business more accessible and manageable
• Market segmentation as a factor in international business ventures

International Business Research Paper Topics For College Students

• The impact of off-shore business accounts in combating corruption
• How terrorism affects international businesses
• The role of modern technologies in enhancing international businesses
• What is the implication of the stock market exchange in international business?
• How to strategically manage global business ventures in the technological age
• How does cultural imperialism affect the effectiveness of the business in the international arena?

International Business Research Topics For High School Students

• Discuss the impact of political upheavals in international business
• Discuss the ethical dilemmas in conducting businesses globally
• Why is Coca-Cola making inroads in the international world of business?
• Evaluate the best HR management strategies for global businesses
• Legislations and policies among countries that inhibit the performance of global companies
• Does the presence of international companies on social media have an impact on their market?

Top Trending International Business Paper Topics

• The role of different geographical locations in affecting consumer behavior
• How can international companies’ best identify the needs of their global clients?
• Conduct a consumer behavior analysis for international and local businesses
• Factors that affect the hiring of employees for international companies
• How language and a cultural understanding are critical tenets of international businesses
• How employees from different cultures, race, and languages can collaborate on an international business venture

Business Topics For Research Paper in Digital Marketing

• The role of digital marketing in flourishing international businesses
• Designing business strategies for international digital marketing
• The impact of search engine optimization in increasing the online presence of international businesses
• What is the effectiveness of email marketing for international businesses
• The rise of site, video, and game advertising in international business marketing techniques.
• The aggressiveness of paid reviews or articles and hiring influencers in digital advertising

Current Topics in International Business

• How are mergers and acquisitions transforming international businesses?
• Supply chain management and logistics in international companies – a case study of the risks involved
• Training and development strategies in developing economies
• Risks associated with global banking systems
• How are regional trade blocks instrumental in international businesses?
• How the World Bank and IMF are essential in facilitating international business ventures

International Business Research Papers For Master’s Students

• How organizational culture is essential in innovation management
• Impacts of employee turnover and measures of addressing them
• How intercultural differences affect consumption patterns
• How emerging small and medium business enterprises can get funding
• Analysis of the Coca-Cola marketing strategy
• The running of international non-governmental organizations: A case study of Red Cross

International Business Topics For Projects

• Marketing strategies that have made KFC a global brand
• The role of corporate leadership in international companies
• How governments impact international trade
• Impact of pandemics on international businesses
• Effects of corruption on global business ventures
• The success of Amazon as a global internet company

Hot Global Business Topics

• Penetration of Chinese investors in Africa
• An overview of the horticulture Industry
• The rise of mask production companies
• Impacts of crypto-currencies on international businesses
• Who assesses the quality of products in the international markets?
• The effect of BREXIT on global markets

International Business Research Topics List

• Impact of war on global businesses
• Economic consequences of Trump’s administration
• How does artificial intelligence take part in the global market
• A case analysis of companies that have succeeded and failed in the global arena
• How labeling the country of origin on products affects its sales
• Impacts of legislation on tobacco and marijuana globally

If you need help with research paper , our expert writers are here for you. Order your paper online now and enjoy first-class business papers. Contact us with a “ do my research paper for me ” request for quality assistance. Get the best grades with our professional writers! 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Terms & Conditions Loyalty Program Privacy Policy Money-Back Policy

Copyright © 2013-2024 MyPaperDone.com

Academia.edu no longer supports Internet Explorer.

To browse Academia.edu and the wider internet faster and more securely, please take a few seconds to  upgrade your browser .

Enter the email address you signed up with and we'll email you a reset link.

• We're Hiring!
• Help Center

A research agenda in international business and management: the promises and prospects of thinking outside the box

2021, A Research Agenda for International Business and Management

The introductory chapter by Geppert and Bozkurt provides the background context for the book and introduces the contributions. The chapter begins by noting the increasing critiques of the research focus and outputs of International Business and Management as a field, with recent comments claiming a state of “crisis”. After a brief overview of the development of the discipline and its core thematic concerns over time, the chapter first summarizes the “mainstream” response and proposals. These include a demand for IB/M to explore a broader range of topics, greater interdisciplinarity and engage with “big questions” around key societal challenges. Then the critical perspectives in the field and their key propositions are discussed. Three key obstacles for revitalization of the field are highlighted: the limited attempts at substantial breaks from the established core in theorizing, lack of methodological diversity, and the question of the skills and training of IB/M scholars to undertake the proposed changes. The ten substantive chapters and the commentary in the book are presented as examples of “out of the box” thinking that illustrate how the field can be revitalized.

Related Papers

Thunderbird International Business Review

Snejina Michailova

Marcos Amatucci

The field of International Business lies at a crossroads of analytical levels, themes and theoretical traditions, and it will probably remain at this point in the near future. This work follows five years (2001-2006) of the Journal of International Business Studies (JIBS) to analyse the scope and evolution of themes, methodologies and theoretical traditions in 199 articles. After this phase, it discusses, with the help of colleagues gathered in two workshops, the future of the area in terms of two hypotheses: the convergence hypothesis of the dominance of a theoretical and thematic mainstream, and the divergence hypothesis of a “theoretical quilt” configuration of the field. It concludes that the editorial preferences of JIBS favour traditional approaches to the field and that the second “future” is the most likely to occur, leading International Business to evolve as a social reference more than an epistemological entity.

Journal of …

Donald Lessard , Peter J. Buckley

Gerhard Apfelthaler , Vlad Vaiman

This paper briefly describes a complex, multi-level, and multidisciplinary environment of international business and management and shows the important role of European Journal of International Management in advancing the field.

Journal of International Business Policy

Sarianna Lundan

The paper seeks to introduce students of international business to some of the dominant paradigms in social science and how they impact international business research. The discussions aim to encourage students to be conscious of their own ontological and epistemological orientations as business scholars and to interrogate the paradigmatic dispositions of other scholars that provide theoretical anchors for their own research. In this way students are equipped to examine the consistencies or otherwise between their research questions, their own paradigmatic dispositions and those of theorists that guide their work.

Journal of International Management

David M Brock

Ari Van Assche

critical perspectives on international business

George Cairns

Danka Shebby

Loading Preview

Sorry, preview is currently unavailable. You can download the paper by clicking the button above.

RELATED PAPERS

Journal of International Business Studies

David A. Griffith

Sebastian Reiche

Farok J . Contractor

The Open Business Journal

Professor Emeritus Kim-Shyan Fam

International Business Review

Peter J. Buckley

Advances in International Management, Volume 26

Timothy Devinney

Academy of Management Review

Banu Ozkazanc-Pan

Ödül Bozkurt

Surender Munjal

neilslough.com

Neil Slough

Michael Czinkota

Philosophy of Science and Meta-Knowledge in International Business and Management (Advances in International Management, Volume 26)

FERNANDO ANTONIO FERNANDO ANTONIO RIBEIRO SERRA

Samir Tamer

Michael R Hyman

ana novianti

Edward Elgar Publishing eBooks

South African Journal of Economic and Management Sciences

Stella Nkomo

Progress in International Business Research

alain verbeke

Revista de Administração …

Manuel Aníbal Silva Portugal Vasconcelos Ferreira

Francois Goxe

Darryl Jarvis

Eleanor Morgan

Lorraine Eden

Zhanar Jumatayeva

RELATED TOPICS

•   We're Hiring!
•   Help Center
• Find new research papers in:
• Health Sciences
• Earth Sciences
• Cognitive Science
• Mathematics
• Computer Science
• Academia ©2024

Research Topics & Ideas: Business

50+ Management Research Topic Ideas To Fast-Track Your Project

Finding and choosing a strong research topic is the critical first step when it comes to crafting a high-quality dissertation, thesis or research project. If you’ve landed on this post, chances are you’re looking for a business/management-related research topic , but aren’t sure where to start. Here, we’ll explore a variety of  research ideas and topic thought-starters for management-related research degrees (MBAs/DBAs, etc.). These research topics span management strategy, HR, finance, operations, international business and leadership.

NB – This is just the start…

The topic ideation and evaluation process has multiple steps . In this post, we’ll kickstart the process by sharing some research topic ideas within the management domain. This is the starting point, but to develop a well-defined research topic, you’ll need to identify a clear and convincing research gap , along with a well-justified plan of action to fill that gap.

If you’re new to the oftentimes perplexing world of research, or if this is your first time undertaking a formal academic research project, be sure to check out our free dissertation mini-course. In it, we cover the process of writing a dissertation or thesis from start to end. Be sure to also sign up for our free webinar that explores how to find a high-quality research topic. 

Overview: Business Research Topics

• Business /management strategy
• Human resources (HR) and industrial psychology
• Finance and accounting
• Operations management
• International business
• Actual business dissertations & theses

Strategy-Related Research Topics

• An analysis of the impact of digital transformation on business strategy in consulting firms
• The role of innovation in transportation practices for creating a competitive advantage within the agricultural sector
• Exploring the effect of globalisation on strategic decision-making practices for multinational Fashion brands.
• An evaluation of corporate social responsibility in shaping business strategy, a case study of power utilities in Nigeria
• Analysing the relationship between corporate culture and business strategy in the new digital era, exploring the role of remote working.
• Assessing the impact of sustainability practices on business strategy and performance in the motor vehicle manufacturing industry
• An analysis of the effect of social media on strategic partnerships and alliances development in the insurance industry
• Exploring the role of data-driven decision-making in business strategy developments following supply-chain disruptions in the agricultural sector
• Developing a conceptual framework for assessing the influence of market orientation on business strategy and performance in the video game publishing industry
• A review of strategic cost management best practices in the healthcare sector of Indonesia
• Identification of key strategic considerations required for the effective implementation of Industry 4.0 to develop a circular economy
• Reviewing how Globalisation has affected business model innovation strategies in the education sector
• A comparison of merger and acquisition strategies’ effects on novel product development in the Pharmaceutical industry
• An analysis of market strategy performance during recessions, a retrospective review of the luxury goods market in the US
• Comparing the performance of digital stakeholder engagement strategies and their contribution towards meeting SDGs in the mining sector

Topics & Ideas: Human Resources (HR)

• Exploring the impact of digital employee engagement practices on organizational performance in SMEs
• The role of diversity and inclusion in the workplace
• An evaluation of remote employee training and development programs efficacy in the e-commerce sector
• Comparing the effect of flexible work arrangements on employee satisfaction and productivity across generational divides
• Assessing the relationship between gender-focused employee empowerment programs and job satisfaction in the UAE
• A review of the impact of technology and digitisation on human resource management practices in the construction industry
• An analysis of the role of human resource management in talent acquisition and retention in response to globalisation and crisis, a case study of the South African power utility
• The influence of leadership style on remote working employee motivation and performance in the education sector.
• A comparison of performance appraisal systems for managing employee performance in the luxury retail fashion industry
• An examination of the relationship between work-life balance and job satisfaction in blue-collar workplaces, A systematic review
• Exploring HR personnel’s experiences managing digital workplace bullying in multinational corporations
• Assessing the success of HR team integration following merger and acquisition on employee engagement and performance
• Exploring HR green practices and their effects on retention of millennial talent in the fintech industry
• Assessing the impact of human resources analytics in successfully navigating digital transformation within the healthcare sector
• Exploring the role of HR staff in the development and maintenance of ethical business practices in fintech SMEs
• An analysis of employee perceptions of current HRM practices in a fully remote IT workspace

Topics & Ideas: Finance & Accounting

• An analysis of the effect of employee financial literacy on decision-making in manufacturing start-ups in Ghana
• Assessing the impact of corporate green innovation on financial performance in listed companies in Estonia
• Assessing the effect of corporate governance on financial performance in the mining industry in Papua New Guinea
• An evaluation of financial risk management practices in the construction industry of Saudi Arabia
• Exploring the role of leadership financial literacy in the transition from start-up to scale-up in the retail e-commerce industry.
• A review of influential macroeconomic factors on the adoption of cryptocurrencies as legal tender
• An examination of the use of financial derivatives in risk management
• Exploring the impact of the cryptocurrency disruption on stock trading practices in the EU
• An analysis of the relationship between corporate social responsibility and financial performance in academic publishing houses
• A comparison of financial ratios performance in evaluating E-commerce startups in South Korea.
• An evaluation of the role of government policies in facilitating manufacturing companies’ successful transitioning from start-up to scale-ups in Denmark
• Assessing the financial value associated with industry 4.0 transitions in the Indian pharmaceutical industry
• Exploring the role of effective e-leadership on financial performance in the Nigerian fintech industry
• A review of digital disruptions in CRM practices and their associated financial impact on listed companies during the Covid-19 pandemic
• Exploring the importance of Sharia-based business practices on SME financial performance in multicultural countries

Ideas: Operations Management

• An assessment of the impact of blockchain technology on operations management practices in the transport industry of Estonia
• An evaluation of supply chain disruption management strategies and their impact on business performance in Lithuania
• Exploring the role of lean manufacturing in the automotive industry of Malaysia and its effects on improving operational efficiency
• A critical review of optimal operations management strategies in luxury goods manufacturing for ensuring supply chain resilience
• Exploring the role of globalization on Supply chain diversification, a pre/post analysis of the COVID-19 pandemic
• An analysis of the relationship between quality management and customer satisfaction in subscription-based business models
• Assessing the cost of sustainable sourcing practices on operations management and supply chain resilience in the Cocao industry.
• An examination of the adoption of behavioural predictive analytics in operations management practices, a case study of the
• Italian automotive industry
• Exploring the effect of operational complexity on business performance following digital transformation
• An evaluation of barriers to the implementation of agile methods in project management within governmental institutions
• Assessing how the relationship between operational processes and business strategy change as companies transition from start-ups to scale-ups
• Exploring the relationship between operational management and innovative business models, lessons from the fintech industry
• A review of best practices for operations management facilitating the transition towards a circular economy in the fast food industry
• Exploring the viability of lean manufacturing practices in Vietnam’s plastics industry
• Assessing engagement in cybersecurity considerations associated with operations management practices in industry 4.0 manufacturing

Topics & Ideas: International Business

• The impact of cultural differences in communication on international business relationships
• An evaluation of the role of government import and export policies in shaping international business practices
• The effect of global shipping conditions on international business strategies
• An analysis of the challenges of managing multinational corporations: branch management
• The influence of social media marketing on international business operations
• The role of international trade agreements on business activities in developing countries
• An examination of the impact of currency fluctuations on international business and cost competitiveness
• The relationship between international business and sustainable development: perspectives and benefits
• An evaluation of the challenges and opportunities of doing business in emerging markets such as the renewable energy industry
• An analysis of the role of internationalisation via strategic alliances in international business
• The impact of cross-cultural management on international business performance
• The effect of political instability on international business operations: A case study of Russia
• An analysis of the role of intellectual property rights in an international technology company’s business strategies
• The relationship between corporate social responsibility and international business strategy: a comparative study of different industries
• The impact of technology on international business in the fashion industry

Topics & Ideas: Leadership

• A comparative study of the impact of different leadership styles on organizational performance
• An evaluation of transformational leadership in today’s non-profit organizations
• The role of emotional intelligence in effective leadership and productivity
• An analysis of the relationship between leadership style and employee motivation
• The influence of diversity and inclusion on leadership practices in South Africa
• The impact of Artificial Intelligence technology on leadership in the digital age
• An examination of the challenges of leadership in a rapidly changing business environment: examples from the finance industry
• The relationship between leadership and corporate culture and job satisfaction
• An evaluation of the role of transformational leadership in strategic decision-making
• The use of leadership development programs in enhancing leadership effectiveness in multinational organisations
• The impact of ethical leadership on organizational trust and reputation: an empirical study
• An analysis of the relationship between various leadership styles and employee well-being in healthcare organizations
• The role of leadership in promoting good work-life balance and job satisfaction in the age of remote work
• The influence of leadership on knowledge sharing and innovation in the technology industry
• An investigation of the impact of cultural intelligence on cross-cultural leadership effectiveness in global organizations

Business/Management Dissertation & Theses

While the ideas we’ve presented above are a decent starting point for finding a business-related research topic, they are fairly generic and non-specific. So, it helps to look at actual dissertations and theses to see how this all comes together.

Below, we’ve included a selection of research projects from various management-related degree programs (e.g., MBAs, DBAs, etc.) to help refine your thinking. These are actual dissertations and theses, written as part of Master’s and PhD-level programs, so they can provide some useful insight as to what a research topic looks like in practice.

• Sustaining Microbreweries Beyond 5 Years (Yanez, 2022)
• Perceived Stakeholder and Stockholder Views: A Comparison Among Accounting Students, Non-Accounting Business Students And Non-Business Students (Shajan, 2020)
• Attitudes Toward Corporate Social Responsibility and the New Ecological Paradigm among Business Students in Southern California (Barullas, 2020)
• Entrepreneurial opportunity alertness in small business: a narrative research study exploring established small business founders’ experience with opportunity alertness in an evolving economic landscape in the Southeastern United States (Hughes, 2019)
• Work-Integrated Learning in Closing Skills Gap in Public Procurement: A Qualitative Phenomenological Study (Culver, 2021)
• Analyzing the Drivers and Barriers to Green Business Practices for Small and Medium Enterprises in Ohio (Purwandani, 2020)
• The Role of Executive Business Travel in a Virtual World (Gale, 2022)
• Outsourcing Security and International Corporate Responsibility: A Critical Analysis of Private Military Companies (PMCs) and Human Rights Violations (Hawkins, 2022)
• Lean-excellence business management for small and medium-sized manufacturing companies in Kurdistan region of Iraq (Mohammad, 2021)
• Science Data Sharing: Applying a Disruptive Technology Platform Business Model (Edwards, 2022)
• Impact of Hurricanes on Small Construction Business and Their Recovery (Sahu, 2022)

Looking at these titles, you can probably pick up that the research topics here are quite specific and narrowly-focused , compared to the generic ones presented earlier. This is an important thing to keep in mind as you develop your own research topic. That is to say, to create a top-notch research topic, you must be precise and target a specific context with specific variables of interest . In other words, you need to identify a clear, well-justified research gap.

