How do MNCs conduct business diplomacy? Exploratory study on business diplomacy instruments

摘要

Today's international business environment is very dynamic and volatile. Being able to deal with non-market parties such as foreign governments, international NGOs, local communities, and interest groups has become more important for MNCs than ever before. This requires an approach that goes beyond stakeholder management; it requires business diplomacy. MNCs nowadays acknowledge that to succeed, a solid business diplomacy strategy is essential. It thus becomes interesting to study how MNCs actually conduct business diplomacy to deal with their multiple external stakeholders. This study aims to gain an in-depth understanding of which business diplomacy instruments experienced MNCs use to respond to the unique parameters of the foreign economic and institutional environment to establish and maintain long-term relationships.