International Business Commons^™

International Human Rights Protection Before The International Criminal Court, Mary Abigail Chapin, Dr. Meredieth Deboom

Caravel Undergraduate Research Journal

The International Criminal Court (ICC) formally came into force on July 1, 2002, becoming the only treaty-based permanent court to prosecute perpetrators of the most severe crimes. The court was founded primarily to prosecute perpetrators of genocide, crimes against humanity (CAH), and war crimes (with the addition of crimes of aggression in the summer of 2018) no matter the public stature of the individual accused. This was a major step by the international community in the global fight against impunity. In no case was this more clearly shown than in the court’s issuing of arrest warrants for the then sitting …

Tax Avoidance And Esg Disclosure Mandates: International Evidence, Sadok El Ghoul, Omrane Guedhami, Yongtae Kim, Hyo Jin Yoon

Faculty Publications

This paper examines how regulations mandating environmental, social, and governance (ESG) disclosure affect corporate tax behavior. Using a difference-in-differences analysis on a sample of firms from 48 countries, we find that ESG disclosure mandates lead to significant reductions in tax avoidance, with stronger effects for mandates that include tax-relevant provisions. We identify increases in ESG information transparency and improvements in firms’ ESG performance as channels through which ESG disclosure mandates reduce tax avoidance. We further find that the decrease in tax avoidance following ESG disclosure mandates is more pronounced in countries with weaker financial disclosure requirements, legal and tax enforcement, …

The Implications Of Semiconductor Export Controls On The Innovation Activity Of Domestic Manufacturers, Mary C. Compton

Senior Theses

This thesis examines the domestic innovation effects of the October 2022 U.S. semiconductor export controls, focusing on the tradeoff between national security objectives and firm-level competitiveness. By restricting exports of advanced chips and semiconductor manufacturing equipment to China, these controls may limit cross-border revenue opportunities and natural channels of knowledge transfer. However, the innovation response of affected firms is theoretically ambiguous: reduced access to foreign markets may depress revenues and lead firms to scale back R&D expenditures as a percentage of gross revenue, thus dampening innovation intensity, or, alternatively, firms may sustain or even increase R&D allocations to overcome trade …

Profit Vs. Principle: How Formula 1 Navigates Their Global Brand Perception In The Middle East, James R. J. Celli

Senior Theses

This thesis explores how Formula 1 (F1) tries to balance its growing economic goals with the ethical questions that come with expanding into the Middle East. As F1 continues to host races in countries such as Bahrain, Saudi Arabia, the United Arab Emirates, and Qatar, concerns have grown about whether the sport is being used for “sportswashing,” where major sporting events are meant to improve the image of governments with poor human rights records. At the same time, F1 promotes values like sustainability, equality, and human rights, which makes this situation even more complex.

The goal of this research is …

Redefining Purpose: The Effect Of The 2019 Business Roundtable Statement On Corporate Tax Strategies, Sadok El Ghoul, Rana Jamshed, Omrane Guedhami

Faculty Publications

Business Roundtable (BRT) firms have faced intense scrutiny from investors, media, and the public following their 2019 “Statement on the Purpose of a Corporation,” which marked a shift from shareholder-centric governance to a stakeholder-focused approach. This shift has sparked debate over whether BRT firms are genuinely committed to social responsibility or merely using it as a branding strategy without implementing meaningful changes. This paper contributes to the debate by empirically examining a key dimension of social responsibility—corporate tax behavior. Using a difference-in-difference analysis covering 2004–2022, we find that BRT firms engage in higher levels of tax avoidance than other publicly …

Can Argentina Overcome The Lithium Natural Resource Curse? A Case Study Into Argentina's Institutional Framework For Lithium Supply Chain Development And Innovation, Colby Greene

Senior Theses

Through the analysis of the natural resource curse, the development of institutional frameworks in societal contexts, the nature of natural resource-based industry value chains, and value creation through institutions and value chains, all in the context of Argentina’s lithium industry, this paper finds that Argentina has failed to implement the necessary institutions and promote proper policy to promote value addition and real economic growth through the conduit of the development of the lithium industry, yet it is not actively a victim of the natural resource curse. In the hierarchical nature of mining value chains, Argentina has permitted their vast lithium …

Ceo Pay Differences Between Us And Non-Us Firms: A New Longitudinal Investigation, Ruiyuan (Ryan) Chen, Sadok El Ghoul, Omrane Guedhami, Feiyu Liu

Faculty Publications

Research Question/Issue

Public and academic debates typically portray US CEOs as exceptionally well paid. Yet, evidence on the existence and magnitude of a US CEO pay premium is mixed and dated. This study uses an expanded, longitudinal dataset to identify whether such a pay premium exists and explores potential differences across countries, time, and governance and institutional contexts.