Fast-Track Your Topic Ideation

If you’d like hands-on help to speed up your topic ideation process and ensure that you develop a rock-solid research topic, check our our Topic Kickstarter service below.

10 Comments

Great help. thanks

Hi, Your work is very educative, it has widened my knowledge. Thank you so much.

Thank you so much for helping me understand how to craft a research topic. I’m pursuing a PGDE. Thank you

a feasibility study for the establishment of rice processing system in (_____)

Effect of Leadership, computerized accounting systems, risk management and monitoring on the quality of financial Reports among listed banks

May you assist on a possible PhD topic on analyzing economic behaviours within environmental, climate and energy domains, from a gender perspective. I seek to further investigate if/to which extent policies in these domains can be deemed economically unfair from a gender perspective, and whether the effectiveness of the policies can be increased while striving for inequalities not being perpetuated.

healthy work environment and employee diversity, technological innovations and their role in management practices, cultural difference affecting advertising, honesty as a company policy, an analysis of the relationships between quality management and customer satisfaction in subscription based business model,business corruption cases. That I was selected from the above topics.

Research topic accounting

Kindly assist me with a research topic on low income?

Kindly assist me with a research topic on low income? PHD/ Doctoral thesis

Submit a Comment Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

• Print Friendly

MSc Management (International Business)

Our intensive, one-year, MSc Management with a specialism in International Business is for graduates from a wide range of subject backgrounds. Due to the increasing globalisation of organisations, work, our economy and society, this specialism in international business will be relevant to any future career, and particularly to graduates looking to work in management and leadership roles within an international organisation.

Our MSc Management pathways provide an introduction to management followed by a detailed exploration of a specific area of management theory and practice, in this case International Business. The programme attracts students from around the globe and you will be part of a cohort with a variety of backgrounds and interests.

The MSc will provide insight into international business within a broad range of organisations. You will explore the features, organisational processes and challenges of international businesses, critically evaluating how they are affected by social, institutional and political influences.

We aim to guide, teach and develop analytical and confident critical thinkers. You will be armed with the knowledge to apply international business theory to practice. Group work and presentations, often based on industry case studies, allow practical application of theory and develop the teamwork and communication skills expected in today's workplace.

Bristol is an entrepreneurial city and home to SETSquared, the world's top university business incubator (UBI Global). You'll be taught by leading academics whose research tackles the global societal issues facing modern management. 88% of our business and management research is rated as 'world-leading' or 'internationally excellent' (REF 2021), reflecting its impact on shaping policy and practice.

On demand academic talks

Hear directly from an academic giving you a deeper insight into this programme.

Programme structure

You will study five core units worth a total of 90 credit points and your specialist unit, International Business, is worth 30 credit points. The core units include Management and Organisation; Strategy, Finance and Accounting for Management; Operations and Marketing Management; Management Research Methods; and Academic, Personal and Professional Development.

You will start by studying subjects that are central to a career in international business today, including finance and accounting, organisational behaviour and strategic management. In the second term, you will deepen your understanding of management by studying operations and marketing management as well as management research methods. Throughout, we help you to develop the skills necessary to meet the complex and dynamic organisational challenges of the 21st century.

The final part of the MSc Management (International Business) brings an opportunity for in-depth research and investigation into your area of interest and can be adapted to reflect your career goals. You can choose from the following routes:

• academic dissertation: a methodical exploration of a chosen area of study;
• applied extended project: a management research project with an external partner organisation;
• group project: a group-based research project that explores management knowledge with a focus on the UN Sustainability Goals.

Each route bears 60 credit points.

Visit our programme catalogue for full details of the structure and unit content for our MSc in Management (International Business).

World-leading research

The University of Bristol is ranked fifth for research in the UK ( Times Higher Education ).

94% of our research assessed as world-leading or internationally excellent.

Entry requirements

An upper second-class honours degree or international equivalent in any discipline.

For applicants who are currently completing a degree, we understand that their final grade may be higher than the interim grades or module/unit grades they achieve during their studies.

We will consider applicants whose interim grades are currently slightly lower than the programme's entry requirements. We may make these applicants an aspirational offer. This offer would be at the standard level, so the applicant would need to achieve the standard entry requirements by the end of their degree. Specific module requirements may still apply.

We will consider applicants whose grades are slightly lower than the programme's entry requirements, if they have a relevant postgraduate qualification. If this is the case, applicants should include their CV (curriculum vitae / résumé) when they apply, showing details of their relevant qualifications.

See international equivalent qualifications on the International Office website.

Read the programme admissions statement for important information on entry requirements, the application process and supporting documents required.

If English is not your first language, you will need to reach the requirements outlined in our  profile level B.

Further information about  English language requirements and profile levels .

Fees and funding

Fees are subject to an annual review. For programmes that last longer than one year, please budget for up to an 8% increase in fees each year.

More about tuition fees, living costs and financial support .

Alumni discount

University of Bristol students and graduates can benefit from a 25% reduction in tuition fees for postgraduate study.  Check your eligibility for an alumni discount.

Funding for 2024/25

Further information on funding for prospective UK and international postgraduate students.

Career prospects

We aim to guide, teach and develop knowledgeable, thoughtful and ethical management practitioners who will thrive in a global environment working within international teams. This degree provides excellent preparation for all careers in management but will be particularly relevant to roles in international business that are in great demand across all sectors and industries.

Our Careers Service offers support and online training to help you to identify your career goals, apply for opportunities, and perfect your interview technique during your year of study.

Your final project, which may be carried out with an industry partner, is also a powerful way of showcasing your talent to future employers, providing you with the confidence and platform to launch your own business ideas.

How to apply

Apply via our online application system. For further information, please see the guidance for how to apply on our webpages.

Due to high demand we will be closing MSc Management (International Business) to applicants from   China on   4 December 2023   and to   remaining applicants from outside of the UK   on 24 July 2024 .

Please find out more information by reading our  guidance for when to apply .

Home applicants: 9 August 2024.

Places are limited and allocated on a continuous basis from October 2023 until all places are filled. Early applications are advised to avoid disappointment.

Faculty of Social Sciences and Law

University of Bristol Business School

Explore more

Explore events, take a virtual tour, make an enquiry.

200 International Business Topics

Exploring international business can unlock a world of opportunities and challenges for companies ready to expand their horizons. In this article, we’ll dive into 200 dynamic topics that will give you a comprehensive insight into the global business landscape.

• The Impact of Globalization on Small Businesses
• Understanding International Trade Laws
• The Role of the World Trade Organization in Global Commerce
• The Rise of Emerging Markets in the Global Economy
• The Effects of Currency Exchange Rates on International Business
• The Importance of Cross-Cultural Communication in International Business
• Outsourcing: Boon or Bane for the Global Economy?
• The Impact of Digital Transformation on Global Business Strategies
• Analyzing the Global Supply Chain Management Challenges
• The Influence of Political Instability on International Trade
• Multinational Corporations: Ethics and Corporate Social Responsibility
• The Role of International Financial Institutions in Economic Development
• Emerging Trends in International Marketing
• Protectionism vs. Free Trade: Which is the way forward?
• The Effect of International Sanctions on Trade Relations
• E-Commerce: Changing the Face of International Business
• The Challenges of International Human Resources Management
• Corporate Governance in the Context of Global Business
• Foreign Direct Investment: Trends and Impacts
• The Relationship between International Business and Environmental Sustainability
• Climate Change: A New Frontier for International Business Strategy
• The Impact of Artificial Intelligence on International Business
• The Dynamics of International Joint Ventures and Strategic Alliances
• The Role of Multilateral Trade Agreements in Shaping Business
• The Effect of Brexit on International Business in the UK and EU
• Crisis Management in International Business
• International Business Negotiation Strategies and Tactics
• The Growth of International Franchising
• Cross-Border Mergers and Acquisitions: Opportunities and Challenges
• The Role of Cultural Intelligence in International Business Success
• The Competitive Advantage of Nations: A Study of Porter’s Diamond Model
• The Influence of International Business on Global Politics
• The Effects of Global Pandemics on International Trade and Investment
• Big Data and Analytics in International Business Decision Making
• The Role of Expatriates in International Business Development
• The Significance of International Trade Blocks and Economic Unions
• The Impact of Social Media on International Brand Management
• Women in International Business: Challenges and Opportunities
• Legal and Ethical Issues in International Business
• The Importance of Intellectual Property Rights in Global Business
• Sustainable Development Goals and International Business Practices
• The Future of International Business Post COVID-19
• The Role of International Entrepreneurship in Economic Growth
• The Challenges of Managing a Global Workforce
• The Importance of Logistics and Transportation in International Trade
• The Impact of Technological Innovation on Global Business Operations
• The Advantages and Disadvantages of Offshoring
• International Business and the Fight Against Corruption
• The Emergence of China as a Global Business Powerhouse
• The Role of International Affairs in Business Education
• The Use of International Business Simulation Games in Learning
• The Effects of Terrorism on International Business Strategies
• Regulation of International Business: A Comparative Analysis
• The Role of Language in International Business Expansion
• The Influence of International Business on Culture and Society
• The Significance of BRICS Countries in the World Economy
• The Role of Innovation in Sustaining Competitive Advantage Internationally
• The Impact of Exchange Rate Volatility on Global Business
• The Importance of Ethical Supply Chains in International Business
• The Challenges of International Business in the Aerospace Industry
• The Significance of Trade Missions in Expanding International Business
• The Role of Governments in Promoting International Trade
• The Impact of International Business on Local Economies
• The Role of Diaspora in International Business Expansion
• Cybersecurity Challenges in International Business Operations
• The Impact of International Sporting Events on Local Businesses
• The Role of International Business in Reducing Global Poverty
• The Influence of Non-Governmental Organizations on International Trade Policies
• International Business and the Rise of the Gig Economy
• Cross-Border E-commerce: Trends and Regulatory Challenges
• The Role of Immigrant Entrepreneurs in International Business
• The Impact of Multicultural Teams in Global Organizations
• The Challenges and Benefits of Doing Business in Africa
• Foreign Exchange Risk Management in International Business
• The Role of Microfinance in International Development
• Analyzing the Business Models of International E-commerce Giants
• The Impact of International Trade on Agriculture
• The Role of Corporate Diplomacy in International Business Relations
• International Business and the Rise of Consumerism
• The Impact of International Business on Global Healthcare
• The Challenges of Sustainable Tourism in International Business
• The Influence of Religion on International Business Practices
• The Role of International Business in Promoting Gender Equality
• The Impact of International Business on Education and Knowledge Transfer
• The Influence of International Trade on Food Security
• Digital Currency and Its Impact on International Trade
• The Rise of International Business Incubators and Accelerators
• The Role of International Business in Urban Development
• The Impact of Globalization on Indigenous Cultures and Businesses
• The Effect of International Business on Peace and Security
• The Role of International Business in Renewable Energy Development
• The Significance of Bilateral Investment Treaties in International Business
• The Challenges of Managing International Business Ethics across Cultures
• Global Sourcing Strategies and Their Impact on Businesses
• The Role of International Business in Combating Climate Change
• The Challenges Facing International Business in the Retail Sector
• The Importance of International Certifications and Standards in Business
• The Role of Trade Unions in International Business Environments
• The Impact of International Business on Rural Development
• The Role of SMEs in International Economics and Trade
• The Challenges of Building a Global Brand Identity
• International Business Education: Curriculum and Pedagogy
• The Influence of Digital Payments on International Business Transactions
• The Role of International Business in the Pharmaceutical Industry
• The Impact of Cultural Differences on Product and Service Design
• The Economics of International Business and Foreign Exchange Markets
• The Role of Commodity Markets in International Business
• The Ethics of Data Privacy in International Business
• The Challenges of Due Diligence in International Business
• The Role of International Standards in Quality Assurance
• The Impact of International Lobbying on Business Regulations
• The Challenges of International Business in Conflict Zones
• The Influence of Global Demographic Trends on International Business
• The Impact of Political Relations on International Business Strategies
• The Effect of Natural Disasters on International Supply Chains
• The Importance of Business Incubators in International Entrepreneurship
• The Role of Technology Transfer in International Development
• The Challenges of International Business in the Textile and Garment Industry
• The Impact of Intellectual Property Theft on International Business
• The Role of Global Environmental Agreements in Business Operations
• The Influence of National Culture on Corporate Governance Practices
• The Significance of Social Entrepreneurship in International Business
• The Challenges of Foreign Market Entry Strategies
• The Role of Bilateral Trade Agreements in Shaping Global Business
• The Impact of Telecommuting on International Business Operations
• The Influence of Social Impact Investing on International Business
• The Role of International Business in Global Food Distribution
• The Impact of Corporate Social Investing on International Relations
• The Importance of Transparency in International Business Conduct
• The Role of Blockchain Technology in International Business Transactions
• The Impact of Aviation on Global Business Connectivity
• The Challenges of International Business Negotiations with Sovereign States
• The Role of International Markets in Commodities Trade
• The Influence of National Policies on International Business Operations
• The Challenges of Scaling Small Businesses Internationally
• The Importance of Global Regulatory Compliance in Business
• The Role of International Collaboration in Science and Technology
• The Impact of Sovereign Wealth Funds on International Investment
• The Influence of Language Barriers on Global Business Expansion
• The Importance of Cultural Diplomacy in International Business Relations
• The Impact of International Business on Global Economic Inequality
• The Role of International Business in Combating Counterfeiting and Piracy
• The Importance of Location in Global Business Strategy
• The Influence of Consumer Behavior on International Marketing
• The Challenges of Running a Multinational Corporation
• The Role of Export Credit Agencies in International Trade
• The Impact of Automation on Global Employment and International Business
• The Importance of International Trade Exhibitions and Fairs
• The Role of Global Cities as Hubs of International Business
• The Impact of Globalization on National Identity and Business Practices
• The Influence of Trade Protectionism on Global Supply Chains
• The Challenges of International Business in the Luxury Goods Sector
• The Role of Trade Embargoes in International Relations
• The Impact of Corporate Acquisitions on International Market Dynamics
• The Importance of Cultural Adaptation in International Business Strategy
• The Influence of Exports on National Economies
• The Role of Consumer Advocacy in International Business Regulation
• The Impact of International Business on the Development of Technology
• The Challenges of International Taxation and Business Finance
• The Importance of Social Responsibility in International Business Expansion
• The Role of International Economic Organizations in Global Governance
• The Impact of Foreign Labor Policies on International Business
• The Influence of Nationalism on Global Business Practices
• The Role of International Business in Promoting Fair Trade
• The Impact of Cyber Espionage on International Business Confidence
• The Importance of Global Partnerships in Business Innovation
• The Role of International Arbitration in Business Disputes
• The Influence of Global Media on International Business Perception
• The Role of International Sales and Operations Planning
• The Challenges and Opportunities of International E-learning Businesses
• The Importance of Cross-Border Data Flow in International Business
• The Role of International Business in the Circular Economy
• The Impact of Space Commerce on International Business Strategies
• The Influence of Emerging Technologies on Global Trade
• The Role of International Mergers in Industry Consolidation
• The Impact of Cultural Heritage on International Tourism Business
• The Importance of Geographic Information Systems (GIS) in International Market Research
• The Role of International Environmental Agreements in Business Sustainability
• The Influence of Digital Transformation on International Supply Chain Management
• The Role of Digital Platforms in International Trade Efficiency
• The Impact of Language Translation Technology on Global Business Communication
• The Importance of Business Analytics in International Expansion
• The Role of Corporate Philanthropy in International Business Reputation
• The Impact of Social Innovation on International Business Models
• The Influence of International Business on Global Urbanization Patterns
• The Role of Ethical Investment in International Business Development
• The Impact of International Product Standards on Consumer Choice
• The Importance of Brand Protection in the Global Marketplace
• The Role of International Expositions in Promoting Trade and Industry
• The Impact of Political Campaigns on International Business Decisions
• The Importance of Global Trade Compliance in Corporate Strategy
• The Influence of International Recruitment and Talent Acquisition
• The Impact of Demographic Changes on Global Business Strategies
• The Role of Global Risk Management in International Business
• The Importance of Sustainable Finance in International Business Growth
• The Role of Digital Identification in Global Commerce
• The Impact of Connectivity on International Business Collaboration
• The Influence of Cultural Norms on Business Operations and Etiquette
• The Role of Big Data in Understanding International Market Dynamics
• The Impact of Global Economic Shifts on International Business Strategy

Related Posts:

Alternatively, use our A–Z index

Attend an open day

Download our course brochure

Discover more about the course

MSc International Business and Management / Course details

Year of entry: 2024

• View full page

Course description

Please enable JavaScript to watch this video.

• Develop the ability to think and work across boundaries and borders - vital skills for a globalised economy, but equally important for understanding and navigating the current challenges for global business. 
• Acquire valuable research and critical thinking skills to prepare for flexible strategy development and decision making under increasing complexity.
• Focus on current issues in an interconnected world, including company visits and interaction with those working in industry.
• Work with renowned researchers in the fields of international management, multinational strategy, corporate social responsibility, inclusive value chains, technology transfer and sustainable development.
• Apply for an international exchange to broaden your horizons and enhance your employability in the global job market. 
• Prepare for a career in the public or private sector, including careers in multinational enterprises or small and medium-sized enterprises. 

Special features

There is an opportunity to apply to spend an exchange semester at one of Alliance Manchester Business School's partner institutions abroad.

Coursework and assessment

The course units feature a variety of assessment methods testing different skills and types of knowledge, with a combination of examinations, individual essays, and group exercises and presentations.

A key component of the programme is the research dissertation of 8,000 words.

Course unit details

• Chinese immigrant entrepreneurship in the Italian region of Prato
• European football clubs’ international CSR engagements
• The effect of cross-border mergers and acquisitions on innovation behaviour in target firms
• The effect of formal and informal institutional pressures on climate change performance of
• The effect of national culture on sharing economy participation
• The impact of Brexit on the tourism industry

Course unit list

The course unit details given below are subject to change, and are the latest example of the curriculum available on this course of study.

Scholarships and bursaries

• Alliance MBS Masters Scholarships for UK/EU/International students
• Alliance MBS Masters Scholarships for US residents

Disability support

International Business Management MSc -->

Apply online.

