Terrorism, Corporate Performance and Business Strategies: Presence, Impact, and Future Inaugural Dissertation for obtaining the academic degree of Doctor rerum oeconomicarum (Dr. rer. oec.) Faculty of Management and Economics Schumpeter School of Business and Economics University of Wuppertal Submitted by Faisal Saeed MALIK M.Phil. & M.Sc. Entrepreneurship and SME Management 1. Supervisor Prof. Dr. Werner Bönte Chair of Industrial Organization and Innovation Schumpeter School of Business and Economics Bergische Universität Wuppertal 1. Supervisor Prof. Dr. Vivien Procher Chair of Entrepreneurship and Innovative Business Models Philipps-Universität Marburg The PhD thesis can be quoted as follows: urn:nbn:de:hbz:468-20210120-100033-9 [http://nbn-resolving.de/urn/resolver.pl?urn=urn%3Anbn%3Ade%3Ahbz%3A468-20210120-100033-9] DOI: 10.25926/ad5x-p077 [https://doi.org/10.25926/ad5x-p077] Thanks for sponsoring1 my Dissertation2: 1 I am highly indebted to Higher Education Commission (HEC), Pakistan for funding my doctoral studies. Chair of Industrial Organization and Innovation (Prof. Dr. Werner Bönte), Jackstädt Center of Entrepreneurship and Innovation Research, Center for Graduate Studies (CGS), and Schumpeter School of Business and Economics at Bergische Universität Wuppertal has graciously supported my doctoral research, conferences, and research travels, 2 Doctoral dissertation is printed with the support of the German Academic Exchange Service (DAAD). ii DEDICATION By the Grace of Allah, I dedicate this dissertation to my father, Muhammad Saeed Malik; my mother, Zamurd Saeed Malik; sisters, Hina & Sadia; and my elder brother, Adil Saeed Malik. I stand in solidarity with all victims and survivors of terrorism. ACKNOWLEDGMENT I am greatly thankful to my supervisor Werner Bönte for accepting me as a doctoral student on a phone call. Since my first interaction with Prof. Bönte, he always amazed me with his generosity, patience and kindness. He is bighearted from day one and still providing me all opportunities to establish myself in the field. During my doctoral journey, his guidance and invaluable suggestions enlightened me to understand “the significant scientific contribution”. I am also grateful to Prof. Procher for her trust and a strong believe in my abilities. Her clarity of thoughts and inspirational statement “Faisal... you can do it…” always motivated me to go extra mile. She discovered a hidden talent in me i.e., my networking skills. I still remember the way she appreciated me for my first conference. Without her care and vision, it would have been difficult to achieve excellence. No matter how much I achieve, I always dedicate my success to my professors. Thanks for always showing me hope when I was lost and distracted. Moreover, I am intellectually indebted to Christian Rupietta for always sharing honest thoughts on my research and introducing me to innovative quantitative methodological technique fsQCA. His suggestions have always added value to my research. I highly regard him for my career development (for Swiss Chocolates too). I would like to show my greatest appreciation to Prof. Dr. Rocki-Lee DeWitt (my co-author). Since my presentation at AOM (2019) in Boston, she has always broadened my understanding to strategy and core of the business. Her meticulous comments on my research expanded the scope of my research. She made an incredible impact by sharing her vast knowledge. I must thank Diemo Urbig for his dynamic personality. His presence at JZ was a blessing for me, his networking skills and the art of asking questions was matchless. I remembered his precious words to stay focused on research methods skills and life in general. iv I thank Prof. Dr. Uzair Ahson for supervising my Master-Thesis and always sharing inspirational thoughts. I truly respect and honor my teachers Qais Aslam, Almas Hyder, Rafiq Jaffar, Imtiaz Khalid, and Bashir Naeem for discovering my potential and transforming me as a person. I must appreciate Naseer Almas for stirring up my big dreams. Thanks Dr. Ghulam Hussain for always coaching me about life. I must mention my dear friend Dr. Sajid Ali for absolute support. Thanks to Mrs. Timmermann for taking great care of my health. Thanks for being part of this journey: Abdullah, Ahmad, Ali, Anna, Anton, Anwar, Asad, Asif, Atif, Axel, Bilal, Birim, Behailu, Christian, Claudia, Desiree, Dmitry, Franziska, Hamid, Iiris, Imad, Irmak, Jan, Jana, Jens, Julia, Khurram, Klaudia, Katherina, Leo, Lu, Marco, Markus, Nader, Nana, Nasir, Nazia, Niyaz, Oliver, Omer, Osama, Philip, Rudy, Saad, Sabeeh, Sandro, Sarah, Shamas, Shahbaz, Shahzad, Shazaib, Sofia, Susan, Tobias, Vannesa, Victoria, Waleed, and Waseem. My intellectual debt is to the faculty of the Schumpeter School of Business and