Research Findings/Insights

Using a dataset of over 42,000 firm-year observations from 34 countries during 2001–2018, we document a persistent but heterogeneous US CEO pay premium. Compared with non-US peers, US CEOs receive 23% more total pay and 20% more equity-based compensation, on …

Transmission Of Geopolitical Shocks To Firm Behavior: A Synthesis And Integrative Model, Daniel S. Andrews, Harald Puhr, April Knill

Faculty Publications

This study examines the transmission of geopolitical shocks to firm behavior. While previous research has primarily focused on the direct relation between shocks and firm behavior, we provide a more nuanced understanding by conceptualizing geopolitical shocks as disruptions that evolve through explicit and implicit channels to influence firm behavior. Based on a systematic review of 159 articles, we identify the key mechanisms that transmit the impacts of a geopolitical shock. Our findings reveal that geopolitical shocks manifest in institutions and their lower-level mechanisms, and such transmission is neither uniform nor random. Furthermore, we categorize firm behavior into distinct response modalities. …

Beyond The Individual: Global Socioeconomic, Cultural, And Religious Contexts Of Male-Perpetrated Intimate Partner Violence, Wolfgang Messner

Faculty Publications

Intimate partner violence (IPV) against women remains a staggering global public health issue with profound human and economic costs. While individual-level factors have been extensively studied, broader contextual influences are less understood. Using an ecological Bayesian regression model, this study draws on past-year IPV prevalence data from the 2022 WHO report to examine the interplay between IPV and socioeconomic, cultural, and religious factors in 161 countries. The findings reveal that higher levels of gender egalitarianism, power distance, and assertiveness correlate with lower IPV prevalence, while institutional collectivism, in-group collectivism, and humane orientation are associated with higher prevalence. Economic development and …

Beyond Entertainment: Unveiling Digital Platform Strategic Implications For International Business Growth Of Individual Entrepreneurs, Hoik Kim

Theses and Dissertations

This dissertation examines how digital identity, comprising visual, psychological, and strategic components, impacts entrepreneurial success on global digital platforms. Rather than treating identity as a static or aesthetic trait, this study conceptualizes it as a dynamic and strategic construct shaped by audience perception, algorithmic systems, and institutional environments. The research is structured into three empirical studies. The first explores how facial visibility and social media engagement affect monetization on YouTube, considering the international context. The second study empirically investigates how a biometric cue influences entrepreneurial performance on digital platforms and interprets the results through the lens of social psychological perspectives. …

Combating Forced Labor In Global Supply Chains Through Modern Technology: A Case Study Of Uyghurs In Xinjiang, Samuel Donohue

Senior Theses

This thesis examines how modern traceability technologies can help combat forced labor in global supply chains, focusing on the case of Uyghur workers in Xinjiang, China. The research addresses the pressing challenge of verifying ethical labor practices in complex, multi-tiered supply networks, using the case study alongside an extensive literature review. It evaluates advanced technological solutions, including blockchain ledgers, isotope analysis, radio-frequency identification (RFID) tagging, and microbiome tracing as tools to improve supply chain transparency. Through qualitative case analysis and analysis of current research, the thesis assesses each technology’s capability to trace product origins and authenticate labor conditions. The findings …

Analyzing Colonial South Carolina's Trade Landscape Through The Ricardian Model, Dylan M. Peddemors

Senior Theses

The state of South Carolina existed as a British colony from its founding in 1663 until it declared independence in 1776. During this period, South Carolina operated as a plantation-based, cash-crop economy relying on two primary exports: rice and indigo. The colony displayed nearly complete specialization in its exports of these crops while importing different goods. The theory of comparative advantage in trade relationships crafted by British economist David Ricardo in the 18th century concludes that gains from trade emerge when trade partners specialize in the production and exportation of the goods of which they have the lowest opportunity cost. …

The Impact Of Individual Culture On Purchase Decisions Of Fast Fashion In Brazil, Lucie S. Speck

Senior Theses

Fast fashion is an emerging method of production in the apparel industry that is characterized by lower-quality materials and faster production timelines than the traditional methods of producing clothing. It is becoming a trending topic in modern business due to its negative social and environmental impact, as brands that use fast fashion production processes are constantly being criticized for inhumane labor practices and large amounts of textile waste.