Students must apply via one of the following online application forms:-

If you are apply for OCTOBER 2024

Course starts: 14 October 2024 Apply now

If you are applying for NOVEMBER 2024

Course starts: 18 November 2024 Apply now

If you are applying for FEBRUARY 2025

Course starts: 17 February 2025 Apply now

If you are applying for MARCH 2025

Course starts: 09 March 2025 Apply now

If you are applying for JUNE 2025

Course starts: 09 June 2025 Apply now

Current undergraduate students of the University of Sunderland, please use this apply link Apply now

Develop a mastery of international business contexts and start a global career in management. Graduate as an in-demand candidate with international appeal.

Do you want to progress your career in international business and management?

This course will strengthen your critical understanding of international business, trade, and strategy. 

You'll explore international trade, strategy, strategic foresight, leadership skills, business analytics, marketing management, and cross cultural management. You'll also be guided in your final piece of work; a dissertation on an international business management topic of your choosing.

• Sunderland Business School is a member of the Chartered Association of Business Schools

Our partners, accreditations and networks

Course structure

A range of teaching and learning methods including lectures, seminars, and group work will be used to encourage you to develop intellectual and cognitive skills. All methods will employ, to some extent, the features like didactic exposition, interactive sessions, research, and directed private study.

Case study-based learning is employed throughout the course and is intended to enable you to develop, inter alia, the ability to identify the issues in need of research, apply subject specific knowledge to a realistic and/or practical context, make critical judgements of the merits of a particular argument and present and make reasoned choices between alternative solutions.

The case studies may take the form of real cases or issues in debate at any given moment in time or may be hypothetical problems which are reflective of realistic problems. 

Compared to an undergraduate course, you'll find that this master's degree requires a higher level of independent reading and research.

Course modules

Core modules, international marketing (30 credits).

Evaluate the decisions and processes undertaken by international marketers to compete in global markets. Look at the design and development of market-responsive programmes. Enhance your understanding of global marketing, including the selling and distribution of products and services in countries worldwide.

International Business in Context (30 credits)

Explore the unique opportunities and challenges of conducting business internationally as globalisation and the digital revolution have increased global connectedness in business. Develop innovative and sustainable solutions and strategies for current and emerging international business issues. Critically analyse approaches to leadership and management in a strategic, international business context to develop diverse stakeholder management acumen and digital business competencies.

Strategic Management and Foresight (30 credits)

International business management research project (60 credits), optional modules (choose one):, hrm in an international and digital context (30 credits), financial decision-making in a multinational corporation (30 credits).

Some modules have prerequisites. Read more about what this means in our Help and Advice article .

You can access free Wi-Fi throughout the University campus, so you can work from anywhere. If you don't want to carry a laptop around, just use one of the University’s PCs or Macs. We have hundreds of computers for you to use in the Murray Library, St Peter's Library, and the David Goldman Informatics Centre. If you ever have any technical problems, just ask the friendly helpdesk team.

The St Peter’s Library contains over 31,000 books related to business, economics, management, human resources, marketing, strategy and tourism, with many more titles available through the inter-library loan service. We also subscribe to a comprehensive range of print and electronic journals so you can access the most reliable and up-to-date academic and industry articles.

• Map and directions

You’ll be based at The Reg Vardy Centre, on the Sir Tom Cowie Campus at St Peter’s. The Reg Vardy Centre is a modern building with views of the river, and just a short walk from both the coast and Sunderland town centre.

Entry requirements

Our typical offer is:

If you already hold a postgraduate qualification, please see our Applying for additional postgraduate degrees Help and Advice article .

If you don't meet our standard entry requirements, you can take one of the foundation pathways at our partners ONCAMPUS Sunderland. Find out more information and whether your course is eligible on our ONCAMPUS page .

If your qualification is not listed above, please contact the Student Administration team at [email protected] for further advice.

Is your qualification not displaying here? For international qualifications, search our full list of international entry requirements for this course.

Fees and finance

2024/25 fees:

• £7,500 if you're from the UK
• £10,500 if you’re an EU student (this fee is inclusive of an EU student scholarship)
• £17,400 if you're an international student

Take a look at the scholarships and bursaries that may be available to you.

This information was correct at the time of publication.

Career ready

When you graduate from this course, you'll have excellent business skills and you’ll be ready to step into a leadership or management role in a wide variety of industries. Multinational corporations need managers and business leaders who have an international outlook and can work across the global economy. MSc International Business Management is an excellent choice for those that desire to work in international business.

Some of the companies which employ our graduates include Microsoft, IBM, Nike, Adidas, P&G, Lloyds Bank, Marriott Hotels, and the NHS.

Guest speakers

We invite business leaders into the University to share their experiences with you. Past speakers include John Sisk & Son's Senior Project Manager, Production Control Director from Nissan, the Head of Studios at Warner Bros UK, senior consultants from Global Blackswan, Sunderland Football Club’s CEO, and several successful entrepreneurs from the North East.

Meet the students

My experience was exceptional and the most rewarding period in my life. Read more -->

Raliat Bamgbose

Meet the team — msc international business management, related courses.

Contact the Student Helpline for further information about studying at the University of Sunderland:

0191 515 3000

[email protected]

View Programme Specifications for the Faculty of Business, Law and Tourism.

Page last updated: 02 July 2024

We aim to provide clear, accurate and timely information to prospective and current students. We continuously review and enhance course content in consultation with our students and the information provided on our website is the latest available. If you have received an offer from us to start a course, we will communicate any important changes to you in writing. We will always seek to ensure that our prospective students are fully aware of the basis on which they are accepting an offer.

International project finance: review and implications for international finance and international business

• State-of-the-Art
• Open access
• Published: 22 March 2017
• Volume 67 , pages 97–133, ( 2017 )

Cite this article

You have full access to this open access article

• Jakob Müllner 1  

29k Accesses

29 Citations

2 Altmetric

Explore all metrics

This literature review analyzes the global phenomenon of international project finance (PF) as both a management and finance instrument, allowing practitioners to realize large scale infrastructure projects in high risk contexts. After describing the characteristics of PF, its historical origins and its unique benefits for empirical inquiry, I summarize the findings of academic research from an interdisciplinary perspective. Based on this integration of Finance, Management and International Business research, I discuss the theoretical implications for each field that emanate from PF. Finally, I identify possibilities for future research and propose a more balanced, interdisciplinary academic treatment of PF.

Similar content being viewed by others

Are public—private partnerships still an answer for social infrastructure? A systematic literature review

Foreignness in public–private partnerships: The case of project finance investments

What Influences World Bank Project Evaluations?

Avoid common mistakes on your manuscript.

1 Introduction

Throughout history, mankind has strived to create monumental landmarks in infrastructure and engineering, consistently exceeding the frontiers of what has been technically, organizationally and financially possible. The construction of the Suez Canal, for example, involved complexities that eventually led to cost-overruns of 1900% (Flyvbjerg et al. 2009 ); and yet the project was eventually realized, in part, because of innovative project finance (PF) structures in place (Beidleman et al. 1990 ). Modern history provides abundant examples for equally impressive landmarks such as the Burj Khalifa skyscraper, the EURO-Tunnel, the Hong Kong-Zhuhai Bridge, or the Ichthys oil field, offshore of Australia in which a consortium of oil MNCs financed the exploitation of one of the world’s largest underwater natural gas resources, using almost 34 billion USD in capital. In 2015 alone, a total of 275 billion USD loans were invested in PFs (Project Finance International 2016 ). Many of these projects were implemented in high-risk environments, such as the Chad-Cameroon oil pipeline (Esty 2004a ), or the Petrozuata oil field in Venezuela (Esty 1999b , 2004a ).

As a natural consequence of the technical, managerial and political risks involved in many of these megaprojects, both management and financing require equally innovative strategies. While PF practice has evolved considerably in recent decades, Management and Finance scholarship have not kept up with this development. Despite globally growing importance, PF has been somewhat under-represented in research (Esty 2003 , p. 29; Sawant 2010 , p. 1037). This is even more surprising since several reputable authors including Harvard Finance scholar Benjamin Esty and Oxford’s Management professor Bent Flyvbjerg have highlighted the unique, empirical benefits of PF for academic research (Esty 2004b ; Flyvbjerg et al. 2009 ; Kardes et al. 2013 ; Subramanian and Tung 2016 ).

The separation of a large and complex infrastructure investment into a financially and organizationally independent project company allows researchers to observe managerial strategies and their outcomes more clearly, and without the empirical distortions emanating from multiple investments within a corporate balance sheet (Esty 2004b ; Gatti et al. 2013 ; Subramanian and Tung 2016 ). At the same time, the enormous complexity and scale of PF investments make them an ideal research site for managerial decisions at the frontiers of what is economically possible (Flyvbjerg 2014a ; Flyvbjerg et al. 2003 , 2009 ; Kardes et al. 2013 ).

In this structured review, I seek to analyze PF from an interdisciplinary perspective, but with a focus on International business (IB) research. As such, the paper fills important gaps in the literature. Previous reviews on PF have mostly been textbook publications on either financial (Esty 2003 , 2004a ; Gatti 2013 ; Yescombe 2014 ) or managerial practice (Flyvbjerg et al. 2003 ; Flyvbjerg 2014a , b , c , d ), without cross-fertilization or discussion of reciprocal implications. In particular, there is no literature review to date that focuses explicitly on the implications of PF on IB scholarship. Second, all of these publications were conceptual in nature, focusing on practical characteristic of PF. To date, there is no systematic literature review that discusses empirical findings in a structured manner. Finally, most of these publications were directed at practitioners and students. As such, they did not elaborate on theoretical implications that emanate from PF for scientific research (two finance related exceptions being Esty ( 1999a , b , 2004a , b )).

The aim of this literature review is to integrate finance, management and IB research on PF, to identify reciprocal theoretical implications and derive an interdisciplinary research agenda. Along with PF practice, the fields have developed considerably over the years, with changing emphasis, theories and applications. In addition to this within-field heterogeneity, the questions posed by researchers across disciplines vary considerably. A quantitative literature review would not adequately capture such complexities. Therefore, I rely strongly on a qualitative literature review to develop the theoretical contributions and the broader research agenda. However, I also present aggregate and quantitative data on PF research to give a broad overview of the field.

Following a literature-based definition and discussion of PF as a distinctive form of investment, I systematically review the literature on PF in Management, IB and Finance disciplines. Overall, these findings provide considerable support for the benefits of PF in high risk environments. I then discuss the implications of PF research for the most relevant theories in these disciplines. Therein, I make two important contributions: First, by applying theory to the phenomenon, I deductively identify important questions for PF practice and ultimately for PF research. Second, and in a more inductive approach, I analyze the structures used in PF to derive important theoretical implications for the disciplines under review. In closing, I identify the most promising avenues for further scientific inquiry and make a case for more interdisciplinary research on PF.

2 Project finance definition and characteristics

From a practitioner’s perspective, the most important definition of PF comes from the Basel Committee on Banking Supervision Footnote 1 :

Project finance may take the form of financing of the construction of a new capital installation, [...] The lender is usually paid solely or almost exclusively out of the money generated by the contracts for the facility’s output [...]. The borrower is usually an SPE (Special Purpose Entity) that is not permitted to perform any function other than developing, owning, and operating the installation. The consequence is that repayment depends primarily on the project’s cash flow and on the collateral value of the project’s assets. (Basel Committee on Banking Supervision 2004 , p. 61)

The primary addressees of BASEL II are banks who provide debt to a project. The accord outlines two constituting characteristics of PF: First and unlike traditional corporate finance, a PF loan is awarded to a separate project company that is financially and organizationally separated from the sponsoring firms. Second, in true PF, banks relinquish the right to recover the loans from the equity sponsors in the event of default. Loan securitization is based solely on the projected cash-flows of the project and not on the creditworthiness of the investing sponsors. As a result, banks take on extensive risks related to the non-performance of the project.

Focusing strongly on cash-flow related lending and non-recourse characteristics, the Basel II definition fails to fully incorporate the equity providers’ view. In this regard, academic scholarship has been somewhat more inclusive, highlighting the pivotal importance of risk sharing strategies as a third component of PF (Brealey et al. 1996 , p. 25; Nevitt and Fabozzi 2000 , p. 1). Most PF investments involve large scale investments in location-specific assets and in highly uncertain contexts (Esty and Sesia 2011 ; Hainz and Kleimeier 2006 ). For corporate finance, this makes projects prohibitively risky. As a result, they seek to identify the most important sources of risk a-priori and devise risk management strategies (e.g. contracts, equity participation) to address them. Such strategies transfer certain sources of risk to parties that are more capable of managing them (Beidleman et al. 1990 ; Brealey et al. 1996 ; Farrell 2003 ; Miller and Lessard 2001 ). In combination with separation of the project and non-recourse, cash flow-related lending, risk sharing allows sponsors to make investments that otherwise would be economically unfeasible. By outsourcing the project to a legal entity without recourse, sponsors protect their main operations from costs of financial distress (Subramanian and Tung 2016 ). In addition, the high level of leverage increases return on equity, and makes the PF investment a lucrative business for sponsors (Brealey et al. 1996 ).

A necessary precondition for PF is that sponsors and lenders reach a-priori agreements on the distribution of cash-flows that is mutually beneficial (Esty 1999b ). Such an agreement is difficult to reach, especially when projects involve a large number of participants with different interests. As a result, and as a fourth characteristic, PFs involve very high transaction costs related to a-priori legal and planning costs. Larger projects commonly involve a multitude of parties on the equity side such as facility developers, operators, suppliers and contractors (Brealey et al. 1996 ; Gatti 2013 ; Yescombe 2014 ). These sponsors are complemented on the debt side by relatively powerful lending consortia which often include commercial banks, institutional investors, export credit agencies and multilateral development banks. They contribute almost 80% of capital and seek high levels of control over project management. While equity providers are motivated by the potential upsides of projects, banks capitalize on high fees and relatively fixed interest rates. This asymmetry in incentives creates a potential source of conflict and considerable agency costs, especially in the event of financial distress.

In large projects with high socio-economic importance, additional tiers of agency conflicts arise (Flyvbjerg et al. 2009 ). For example, PFs often incorporate buyers and local stakeholders in their capital, or contractual structure (e.g. offtake agreements, environmental compensation, and social programs). Most prominently, the local government often takes on a crucial role as capital provider, owner and/or guarantor (in these cases PF is often referred to as private-public partnerships or PPP). In international PF, where foreign firms seek to implement a large-scale project, foreign exploitation collides with local ownership of resources and territorial sovereignty. This results in a fifth characteristic of international PF: high risk of obsolescing bargaining (Vernon 1971 ). Once the facilities are installed, the local stakeholders can abuse the vulnerability of investors to renegotiate contracts and extract cash-flows from the investment. Large projects, in particular, are exposed to considerable pressure from the media, NGOs, local communities and ultimately taxpayers (Henisz 2002 , 2014 ; Marquis and Raynard 2015 ). Given these risks, the question remains as to why PF has succeeded in becoming one of the most important financing strategies for high-risk investment.

3 History and market for project finance

The origins of international PF can be traced back as far as the Middle Ages, when the British Crown financed silver mines through non-recourse loans from Italian merchant banks (Esty et al. 2014 ; Kensinger and Martin 1988 ). However, wide-spread practice of PF did not start until the early twentieth century oil field exploration in the United States (Esty et al. 2014 ). Modern PF, as a financial risk management tool developed in the 1980s, when it became the primary means of financing large energy projects in the US. Between 1991 and 2012, PF raised over 2.5 trillion USD to fund more than 6000 international projects (Subramanian and Tung 2016 ).

The financial crisis in 2008 has led to a considerable contraction in PF lending and a redistribution of projects towards the Asian continent (Esty et al. 2014 ). However, with the exception of the project bonds market, PF lending has proven remarkably resilient to financial market turmoil. By 2013 PF loans recovered from 249.3 billion USD in 2009, to a pre-crisis level of 415 billion USD (Esty et al. 2014 ). Footnote 2 This swift recovery highlights the durability of PF under high risk environments.

Table  1 illustrates the distribution of investments across regions. It shows the comparatively high shares of investments in high risk-regions in Africa and Asia and supports the common claim that PF is particularly useful in in countries with weak institutions. For example, in 2014, more than a quarter of investments in the Americas were directed towards high risk countries in South America (Project Finance International 2016 ). The most comprehensive sources of PF information are the databases maintained by Dealogic and Thomson Reuters (Byoun et al. 2013 ; Corielli et al. 2010 ; Lerner et al. 2008 ). Within their sample of investments, the average Economist Intelligence Unit political risk score of host-countries (33) was comparable to South Africa.

Table  2 summarizes the sector distribution of PF investments. The largest sector for PF is power generation (38%), followed by transportation (22%) and oil and gas (20%). These sectors share a number of characteristics: First, they require sizeable investments that justify the considerable legal and administrative costs that are involved in PF financing. Second, they involve location-specific assets which, once installed cannot easily be recovered from a potentially risky sovereign territory. Third, their outputs are reasonably stable, allowing for a-priori valuation and cash-flow based lending.

Scholarship predicts a growing importance of PF. On the one hand, developed governments face budgetary constraints and have become increasingly dependent on private sector funding. On the other hand, developing countries are eager to close the infrastructure gap (Esty et al. 2014 ). At the same time, the re-emergence of expropriation concerns provides a strong incentive for private companies’ incentives to use PF, as a means of addressing political risk.

In addition to economic scale of PF, there are strong socio-political and arguments that highlight the importance of PF. Despite justified criticism of ex-post development effects and the distribution of wealth (Arndt et al. 2012 ; Lenz et al. 2017 ), PF has allowed developing economies to construct infrastructure projects, which would not have been possible through public funding (Brealey et al. 1996 ; Kleimeier and Versteeg 2010 ; La Cour and Müller 2014 ). The critical views on PF also underline the pressing need for further research on PF. Therein, researchers can benefit from the unique empirical setting.

4 Empirical benefits of project finance

The dearth of empirical research on PF is surprising, since there are compelling arguments that PF provides a uniquely suitable “research site” for both financial and managerial research (Esty 2004b , p. 214).

