Employee Profile

Gilbert Kofi Adarkwah

Researcher - Department of Strategy and Entrepreneurship


Adarkwah, Gilbert Kofi (2024)

Geopolitical volatility and subsidiary investments

[Article in business/trade/industry journal]. Strategic Management Journal Doi: 10.1002/smj.3631

Schou, Peter Kalum & Adarkwah, Gilbert Kofi (2023)

Digital communities of inquiry: How online communities support entrepreneurial opportunity development

Journal of Small Business Management Doi: 10.1080/00472778.2023.2236177 - Full text in research archive

In recent years, scholars have argued that entrepreneurs develop opportunities through social engagement in communities of peers. These entrepreneurial communities of peers, so-called communities of inquiry, are moving from the physical to the virtual realm as digital technologies proliferate society and entrepreneurial processes. However, little is known about how entrepreneurs partake in online communities and how this partaking may affect opportunity development. To improve knowledge on this matter, we analyzed 18,670 comments from four different entrepreneurship communities on Reddit. We find that online communities support entrepreneurial opportunity development by providing feedback, emotional support, and models that reduce uncertainty. By unpacking how online communities may support opportunity development, the paper contributes to the nascent stream on the social aspects of opportunity development and to the growing interest in digital entrepreneurship.

Adarkwah, Gilbert Kofi & Benito, Gabriel R G (2023)

Dealing with high-risk environments: Institutional-based tools to reduce political risk costs

Journal of International Management, 29(4) Doi: 10.1016/j.intman.2023.101033 - Full text in research archive

The international business (IB) literature on political risk mitigation has assigned explanatory preeminence to the organizational capabilities of multinational corporations (MNCs). The literature has assumed that political risk is avoidable for MNCs with specific political capabilities. We argue that political risk is inevitable. We posit that even if MNCs have political capabilities, host countries' political risk and its associated costs will not simply disappear. Extending the literature on political risk mitigation, we highlight the role of institutional-based tools in curbing political risk costs. Specifically, we posit that MNCs can reduce political risk costs through (i) international investment agreements, (ii) investment contracts with host governments, (iii) political risk insurance, and (iv) guarantees with binding enforcement mechanisms in unison with relying on political capabilities, thereby dampening the negative effect of uncontrollable host country political risk. We leverage the political-institutional approach to political risk and draw on relevant literature from law and IB to develop a framework to describe the conditions under which MNCs may use these institutional-based tools.

Adarkwah, Gilbert Kofi (2022)

Why “Think Globally, Act Locally” is a Dangerous Strategy for Emerging Markets

[Article in business/trade/industry journal]. California Management Review

Since the early 1990s, global business interest in developing countries has skyrocketed as many formerly closed economies began opening up to firms from Western economies. During this period of growth, a key mantra was introduced—that executives should “think globally and act locally.” This mantra persists to this day in business schools and has even found its way into several academic articles and textbooks. In 2000, Coca-Cola even made it their main strategy. At its core, the mantra posits that to succeed abroad, firms must adapt their products, services, and practices to the host country’s (local) way of doing business.

Zilja, Flladina; Adarkwah, Gilbert Kofi & Christopher, Sabel (2022)

Do Environmental Policies Affect MNEs’ Foreign Subsidiary Investments? An Empirical Investigation

MIR. Management International Review: journal of international business Doi: 10.1007/s11575-021-00458-7

We build on institutional theory to examine the impact of countries’ environmental policies on MNEs’ foreign subsidiary investments. We extend prior IB research that finds both positive and negative associations between environmental policies and MNE investments by showing that the relationship between environmental policy and MNE subsidiary investments is mediated by the effectiveness with which host countries enforce these policies. Specifically, we posit that environmental policies are effective when countries align them with tangible institutional outcomes such as actual reductions in emissions or increases in renewable energy production. This reduces uncertainty by providing a reliable and efficient framework for economic transactions. We test our arguments on a sample of 882 public US firms and their subsidiaries in 102 countries from 2000 to 2015, in conjunction with the Kyoto Protocol. We find that ratifying the Kyoto Protocol is associated with reductions in countries’ emission levels and increased reliance on renewables. Further, increased reliance on renewables positively mediates the relationship between the ratification of the Kyoto Protocol and MNEs foreign subsidiary investments. For host countries, this relationship is stronger when there are greater improvements in institutions’ quality. For MNEs, this relation is weaker for those MNEs associated with higher pollution. We find no such relationships for greenhouse gas emissions. Our findings contribute to the growing IB literature on environmental sustainability by highlight- ing the importance of effective institutions and their interaction with country- and firm-level heterogeneities.

Adarkwah, Gilbert Kofi & Petersen Malonæs, Tine (2020)

Firm-specific advantages: a comprehensive review with a focus on emerging markets

Asia Pacific Journal of Management Doi: 10.1007/s10490-020-09737-7 - Full text in research archive

We consolidate and comprehensively review the international business (IB) literature on the firm-specific advantages (FSAs) of emerging market multinational enterprises (EM MNEs). We do so through a systematic examination of 88 empirical and conceptual articles published in top-ranked IB journals between 2011 and 2018. The results reveal that in the past decades, EM MNEs have acquired several of the same FSAs as their counterparts in developed countries (developed country enterprises or DC MNEs) financial resources, technologies, marketing capabilities, brand equity, R&D intensity, and management competencies. However, more recently, EM MNEs have developed additional unique FSAs in the form of managerial capabilities - to cope with competition in uncertain and constantly changing environments; easy access to cheaper capital; a stronger commitment to networks, such as those with diaspora communities; and, political connections. These additional FSAs have catalyzed the internationalization of EM MNEs. Our study also shows that some hurdles remain in the IB literature on FSAs. For instance, while IB scholars agree that EM MNEs have different investment motives depending on whether they invest in other emerging economies or developed economies, scholars are silent on the exact FSAs necessary to make EM MNEs investments in the respective economies successful. To advance the IB literature, we present some promising future research areas and challenge scholars to pursue further empirical studies on the FSAs of EM MNEs.

