Geopolitical risk and international business: a multi-disciplinary review and research agenda

Purpose Despite heightened geopolitical tensions in the current global business environment, a comprehensive understanding of geopolitical risk has remained understudied in international business literature. Accordingly, the purpose of this paper is to synthesize and analyse existing research on the interface of geopolitical risk and international business activities, aiming to identify theoretical/methodological gaps and areas of future research. Design/methodology/approach Through a systematic literature review method, this study critically evaluates 138 peer-reviewed articles published in a sample of 29 leading journals between 1990 and 2025. Findings This review paper provides novel research avenues around three key themes. First, it highlights the complexity and implications of competing geo-economic blocs and multi-polar geo-strategies for multinational enterprises’ (MNEs) activities. Second, it emphasizes the importance of non-market strategies as tools of mitigating geopolitical risk and multi-actor global threats. Third, the paper explores how the extraction and international trade of natural resources turn into seminal factors of growing geopolitical tensions. Practical implications This study suggests a variety of methodological tools to assist IB researchers and policymakers in identifying ways to mitigate emerging risks stemming from shifting geographies and international political conflicts. Originality/value Moving beyond home-host conflict unit of analysis, this study considers MNEs’ activities in an emerging and dynamic geo-economic context of competing and collaborative geo-economic groups, supply chains and trade corridors. Accordingly, the findings advance both theoretical and practical understandings of international business practices in a fragmented business environment.