First, the organizational and financial isolation of investments, with limited life-time provide a “clear window” through which to study managerial decisions and their outcomes (Esty 2004b , p. 214). I refer to this as the clarity benefit of PF. In the study of firm behavior, multiple projects are “commingled” within a balance-sheet, and these projects are often exposed to very different risks (Subramanian and Tung 2016 , p. 154). The portfolio of projects changes over time and it becomes more difficult for researchers to trace back variations in performance to past decisions. Because of the multiplicity of projects, the risk of omitted variables and spurious findings is higher in the analysis of firms compared to PFs.

PF provides an attractive controlled environment free from various influences that are present in corporate finance. As a stand-alone entity, PF’s structural details [and the performance outcomes] are easily observable to outsiders, whereas structural decisions of corporations can be obscured by other corporate activities (Byoun and Xu 2014 , p. 124; Esty 2004b , p. 217).

The same isolation benefit applies to the local context. While firms commonly operate in a multitude of institutional contexts, the institutional environment of a PF can be isolated much more effectively. This facilitates measurement and improves causal inference. As a result, PF lends a uniquely clean setting for the analysis of institutional effects on the governance and performance of foreign investments. In addition, the special purpose nature of PF means that the project company and its’ governance structure is initiated as a clean sheet and for a clearly defined special purpose. Hence, it is influenced to a much lesser extent by pre-existing structures and corporate imprinting (Marquis 2003 ; Marquis and Tilcsik 2013 ). In PF, partners join to create a new venture under a tailored governance structure. They are assembled as a function of the specific project rather than past interaction. As a result of superior clarity, PFs lend themselves in a unique way to quantitative empirical studies. Support for the clarity benefit comes from empirical results in quantitative finance. Studies have shown that PF loans are priced more effectively than corporate loans (Blanc-Brude and Strange 2007 ; Kleimeier and Megginson 2000 ). The separation of the project from the companies’ reduces information asymmetries between the lender and the investment and allows for more efficient credit appraisal. The same information benefit manifests when researchers use PF, rather than companies, as research sites. In sum, PF provides a superior research setting that is free from portfolio effects, institutional overlap and historic precedents and clearly defined in terms of project context.

In addition to empirical clarity, the application of PF at the frontiers of managerial, financial and technological possibilities provides opportunities for researchers to ask questions which do not apply to day-to-day corporate decisions; or which are simply not observable in less extreme contexts. I refer to this as the complexity benefit of PF. Megaprojects introduce managerial challenges, which are potentially valuable for both Finance and Management research (Esty 2004b ; Flyvbjerg 2014a ; Kardes et al. 2013 ). For instance, whereas traditional research on inter-firm cooperation focuses almost exclusively on dyadic forms of cooperation such as R&D alliances (Ahuja et al. 2009 ; Eisenhardt and Schoonhoven 1996 ; Gulati 1995 ; Lavie and Rosenkopf 2006 ). PFs allow researchers to analyze cooperative investments with a much larger number of participants. For example, there are compelling theoretical arguments that the social dynamics of such multi-partner alliances may be very different from fairly simple dyadic settings (Chung and Beamish 2012 ; Heidl et al. 2014 ; Mohr et al. 2016 ). Flyvbjerg et al. ( 2009 ) show that the multi-partner nature of large projects leads to collective delusion and deception, as multiple participants seek self-interest in situations of diluted accountability. This results in what he refers to as, the “iron law of megaprojects: Over budget, over and over again” (Flyvbjerg 2011 , 2014b , p. 11)

Unlike the clarity benefit, the complexity benefit materializes most often in qualitative research, which is more capable of capturing such questions. For example, case studies of mega-projects have a long and fruitful tradition in PF research (Ahola and Davies 2012 ; Chen 2009 ; Doh and Ramamurti 2003 ; Esty 1999b , 2001 , 2004a ; Gkeredakis 2014 ; van Marrewijk 2007 ). As Oxford University scholar Bent Flyvbjerg states in his appraisal of megaprojects:

Never has systematic and valid knowledge about megaprojects therefore been more important to inform policy, practice, and public debate in this highly costly area of business and government. (Flyvbjerg 2014b , p. 7)

In sum, PF provides both clarity and complexity benefits for empirical research and promises new applications for Finance and Management theories, as well as managerially relevant insights. Despite the economic relevance and the empirical benefits of PF, research on PF has been scarce and fragmented. In the following, I review PF research in Finance, Management and IB.

5 Review of research on project finance

I carried out a structured literature review of published journal contributions, using Thompson Reuters Web of Science . The search was limited to papers which either have the terms “project finance” and/or “megaproject” in their title, or as the author-provided topic. Footnote 3 The search yielded 192 papers that met the criteria. Furthermore, contributions which were not categorized as “Management”, “Business Finance”, “Economics” and “Business” were excluded. I also excluded publications which were not ranked by the Association of Business Schools Ranking (ABA Version 2015), reducing the sample to 78 published articles. I then analyzed the references cited in the papers for articles with more than five occurrences and included these publications if they were sufficiently addressed PF-related topics. This additional step generated a further 21 papers from sources outside Thompson Reuters Web of Science, in particular from the Journal of Applied Corporate Finance. In a first step, I quantitatively analyze the sampled publications in Tables 1 , 2 , 3 , 4 , 5 and 6 .

As evident from the distribution of papers in Tables 3 , 4 , 5 and 6 , academic research picked up on PF as an important research context long after its economic boom in the 1980s. One practical reason for this delay was data availability. During a time in which empirical research using larger datasets and more sophisticated computational methods flourished, company level-data was becoming more publicly available. Project data, on the other hand, was collected by a selected number of banking services firms, which were available only at high cost.

The breakdown according to publication sources also illustrates the leadership role of Finance Journals have taken in PF research. Using the R bibliometrix package, a summary of author-supplied keywords was generated and is presented in Table  7 . The analysis reveals a broad mix of managerial and financial topics. It lends support to the pivotal roles of risk management, governance, capital structure, and contracts in PF. It also highlights the important IB elements of foreign direct investment and political risk.

In a second and more qualitative step, I analyze the publications in historical order before summarizing their implications for related fields. The earliest publications on PF related to practitioner articles in Harvard Business Review and Sloan Management Review from Wynant ( 1980 ), Beidleman et al. ( 1990 ) and Wells and Gleason ( 1995 ). These publications emphasize the leadership role of practice in PF research. From an academic perspective, the origins of PF research can be traced back to two seminal publications: On the Finance side, Shah and Thakor ( 1987 ) derived formal proof that PF is a superior form of investment in high-risk context, because it allows sponsoring firms to create a tailored capital structure and isolate project risk. At around the same time, but on a conceptual level, Williamson ( 1988 ) published a seminal article encouraging the integration of corporate governance and financial theory in the Journal of Finance. The article bridged interdisciplinary gaps and explicitly connected PF to managerial question of governance, using transaction costs theory. Williamson complements the restrictive formal model of Shah and Thakor ( 1987 ) with managerial arguments such as opportunistic discretion, incomplete contracts and ex-post transaction costs. In addition, Williamson makes a strong and explicit case for the empirical superiority of project investments:

Whereas most prior studies of corporate finance have worked out of a composite-capital setup, I argue that investment attributes of different projects need to be distinguished. (Williamson 1988 , p. 576)

Despite this prominent encouragement, PF research found much more traction in the financial research community.

5.1 Financial research

Finance has extended Shah and Thakor ( 1987 ) work over the following years. Berkovitch and Kim ( 1990 ), John and John ( 1991 ), and Chemmanur and John ( 1996 ) continued the tradition of formal modelling to include agency cost benefits, tax benefits, and bankruptcy costs in PF. These results were later supported by the formal works on the optimal scope of firms from Leland ( 2007 ) and Banal-Estañol et al. ( 2013 ). These finance models positioned PF as a superior form of financing for high risk investments, but they strongly focused on financial benefits and applied rather restrictive formal modelling.

In 1996, Brealey et al. ( 1996 ) summarized some of these findings in a conceptual publication on the benefits of PF in infrastructure investment. This work was important in that it also acknowledged managerial risk management strategies (i.e. mitigation of political risk), and therein deviated somewhat from the strong finance perspective observed in previous research. Shortly after, Dailami and Leipziger ( 1997 ) provided the first major empirical attempt to test formal models in a quantitative study of credit spreads. Using infrastructure projects, they found that host-country environmental factors strongly affect credit risk and pricing. Without explicit mention, their work highlighted the important role of the institutional context of the investment in theoretical and scientific inquiry. However, their study left unanswered the question of the optimal structuring of loans in terms of project vs. corporate finance.

In 1999, Esty documented the benefits of PF in natural resource investments, using the case study of the Petrozuata oil field in Venezuela (Esty 1999b ). Despite the high risk of the investment, he argued, project participants had put sufficient risk management instruments in place to not only oversubscribe the bond issue, but to do so at lower cost than through sovereign borrowing. At roughly the same time, Kleimeier and Megginson ( 2000 ) put this efficiency claim of PF loans to the empirical test and published a quantitative comparison of syndicated PF loans and syndicated corporate loans. Their remarkable results indicated that PF loans achieve longer maturities and lower interest rates, despite higher country risk. Ultimately, they provided empirical verification, or support for the formal models in previous publications. Retrospectively, the two publications can be characterized as the climax of PF optimism. Their unanimous diagnosis was that both qualitative and quantitative empirical evidence strongly supported the superiority of PF in financing infrastructure in high risk countries. This PF optimism, however, would later be challenged by episodes of expropriations and intensive stakeholder conflicts, which included the nationalization of the famous Petrozuata project described by Benjamin Esty.

Following the works of Esty ( 1999b ) and Kleimeier and Megginson ( 2000 ), Finance researchers extended theoretical perspectives on PF. Picking up on work from corporate finance, scholars incorporated real options theory into infrastructure finance and identified non-recourse provisions as a sort of real put option for sponsoring firms (Esty 1999a ; Han 2003 ; Kensinger 1999 ). Later, Esty and Megginson ( 2003 ) teamed up to publish a seminal contribution linking legal institutions to the composition of PF banking syndicates. They integrated arguments from institutional theory and comparative institutional economics into PF research to explain the formation of partnerships among PF lenders.

At the same time, Esty ( 2004b ) documented his empirical experiences with PF as a clean and undistorted research setting in a conceptual paper, and called for more systematic use of PF in both Management and Finance research. In the paper, Esty ( 2004b , p. 221) admits that: “large investments frequently fail to achieve their intended financial and operating objectives.” This critical view indicates a soft deviation from the optimism of the PF boom in the late 1990s. Another indication of the growing acknowledgement of the fallibility of PF was an increase in publications related to more realistic valuations of projects using methods such as Monte-Carlo simulations (Gatti et al. 2007 ), and towards more stakeholder-inclusive measures of project value (West 2015 ). Despite this increasing skepticism, the structural benefits of PF were still undisputed and empirically verified in later quantitative studies (Blanc-Brude and Strange 2007 ; Dailami and Hauswald 2007 ; Sorge and Gadanecz 2008 ; Subramanian and Tung 2016 ).

Along with the rising popularity of financial contracting theory, the majority of later Finance research extended its focus from capital structure-related benefits to contractual risk management (Byoun et al. 2013 ; Byoun and Xu 2014 ; Corielli et al. 2010 ). Research highlighted the pivotal role of contractual agreements between parties in PF. It also recognized the risk mitigating role of specific project partners, such as international development banks (Hainz and Kleimeier 2012 ), and reputable lead arranging banks (Gatti et al. 2013 ).

Overall, financial research provides clear and consistent evidence of the benefits of PF resulting from agency cost reduction, higher debt capacity, lower cost of debt, financial distress and optimized tax shields. The over-arching agreement is that the separation of a project to a separate entity reduces information asymmetry between lenders, allows for tailored capital structure and provides optimal incentives for all participants.

5.2 Management and IB research

Management and IB research were late in recognizing the economic and empirical benefits of PF. Additionally, Management research has focused more intensively on the disadvantages or complexities involved in PF, which often serve to explain why so many projects failed despite superior financial structures.

With the exception of practitioner oriented publications, the first detailed theoretical analysis of PF was conducted by Farrell ( 2003 ), using agency theory. While remaining on a conceptual level, his paper discusses the difficulties of cooperation between multiple parties, with different incentives and proposes managerial strategies to reduce such agency costs. In 2007 and 2008, Van Marrewijk extended this line of works with detailed case studies on the role of socio-cultural aspects as critical success factors in large-scale projects (van Marrewijk 2007 ; van Marrewijk et al. 2008 ). These works focused much more on the intricacies of coordinating large-scale and complex projects involving numerous, potentially differing actors. Over time, several scholars have developed helpful frameworks for process management, mostly based on qualitative research and case studies (Chen 2009 ; Davies and Mackenzie 2014 ). Overall, Management research has shed light onto the inter-partner complexities between the project participants (Gkeredakis 2014 ), the broader social community (Haack et al. 2012 ) and onto the psychological fallacies that managers suffer from when faced with failing megaprojects (Flyvbjerg et al. 2009 ; Kardes et al. 2013 ). A central scholar within this line of research, was Bent Flyvbjerg from Oxford University, who compiled all of these managerial problems in his handbooks of managing megaprojects and in his empirical work (Flyvbjerg 2014a , b , c , d ; Flyvbjerg et al. 2003 , 2009 ). The over-arching narrative is that megaprojects suffer from fragmented self-interest, dilution of accountability, and different risk preferences and time horizons between parties (Flyvbjerg et al. 2009 , p. 179).

Overall, Management research has provided detailed insights into the functioning, or indeed the malfunctioning, of megaprojects. As opposed to Finance researchers, Management scholars have predominantly addressed the hidden, ex-post cost of PF. Their work has provided important explanations as to why project fail, or suffer from enormous delays and cost-overruns, despite optimal financial structuring. As such, Management scholarship provides valuable complements to financial research which has focused mostly on the benefits of a-priori structuring and less on the ex-post costs.

Among all three disciplines, IB research has appreciated the empirical benefits of PF to the least extent. This is surprising since the cross-border nature and high risk of PF provide clear IB implications. Early works by Lyles and Steensma ( 1996 ) mostly address intercultural problems in the acquisition of projects and remain on a rather conceptual level. Much later, in 2003, Ramamurti and Doh introduced PF as an important strategic tool to mitigate host-country risks international investments (Doh and Ramamurti 2003 ; Ramamurti and Doh 2004 ). Focusing strongly on obsolescing bargaining between the host-country government and the investing MNCs, they make a compelling case for PF as an alternative to more prominently advocated strategies, such as local government participation or joint-ventures with local partners. Vaaler et al. ( 2008 ) extended this political risk-perspective towards other sources of risk, providing a multi-layered framework for investment risks and linking these risks the capital structure of a particular investment. Using large-sample, quantitative analysis, this work combines agency and institutional theory to analyze a number of core IB strategies such as ownership structure, international experience and liability of foreignness. More importantly, however, their work makes a strong case for the role of capital structure in mitigating investment risk of a specific investment; a strategic instrument that had not been sufficiently considered in IB scholarship before.

Building on this work, Sawant ( 2010 ) provided further empirical evidence on PF as a particularly effective entry mode in situations of high political risk and obsolescing bargaining. Comparing corporate investments with PF investments, he established a direct link between country-level risk and the propensity to use PF. Similar to Vaaler’s contribution, Sawant’s works applied capital-structure benefits of PF to high risk investments. However, they fell short of a holistic framework that included other benefits of PF like contractual risk management.

Most recently, Müllner ( 2016 ) made an attempt to create a more holistic framework of risk management strategies in markets entry. Accordingly, the use of PF allows investing MNCs to more efficiently diversify host-country risk, because of higher debt capacity and risk isolation. Using tailored capital structure, firms can share risks, tailor incentives. Also, PF provides instruments to address specific sources of risk with contractual instruments (e.g. offtake agreements, supply agreements, equipment procurement contracts and export credit guarantees, operation and maintenance contracts). Finally, the cooperative structure of the investment allows sponsoring MNCs to create a strong consortium that collectively mitigates political risk. The empirical analysis illustrates that PFs use a myriad of risk-management strategies that extends beyond the traditional repertoire of IB strategies.

Source: Thompson Reuters Web of Science

Landscape of PF publications in ABS ranked journals. The graph includes PF publications in min. 3 star ABS journals with >25 Google Citations. Dotted bubbles indicate Management , dark shaded bubbles IB and black bubbles Finance related publications. The horizontal axis plots annual citation scores. Asterisks indicate that citation count was truncated to 30 to allow for better illustration.

In sum, IB research has made late advances in recognizing PF as an efficient entry mode for large investments in high risk environments. In particular, it has highlighted the possibility of addressing the obsolescing bargaining problem. Essentially, PF can be used by MNCs as a substitute for high-control entry modes that require extensive investments in the host country. As a result, they also carry substantial downside risk.

Figure  1 provides a condensed, historical landscape of PF publications in all three fields based on their time of publication, quality of the publishing journal (bubble size) and citation counts (vertical axis). Table  8 summarizes publications, their primary discipline, theoretical basis, type and main contributions. In a next step, I use this reviewed evidence to derive theoretical implications of PF for the most common theories in the fields of Finance, Management and IB.

6 Theoretical implications for management and finance theory

The phenomenon of PF has been identified as an important research context by both Finance and Management. However, the theoretical implications that result from PF have not been explicitly outlined, especially for the field of IB. The two research streams have evolved in isolation without mutual acknowledgement of the valuable insights of the other. In the following section, I analyze the phenomenon of PF from both perspectives and derive important theoretical implications. While the focus of the analysis is on Management and IB theory, I begin the review with interdisciplinary and financial perspectives on PF.