Economics for the development of dissertation. Thanks Prof. Christine Volkmann Director Jackstädt Center for encouragement in the beginning of my doctoral journey. I must thank Prof. Pigorsh for teaching econometrics and application of methods in Master-course and doctoral seminar. I heartily acknowledge Prof. Betzer, Prof. Crasellt, Prof. Jürges, Prof. Jüßen, Prof. Rupietta, Prof. Schneider, Prof. Temme, and Prof. Witt for valuable feedback on my research. Thanks Matthias Schulz and Philip Steinberg for sharing great memories. I must acknowledge Mrs. Haselhof for administrative support and great conversations. Thanks Mrs. Wüster, for always considering me the part of the family. Unfortunately, she is no more, but her thoughts will stay. I am thankful to Mrs. Bieck, Mr. Bartsch, Prof. Dr. Braukmann, Mr. Hanebeck, Mrs. Heide, Mrs. Jansen, Mr. Kluge, Mrs. Leclaire, Mrs. Lindhorst, and Mrs. Stenzel for always extending their help in administrative matters at Bergische Universität Wuppertal. v Outside the Schumpeter School, my dissertation is presented at various flagship conferences in the field. I want to thank David Audretch for encouraging my research idea at various conferences. My special thanks for Simon Parker for offering a course on STATA using a Panel Data in Siegen, his teaching philosophy inspired me. I am extremely thankful to Michael Hitt for offering a detailed discussion on my research. I also thank Mike Peng, Yadong Luo, Sheila Puffer, David Ahlstrom, Seung-Hyun Lee, and John Meiz for their valuable feedback at Global Strategy and Emerging Market Conference (GSEM) 2019 at University of Texas, Dallas, USA. This dissertation has also benefitted from the valuable and insightful discussion about my research projects with Jeane Boddewyn, Alvaro Cuervo-Cazurra, Michael Czinkota, Li Dai, Lorraine Eden, Walid Hejazi, Gary Knight, Dan Li, Shige Makino, Ram Mudambi, and Saeed Samiee at the Academy of International Business 2019, Copenhagen, Denmark. A special thanks to Prof. Dr. Robert Greenbaum and Prof. Dr. Gary Lafree for sharing thoughts on my research. Later on, Prof. LaFree invited for a presentation at START (Global Terrorism Database) University of Maryland, USA. Terrorism research experts helped me to refine my research. I felt honored when Prof. Czinkota offered to visit McDonough School of Business at Georgetown University, Washington, USA. His persona is larger than life, he has always been a great support to introduce me to other leading scholars and encouraging me to carry on research on the topic of terrorism and international business. His scientific work is a great source of an inspiration for my future research prospect. Special thanks to Mr. & Mrs. Boddewyn for inviting me to New York for a diner and sharing great thoughts on my research. I must thank International Management (IM) Division, Academy of Management for accepting my research for Doctoral Student Consortium and Professional Development Workshop. It provided me an opportunity to spend a day with the leading scholars in the field of IM and Strategy. vi I am highly thankful to Prof. Jay Barney for discussing my project and hinting future research possibilities. Academy of Management 2019 in Boston provided me a presentation opportunity to talk about my research with the leading scholars Ilya Cuypers, Rocki-Lee DeWitt, Jesper Edman, Kendall Roth, William Newburry, and Srilata (Sri) Zaheer. I am deeply grateful to Peter Liesch for offering support for future research project. I must thank Sarianna Lundan, Rebecca (Becky) Reuber, Elizabeth Rose, Paul Vaaler, and Alan Verbeke for the feedback on my research at European International Business Academy 2019, Leeds, UK. I am thankful to Rebecca Piekkari, Emmanuella Playkoyianaki, and Catherine Welch for offering a workshop on Qualitative Case Study Research in International Business. I must acknowledge your valuable comments on my research. I want to thank Ajai Gaur, Walid Hejazi, Gary Knight, Martina Musteen, and Carol Reade for valuable feedback and honoring my research with the Student Paper Award at Academy of International Business 2020, US-West Chapter, San Diego, USA. I would like to express my deepest gratitude to Higher Education Commission (HEC), Pakistan, the German Academic Exchange Service (DAAD), Jackstädt Center for Entrepreneurship (JCE), Center for Graduate Studies (CGS), and Zentralen Forschungfördertopfes (ZEFFT) for funding my doctoral studies in Germany. Research competitiveness can only be achieved by knowledge sharing among the scientific community. Capacity buildings and scientific research networks are contingent to sufficient financial resources. Fortunately, I could get hold of flagship conferences because of Prof. Bönte’s generous funds for my research. Also, I am