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This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies.

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

In an international merger and acquisition, the merged company often faces many difficulties. If we look into this case, China’s Fosun took many measures to conquer barriers and set a solid foundation: aligning the strategy of the company, choosing the allies, understanding local legal system as well as taking special measures concerning the real conditions. These together raise the possibility for Chinese companies to overcome international challenges.

The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations.

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

In recent years, with the steady growth of China’s economy and world’s vacation market, and powered by the growing and significant large demands of Chinese overseas travel, an emergent trend of international development by major Chinese tourism groups has attracted notice by scholars and practitioners and this is obvious especially in the private sector. With this as the background, this paper aims to explore how China’s leading tourism companies expand their business internationally through a case study approach.

This paper analyses the escalating Sino-Western race to develop a safe, efficacious and durable vaccine (i.e. “Goldilocks COVID-19 vaccine”). It argues that such efforts would be considerably more effective if there is greater international cooperation instead of the corrosive rivalry driven by misplaced nationalism.

This study deploys a case-study approach, supported by literature on existing coronavirus disease 2019 (COVID-19) vaccine development efforts.

Despite the seeming success of recent COVID-19 vaccines, their actual efficacy is far from certain. Moreover, access to these vaccines would not be equitable internationally. This problem is exacerbated by the fact that their unique properties make storage and distribution prohibitively expensive, and international mechanisms to provide distribution to economically depressed regions are non-existent. Given the significant difficulties, it would be incumbent upon the great powers (i.e. China and America) to work together not only in vaccine development but also in the establishment of a distribution platform to ensure equitable access worldwide.

This study is one of the few social science research papers on COVID-19 vaccine development and its implications for society at large.

Analysis of public sources.

The bank named “Novo Banco” (New Bank in Portuguese) was created because of an emergency intervention by the Bank of Portugal to save the “good” assets of the once great but bankrupt Banco Espírito Santo (BES) on August 4, 2014. The toxic assets remained in BES (dubbed “bad bank”). BES was one of the biggest private banks in Portugal, with origins mounting back to the year 1869. In 2013, it was headed by the founder’s great-grandson, Ricardo Salgado, when an external audit revealed several problems with the bank’s accounting and concluded that BES had a severe financial problem (the risky credit represented 11.1% of the bank’s accounts). The bank underwent a public capital increase (endorsed by several public figures, including the Portuguese President at the time, Cavaco Silva) of €1.045m to reposition itself, which was 100% successful (demand of about 160%, with a significant part of foreign investors). However, continued amounts of suspicions led Ricardo Salgado to be replaced by Vitor Bento (via a settlement between BES’s shareholders and the Bank of Portugal) in July 2014. At the end of that same month, BES announced imparities totaling the amount of €4.2535m. This led the European Central Bank to suspend BES’s access to the financial operations, forcing it to reimburse its credit to the Eurosystem in the value of €10.000m. In two days, the stock prices dropped by 80% to around €0.03 per share. It was later proven that the administration led by Ricardo Salgado had disobeyed the Bank of Portugal 21 times between December 2013 and July 2014, apparently acting against the institution’s best interests. Some carousel schemes with companies within the Espirito Santo Group were also detected in BES’ financial movements to improve the bank’s financial statements.

Finance Valuation, Strategy

The Belt and Road Initiative (BRI), an ambitious plan led by the Chinese government aiming to reach a close integration between countries, is reshaping the global institutional landscape. Chinese state-owned enterprises (SOEs) play a leading role in the BRI and they usually follow an unconventional behavior derived from the institutional influence of their home government. Prior research reports that institutional distance between home and host countries has an impact on multinational enterprises’ (MNEs’) ownership level in their foreign subsidiaries. Therefore, our aim is to investigate how institutional distance, the BRI and state ownership affect Chinese tourism MNEs' ownership level in their cross-border acquisitions.

Drawing on the institutional theory, this study develops several hypotheses that are tested using a sample of Chinese MNEs from accommodation, travel agencies, transport and leisure/entertainment industries.