6.1 Interdisciplinary perspectives

Agency theory (Jensen 1986 ; Jensen and Meckling 1976 ) transcends both financial and managerial research on PF. The multi-party nature makes PF ideal research sites for multi-layered agency problems (Farrell 2003 ). Agency costs occur on several levels: between the sponsoring firms, between the creditors of the project, between these two groups and ultimately between the project and its local stakeholders. Finance theory has been very optimistic about the agency advantages of PF, based on the assumption that the separation of the project allows for optimization of financial incentives. Brealey et al., for example, conclude that: “The dominant reason for the growing importance of project finance in funding infrastructure investment is that it addresses agency problems in a way that other forms of financing do not.” (Brealey et al. 1996 , p. 27)

Similarly, institutional economics (Coase 1998 ; North 1995 ) have somewhat merged finance theory and Management perspectives, in this case, related to country-level opportunism. The assumption is that “institutions are formed to reduce uncertainty in human exchange” (North 1995 , p. 18). PF provides the case in point. Its structure is tailored to the socio-economic environment in which the investment is made. Related research has shown that the pricing of loans (Dailami and Leipziger 1997 ) and the composition of lending syndicates differ as a function of the institutional environment (Esty and Megginson 2003 ). Furthermore, it has found that the choice of PF as a particular governance structure is directly related to the legal protection of investors (Subramanian and Tung 2016 ). In the Finance field, both agency and institutional economics literature focus clearly on the a-priori structuring of projects, without much acknowledgement or analysis of post-investment dynamics between agents and institutions. The dominant narrative is that PF ought to be put in place a-priori to reduce risk from individual actors, or the broader institutional context.

Management research applying these theories has been somewhat more skeptical. Kardes et al. ( 2013 ) and Flyvbjerg et al. ( 2009 ) have analyzed troubled projects and come to the conclusion that in situations of distress, otherwise aligned incentives between partners fall apart and lead to considerable agency costs. When expectations are not met, all partners seek to reduce their sunk costs at the same time. This defensive behavior can lead to extensive cost overruns, construction delays and excessive legal costs. The Berlin-Brandenburg Airport, to provide a practical example, has almost tripled in costs, and construction has been delayed by more than six years (Reuters 2015 ).

In addition to differing incentives between partners on a micro-level, Management research highlights the role of macro-level cultural and institutional differences between partners that can affect the likelihood of agency conflicts. Financial research should equally extend its conceptualization of agency to include partner macro-characteristics, in order to explain variations in project structures (i.e. local institutions, norms and culture) (Byoun et al. 2013 ). IB research, on the other hand, should make full use of the rich setting of PF to advance our understanding of agency costs between individual participants, groups of participants and between local and foreign project stakeholders. In particular, IB research has focused exclusively on the equity investors in their analysis of cross-border investments, disregarding the pivotal role of lenders and the potential conflicts that can influence a foreign investments resulting from debt-equity agency costs. Agency theory and institutional theory have been applied to PF by both Finance and Management scholarship. Other perspectives have not succeeded in bridging the gap between disciplines. In my review I start with financial theories because of their earlier origins and higher prevalence in PF research.

6.2 Financial theory

In 1958, Modigliani and Miller ( 1958 ) published their seminal contribution on capital structure. At the core is the formal proposition that firm value in perfect capital markets is not affected by the financial structure of investments (Brealey et al. 1996 ; Esty 1999b , 2004b ). Under such conditions, the decision to finance a project in a stand-alone structure or within the corporate balance sheet should not matter. PF provides evidence that the underlying assumptions of Modigliani and Miller’s irrelevance proposition do not hold for large infrastructure investments in high-risk countries. Extensive costs of financial distress, along with tax benefits from debt, create a large incentive for sponsoring firms to create separate legal entities for risky projects that enable them to isolate project risk, while accepting potentially higher transaction cost. This implies that PF can help to overcome market inefficiencies, in particular those that have been studied by institutional researchers in the field of IB. While there has been some progress in Finance research on incorporating such market inefficiencies related to legal and political risk, many questions remain as to the origins of market inefficiencies. Finance research would strongly benefit from incorporating the rich toolkit of institutional and IB research. Concepts such as institutional and cultural distance (Berry et al. 2010 ) can help to explain ex-post agency costs between partners, or between the project location and partners. Equally, concepts such as liability of foreignness and legitimacy strategy (Bell et al. 2010 , 2012 ) can help to explain why so many projects fall victim to the iron law (Flyvbjerg 2011 , 2014b , p. 11).

By far, the most commonly used theories to explain the superiority of PF in Financial research are capital structure theories. The pecking-order theory of capital structure (Myers 1984 ) postulates that information asymmetries between firms and lenders lead to a preference for debt in risky investments. In PF, sponsoring firms seek to maximize the use of debt, while at the same time reduce information asymmetry between sponsors and borrowers by isolating the project. Addressing risks of the project a-priori allows them to keep cost of debt at a sustainable level (Brealey et al. 1996 ). By negotiating non-recourse with lenders, sponsors can isolate project risk, reduce costs of financial distress, conserve debt-capacity and maximize tax benefits, as argued by trade-off theory (Kraus and Litzenberger 1973 ). Capital structure theories are hence strongly supported by PF practice. However, Managerial research poses the question as to how a static capital structure, that is established a-priori and follows a pre-determined repayment schedule, over a considerable project life-time, can be an efficient risk management instrument in a dynamic institutional environment. Management literature has addressed such dynamics, in particular in the event of financial distress. It suggests that partners’ and incentives may change and capital structure incentives may lose their efficiency. For example, while equity participation of the host-government may prevent opportunistic incentives a-priori (Inoue et al. 2013 ; James and Vaaler 2013 ), IB research has provided compelling evidence that such incentives may flip if the political landscape changes (Fisman 2001 ; Fisman and Wang 2015 ; Siegel 2007 ). This managerial perspective positions institutional dynamics as potential boundary conditions of capital structure as a risk mitigation tool.

Among the more recent theoretical perspectives on PF, real options theory has received considerable theoretical backing from PF researchers. Non-recourse provisions, they argue, grant investing firms a valuable “walkaway put option ” (Esty 2003 ). Real options theory extends finance perspectives beyond static capital structure and incorporates the value of managerial flexibility (Kogut and Kulatilaka 1994 ; Li and Rugman 2007 ; Naylor et al. 2015 ). As such, a real option methodology promises valuable applications in Management research. Management and IB scholars have limited their inquiry to traditional methodologies and could greatly benefit from incorporating real options analysis in their methodological toolkit. Footnote 4

Contracting theory (Hart 2001 ; Kaplan and Strömberg 2003 ) provides a crucial link between the financial and managerial perspectives of PF by recognizing that financial contracts are incomplete and that economic actors behave opportunistically (Agmon 2006 ). The predominant view is that PF constitutes a “nexus of contracts” that addresses risks before the initiation of the project (Blanc-Brude and Strange 2007 , p. 97; Corielli et al. 2010 , p. 1317; Dailami and Hauswald 2007 , p. 249; Esty 2004b , p. 218; Esty and Megginson 2003 , p. 40; Williamson 1988 , p. 569). In PF, contracts with various stakeholders such as suppliers, the host-government, banks, customers, builders and operators (Byoun and Xu 2014 ; Corielli et al. 2010 ) are devised under conditions of information asymmetry. Each of these contracts is designed to transfer specific risks to those participants most capable of managing them (Beidleman et al. 1990 ; Brealey et al. 1996 ; Farrell 2003 ; Miller and Lessard 2001 ). IB research in particular could benefit from this perspective. Focusing almost exclusively on equity-related rather than contractual risk-management, IB research has failed to acknowledge the complementarities between these strategies (Müllner 2016 ). PF clearly illustrates that control through equity or internalized hierarchies are not a panacea to uncertainty. Settings like PF provide a fruitful context in which to analyze the potential effects of formal and relational contracts in foreign investments (Poppo and Zenger 2002 ).

6.3 Management and IB theory

The financial origins of PF have somewhat hampered academic interest in PF within the Management domain. This is particularly unfortunate since, similar to the Finance discipline, PF can help to refine IB and Management theories, explain inconsistent empirical findings and provide valuable insights into the management of high-risk investments.

Among the most prominent theories in IB research (Hennart 1982 ; Rugman 1981 ; Teece 1977 , 1986 ; Williamson 1976 , 1979 , 1996 ), transaction cost theory has helped to explain firms’ scope and investment decisions. Even though Williamson ( 1988 ) himself linked transaction cost theory to financial structure and to PF, scholarship in Management and IB research have not followed up on this argument. According to Williamson, firms create governance structures to protect transactions from opportunism (Williamson 1988 , p. 569). Transaction cost theory focuses on three characteristics of transactions: uncertainty, frequency and asset specificity Footnote 5 (Williamson 1979 , p. 239). A prominent application of transaction cost theory in IB is the entry mode decision theorized on by, amongst others, Anderson and Gatignon ( 1986 ). Accordingly, firms rely on market transactions (export, licensing etc.) as a “default strategy ” (Anderson and Gatignon 1986 , p. 8; Hennart 2010 , p. 258). However, when a transaction involves specific assets and external uncertainty, transaction cost logic predicts that firms internalize the transaction within their hierarchy. In essence, the Anderson and Gatignon ( 1986 ) model predicts high-control entry modes for investments with transaction-specific assets in uncertain environments. This prediction has been criticized both on theoretical and empirical grounds (Crook et al. 2013 ; David and Han 2004 ; Ghoshal and Moran 1996 ; Rugman and Verbeke 2003 ).

Modern international PF clearly falls in the former category of high risk investments. The assets deployed to the foreign country are location-specific and involve considerable sunk costs (Esty 2002 , p. 77; Esty 2003 , p. 27). In addition, a large share of PF investments is dedicated to countries with considerable political risk. However, in contradiction to transaction cost theory, PF cannot be categorized as a high-control market entry strategy. Commonly, sponsoring firms share ownership with a multitude of stakeholders. Non-recourse loans involve extensive control rights for debt providers. When predetermined performance indicators are not met, the loan covenants stipulate that the lending syndicate takes over control of the project (Byoun et al. 2013 ; Subramanian and Tung 2016 ). In sum, PF contradicts transaction cost logics. Sponsoring firms do not engage in transaction cost minimization. Rather, they accept excessive transaction costs resulting from the contractual complexity and higher interest rates of PF finance. The benefits of PF materialize in a reduction of risk (rather than costs). On the bright side, PF can help to explain these inconsistent findings in IB on the high-risk high-control hypothesis (David and Han 2004 ). The concerted use of risk management in PF (diversification, contracts and socio-economic) can substitute for control, or hierarchy in a risky foreign investment (Müllner 2016 ). In essence, PF supports Crook et al. ( 2013 , p. 73) in their claim that: “managers have found innovative ways to reduce TCs involved [...] and that these innovations allow for greater control, without increasing the degree of integration.”

PF also has implications for the resource based view of the firm (Barney 1991 ). The perspective has been a cornerstone of strategic management literature, with extensive applications in the international context ranging from market entry decisions (Brouthers et al. 2008 ; Meyer et al. 2009 ; Varinder and Erramilli 2004 ), to alliance formation (Das and Bing-Sheng 2000 ; Koka and Prescott 2002 ). In PF, both of these strategies are combined. Project sponsors actively seek alliances with other sponsors, governments and capital providers, in order to access resources that permit the consortium to reduce the risk of the investment to a sustainable level. While knowledge and technological capabilities certainly have an important effect on the choice of equity partners, PF highlights the role of risk-related resources in international investments (political clout, diversification capabilities, access to guarantees, hedging competence, technological expertise). The non-recourse nature of lending requires sponsoring firms to transfer each source of risks to partners that are capable of carrying this specific risk (Beidleman et al. 1990 , p. 47; Brealey et al. 1996 , p. 25; Farrell 2003 , p. 549; Miller and Lessard 2001 ). This lends support to the claim that international investments are not solely motivated by TC minimization, but equally by the bundling of complementary resources (Brouthers and Hennart 2007 , p. 397; Hennart 2010 , p. 259). More intriguingly, the pivotal role of lenders in PF stresses the need to extend the resource bundling argument beyond equity providers and the liabilities’ side of an investment (Agmon 2006 ). In essence, the involvement of global and reputable lending syndicates in PF provides a political umbrella for the risky project (Hainz and Kleimeier 2006 , p. 27; Hainz and Kleimeier 2012 , p. 288). Footnote 6 This political risk mitigating effect is also supported by research from rating s agencies. According to Moody’s ( 2015 ), recovery rates on distressed PF loans achieve almost 80% and the most likely recovery rate is 100%. This supports the claim that PF’s strong lending syndicates provide political resources that can be can be accessed to deter strategic default and opportunism by host governments (Müllner 2016 ).

The predominant theoretical perspective in IB research on PF has been the obsolescing bargaining concept (Ramamurti 2001 ; Vachani 1995 ; Vernon 1971 ; Woodhouse 2006 ). It describes the fundamental shift of power towards the host-government, once a location-specific investment has been made. As a consequence of the location-specific nature of assets, the host government can engage in hold-up tactics and extract cash-flows from the project (Jenkins 1986 ; Woodhouse 2006 ; Wynant 1980 ). Infrastructure investments are particularly vulnerable to such obsolescing bargaining. PF provides important contributions and theoretical extensions to obsolescing bargaining strategies in international investment. Governments in developing countries are dependent on access to financial markets and thus, vulnerable to coercive pressures from global banking syndicates:

The involvement of financial institutions (particularly large international banks) deters host governments from squeezing the IPPs [infrastructure investments] opportunistically to a level that would affect debt coverage. Indeed, every government official interviewed for this study who had been involved in a renegotiation identified debt payments as a hard constraint on their willingness to pressure a project. (Woodhouse 2006 , p. 180).

The high leverage used in PF pre-commits cash-flows to fairly powerful banks. This reduces free cash-flows of a project that would be available for opportunistic expropriation and maximizes the repercussions of opportunistic behavior by the host-government (Brealey et al. 1996 ; Esty 1999b , 2001 ). At the same time, non-recourse provisions align sponsors interests with those of banks, directing lenders’ efforts, to protect an investment against a potentially opportunistic host-government, rather than relying on sponsors’ collateral. Therein, PF supports secondary or indirect bargaining strategies in risky foreign investments, as described by resource-dependence scholars (Emerson 1962 ; Gargiulo 1993 ; Granovetter 1985 ). In essence, investing MNCs can make use of macro-economic dependencies and financial strategies to influence power dependence to their favor (Alcacer and Ingram 2013 ; Rangan and Sengul 2009 ).

The last IB theory, for which PF has considerable implications, is institutional theory . A central caveat of financial research is the assumption of efficient capital markets, which often translates into assuming irrelevance differences in institutional configurations across countries (Djankov et al. 2003 ; Glaeser et al. 2004 ; La Porta et al. 1998 , 1999 , 2000 ). The institutional literature in IB focuses on such institutional impediments and works under the assumption that institutional context and differences affect strategic decisions of firms investing in foreign countries (Kostova 1999 ; Kostova et al. 2008 , 2009 ; Kostova and Zaheer 1999 ; North 1981 ; Scott 1995 ). Clearly, in PF such local risks of a particular investment effect the decision to use PF as a means of reducing institutional risks (Byoun et al. 2013 ; Scott et al. 2011 ). However, the mechanisms proposed in PF differ from those most prominently propagated by institutional IB scholars. Based on the works of DiMaggio and Powell ( 1983 ), IB research has identified imitation strategies (Salomon and Wu 2012 ), local political activism (Nell et al. 2015 ; Sawant 2012 ), local equity shares (Chan and Makino 2007 ) and stakeholder management (Henisz 2014 ; Henisz et al. 2014 ), as important strategies to counter institutional risks and reduce the liability of foreignness (Zaheer 1995 , 2002 ). PF often involves more aggressive, power-related strategies to counter institutional divides and risk. For example, projects often involve multinational organizations (Hainz and Kleimeier 2012 ), financial market protection and strategic jurisdiction as means of addressing weak institutions (off-shore escrow accounts, international arbitration) (Esty 2004a ).

The above discussion has shown that PF not only provides support for many of the most common theories used in Finance, Management and IB, but it also highlights important additions and boundary conditions. Based on these theoretical extensions, I now conclude the paper by making a bold attempt to identify the most pressing and valuable avenues for future Finance, Management and IB research.

7 Research agenda and potential lessons from PF

Financial research on PF has focused very strongly on the a-priori benefits of structuring investments as PF. Therein, it has not sufficiently acknowledged the ex-post dynamics in complex, multi-partner investments, especially when a project fails to achieve its pre-defined financial goals and as a-priori structures lose their efficiency. Finance research would benefit greatly by integrating findings from Management research and seeking to more thoroughly address deadlocks, cost-overruns and harmful social-dynamics. Ultimately, this would allow Finance to devise more flexible and responsive structures that could improve the efficiency of PF. Including game-theory and real options perspectives more strongly, would enable Finance researchers to learn more about ex-post dynamics of PF and the pitfalls that have resulted in so many project failures.

In addition, institutional perspectives in Finance research have focused almost exclusively on the legal environment of the host-country of the project. IB and Management research, however, have identified inter-partner differences as important barriers to efficient collaboration. Following the seminal contributions of Esty and Megginson ( 2003 ) and Esty and Megginson ( 2000 ), which focused more on the number of banks in a banking syndicate, research should incorporate distances between banks and ultimately between banks and sponsors, as potential determinants of PF structures. In addition, IB scholarship has made considerable advances in measuring more normative institutions in host countries, which could complement the dominant, formal institutions studied by Finance researchers. Acknowledging inter-partner differences with regard to informal institutions and culture would allow finance researchers to explain arising conflicts in PFs and would ultimately lead to a more nuanced understanding of multi-partner collaboration in uncertain environments.

Given the considerably shorter tradition of PF research, there are numerous possible research avenues for IB and Management research. In the following, I focus my discussions on the three most promising, from my perspective. First, PF provides a practical example of how firms devise strategies to address clearly identifiable sources of risk in international investments. In its analysis, IB research has been very much focused on the much broader concept of uncertainty as a determinant of strategy. Early economic scholarship, however, has been very clear on the difference between unmeasurable uncertainty and measurable (and manageable) risks (Knight 1921 ). IB research would benefit greatly from sharpening its perspective to differentiate between very broad uncertainty and specific sources of risk that are both measureable and manageable (Müllner 2016 ). This would allow IB to depart from very broad uncertainty related mechanisms such as hierarchy, control equity towards more micro, contractual risk management tools, with high practical relevance. Finance research has found early on that “financial arrangements cannot be viewed in isolation from other parts of the nexus of contracts” (Dailami and Hauswald 2007 , p. 275; Fama 1990 ). A similar, more holistic approach, including contractual and socio-economic risk management, should be applied to internationalization strategy, in order to achieve higher validity and practical relevance. Using the example of PF as a practical reference point, IB research could learn how firms orchestrate complementary risk management strategies in a way that allows firms to realize investments without the use of control or hierarchy.

