Co-evolutionary decoupling in EMNEs’ internationalisation: A Chinese bank's journey of drifting apart from the US-led global financial system

Rui Hou and Huaichuan Rui

Journal of World Business, 2025, vol. 60, issue 1

Abstract: We develop a co-evolutionary decoupling model to explain the decoupling process and its contributors, based on a Chinese bank's dynamic interdependency with the US-led global financial system. This decoupling is the joint outcome of the firm's strategic adaptations in response to economic, institutional, and geopolitical environmental challenges. By incorporating co-evolution and international relations perspectives into international business research, we reveal how and when non-economic environmental factors can decisively hinder a firm's, especially an EMNE's, internationalisation. This study provides new firm-level evidence on the ongoing Sino-US decoupling process, extending our understanding of international business through co-evolution and international relations perspectives.

Keywords: Decoupling process; Geopolitics; Co-evolutionary decoupling; Global system; Emerging market multinational enterprises; Banking and finance (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:worbus:v:60:y:2025:i:1:s1090951624000762

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DOI: 10.1016/j.jwb.2024.101596

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