This research proposes two models using a survey as its main research method. The first model determines how financial situation, collectivism as a cultural value, and education level impact whether social media …

In The Ceo We Trust: Negative Effects Of Trust Between The Board And The Ceo, Kee-Hong Bae, Sadok El Ghoul, Zhaoran (Jason) Gong, Omrane Guedhami

Faculty Publications

In this study, we investigate whether and how trust between board members and the CEO (board–CEO trust) affects the performance of mergers and acquisitions. Contrary to conventional wisdom, we find that firms with higher levels of board–CEO trust exhibit poor M&A performance. High trust is associated with low acquisition announcement returns, long-term stock return performance, and post-deal operating performance. This negative effect of board–CEO trust is more pronounced among acquiring companies prone to agency problems. Our results suggest that, in the institutional setting of corporate boards, high trust can be too much of a good thing.

Hard Seltzers In Europe: A Sparkling Opportunity? An Analysis Of The Market Potential For Hard Seltzers In Europe, Amanda R. Harper

Senior Theses

This thesis seeks to uncover the potential for the hard seltzer category in the European alcohol market. First, through secondary research, it establishes the conditions of entering the European alcohol market by looking at the challenges of entering markets abroad, the challenges of entering the European market, and the history and current state of alcohol in Europe. Second, this thesis will analyze the history and characteristics of the hard seltzer category. This will include profiles of seven key brands: White Claw, Truly, Bud Light Seltzer, Vizzy, Topo Chico, Mike’s Hard Seltzer, and Pure Piraña. Next, this thesis will analyze primary …

Understanding Gentrification Outside Of The Global Neoliberal Perspective In Hong Kong, Ivy Lu

Senior Theses

Globalization has impacted urban development in different parts of the world. In particular, the influence of neoliberalism has had a significant impact on gentrification. The academic hegemony of the English language further compounds the complexities of overextending the scope of this definition when applying it outside of its original Anglo-American contexts. East Asia, specifically Hong Kong, presents a unique case study due to its local context historically, politically and market-wise, as well as culturally; all of which make it valuable to study urban development phenomena in the region. However, identifying the indicators of neoliberalism and gentrification in Hong Kong is …

The Formal Institutional Context Of Informal Entrepreneurship: A Cross-National, Configurational-Based Perspective, Joshua K. Ault, Andrew Spicer

Faculty Publications

While previous comparative research has identified the formal institutional conditions that differentiate countries on their degree of informal entrepreneurship, this paper examines the characteristics that shape cross-national diversity in its type. Based on a series of fuzzy-set qualitative comparative analyses (fs/QCA) of 138 country cases, we find evidence of causal heterogeneity in the configuration of institutional conditions associated with entrepreneurial outcomes that are informal and growth-oriented and those that are informal and subsistence-oriented. Given our results, we propose that the formal institutional-based conditions that differentiate between types of informal sectors are best identified by the conjoint mixture of strength and …

Revisiting Institutional Voids: Advancing The International Business Literature By Leveraging Social Sciences, Marleen Dieleman, Stanislav Markus, Tazeeb Rajwani, George O. White Iii

Faculty Publications

Institutions are vital for solving collective action problems and enabling functioning markets. Based on this notion, the institutional voids literature has offered a dynamic research agenda for international business scholarship. In this perspective article, we leverage work from political science, development economics, legal studies, and anthropology to: (a) expose hidden assumptions about institutional voids in the management literature; (b) propose new directions for research based on our revised assumptions; and (c) provide direction-specific theoretical constructs from other social sciences to stimulate theory-building and empirical inquiry into institutional voids. We develop a framework that identifies four revised assumptions about institutional voids …