Second and in a similar vein, PF provides evidence that, contrary to most applications of transaction cost theory, firms do not minimize transaction costs. In fact, transaction cost economics has been criticized for low managerial practicability, its static nature and for providing false normative prescriptions (Ghoshal and Moran 1996 ; Rugman and Verbeke 2003 , p. 130). PF illustrates that firms base their strategy on risk-adjusted transaction costs and real options (Brouthers and Hennart 2007 , p. 403; D’Aveni and Ilinitch 1992 , p. 597). Under certain circumstances, as found in large infrastructure investments, risk reduction can be the key driver of strategy, rather than transaction cost efficiency. Since firms differ in the degree to which they can manage a certain sources of risk, cooperating with firms that dispose of superior risk-management capabilities can be economically feasible, despite potentially higher costs. Further research in IB should put more emphasis on important firm-specific advantages in terms of risk management and finance (Rugman 1980 ). Acknowledging these firm-specific advantages would help IB researchers to learn why some investments are made despite high transaction costs and why some companies are more capable of taking on risks from uncertain (risky) environments.

Third and finally, PF clearly illustrates the pivotal role of lenders in financing foreign investments in risky contexts. This is in stark contrast to contemporary IB research, which commonly focuses very strongly on equity side strategies (e.g. joint ventures). The role of the liabilities’ side and the actors that it inevitably connects to the investment is often disregarded (Agmon 2006 ; Krugman 1985 ). PF is practical proof that lenders can serve as political allies and providers expertise. Future IB and Management research needs to address the important role of the liabilities’ side as a strategic complement to equity-based strategies. Additionally, Management research on international investments would benefit from addressing the pivotal role of debt providers in the dynamics of megaprojects’ failures. In his ground-breaking work on finance and governance, Williamson ( 1988 , p. 580) recognized that “ debt is unforgiving if things go poorly. Failure to make scheduled payments thus results in liquidation” and yet, the pivotal role of lenders in the failure of projects has not been sufficiently acknowledged in Management or in IB research. In addressing the role of lenders, research could gain important insights on the boundary conditions of strategy. In the long run, the opportunities and resources that are available companies in the process of internationalization depend not only on their assets, but also on their ability to finance risky investments.

Concluding, it can be summarized that PF offers not only a superior empirical setting for Finance, Management and IB research. It also instigates important theoretical contributions for both disciplines. Interdisciplinary perspectives, in particular, can help to advance our understanding of the financing and management of risky investments. PF involves the most complex and challenging projects of our time, often in high-risk environments. It has repeatedly challenged the frontiers of financing and management practice, and it is time that research makes appropriate use of PF in order to test the boundary conditions of existing theories.

This definition also serves as a basis for environmental and social standards in PF banking, often referred to as the Equator Principles. For empirical research on the effects of the Equator principles on projects and banks I refer to Scholtens ( 2000 ), Haack et al. ( 2012 ) and O’Sullivan and O’Dwyer ( 2015 ).

Statistics can vary to some degree based on source and because some institutions report PF lending only, while others report total PF volume including equity investment.

Alternative spellings such as “project financing” and “mega-project”, “infrastructure finance” and “infrastructure investment” were also included.

An illustrative application in IB is, for example, provided by Naylor et al. ( 2015 ) who show that real options present in PF, or in political risk guarantee can influence investment value and performance.

Asset specificity is defined as: “the degree to which an asset can be redeployed to alternative uses [...] without sacrifice of productive value” (Williamson 1996 , p. 59).

Both reputable mandate arrangers and multinational organizations have shown they have been able to reduce credit spreads on project loans, which is an indication of a risk mitigating effect (Gatti et al. 2013 , p. 32; Sorge 2004 , p. 99).

Agmon T (2006) Bringing financial economics into international business research: taking advantage of a paradigm change. J Int Bus Stud 37:575–577

Article   Google Scholar  

Ahola T, Davies A (2012) Insights for the governance of large projects. Int J Manag Proj Bus 5:661–679

Ahuja G, Polidoro F Jr, Mitchell W (2009) Structural homophily or social asymmetry? The formation of alliances by poorly embedded firms. Strateg Manag J 30:941

Alcacer J, Ingram P (2013) Spanning the institutional abyss: the Intergovernmental network and the governance of foreign direct investment. Am J Sociol 118:1055–1098

Anderson E, Gatignon H (1986) Models of foreign entry: transaction cost analysis and propositions. J Int Bus Stud 17:1–26

Arndt C, Chinowsky P, Strzepek K, Thurlow J (2012) Climate change, growth and infrastructure investment: the case of Mozambique. Rev Dev Econ 16:463–475

Banal-Estañol A, Ottaviani M, Winton A (2013) The flip side of financial synergies: coinsurance versus risk contamination. Rev Financ Stud 26(12):3142–3181

Barney JB (1991) Firm resources and sustained competitive advantage. J Manag 17:99–121

Google Scholar  

Basel Committee on Banking Supervision (2004) International convergence of capital measurement and capital standards—a revised framework, vol June. Bank for International Settlements, Basel

Beidleman CR, Fletcher D, Vesbosky D (1990) On allocating risk—the essence of project finance. Sloan Manag Rev 31:47–55

Bell GR, Filatotchev I, Rasheed A (2012) The liability of foreignness in capital markets: sources and remedies. J Int Bus Stud 43:107–122

Bell RG, Filatotchev I, Rasheed AA (2010) Liability of foreignness: new insights from capital markets—the past, present and future of International Business & Management. Adv Int Manag 23:293–326

Berkovitch E, Kim EH (1990) Financial contracting and leverage induced over- and under-investment incentives. J Financ 45:765–794

Berry H, Guillén MF, Nan Z (2010) An institutional approach to cross-national distance. J Int Bus Stud 41:1460–1480

Blanc-Brude F, Strange R (2007) How banks price loans to public-private partnerships: evidence from the european markets. J Appl Corp Financ 19:94–106

Brealey RA, Cooper IA, Habib MA (1996) Using project finance to fund infrastructure investments. J Appl Corp Financ 9:25–39

Brouthers KD, Brouthers LE, Werner S (2008) Resource-based advantages in an international context. J Manag 34:189–217

Brouthers KD, Hennart J-F (2007) Boundaries of the firm: insights from international entry mode research. J Manag 33:395–425

Byoun S, Kim J, Yoo SS (2013) Risk management with leverage: Evidence from project finance. J Financ Quant Anal 48:549–577

Byoun S, Xu Z (2014) Contracts, governance, and country risk in project finance: theory and evidence. J Corp Financ 26:124–144

Chan CM, Makino S (2007) Legitimacy and multi-level institutional environments: implications for foreign subsidiary ownership structure. J Int Bus Stud 38:621–638

Chemmanur TJ, John K (1996) Optimal incorporation, structure of debt contracts, and limited-recourse project financing. J Financ Intermed 5:372–408

Chen C (2009) Can the pilot BOT Project provide a template for future projects? A case study of the Chengdu No. 6 Water Plant B Project. Int J Proj Manag 27:573–583

Chung CC, Beamish PW (2012) Multi-party international joint ventures: multiple post-formation change processes. J World Bus 47:648–663

Coase R (1998) The new institutional economics. Am Econ Rev 88:72–74

Corielli F, Gatti S, Steffanoni A (2010) Risk shifting through nonfinancial contracts: effects on loan spreads and capital structure of project finance deals. J Money Credit Bank 42:1295–1320

Crook TR, Combs JG, Ketchen DJ, Aguinis H (2013) Organizing around trasaction costs: What we have learned and where do we go from here? Acad Manag Perspect 27:63–79

D’Aveni RA, Ilinitch AY (1992) Complex patterns of vertical integration in the forest products industry: systematic and bancruptcy risk. Acad Manag J 35:596–625

Dailami M, Hauswald R (2007) Credit-spread determinants and interlocking contracts: a study of the Ras Gas project. J Financ Econ 86:248–278

Dailami M, Leipziger D (1997) Infrastructure project finance and capital flows: a new perspective. In: World bank policy research working paper, vol 1861. World Bank, Washington

Das TK, Bing-Sheng T (2000) A resource-based theory of strategic alliances. J Manag 26:31–62

David RJ, Han SK (2004) A systematic assessment of the empirical support for transaction cost economics. Strateg Manag J 25:39–58

Davies A, Gann D, Douglas T (2009) Innovation in megaprojects: systems integration at London heathrow terminal 5. Calif Manag Rev 51:101–125

Davies A, Mackenzie I (2014) Project complexity and systems integration: constructing the London 2012 Olympics and Paralympics Games. Int J Project Manag 32:773–790

DiMaggio PJ, Powell WW (1983) The iron cage revisited: institutional isomorphism and collective rationality in organizational fields. Am Sociol Rev 48:147–160

Djankov S, Glaeser E, La Porta R, Lopez-de-Silanes F, Shleifer A (2003) The new comparative economics. J Comp Econ 31:595

Doh JP, Ramamurti R (2003) Reassessing risk in developing country infrastructure. Long Range Plan 36:337–353

Eisenhardt KM, Schoonhoven CB (1996) Resource-based view of strategic alliance formation: strategic and social effects in entrepreneurial firms. Organ Sci 7:136–150

Emerson RM (1962) Power-dependence relations. Am Sociol Rev 27:31–41

Esty B (2002) Returns on project-financed investments: evolution and managerial implications. J Appl Corp Financ 15:71–86

Esty B, Chavich C, Sesia A (2014) An overview of project finance and infrastructure finance—2014 Update. In: Working paper. Harvard Business School, Boston

Esty BC (1999a) Improved techniques for valuing large-scale projects. J Proj Financ 5:17–26

Esty BC (1999b) Petrozuata: a case study of effective use of project finance. J Appl Corp Financ 12:26–42

Esty BC (2001) Structuring loan syndicates: a case study of the Hong Kong Disneyland project loan. J Appl Corp Financ 14:80–95

Esty BC (2003) The economic motivations for using project finance. In: Working Paper. Harvard Business School, Boston

Esty BC (2004a) Modern project finance: a casebook. Wiley, New York, NY (Wiley internat. ed. ed.)

Esty BC (2004b) Why study large projects? An introduction to research on project finance. Eur Financ Manag 10:213–224

Esty BC, Megginson WL (2000) Syndicate structure as a response to political risk in the project finance loan market. Harvard Business School, Boston

Esty BC, Megginson WL (2003) Creditor rights, enforcement, and debt ownership structure: evidence from the global syndicated loan market. J Financ Quant Anal 38:37–59

Esty BC, Sesia A (2011) An overview of project finance and infrastructure finance—2009 update. In: Working paper. Harvard Business School Publishing, Cambridge

Fama EF (1990) Contract costs and financing decisions. J Bus 63:S71–S91

Farrell M (2003) Principal-agency risk in project finance. Int J Project Manag 21:547–561

Fisman R (2001) Estimating the value of political connections. Am Econ Rev 91:1095

Fisman R, Wang YX (2015) The mortality cost of political connections. Rev Econ Stud 82:1346–1382

Flyvbjerg B (2011) Over budget, over time, over and over again: managing major projects. In: Morris PWG, Pinto JK, Söderlund J (eds) The Oxford handbook of project management. Oxford University Press, Oxford, pp 321–344

Flyvbjerg B (2014a) Megaproject planning and management: essential readings. In: Cheltenham [u.a.], Elgar

Flyvbjerg B (2014b) What you should know about megaprojects and why: an overview. Proj Manag J 45:6–19

Flyvbjerg B (2014c) Megaproject planning and management: essential readings. 1. In: Cheltenham [u.a.], vol 1. Elgar, pp XXXIV, 617 S

Flyvbjerg B (2014d) Megaproject planning and management : essential readings. 2. In: Cheltenham [u.a.], vol 2. Elgar, pp XI, 732 S

Flyvbjerg B, Bruzelius N, Rothengatter W (2003) Megaprojects and risk: an anatomy of ambition. Cambridge University Press, Cambridge (1. publ., repr. ed.)

Book   Google Scholar  

Flyvbjerg B, Garbuio M, Lovallo D (2009) Delusion and deception in large infrastructure projects: two models for explaining and preventing executive disaster. Calif Manag Rev 51:170–193

Gargiulo M (1993) Two-step leverage: managing constraint in organizational politics. Adm Sci Q 38:1–19

Gatti S (2013) Project finance in theory and practice designing, structuring, and financing private and public projects. Academic Press, Waltham (2. ed. ed.)

Gatti S, Kleimeier S, Megginson WL, Steffanoni A (2013) Arranger certification in project finance. Financ Manag 42(1):1–40

Gatti S, Rigamonti A, Saita F, Senati M (2007) Measuring value-at-risk in project finance transactions. Eur Financ Manag 13:135–158

Ghoshal S, Moran P (1996) Bad for practice: a critique of the transaction cost theory. Acad Manag Rev 21:13–47

Gkeredakis E (2014) The constitutive role of conventions in accomplishing coordination: insights from a complex contract award project. Organ Stud 35:1473–1505

Glaeser EL, La Porta R, Lopez-de-Silanes F, Shleifer A (2004) Do institutions cause growth? J Econ Growth 9:271–303

Granovetter M (1985) Economic action and social structure: the problem of embeddedness. Am J Sociol 91:481–510

Gulati R (1995) Social structure and alliance formation patterns: a longitudinal analysis. Adm Sci Q 40:619–652

Haack P, Schoeneborn D, Wickert C (2012) Talking the talk, moral entrapment, creeping commitment? Exploring narrative dynamics in corporate responsibility standardization. Organ Stud 33:815–845

Hainz C, Kleimeier S (2006) Project finance as a risk-management tool in international syndicated lending. In: Discussion paper on governance and the efficiency of economic systems. CESifo (Center for Economic Studies and Ifo Institute for Economic Research), Munich

Hainz C, Kleimeier S (2012) Political risk, project finance, and the participation of development banks in syndicated lending. J Financ Intermed 21:287–314

Han TJS (2003) Infrastructure investment as a real options game: the case of European airport expansion. Financ Manag 32:27–57

Hart O (2001) Financial contracting. In: National Bureau of Economic Research

Heidl RA, Steensma HK, Phelps C (2014) Divisive faultlines and the unplanned dissolutions of multipartner alliances. Organ Sci 25:1351–1371

Henisz WJ (2002) The institutional environment for infrastructure investment. Ind Corp Change 11:355–389

Henisz WJ (2014) Corporate diplomacy: building reputations and relationships with external stakeholders. Greenleaf Publishing, Sheffield

Henisz WJ, Dorobantu S, Nartey LJ (2014) Spinning gold: the financial returns to stakeholder engagement. Strateg Manag J 35:1727–1748

Hennart J-F (1982) A theory of multinational enterprise. University of Michigan Press, Ann Arbor

Hennart J-F (2010) Transaction cost theory and international business. J Retail 86:257–269

Inoue CFKV, Lazzarini SG, Musacchio A (2013) Leviathan as a minority shareholder: firm-level implications of state equity purchases. Acad Manag J 56:1775–1801

James BE, Vaaler PM (2013) Minority rules: state ownership and foreign direct investment risk mitigation strategy In: Columbia FDI perspectives. Vale Columbia Center on Sustainable International Investment, New York

Jenkins B (1986) Reexamining the obsolescing bargain—a study of Canada national energy program. Int Org 40:139–165

Jensen MC (1986) Agency costs of free cash flow, corporate finance, and takeovers. Am Econ Rev 76:323–329

Jensen MC, Meckling WH (1976) Theory of the firm: managerial behavior, agency costs and ownership structure. J Financ Econ 3:305–360

John TA, John K (1991) Optimality of project financing: theory and empirical implications in finance and accounting. Rev Quant Financ Account 1:51–74

Kaplan SN, Strömberg P (2003) Financial contracting theory meets the real world: an empirical analysis of venture capital contracts. Rev Econ Stud 70:281–315

Kardes I, Ozturk A, Cavusgil ST, Cavusgil E (2013) Managing global megaprojects: complexity and risk management. Int Bus Rev 22:905–917

Kensinger J (1999) International investment–value creation and appraisal: a real options approach. J Financ 54:2387–2389

Kensinger JW, Martin JD (1988) Project finance: raising money the old-fashioned way. J Appl Corp Financ 1:69–81

Kleimeier S, Megginson WL (2000) Are project finance loans different from other syndicated credits? J Appl Corp Financ 13:75–87

Kleimeier S, Versteeg R (2010) Project finance as a driver of economic growth in low-income countries. Rev Financ Econ 19:49–59

Knight F (1921) Risk, uncertainty and profit. Houghton Mifflin Company, Chicago

Kogut B, Kulatilaka N (1994) Operating flexibility, global manufacturing, and the option value of a multinational network. Manag Sci 40:123–139

Koka BR, Prescott JE (2002) Strategic alliances as social capital: a multidimensional view. Strateg Manag J 23:795–816

Kostova T (1999) Transnational transfer of strategic organizational practices: a contextual perspective. Acad Manag Rev 24:308–324

Kostova T, Roth K, Dacin MT (2008) Institutional theory in the study of multinational corporations: a critique and new directions. Acad Manag Rev 33:994–1006

Kostova T, Roth K, Dacin MT (2009) Theorizing on MNCs: a promise for institutional theory. In: Academy of management, vol 34, pp 171–173

Kostova T, Zaheer S (1999) Organizational legitimacy under conditions of complexity: the case of the multinational enterprise. Acad Manag Rev 24:64–81

Kraus A, Litzenberger RH (1973) A state-preference model of optimal financial leverage. J Financ 28:911–922

