Motivated by the high risk and growing disinterest of countries and organizations in investing in the Olympics, this study aims to analyze what are the risks and opportunities to long-term equity investments of companies and governments engaged in an Olympic agenda? This research used qualitative methodologies such as the case study, which included a total of 38 in-depth interviews with companies and entities affected by the phenomenon being studied, which together formed the cases of Rio 2016 and Tokyo 2020. As a result, a theoretical framework emerged in a better way to understand (1) the logic behind investment flows in the context of mega-events; (2) new competitive pressures from specific industry sectors most affected by the Olympic Games; and (3) threats and trends that are likely to affect the future of the Olympic movement. Was verified that the gigantism assumed by past editions has put a lot of pressure over organizers and companies for new management practices and better planning over its investments, in a way to ensure not only a minor impact of the event on the environment, but also an economic sustainability of the Olympics and other international sport mega-events.

Exploring Space as a new domain for international business (IB) research tests the relevance of existing theories regarding firm investment behavior, governance, regulations, and the dynamics of competition and cooperation within the Space Value Chain. Unlike other contexts, Space introduces a unique set of challenges that fundamentally question our current theoretical frameworks' explanatory and predictive capabilities. We argue that while established IB theories provide a useful foundation. This new frontier offers a significant opportunity for scholars to conduct impactful research that addresses societal needs. Understanding the implications of a crowded, contested, and hyper-competitive outer Space environment to the Space Value Chain can enhance our ability to tackle related terrestrial issues, leveraging IB’s expertise in managing global complexities.

Achieving success in the "New Space" race has become a significant challenge not only for states, but also for non-state actors. This competitive landscape has led to the increased creation of international strategic alliances (ISAs). Building from the literature on firm motivations for forming strategic alliances, we highlight the importance of the geopolitical context and how it shapes ISA formation in highly strategic sectors. Based on a single case study of the establishment of a strategic alliance between a US-based firm and a European firm in the global satellite industry, our findings reveal that the geopolitical motives lying below this phenomenon can be categorized into three types: (1) alignment of partner firms’ and states’ interests, (2) reinforcement of states’ competitive positions, and (3) enhancement and legitimization of the leadership of partner firms and states in the "New Space" race. We contribute to extant research on strategic alliances by identifying a new type of motivations, namely geopolitical motives, which strengthen the strategic positioning of all actors involved in such collaborations. Additionally, we provide implications for policymakers and managers in the satellite industry by offering a deeper understanding of the cross-cutting public-private interests that shape the formation and deployment of ISAs.