Revisiting Institutional Voids: Advancing The International Business Literature By Leveraging Social Sciences, Marleen Dieleman, Stanislav Markus, Tazeeb Rajwani, George White Iii

Faculty Publications

Institutions are vital for solving collective action problems and enabling functioning markets. Based on this notion, the institutional voids literature has offered a dynamic research agenda for international business scholarship. In this perspective article, we leverage work from political science, development economics, legal studies, and anthropology to: (a) expose hidden assumptions about institutional voids in the management literature; (b) propose new directions for research based on our revised assumptions; and (c) provide direction-specific theoretical constructs from other social sciences to stimulate theory-building and empirical inquiry into institutional voids. We develop a framework that identifies four revised assumptions about institutional voids …

Populist Syndrome And Nonmarket Strategy, Daniel J. Blake, Stanislav Markus, Julio Martinez-Suarez

Faculty Publications

Although recognized as a defining feature of the current political era, populism and its implications for non-market strategy remain undertheorized. We offer a framework that (a) conceptualizes populism and its progression over time; (b) outlines the risks populism generates for firms; and (c) theorizes effective nonmarket strategies under populism. Our framework anchors the political risk profile of populism in three interdependent elements: anti-establishment ideology, de-institutionalization, and short-term policy bias. These elements jointly shape the policymaking dy-namics and institutional risks for firms under populism. Our analysis shows how firms can calibrate two nonmarket strategies – political ties and corporate social responsibility …

Nothing Ventured, Nothing Gained: A Meta-Analysis Of Ceo Overconfidence, Strategic Risk Taking, And Performance, Barbara Burkhard, Charlotta Sirén, Marc Van Essen, Dietmar Grichnik, Dean A. Shepherd

Faculty Publications

Although overconfidence is acknowledged as one of the most common managerial decision-making biases, much uncertainty remains about its implications for firm performance. To resolve this uncertainty, we investigate how and why CEO overconfidence is related to firm performance using meta-analytic techniques on a sample of 199 studies. In particular, relying on behavioral decision theory, we develop alternative hypotheses regarding the impact of CEO overconfidence on firm performance. Contrary to the conventional belief that CEO overconfidence is detrimental, this study reveals that CEO overconfidence is, on average, beneficial for firm performance. Drawing on recent refinements of upper echelons theory and theoretical …

Long-Term Business Implications Of Russia’S War In Ukraine, Stanislav Markus

Faculty Publications

Following its invasion of Ukraine, Russia’s macroeconomic stability will worsen; foreign trade and Russia-bound investment will dry up; and human capital will become scarce. Russia will not fully compensate these losses with increased economic engagement with China, with particular deficiencies likely in high-tech areas for Russia. Import substitution is also unlikely to allow Russia to innovate its way out of economic isolation or escape the resource curse. As Kremlin-connected elites further dominate the impoverished economy, crony state capitalism and kleptocracy will rise. The global repercussions of Russia’s war will include commodity shocks and the attendant supply chain disruptions and inflationary …

Effects Of Firm Environmental And Sustainability Performance On Nonprofessional Investors’ Judgments: A Comparison Between The United States And Germany, Jackson M. Nietert

Senior Theses

Several studies find that environmental reporting is significant to investors’ decision-making. Here, the effect of German and US-American cultures on nonprofessional investors’ judgments when given positive or negative environmental reports is examined. Two experiments were conducted, one with US students recruited locally and German participants recruited online and the other with all participants recruited online to ensure more similar samples. In both experiments, in line with previous research, environmental reporting has a significant impact on nonprofessional investors’ decision-making process. In addition, the first experiment shows that German nonprofessional investors are more likely to penalize firms for poor environmental ratings however …

Monopolies, Monopsonies, And Everything In-Between: The Gradual Unwinding Of Nearly A Century Of Antitrust Activity, Chase Faulkner

Senior Theses

Changes in the interpretation of antitrust law since the Reagan administration have created a simultaneous increase in mergers/acquisitions and a decrease in antitrust action. This trend started with Ronald Reagan in an effort to bolster a stagnant United States economy, yet in spite of the revolution the global economy has undergone in the last few decades, this trend is still perpetuated today. While this has helped the United States economy abroad, it has come at a cost domestically. A number of industries have become dominated by a single firm (or a group) through a variety of anticompetitive practices, and their …