Krugman P (1985) International debt strategies in an uncertain world. In: Smith GW, Cuddington JD (eds) International debt and the developing countries—a world bank symposium. Washington, pp 79–100

La Cour LF, Müller J (2014) Growth and project finance in the least developed countries. Int J Econ Sci Appl Res 7:77–103

La Porta R, Lopez-de-Silanes F, Shleifer A (1999) Corporate ownership around the world. J Financ 54:471

La Porta R, Lopez-de-Silanes F, Shleifer A, Vishny R (2000) Investor protection and corporate governance. J Financ Econ 58:3–27

La Porta R, Lopez-de-Silanes F, Shleifer A, Vishny RW (1998) Law and finance. J Polit Econ 106:1113–1155

Lavie D, Rosenkopf L (2006) Balancing exploration and exploitation in alliance formation. Acad Manag J 49:797–818

Leland HE (2007) Financial synergies and the optimal scope of the firm: implications for mergers, spinoffs, and structured finance. J Financ 62:765–807

Lenz L, Munyehirwe A, Peters J, Sievert M (2017) Does large-scale infrastructure investment alleviate poverty? Impacts of Rwanda’s electricity access roll-out program. World Dev 89:88–110

Lerner J, Sorensen M, Strömberg P (2008) Private equity and long-run investment: the case of innovation. World Econ Forum Glob Altern Invest 1:27–42

Li J, Rugman AM (2007) Real options and the theory of foreign direct investment. Int Bus Rev 16:687–712

Lyles MA, Steensma HK (1996) Competing for large-scale infrastructure projects in the emerging Asian markets: factors of success. Columbia J World Bus 31:64–75

Marquis C (2003) The pressure of the past: network imprinting in intercorporate communities. Adm Sci Q 48:655–689

Marquis C, Raynard M (2015) Institutional strategies in emerging markets. Acad Manag Ann 9:291–335

Marquis C, Tilcsik A (2013) Imprinting: toward a multilevel theory. Acad Manag Ann 7:195–245

Meyer KF, Estrin S, Bhaumik SK, Peng MW (2009) Institutions, resources, and entry strategies in emerging economies. Strateg Manag J 30:61

Miller R, Lessard DR (2001) Understanding and managing risks in large engineering projects. Int J Proj Manag 19:437–443

Modigliani F, Miller MH (1958) The cost of capital, corporation finance and the theory of investment. Am Econ Rev 48:261–298

Mohr A, Wang C, Goerzen A (2016) The impact of partner diversity within multiparty international joint ventures. Int Bus Rev 25:883–894

Moody’s (2015) Default and recovery rates for project finance bank loans, 1983–2014. In: Default reports. Moody’s Investor Service, New York

Müllner J (2016) From uncertainty to risk—a risk management framework for market entry. J World Bus 51:800–814

Myers SC (1984) The capital structure puzzle. J Financ 39:575–592

Naylor MJ, Chen J, Boardman J (2015) Real options in foreign investment: a South American case study. J Appl Corp Financ 27:110–120

Nell PC, Puck J, Heidenreich S (2015) Strictly limited choice or agency? Institutional duality, legitimacy, and subsidiaries’ political strategies. J World Bus 50:302–311

Nevitt PK, Fabozzi FJ (2000) Project financing, 7th edn. Euromoney Books, London

North DC (1981) Structure and change in economic history. Norton

North DC (1995) The new institutional economics and third world development. In: The new institutional economics and third world development, vol 21. Routledge, London and New York

O’Sullivan N, O’Dwyer B (2015) The structuration of issue-based fields: social accountability, social movements and the equator principles issue-based field. Account Organ Soc 43:33–55

Poppo L, Zenger T (2002) Do formal contracts and relational governance function as substitutes or complements? Strateg Manag J 23:707–725

Project Finance International (2016) League tables. http://www.pfie.com/Journals/2016/01/26/c/b/y/PFI-Financial-League-Tables-2015.pdf

Ramamurti R (2001) The obsolescing ’bargaining model’? MNC-host developing country relations revisited. J Int Bus Stud 32:23–39

Ramamurti R, Doh JP (2004) Rethinking foreign infrastructure investment in developing countries. J World Bus 39:151–167

Rangan S, Sengul M (2009) The influence of macro structure on the foreign market performance of transnational firms: the value of IGO connections, export dependence, and immigration links. Adm Sci Q 54:229–267

Reuters (2015) Berlin’s new airport keeps 2017 target despite delays. In: Reuters Newswire 15.10.2015. Lex Fenwick, New York

Rugman AM (1980) Internalization theory and corporate international finance. Calif Manag Rev 23:73–79

Rugman AM (1981) Inside the multinationals the economics of internal markets. Columbia University Press, New York

Rugman AM, Verbeke A (2003) Extending the theory of the multinational enterprise: internalization and strategic management perspectives. J Int Bus Stud 34:125–137

Salomon R, Wu Z (2012) Institutional distance and local isomorphism strategy. J Int Bus Stud 43:343–367

Sawant RJ (2010) The economics of large-scale infrastructure FDI: the case of project finance. J Int Bus Stud 41:1036–1055

Sawant RJ (2012) Asset specificity and corporate political activity in regulated industries. Acad Manag Rev 37:194–210

Scholtens B (2000) Financial regulation and financial system architecture in Central Europe. J Bank Financ 24:525–553

Scott RW, Levitt RE, Orr RJ (2011) Global projects–institutions and political challenges. Cambridge University Press, Cambridge

Scott WR (1995) Institutions and organizations. Sage, Thousand Oaks

Shah S, Thakor AV (1987) Optimal capital structure and project financing. J Econ Theory 42:209–243

Siegel J (2007) Contingent political capital and international alliances: evidence from South Korea. Adm Sci Q 52:621–666

Smit HTJ (2003) Infrastructure investment as a real options game: the case of european airport expansion. Financ Manag 32:27–57

Sorge M (2004) The nature of credit risk in project finance. In: BIS quarterly review, vol December. Bank of international Settlements, Basel, pp 91–110

Sorge M, Gadanecz B (2008) The term structure of credit spreads in project finance. Int J Financ Econ 13:68–81

Subramanian KV, Tung F (2016) Law and project finance. J FinancI Intermed 25:154–177

Teece DJ (1977) Technology transfer by multinational firms: the resource cost of transferring technological know-how. Econ J 87:242–261

Teece DJ (1986) Transactions cost economics and the multinational enterprise: an assessment. J Econ Behav Organ 7:21–45

Vaaler PM, James BE, Aguilera RV (2008) Risk and capital structure in Asian project finance. Asia Pac J Manag 25:25–50

Vachani S (1995) Enhancing the obsolescing bargain theory: a longitudinal study of foreign ownership of U.S. and European multinationals. J Int Bus Stud 26:159–180

van Marrewijk A (2007) Managing project culture: the case of Environ Megaproject. Int J Project Manag 25:290–299

van Marrewijk A, Clegg SR, Pitsis TS, Veenswijk M (2008) Managing public–private megaprojects: paradoxes, complexity, and project design. Int J Project Manag 26:591–600

Varinder MS, Erramilli MK (2004) Resource-based explaination of entry mode choice. J Mark Theory Pract 12:1–19

Vernon R (1971) Sovereignty at bay the multinational spread of U.S. enterprises. Longman, London

Wells LT, Gleason ES (1995) Is foreign infrastructure investment still risky? Harvard Bus Rev 73:44–55

West J (2015) Capital valuation and sustainability: a data programming approach. Rev Quant Financ Account 45:591–608

Williamson OE (1976) The economics of internal organization: exit and voice in relation to markets and hierarchies. Am Econ Rev 66:278–369

Williamson OE (1979) Transaction-cost economics: the governance of contractual relations. J Law Econ 22:233–263

Williamson OE (1988) Corporate finance and corporate governance. J Financ 43:567–591

Williamson OE (1996) The mechanisms of governance. Oxford University Press, New York

Woodhouse EJ (2006) The obsolescing bargain redux-foreign investment in the electric power sector in developing countries. NY Univ J Int Law Politics 38:121–221

Wynant L (1980) Essential elements of project financing. Harvard Bus Rev 58:165–173

Yescombe ER (2014) Principles of project finance, 2nd edn. Academic Press, New York

Zaheer S (1995) Overcoming the liability of foreignness. Acad Manag J 38:341–364

Zaheer S (2002) The liability of foreignness, redux: a commentary. J Int Manag 8:351–358

Download references

Acknowledgements

Open access funding provided by Vienna University of Economics and Business (WU).

Author information

Authors and affiliations.

Department of Global Business and Trade, Institute for Export Management, Vienna University of Economics and Business (WU Vienna), Vienna, Austria

Jakob Müllner

You can also search for this author in PubMed   Google Scholar

Corresponding author

Correspondence to Jakob Müllner .

Rights and permissions

Open Access This article is distributed under the terms of the Creative Commons Attribution 4.0 International License ( http://creativecommons.org/licenses/by/4.0 /), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.

Reprints and permissions

About this article

Müllner, J. International project finance: review and implications for international finance and international business. Manag Rev Q 67 , 97–133 (2017). https://doi.org/10.1007/s11301-017-0125-3

Download citation

Received : 24 January 2017

Accepted : 09 March 2017

Published : 22 March 2017

Issue Date : April 2017

DOI : https://doi.org/10.1007/s11301-017-0125-3

Share this article

Anyone you share the following link with will be able to read this content:

Sorry, a shareable link is not currently available for this article.

Provided by the Springer Nature SharedIt content-sharing initiative

• Project finance
• Megaprojects
• Capital structure
• Foreign direct investment
• Risk management
• Literature review

JEL Classsification

• Find a journal
• Publish with us
• Track your research

• How it works

Useful Links

How much will your dissertation cost?

Have an expert academic write your dissertation paper!

Dissertation Services

Get unlimited topic ideas and a dissertation plan for just £45.00

Order topics and plan

Get 1 free topic in your area of study with aim and justification

Yes I want the free topic

Business Management Dissertation Topics

Published by Owen Ingram at January 4th, 2023 , Revised On July 18, 2024

A degree in business administration is intended for those wishing to start their own business or expand an existing one. When you choose business management as your field of study, you are not a typical student because you want to learn about all possible aspects of managing a business.

However, if you are struggling to develop a trending and meaningful business management dissertation topic and need a helping hand, there’s no need to worry! Our unique business management dissertation topic ideas have been developed specifically to ensure you have the best idea to investigate as part of your project.

You may want to read about our business writers to see how we can help ease your workload. Check our  free example dissertations and free business and business management dissertation examples to get an idea of how to structure your dissertation.

• International Development Dissertation Topics
• Cooperate Governance Dissertation Topics
• Business Intelligence Dissertation Topics
• Business Information Technology Dissertation Topics
• International Business Dissertation Topics
• Business Psychology Dissertation Topics
• Business Law Dissertation Topics
• Project Management Dissertation Topics
• Business Dissertation Topics
• HRM Dissertation Topics
• Management Dissertation Topics
• Operations Management Dissertation Topics

Unique Business Management Dissertation Topics

• Coordinating communications and teamwork among remote workers
• How business attract their customers
• Artificial intelligence investment and its effect on customer satisfaction
• Impact of globalisation on corporate management
• Customer viewpoint on how they use their data when using mobile banking
• Investigating the procedure for business model innovation
• Evaluation of dynamic capability modelling
• An investigation of managerial strategies in the hospitality sector
• Important project management abilities required to implement a significant change in an organisation’s workplace culture
• Voice and silence’s effects on destructive leadership
• Influence of store atmosphere on customers’ spontaneous buying habits
• Evaluating the effect of forwarding integration on operational efficiency
• The contribution of employee training and development to surviving the economic crisis
• Comparative comparison of the biggest consumer trends in the United States and the United Kingdom in the automotive industry
• A case study demonstrating how cutting-edge businesses like Microsoft and Google acquire a competitive edge through efficient technology management in developing nations
• To demonstrate the necessity of economic and social variables for developing a viable chemical engineering industry in the UK.
• Assessing the full impact of technological advances on business management techniques in America.
• A case study showed how top companies such as Microsoft and Google gain a competitive advantage through effective technology management in developing countries.
• Illumination of the challenges facing American companies in terms of sustainability and ethical corporate governance
• Assessing the significance and value of eBay’s and Craigslist’s e-commerce industry assumptions, alliances and strategic partnership
• demonstrating the need for social and economic variables in the development of a viable chemical engineering industry in the UK.
• Study of SONY and Microsoft’s employee retention rates while contrasting their approaches to business management
• Psychosocial risks’ effects on workplace risk control
• Leadership’s function in a company’s transformative shift
• Individual performance factors in SMEs
• Business tactics to draw in foreign capital
• Enterprise social networking platforms’ effects on knowledge management and organisational learning
• How do internal marketing and employee empowerment affect organisational productivity?
• Improving the sustainability of American business operations worldwide by developing a closed supply chain.
• How do different approaches to leadership affect employee relations improvement and solving conflicts in the workplace?
• What strategies help entrepreneurs bounce back from failure effectively?
• How can technology help distant teams connect and work together more effectively?
• How does globalisation affect the practices and strategies of enterprise control?
• How does gender equality influence business management?
• What role does powerful communication play in accomplishing success in control practices?
• What is the impact of alternate control on the sustainability of corporations?
• What is the effect of change control on the sustainability of companies?
• What role does forensic accounting serve in law enforcement investigations?
• What impact do enterprise rankings have on worldwide change?

How Can ResearchProspect Help?

ResearchProspect writers can send several custom topic ideas to your email address. Once you have chosen a topic that suits your needs and interests, you can order for our dissertation outline service which will include a brief introduction to the topic, research questions , literature review , methodology , expected results , and conclusion . The dissertation outline will enable you to review the quality of our work before placing the order for our full dissertation writing service!

Choosing a business management dissertation topic can be extremely stressful for anyone. You can research your topics online and find topics on any subject, for example,  nursing dissertation topics or even those related to business, such as marketing dissertation topics.

You must consider several factors when choosing your business management dissertation topics, such as your lecturers’ or supervisor’s specifications and guidelines. Those who break the rules will have their dissertations rejected, so it is important to follow them.

To ensure that your dissertation captures the reader’s attention, choose a dissertation topic that is currently popular. Once you have selected a topic, you can take help from proposal writing services before you start working on the actual thesis paper.

Free Dissertation Topic

Phone Number

Academic Level Select Academic Level Undergraduate Graduate PHD

Academic Subject

Area of Research

Frequently Asked Questions

How to find business management dissertation topics.

To discover business management dissertation topics:

• Research recent industry challenges.
• Analyse emerging trends.
• Examine managerial theories.
• Consider global perspectives.
• Interview professionals.
• Select a topic aligning with your career aspirations.

You May Also Like

Here is a list of Research Topics on Philosophy to help you get started with the process of findings related dissertation idea of philosophy.

Your dissertation may seem daunting if you do not pace yourself. Getting started on it as soon as possible is the best thing you can do. Research and writing will take more time if your paper is better. Your corporate governance dissertation is giving you trouble if you picked the wrong topic.

Feminist dissertation topics focus on the people who believe that women should have equal chances and rights as men. Feminism is a historical, social, and political movement founded by women to achieve gender equality and remove injustice.

USEFUL LINKS

LEARNING RESOURCES

COMPANY DETAILS

• How It Works

Home » Blog » Dissertation » Topics » Business » International Business » International Business Dissertation Topics (28 Examples) For Research

International Business Dissertation Topics (28 Examples) For Research

Mark May 31, 2020 Jun 5, 2020 Business , International Business No Comments

With time, the business world has evolved, and globalisation has contributed to bringing revolutionary changes in the field of business. With the increasing internationalisation, the scope and area for research in the field of international business have increased. We have listed down some very interesting and unique international business dissertation topics to help you in […]

With time, the business world has evolved, and globalisation has contributed to bringing revolutionary changes in the field of business. With the increasing internationalisation, the scope and area for research in the field of international business have increased.

We have listed down some very interesting and unique international business dissertation topics to help you in choosing a workable topic. The following list of research topics on international business are developed to help students in finding the best topic for their research project.

You can also check our other business related topics posts to have further options.

• Business Management Research Topics
• Research Topics on Business
• Business Administration Research Topics

List of International business dissertation topics

An analysis of global migrants studying the implications for international business and management.

An overview of the recent trends and future challenges in international business, cities, and competitiveness.

Exploring the international business in the information and digital age.

A systematic review of the issues of international entrepreneurship.

Exploring the competitive advantage strategies based on network analysis.

Studying the internationalisation of African firms based on opportunities, challenges and risks.

An investigation of the changing retail trends: emerging opportunities and challenges in Asian countries.

A review of protectionism, state discrimination, and international studies onset of the global financial crisis.

Examining the evolution of entrepreneurial finance in the last 10 years.

A study of the emergence of impacts of mobile commerce – an exploratory study.

Evaluation of the emergence and evolution of blue ocean strategy through the lens of management fashion theory.

Studying the impact of organisational performance on the emergence of Asian American leaders.

The importance of designing a closed-loop supply chain for improving the sustainability of global business practices.

A literature review of strategies for winning and competing in the global market.

Exploring the concepts of populism and the economics of globalisation.

An analysis of how effective leadership can contribute to facilitating change in the international business context.

Studying the influence of cross-cultural differences on international marketing.

Analysing the implications of domestic reforms and international relations on international businesses.

A review of the effects of globalisation on Asian international retailing taking the case of IKEA.

An analysis of technology trends and their impact on the internationalisation of businesses.

A study of emerging trends in global business and its implications for economies.

Identifying the five major trends that are dramatically changing work and the workplace in this era.

The emergence of corporate social responsibilities and its importance for international businesses.

An analysis of the trade challenges at the world trade organisations .

Analysing the strategic challenges of outsourcing innovation in the global market.

Studying the evolving global strategic trends.

Exploring the policy challenges from closer international trade and financial integration.

Why do businesses internationalise? – a review of factor influencing the decisions to internationalise.

