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Articles

Corporate Diplomacy in the Age of U.S.–China Rivalry

Published Online:10 Nov 2022https://doi.org/10.5465/amp.2021.0076

Abstract

The rise of China is arguably one of the most significant challenges to the existing geopolitical order. Responding to calls for an integrated approach to geopolitics and corporate strategy, we employ interdisciplinary insights from international relations, international business, and nonmarket strategy to explore how the rapidly changing geopolitical environment rooted in the U.S.–China rivalry affects corporate diplomacy of multinational enterprises. We define corporate diplomacy as the nonmarket strategies of firms that respond to and shape country diplomacy and international relations. We (a) examine how the U.S.–China rivalry has led to a transition in country diplomacy away from liberalism and toward realism, (b) evaluate the broad consequences of that transition for corporate diplomacy, and (c) develop a framework to assess corporate diplomacy under realism through the dual lens of geopolitical realism and institutional multiplicity. Specifically, firms must address global governance gaps (multilateral level), contradictory stakeholder pressures (bilateral level), a liability of origin (in the host country), and the rising importance of alignment with national security priorities (at home). We show that in the new geopolitical world rooted more heavily in realism, active corporate diplomacy remains important.

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