International political risk management: a review and decision-making framework

<jats:sec> <jats:title>Purpose</jats:title> <jats:p>This study aims to synthesize international political risk management (IPRM) literature into a structured, multilevel decision-making framework explicitly anchored in decision theory (DT) and risk management (RM) concepts, enhancing theoretical coherence and managerial utility.</jats:p> </jats:sec> <jats:sec> <jats:title>Design/methodology/approach</jats:title> <jats:p>Hybrid bibliometric-narrative review of 83 peer-reviewed articles (1984–2025) from Web of Science and Scopus, conducted via Preferred Reporting Items for Systematic Reviews and Meta-Analyses guidelines. Bibliometric mapping identified three intellectual clusters explicitly aligned with DT phases (structuring, evaluation and choice) and RM stages (capability building, identification, assessment and strategic response), systematically integrated across macro, meso and micro contexts.</jats:p> </jats:sec> <jats:sec> <jats:title>Findings</jats:title> <jats:p>Three intellectual clusters emerged: foundational determinants and assessments (macro–meso), strategic responses (micro) and capability building (macro/meso to micro). Each map explicitly to DT phases and RM stages, creating a structured framework that emphasizes iterative learning and capability enhancement.</jats:p> </jats:sec> <jats:sec> <jats:title>Research limitations/implications</jats:title> <jats:p>The framework requires empirical testing across sectors and institutional contexts. Future research should examine cross-level interactions, underexplored industries and prescriptive approaches integrating optimization analytics.</jats:p> </jats:sec> <jats:sec> <jats:title>Practical implications</jats:title> <jats:p>Provides managers with explicit guidance for systematically assessing and responding to political risk, aligning strategic decisions with institutional contexts and organizational risk appetites.</jats:p> </jats:sec> <jats:sec> <jats:title>Social implications</jats:title> <jats:p>Reframing political risk as uncertainty that can be assessed and acted upon highlights its societal impact. Structured management fosters stable investment, employment and governance, while promoting constructive engagement with host-country institutions and communities. This advances resilience, legitimacy and sustainable development, shifting practice from defensive withdrawal to proactive, opportunity-oriented strategies.</jats:p> </jats:sec> <jats:sec> <jats:title>Originality/value</jats:title> <jats:p>Explicitly integrates fragmented IPRM research through established DT and RM principles into a structured, auditable decision-making framework, clearly linking theory, evidence and practice.</jats:p> </jats:sec>