Topic With Mini-Proposal (Paid Service)

Along with a topic, you will also get;

• An explanation why we choose this topic.
• 2-3 research questions.
• Key literature resources identification.
• Suitable methodology with identification of raw sample size, and data collection method
• View a sample of topic consultation service

Get expert dissertation writing help to achieve good grades

• Writer consultation before payment to ensure your work is in safe hands.
• Free topic if you don't have one
• Draft submissions to check the quality of the work as per supervisor's feedback
• Free revisions
• Complete privacy
• Plagiarism Free work
• Guaranteed 2:1 (With help of your supervisor's feedback)
• 2 Instalments plan
• Special discounts

Other Posts

• Business Management Dissertation Topics (34 Examples) For Research May 31, 2020 -->
• Business Administration Dissertation Topics (29 Examples) For Research May 28, 2020 -->
• Business Dissertation Topics (28 Examples) For Your MBA Research December 19, 2019 -->

Message Us On WhatsApp

We use cookies to ensure that we give you the best experience on our website. You can change your cookies in your browser at any time.

• Skip to content
• Skip to menu

• Find a course

2024/25 entry

MSc Supply Chain, Logistics and Management

Tuition fees.

Send a message >

Entry requirements

Why study Supply Chain, Logistics and Management at Liverpool John Moores University? Analyse the complex principles and practices of supply chain planning, marketing and operations and the processes which optimise, influence and maintain competitive advantage Critically engage with procurement strategies and operational processes taking into account performance, risk, and financial and legal aspects Interpret and apply a diverse range of analytical techniques including data, technology and innovation to solve complex business problems Reflect upon the role of sustainability and ethics within supply chain and logistics - considering economic, environmental and social factors on planning and decision making Understand and exploit the links between academic research typologies and their relevance in creating business intelligence Independently research current challenges within the supply chain and logistics sector and communicate recommendations for future solutions.

About this course

LJMU's Supply Chain, Logistics and Management programme is delivered by specialist academics with expert knowledge about the strategic and operational issues relating to supply chain and logistics management

Gain the knowledge and understanding of the key business concepts and models underpinning current organisational structures, management decision-making and the drivers of innovation in an international context.

You will investigate a business or management problem/issue that requires independent research and the synthesis of acquired knowledge and data to address the problem. Transferable skills will be generally incorporated within modules and related to relevant assessments as appropriate.

In today's interconnected world, the efficient movement of goods and services across borders is the lifeblood of global commerce. The MSc Supply Chain Logistics and Management equips professionals with the knowledge and skills to navigate the complex challenges of international trade, distribution, and supply chain optimisation.

The MSc Supply Chain Logistics and Management at Liverpool Business School is a comprehensive programme designed to equip students with strategic and operational skills essential for a successful career in the global supply chain and logistics sector. The course offers two routes: a one-year full-time MSc and a two-year full-time MSc with Advanced Practice.

This programme addresses a critical need in modern business. As companies increasingly rely on global networks to source materials, manufacture products, and reach customers, the demand for supply chain experts continues to grow. From e-commerce giants to multinational manufacturers, organisations in every sector seek professionals who can design resilient supply chains, leverage emerging technologies, and drive operational excellence.

Our MSc programme goes beyond traditional logistics, exploring how supply chain management intersects with sustainability, geopolitics, and digital transformation. Students gain a holistic understanding of how supply chains impact business strategy, customer satisfaction, and competitive advantage in a rapidly evolving global marketplace.

The programme is delivered through a blend of face-to-face sessions and online learning, ensuring flexibility and accessibility for a diverse student body.

Take a tour of Liverpool Business School with Cameron and Teegan

Fees and funding, there are many ways to fund postgraduate study for home and international students.

The fees quoted at the top of this page cover registration, tuition, supervision, assessment and examinations as well as:

• library membership with access to printed, multimedia and digital resources
• access to programme-appropriate software
• library and student IT support
• free on-campus wifi via eduroam

Additional costs

Although not all of the following are compulsory/relevant, you should keep in mind the costs of:

• accommodation and living expenditure
• books (should you wish to have your own copies)
• printing, photocopying and stationery
• PC/laptop (should you prefer to purchase your own for independent study and online learning activities)
• mobile phone/tablet (to access online services)
• field trips (travel and activity costs)
• placements (travel expenses and living costs)
• student visas (international students only)
• study abroad opportunities (travel costs, accommodation, visas and immunisations)
• academic conferences (travel costs)
• professional-body membership
• graduation (gown hire etc)

There are many ways to fund postgraduate study for home and international students. From loans to International Scholarships and subject-specific funding, you’ll find all of the information you need on our specialist postgraduate funding pages .

Please be aware that the UK’s departure from the EU may affect your tuition fees. Learn more about your fee status and which tuition fees are relevant to you.

Employability

Further your career prospects.

LJMU has an excellent employability record with 96% (HESA 2018) of our postgraduates in work or further study six months after graduation. Our applied learning techniques and strong industry connections ensure our students are fully prepared for the workplace on graduation and understand how to apply their knowledge in a real world context.

By developing your key management skills and giving you valuable insights into contemporary international business topics, this master's will help you prepare for the workplace and a successful career in strategic management across a broad range of sectors and organisations around the world. Our master's students are also invited to take part in our micro-internship scheme. The micro-internship experience is offered by Liverpool Business School and are one-day, in-person, team-based work experiences situated within local businesses or charities that are developed in collaboration with our own Liverpool Business Clinic.

The student experience

Discover life as a postgraduate student at ljmu..

News and views

Browse through the latest stories and updates from the university and beyond.

International Graduations: YPC Malaysia

The Conversation: Could forcing workers back to the office backfire?

PR ‘President’ gives back to students on his old course

Launch of Liverpool Centre for Olympic Research on Inclusion

Course modules, discover the building blocks of your programme.

Your programme is made up of a number of core modules which are part of the course framework. Some programmes also have optional modules that can be selected to enhance your learning in certain areas and many feature a dissertation, extended report or research project to demonstrate your advanced learning.

Core modules

People, strategy and leadership 20 credits.

The module is designed to equip students with the core concepts, frameworks, and techniques of strategic management, leadership and people which are necessary to navigate and improve the complex and dynamic landscape of the supply chain and logistics sector.

Building upon foundational business concepts to achieve sustainable competitive advantage, the module aims to delve into the reasons behind people and strategic planning, analysis, and formulation to empower learners to become ethical leaders - capable of driving sustainable organisational success.

It provides students with tools to understand and manage the strategic planning process including negotiating and managing relationships with stakeholders and leading people.  It enlightens learners with the fundamentals of planning, leading, and, managing people and resources at a strategic level, granting them broader insights into strategy formulations and implementations.

Introduction to Operations and Optimisation 10 credits

The module will provide the students with an in-depth understanding of topics such as: the strategic importance of operations; planning and controlling the use of resources; modelling and optimization of supply networks. This module will delve deeper into the quantitative tools available to managers for getting the most from their operations system. 

Principles of Supply Chain Management 20 credits

To provide students with a thorough understanding of modern supply chain management with a focus on gaining and maintaining competitive advantage through the supply chain. On completion of this module students will be able to differentiate between different supply chain approaches in a wide range of contexts, assess supply chain performance, plan improvements, and assess risks.

Procurement in a Global Context 10 credits

This module aims to provide students with an understanding of procurement management within the context of global supply chains. It will cover essential concepts, strategies, and best practices in procurement, enabling students to develop the skills necessary for effective procurement decision-making in a dynamic and interconnected global business environment.

Data Analytics for Decision Making 20 credits

The aim of the module is to equip the students with the knowledge and skills to proficiently apply data analytics techniques in order to support informed decision-making within the context of supply chain and logistics.

This module aims to empower students with the ability to differentiate, critically analyse, and proficiently apply a diverse range of data analytics techniques to solve complex business problems. Through hands-on experience and practical exercises, students will develop the skills necessary to assess the reliability and relevance of data sources, evaluate the effectiveness of various analytics models, and make informed choices during the decision-making process.

Sustainability and Ethics in the Global Supply Chain 10 credits

To understand how supply chain strategic objectives can be achieved through and impacted upon, economic, regulatory, environmental and social aspects in the decision-making process.

Students will consider strategic future challenges in supply chain, procurement and logistics in order to be agile and manage challenges within this field. Students will also critically reflect upon leadership and management of ethical and sustainable practices, standards and regulations that impact on the supply chain and logistics sector.

Lean Operations 10 credits

This module develops your understanding regarding the application of methodologies within business quality management. You will be introduced to the concepts of Six Sigma and Lean and their associated tools and techniques as means to improve process performance.

Global Logistics and Transportation 10 credits

This module focuses on advanced concepts and current challenges in the fields of Logistics and Transportation, which are significant for impacting global business. Key topics include current and future challenges highlighting the importance of skilled and strategic decision-making in the logistics and transportation sectors.

The module aims to develop, implement, and manage effective and sustainable business solutions in any situation.

Supply Chain Planning and Problem Solving 10 credits

The aim of this module is to explore the nature of decisions in the planning phase of supply chain management and equip students with analytical tools and techniques to analyse and solve problems associated with those decisions.

Optional Modules

Supply chain and logistics research project 60 credits.

The project is the final stage of the Master's programme in supply chain and logistics. Building on analytical and reflective skills developed in the core modules, this module requires students to identify and undertake research work appropriate to master's level study in the field of supply chain and logistics. With academic supervision, the student works towards the compilation of a dissertation. Tutorial hours are allocated with their supervisor on a regular basis, through email, telephone and/or video-call.

Working in conjunction with the supervising tutor, the learner will identify the precise area to be researched. Learners will develop and apply critical researcher skills, both with regard to methodological justification and subject specific issues. This module will help them to prepare a research project that applies supply chain and/or logistics concepts and techniques to a significant organisational and/or sectoral issue or problem.

Learners will be expected to work independently to identify and manage their own project to completion, reflecting on their learner journey in this final capstone project. Learners in relevant employment will have the opportunity to use their own workplace as a source for the potential project focus.

Consultancy Business Project 60 credits

Undertaken primarily as an independent self-managed module of study, supported by an academic supervisor with additional guidance provided through the dedicated Canvas site.

An insight into teaching on your course

Study hours

Full-time students can expect contact hours for lectures, seminars and workshops of approximately 10-12 hours per week in each of the two taught semesters, usually scheduled over three days and between the hours of 9am and 6pm.

In the third or independent study semester you will be guided by a supervisor. The programme is completed in 12 months

Teaching methods:

Teaching is based on a combination of structured tuition and student-centred learning and will include lectures, tutorials, practicals, workshops, assignments, video, group work discussion, 'real world' business case studies and active business simulations.

Intellectual skills will be developed through case study or 'real world' project work, tutorial work, coursework assignments and directed reading, enabling linking of theory to practical examples.

The analytical nature of the programme, particularly at the capstone project stage, will require students to investigate organisational and sectoral issues and seek workable recommendations through a theoretical framework.

Learners will be provided with support during induction and throughout the programme in the development of key skills which will culminate in the production of a Personal Development Portfolio and the capstone project. The nature of sessions are devised to create an interactive experience, with group activities playing a large part in the delivery.

Students will be expected to undertake work in their own time and, given the applied approach to assessment this will demand a degree of self management.

Key skills will be developed throughout the programme commencing at the induction. Transferable skills will be important in providing students with the increased confidence and ability to address business problems. The final outcome of transferable skills will be the production of a Personal Development Portfolio and the capstone project including reflections on own learning.

How learning is monitored on your programme

To cater for the wide-ranging content of our courses and the varied learning preferences of our students, we offer a range of assessment methods on each programme.

A variety of assessment methods will be deployed throughout the programme, including problem-solving exercises, practice-based projects, case studies, research-based projects, literature reviews, group presentations, group and individual reports, reflective reviews, class tests. Formative feedback is provided in all modules.

The blending of group and individual assessment formats will help to develop collaborative awareness and team perspectives in addition to individual reflection. Learners will produce coursework that predominantly relates to case study scenarios, thereby linking theory to practice.

Where learners have employment within the supply chain and logistics sector, they will have the opportunity to use their workplace as a source of learning and case study.

Course tutors

Our staff are committed to the highest standards of teaching and learning.

Sandra Hopkins

Programme leader, you will need:, qualification requirements, undergraduate degree.

A minimum 2:2 Hons degree

A relevant professional or technical qualification or award equivalent to the above.

International requirements

IELTS 6.0 (minimum of 5.5 in each component)

Further information

• Extra Requirements

We recognise relevant prior learning (certificated and experiential) along with relevant professional experience for entry on to this programme. This is considered on an individual basis.

Application and selection

Securing your place at ljmu.

To apply for this programme, you are required to complete an LJMU online application form. You will need to provide details of previous qualifications and a personal statement outlining why you wish to study this programme.

Please ensure that you take time over your application and provide us with a clearly written form; statement of purpose; copies of qualifications and marks; English language certificates (where required); and references.

The University reserves the right to withdraw or make alterations to a course and facilities if necessary; this may be because such changes are deemed to be beneficial to students, are minor in nature and unlikely to impact negatively upon students or become necessary due to circumstances beyond the control of the University. Where this does happen, the University operates a policy of consultation, advice and support to all enrolled students affected by the proposed change to their course or module.

Further information on the terms and conditions of any offer made, our admissions policy and the complaints and appeals process.

Cookie settings

Essential cookies cannot be turned off as they are key in helping you to navigate through our website and use its features.

These cookies collect information about your browsing habits in order to make advertising more relevant to you and your interests, and measure the effectiveness of advertising campaigns.

These cookies capture anonymous data that helps us to understand how people are using our site, so that we can continually improve it.

These cookies allow the website to remember the choices you make and provide enhanced, more personal features.

Learn more about our cookies

• Skip to main content
• Skip to search
• Skip to footer

Products and Services

Cisco Secure Firewall

Do you have a firewall fit for today's challenges.

Does it harmonize your network, workload, and application security? Does it protect apps and employees in your hybrid or multicloud environment? Make sure you're covered.

Anticipate, act, and simplify with Secure Firewall

Cisco AI Assistant for Security demo

With workers, data, and offices located across the country and around the world, your firewall must be ready for anything. Secure Firewall helps you plan, prioritize, close gaps, and recover from disaster—stronger.

Lean on AI that simplifies policy management

Streamlining workflows. Finding misconfigurations. Auto-generating rules. With thousands of policies to manage and threats pouring in, Cisco AI Assistant saves time by simplifying how you manage firewall policy.

Achieve superior visibility

Regain visibility and control of your encrypted traffic and application environments. See more and detect more with Cisco Talos, while leveraging billions of signals across your infrastructure with security resilience.

Drive efficiency at scale

Secure Firewall supports advanced clustering, high availability, and multi-instance capabilities, enabling you to bring scalability, reliability, and productivity across your teams and hybrid network environments.

Make zero trust practical

Secure Firewall makes a zero-trust posture achievable and cost-effective with network, microsegmentation, and app security integrations. Automate access and anticipate what comes next.

Find the ideal firewall for your business

1000 Series

Best for smaller businesses and branch offices.

1200 Series

Advanced security for distributed enterprise branches in a compact, high-performing form factor.

3100 Series

Enhanced for medium-sized enterprises, with the flexibility to grow in the future.

4200 Series

Experience faster threat detection with greater visibility and the agility to safeguard large enterprise data center and campus networks.

9300 Series

Optimized for service providers and high-performance data centers.

Secure Firewall Threat Defense Virtual

Virtual firewalls for consistent policies across physical, cloud, and hyperconverged environments.

Secure Firewall ISA3000

Rugged design for manufacturing, industrial, and operational technology environments.

Secure WAF and bot protection

Enhance application security and resilience for today’s digital enterprise with Secure WAF and bot protection.

DDoS protection

Defend against attacks that flood your network with traffic, impacting access to apps and business-critical services.

Why migrate?

Level up your security posture with the latest capabilities for unified network and workload micro-segmentation protection.

Experience Firewall Management Center in action

See how you can centralize and simplify your firewall admin and intrusion prevention. With visibility across ever-changing and global networks, you can manage modern applications and malware outbreaks in real time.

Get 3 vital protections in a single step

You don't have to trade security for productivity. The Cisco Security Step-Up promotion deploys three powerful lines of defense that are simple, secure, and resilient for your business. Defend every critical attack vector–email, web traffic, and user credentials—in one easy step.

Explore the evolution of network security

We asked hundreds of IT and security professionals how they’re managing threats and using firewall in the face of AI, cloud complexity, and more. Here’s how they’re meeting those challenges.

Cisco Community: Connect with peers and experts

Cisco Community is your destination for product advice, a place to foster connections and share your knowledge.

Find the latest content and resources to help you learn more about Cisco Secure Firewall.

Add value to security solutions

Cisco Security Enterprise Agreement

Instant savings

Experience security software buying flexibility with one easy-to-manage agreement.

Services for security

Let the experts secure your business

Get more from your investments and enable constant vigilance to protect your organization.

Customer stories and insights

Powering fuel providers.

Ampol's global business includes refineries, fueling stations, and corporate offices. The company's infrastructure and retail operations are protected and connected with Cisco technology.

Ampol Limited

Reducing cybersecurity risk

A zero-trust approach to security protects the privacy of patients' personal data at this Ohio children's hospital.

Dayton Children’s

Better wireless access and security

A Texas school district turned to Cisco technology to bring ubiquitous, reliable wireless access to students while assuring proactive network monitoring capabilities.

Protecting networks and assets

A Michigan-based credit union protects the digital security of its hybrid workforce, customers, and assets with help from Cisco.

Lake Trust Credit Union

Boosting visibility and security

This Indiana university provides reliable and safe network access with Cisco's unified security ecosystem as its foundation for zero trust.

Marian University

The NFL relies on Cisco

From the draft to Super Bowl Sunday, the NFL relies on Cisco to protect billions of devices, endpoints, and users from cyber threats. What does that look like on game day? Watch the video on the story page to find out.

National Football League

Share your experience. Create a safer digital world.

Join us in shaping the future of cybersecurity and creating a safer digital world, one story at a time.

Simple, visible, and unified

Unify security across your high-performing data centers, providing superior visibility and efficiency. Then watch it work with ease.