This paper investigates the impacts of circular economy (CE) policies on global value chains (GVCs) with a focus on the French textile industry. The primary objective is to understand how CE policies influence firm strategies, GVC structures, and environmental outcomes. We focus on textiles, as it is one of the most resource intensive and polluting global industries and thus firms face strong pressures from governments and consumers to reduce their impact. The theoretical framework integrates firm-level circular business model innovation and the multi-actor GVC framework. The study employs a qualitative methodology, based on semi-structured interviews conducted in 2024. Key findings reveal that CE policies at national and EU level can drive significant restructuring of GVCs by promoting circular business models, although economic and policy coherence challenges remain. These results suggest that harmonized CE policies and regulations at the EU level are essential for building decoupled European circular loops which minimize the need for virgin resources.

This study analyzes the impact of the Covid-19 pandemic on a firm's total factor productivity (TFP) using Korean firm-level data from 2016 to 2022. The study reveals that the pandemic had a heterogeneous impact on firm TFP depending on the firm's operational characteristics, specifically whether the firm is a multinational enterprise (MNE) or a pure exporter (non-MNE). While the pandemic had a more significant negative impact on the TFP of pure exporters than other firms, MNEs were less affected by the pandemic shock than pure exporters. This implies that while both firms were exposed to negative demand shocks on a global scale, MNEs were better equipped to handle supply-side uncertainties through international diversification. The study identified certain characteristics of MNEs that helped buffer the pandemic shock, such as shedding labor, high R&D intensity, and more diversification via foreign subsidiaries. These characteristics enabled MNEs to mitigate the pandemic shock and even increase their TFP during the pandemic.

In the contemporary business landscape, marked by uncertainty and disruption, resilience has become a focal point for managing multinational enterprises (MNEs). This study investigates the trade-off between organizational resilience and innovation performance, exploring whether firms can be resilient and innovative simultaneously. We analyze S&P 500 firms, using cumulative abnormal returns (CAR) from the first COVID-19 wave as a measure of resilience and patent data to measure innovation. Our findings reveal a negative impact of resilience on innovation, highlighting the challenges firms face in balancing stability and creativity. The degree of internationalization further exacerbates this negative relationship, indicating that globally dispersed operations heighten complexity and risk, thereby prioritizing resilience over innovation. Conversely, while openness to external partners shows a tendency to negatively influence the resilience-innovation relationship, this effect is not statistically significant. These results suggest that firms focused on resilience may inadvertently reduce their innovative capabilities, a crucial insight for managers aiming to navigate the dual demands of maintaining stability and fostering innovation. This study contributes to literature by providing empirical evidence of the resilience-innovation trade-off and offers practical implications for strategic resource allocation and organizational ambidexterity in disruptive environments.

This study examines the impact of managerial experiences and digital competencies on the adoption of de-risking strategies by Multinational Enterprises (MNEs) amidst amplified global uncertainties and geopolitical tensions. We draw on the revised Uppsala Model (UM), which integrates risk management with experiential learning, to analyze how managers' characteristics influence their preferences for digital technologies (DTs) and relocation strategies in internationalization processes. By employing a Vignette Study design, we present hypothetical scenarios to 52 MNE managers with manufacturing experience, simulating strategic decision-making under controlled conditions. Our empirical analysis, generating a comprehensive dataset of 624 observations, employs a random-intercept model to assess how variations in international experience and digital knowledge affect strategic judgments. Findings reveal that managers with extensive digital competencies and international experience are more likely to combine DTs with nearshoring strategies, enhancing operational resilience and competitive positioning. This alignment supports the revised UM’s emphasis on experiential learning and risk management in shaping internationalization paths. Further, our research highlights the significance of managerial cognition in shaping effective de-risking strategies, contributing to both theoretical and practical understanding of international business management in turbulent times.