The results show that the idiosyncratic characteristics of being an emerging-market MNE belonging to a soft-service industry is associated with a positive relationship between institutional distance and a high ownership level in cross-border acquisitions. They also indicate that targeting a country included in the BRI and being an SOE negatively moderates that relationship.

This study extends institutional theory in the case of tourism firms from an emerging economy. It also addresses an under-research topic in the literature, namely, how the BRI is leading Chinese tourism MNEs to redesign their international strategies.

This study has aimed to analyse the role of innovation-sharing collaboration in the large-scale manufacturing of Covid-19 vaccination across the globe and its impact on the mortality rate of the countries where the pharmaceutical manufacturers received such innovation.

The authors have relied upon the difference-in-difference (DID) approach by utilizing the data available on public platforms such as World Health Organization (WHO) databank, organization for economic co-operation and development (OECD) data bank, istat, Indian bureau of statistics and European centre for disease prevention and control (ecdc) from 2020 to 2021 to establish the empirical inference of the analysis.

This study’s results present that after the invention and commercialization of the vaccine, the Covid-19 impact was still intact and people were dying continuously. However, it was impossible to fulfil the demand of the 7 billion population in a short time. In the light of these facts, the WHO encouraged sharing vaccine innovation with other countries to enhance production capacity. The authors found that after vaccine innovation sharing, Covid-19’s devastation slowed: the fatality rate was marginally reduced, and economic conditions started their recovery journey.

This study’s findings present that the Covid-19 vaccine played a pivotal role in tackling the Covid-19’s devastating impact on the entire world. It emphasizes the role of innovation-sharing collaborations in curtailing hazardous consequences, including the mortality rate during a crisis, and such collaborations’ impact on the countries where institutions involved in them reside.

The purpose of this paper is to examine the provenance, projection, performance and policy concerning Chinese outward foreign direct investment (COFDI) and speculate on the existence of “China’s international strategy”.

This study includes a comprehensive review of COFDI.

There is evidence of not only the successful coordination of COFDI, but also context, conflict and independent decision making (in Chinese firms) playing an essential role in the determination of the direction, control and outcomes of the outward FDI, respectively.

There is a great scope for further research on COFDI, as the lack of data prevents definitive conclusions, particularly on the outcomes and performance of the investments.

The paper presents an original synoptic view of key elements in the globalisation of the world economy and in the projection of Chinese economic power.

This paper aims to understand whether Portugal, being a relatively peripheral country – in political, economic and military terms – of Southwest Europe, was recently a target of hybrid threats. The prevalence of a specific type of threat was found. Thus, this paper analyses the non-kinetic hybrid threats in Portugal, in a temporary hiatus of two years (2017-2018).

This study has two parts: a conceptual analysis of hybrid threats created by us and, based on the typology previously presented, an analysis of the hybrid threats in Portugal between 2017 and 2018. The first part relied on source analysis, as the result of a desk review methodology, supported by monographs, declassified official documents and reports. The second part is also the result of source analysis, but more extensive. In addition to the desk review methodology, the study included semi-structured interviews with different stakeholders from the Portuguese security and armed forces, who asked not to be quoted. Media content analysis was also carried out – for trends and fact-check – mostly for the events related to the “narratives led operations” (for propaganda, misinformation, counter-information and strategic leaks).

To date, Portugal – compared with other European states – has not been a significant target for hybrid threats. It is diluted in the Portuguese geopolitical dimension. Nevertheless, not escaping what is happening in Europe, it has also been the target of non-kinetic hybrid threats, especially in cyberspace. In the field of so-called “narrative-driven operations”, there have been some occurrences – whether related to fake news, far-right movements or strategic leaks. In addition, cyberattacks from foreign groups for information and data gathering have increased in recent years, making governmental and private critical infrastructures more vulnerable.

One of the characteristics of hybrid threats is their difficult identification. Therefore, information is scarce, which has complicated the research, leading us to assume, in many cases, speculation about the threat. It should also be taken into account that, in the case of cyberspace, until 2018, 90% of the occurrences were not reported, and the study has dealt with only official numbers.

It is not a policy paper. Although it neither points out national vulnerabilities to this type of threat nor makes procedural recommendations or considerations, it is fundamental in identifying the peculiarity of hybrid threats in a democratic state.