Adarkwah, Gilbert Kofi; Sabel, Christopher Albert & Zilja, Flladina (2021)

Changes in political affinity and firms’ subsidiary investments

Academy of Management Proceedings

Adarkwah, Gilbert Kofi (2021)

Host Government Intervention and FDI Inflow: An Empirical Investigation

Verbeke, Alain; Van Tulder, Rob, Rose, Elizabeth L. & Wei, Yingqi (red.). The Multiple Dimensions of Institutional Complexity in International Business Research

This study examines the effect of host government interference with foreign investors’ assets on foreign direct investment (FDI) inflow. The author hypothesizes that the relationship between host government interference and FDI inflow takes the form of an inverted U shape. The author tests this hypothesis using data from the International Centre for Settlement of Investment Disputes between 1996 and 2017. The results support the above hypothesis. While host government interference with the assets of a few foreign investors may not deter FDI inflow, frequent interferences, which result in an increasing number of host state–foreign investor disputes, reduces FDI inflow in a host country. The analysis also shows that when faced with an increasing host country uncertainty, investors adopt a wait and see strategy. However, how long investors wait depends on the economic situation of the host country. For high-income countries, investors wait until approximately 10 disputes before reducing investments level in a host country, while for low-income countries, this waiting period is a mere two disputes. The findings of this study suggest that countries seeking to attract more FDI should not interfere with the activities of foreign investors, however, if they do, disputes should be settled at home, not in international arbitration courts, because doing so frequently may poison the host environment and deter other foreign investors from investing in the host country.

Adarkwah, Gilbert Kofi (2021)

Dette er Afrika-aksjene ekspertene har tro på nå

https://e24.no/boers-og-finans/i/rEmRK0/dette-er-afrika-aksj [Avis]

Adarkwah, Gilbert Kofi (2015)

Fattige land får regningen

Vårt Land [Avis]

Tomassen, Sverre & Adarkwah, Gilbert Kofi (2023)

Impact Investment Firms and Institutionalization in High-Risk Countries

[Academic lecture]. EIBA.

Adarkwah, Gilbert Kofi; Grøgaard, Birgitte & Tomassen, Sverre (2021)

Host Country Policy Risk and Foreign Investments: The Moderating Role of Firms’ Motives

[Academic lecture]. Strategic Management Society Annual Conference, Virtual, October 2021.

Adarkwah, Gilbert Kofi & Benito, Gabriel R G (2019)

Dealing with high risk environments-Multinational firms in developing countries

[Academic lecture]. AIB 2019 Annual Meeting Copenhagen, Denmark June 24-27, 2019.

Adarkwah, Gilbert Kofi & Benito, Gabriel R G (2019)

Dealing with high risk environments: Multinational firms in developing countries

[Academic lecture]. Academy of International Business UK & Ireland 2019 Chapter Conference.

We discuss why multinational firms continue to invest billions of dollars in host countries characterized by severe policy uncertainty and lack of market-supporting institutions, as evidenced by the increasing flow of foreign direct investment (FDI) into Africa. We argue that multinational firms that expand into developing countries replete with institutional voids do not have a special appetite for risk. Rather, they reduce risk through a variety of mechanisms that potentially alleviate and offset the risks of investing in developing countries. Specifically, we describe and discuss the following key types of arrangements: International Investment Agreements (IIAs) negotiated between the home country and the host country, home country backed International Investment Insurance (III), Investment Contracts (IC), and Portfolio Investment Guarantees (PIG).

Adarkwah, Gilbert Kofi (2018)

Protecting investment in Emerging Markets

[Article in business/trade/industry journal]. Risk Consulting Magazine, 10(1)

Adarkwah, Gilbert Kofi; Grøgaard, Birgitte & Tomassen, Sverre (2018)

The Effect of Institutional Distances and Government Assistance on Ownership Levels in Sub-Saharan African Countries

[Academic lecture]. 38th Annual Conference of the Strategic Management Society in Paris 2018.

We follow the prevalence of MNEs into Africa to examine the impact of institutional distance and governmental assistance on ownership levels across multiple home and host countries. Although recent studies have increasingly heightened the influence of institutional contextual factors on the ownership levels, we know very little about such decisions from the African context. This paper fills this gap by looking at ownership decisions within the uniqueness of the African context. We contribute to the international business literature by testing the theoretical boundaries of ownership decisions when MNEs expand into high risk areas. With 54 countries in our sample, this study throws light on the role of different institutional complexities on ownership decisions.

Academic Degrees
Year Academic Department Degree
2021 BI Norwegian Business School Ph.D. economics and management
2017 University of Oslo Master of Laws
2016 Norwegian University of Life Sciences (NMBU) MSc in Management Science
2011 University of Mannheim MSc in Management Science
2009 Høgskolen i Innlandet Bachelor of Science
Work Experience
Year Employer Job Title
2017 - Present Gilbert and Partners AS Founder & CEO
2017 - 2021 BI Norwegian Business School PhD Candidate
2019 - 2020 Aker Energy As CEO Advisor & VP Strategy
2017 - 2019 Pangea Accelerator As Co-founder, Chief Financial, Legal, and Risk Officer
2013 - 2019 If P&C Insurance Head of Pricing and Underwriting
2015 - 2016 United Nations (UN) Trade and Investments advisor
2011 - 2013 Pronova Biopharma AS Group Business Coordinator and Head of Market Access