The Legal And Social Challenges Involved In The Expansion Of Multinational Operations: A Case Study Of Exxonmobil Indonesia, Shashaank Rajaraman

Senior Theses

Within this paper, I will analyze the legal and social relations between multinational corporations and their host countries. This analysis will be conducted through viewing the circumstances surrounding Doe v. ExxonMobil within the District of Columbia Circuit Court, in which ExxonMobil has engaged in litigation regarding their human rights record within the country of Indonesia. Through secondary research conducted both within business and legal journals, information about the practices of ExxonMobil can be examined and utilized to make general conclusions upon the corporate diplomacy practiced by multinational corporations.

Xbox In Japan? Understanding The Distinctions Of The Japanese Video Game Market To Increase Microsoft's Competitive Advantage, Sekani Adebimpe

Senior Theses

Microsoft, Nintendo, and Sony remain the biggest players in the video game console space. While all three companies have achieved worldwide success, Microsoft’s performance with the Xbox brand in Japan is an outlier for its historically poor sales numbers dating back to its 2001 debut. The purpose of this thesis is to unearth the various cultural distinctions inherent to the Japanese gaming industry that Microsoft must consider to gain a stronger foothold in the country, as well as diagnose the biggest issues facing Xbox with Japanese consumers. To accomplish this, several cultural frameworks were used to assess the differences between …

Nation Branding: The Case For Marketing Strategy In International Relations, Brooke Boan

Senior Theses

This thesis seeks to address the concept of nation branding and how states can use marketing strategies for international relations gains. Using a literature review of relevant concepts and trends in international relations, including soft power, public diplomacy, and cultural diffusion, the connection between marketing strategies and foreign policy trends become clear. An analysis of nation branding, its origins, applications, and challenges, provides insight into an up-and-coming area of international relations. Specific country case studies were chosen to examine the real-world results of nation branding including the shortcomings and future opportunities. The case of Japan shows how a country can …

Reply To Komatsu Et Al.: From Local Social Mindfulness To Global Sustainability Efforts?, Niels J. Van Doesum, Ryan O. Murphy, Marcello Gallucci, Efrat Aharonov-Majar, Ursula Athenstaedt, Wing Tung Au, Liying Bai, Robert Böhm, Inna Bovina, Nancy R. Buchan, Xiao-Ping Chen, Kitty B. Dumont, Jan B. Engelmann, Kimmo Eriksson, Hyun Euh, Susann Fiedler, Justin Friesen, Simon Gächter, Camilo Garcia, Roberto González, Et. Al.

Faculty Publications

No abstract provided.

Disparities In Demand For Covid-19 Hospital Care In The United States: Insights From A Longitudinal Hierarchical Study, Wolfgang Messner

Faculty Publications

Background and aims

This study examined disparities in hospitalization for COVID-19 within the U.S. by racial and ethnic groups, health insurance status, and social support structure.

Methods

Using publicly available ecological case and contextual data from July 2020 to April 2021, a longitudinal hierarchical model for the 51 U.S. states was constructed.

Results

Racial/ethnic disparities were observed, such as that hospitalization rates were higher in states with a higher percentage of Black (β = .002, P = .009) and American Indian or Alaska Native persons (β = .003, P = .03). Conversely, lack of health insurance was related …

Addressing Sustainable Rural Development With Shared Value: A Peruvian Model From The Cacao Industry, Armando Borda, Oswaldo Morales, Hildy J. Teegen, Gareth H. Rees, Maria Alejandra Gonzalez-Perez

Faculty Publications

Here we present a model aimed at contributing to the literature around sustainable supply chains by examining a novel redesign initiative of the chocolate supply chain within the Peruvian cacao (cocoa) industry. Using the Creating Shared Value (CSV) framework, we apply the case study method in examining the Peruvian Cacao Alliance's experience in redesigning both the stages and relationships within its supply of cacao to the world. Data were collected from both primary and secondary sources and analyzed after coding from categories defined in the literature on CSV. The case demonstrates the opportunity to successfully participate in the supply chains …