ABSTRACT The new phase of geopolitical risk has emerged as a defining challenge to contemporary globalization, fundamentally reshaping the strategies of multinational corporations (MNCs) and cross‐border mergers and acquisitions. Understanding how foreign direct investment (FDI) responds to geopolitical risk is therefore critical for policymakers and international business regulators navigating an increasingly uncertain international investment landscape. Following PRISMA guidelines, this study reviews 124 peer‐reviewed articles on geopolitical risk and FDI, employing bibliometric analysis and the TCCM framework to map publication trends, dominant themes, influential contributors, and collaboration networks across the global political economy. The bibliometric analysis reveals an annual growth rate of 6.62% in publications, with thematic analysis highlighting “geopolitical risk,” “geopolitical uncertainty,” and “foreign direct investment” as dominant and evolving research themes. Highly cited studies, leading authors, and international collaboration networks are also mapped. The TCCM analysis identifies critical theoretical and methodological gaps, particularly in cross‐country comparative research, and proposes directions for future studies. By integrating bibliometric analysis with a theory‐informed TCCM assessment, this review synthesizes a fragmented literature and provides actionable insights for global investment governance, risk‐mitigation strategies, and MNC decision‐making in the context of heightened geopolitical volatility.
Farzam et al. (Tue,) studied this question.