Executive PhD
Research clusters
The Executive PhD Programme is embedded within MSM’s research strategy on inclusive and sustainable ecosystems in emerging and developing economies. It examines private sector development through the interactions among businesses, governments, universities and research institutions, financial actors, civil society organisations and environmental systems.
Four interlinked research clusters bring together complementary perspectives on institutions and policy, enterprise growth and productivity, organisational knowledge and innovation, and finance and investment. Sustainability and inclusion run across all four clusters.
You will be affiliated with the cluster that most closely aligns with your core research question. As many doctoral projects span several areas, you may also draw on expertise and participate in relevant academic activities across other clusters. Each cluster provides an academic community in which you can exchange ideas, receive feedback and develop your research throughout your doctoral journey.
The table below shows how the research clusters relate to MSM’s strategic research domains.
| MSM Strategic Domain | Research Cluster |
| Institutional Ecosystems & Governance | Cluster 1 |
| Multi-Stakeholder Partnerships & Triple Helix | Clusters 1 & 3 |
| Entrepreneurship, Value Chains & Inclusive Business Development | Cluster 2 & 3 |
| Innovation, Skills & Knowledge Systems | Cluster 2 & 3 |
| Sustainable Finance & Development | Cluster 4 |
The research clusters are informed by MSM’s Development Ecosystem Framework, which recognises the interdependence of environmental, societal and economic institutions in shaping development outcomes. Candidates are encouraged to consider how their research contributes to understanding and strengthening these interconnected systems.
1. Private Sector Institutional Ecosystems, Governance and Policy Cluster
How do institutions, governance and policy shape private-sector and development outcomes?
This cluster examines how institutions, governance arrangements and public policies influence private sector development and inclusive and sustainable development in emerging and developing economies.
It explores how formal and informal institutions, regulation and relationships between governments and businesses enable or constrain enterprise development, economic transformation, social inclusion and environmental sustainability. Research considers the interactions among public institutions, businesses, research and educational institutions, financial actors, civil society organisations and communities.
Key themes
1. Institutional Ecosystems and Institutional Development
Formal and informal institutions; institutional quality and effectiveness; institutional change; institutional capacity; institutional resilience; interactions among public, private and societal actors.
2. Governance and Public Sector Capacity
Governance systems; public sector capacity development; public administration and reform; multi-level governance; decentralisation; policy coordination; adaptive governance.
3. State–Business Relations, Regulation and the Business Environment
State–business relations; regulatory frameworks; institutional conditions for enterprise development and investment; public–private interaction; regulatory effectiveness; governance of markets.
4. Industrial Policy and Productive Transformation
Industrial policy; productive transformation; sectoral development; development planning and implementation; policy instruments supporting structural and economic transformation.
5. Inclusive and Sustainable Development Policy
Public policy for inclusive and sustainable development; social inclusion; environmental and economic governance; policy coherence; implementation challenges; distributional dimensions of development policy.
6. Climate Governance and Sustainability Transitions
Climate governance; sustainability transitions; institutional responses to environmental challenges; coordination across levels of governance; policy frameworks supporting green and sustainable transformation.
Research focus
The cluster encourages candidates to investigate how institutions, governance arrangements and policy interventions shape private-sector and development outcomes. Particular emphasis is placed on understanding how institutional capacity, governance quality, state–business relations and public policy influence enterprise development, productive transformation, inclusion and sustainability, and on identifying the institutional and governance conditions under which policy interventions are most effective.
The cluster also examines how governments and other ecosystem actors coordinate responses to complex development challenges and how institutional systems adapt to economic, technological, environmental and societal change.
2. Enterprise Growth, Market Access and Productivity Cluster
Why do some enterprises grow, internationalise and raise productivity — and which instruments change that
This cluster examines why enterprises are created, survive, grow, invest in innovation and new technology, and improve productivity, particularly in emerging and developing economies. It also explores how public policy can improve these outcomes.
The cluster considers business creation, innovation and technology adoption as investment decisions shaped by uncertainty, expected returns, costs, finance, regulation, skills and market conditions. It places particular emphasis on quantitative evidence to understand how firms respond to their environment and to establish what policy instruments achieve, for whom and at what cost.
Key themes
1. Enterprise Creation, Growth and Survival
Firm entry, exit and business dynamism; who starts a business and why; young and small firms as sources of job creation; constraints on firm growth — finance, regulation, skills, infrastructure, market access; informal enterprise and formalisation; ownership, governance and management practices.
2. Innovation Investment and Technology Adoption
R&D and innovation investment decisions and the barriers to them; returns to innovation and the costs of innovating; AI adoption and use; automation, Industry 4.0 and technological upgrading; diffusion of technology across firms, sectors and countries; complementarities between technology, innovation and skills.
3. Productivity, Competition and Market Outcomes
Firm productivity and its drivers; prices, markups and market power; competition, market concentration and dominant firms; allocation of resources across firms; regulation of digital and technology-intensive markets; technology, employment and the future of work.
4. Trade, Market Access and International Competition
Exporting, importing and firm outcomes; effects of trade policy and trade barriers on investment and innovation incentives; entry into new export markets and product lines; participation in global value chains.
5. Policy Design and Evaluation
Enterprise, innovation and technology support instruments — subsidies, tax credits, grants, guarantees, training and business-support programmes; entry regulation and the business environment; industrial and digital transformation policy; incentives for adopting energy-efficient and green technologies by firms and households; quantitative policy evaluation and cost–benefit assessment.
Research focus
The cluster encourages candidates to investigate why enterprises grow or fail to grow, how innovation and technology change what firms can do, and how policy instruments alter these outcomes. Particular emphasis is placed on identifying the barriers that keep firms and households from investing at socially desirable levels, and on establishing which instruments most effectively remove them.
3. Knowledge, Innovation and Organisational Transformation Cluster
How do organisations develop and mobilise knowledge, capabilities and leadership to learn, innovate and transform?
This cluster examines the organisational processes through which knowledge is created, shared and applied, capabilities are developed and renewed, and innovation and transformation take place.
It explores how organisations respond to technological, institutional and societal change, and how leadership, learning and organisational culture support these responses. Research also considers how collaboration with universities, research institutions, governments and other organisations contributes to knowledge development and innovation.
Key themes
1. Knowledge Creation, Transfer and Organisational Learning
Knowledge management; knowledge creation and sharing; organisational learning; absorptive capacity; knowledge transfer within and between organisations; university–industry knowledge and technology transfer.
2. Organisational and Dynamic Capabilities
Organisational capabilities; dynamic capabilities; capability development and renewal; absorptive and adaptive capabilities; organisational resilience; capability building for innovation and transformation.
3. Innovation and Organisational Innovation
Innovation capabilities; innovation strategy and processes; innovative culture; product, service, process and business-model innovation; innovation performance; organisational conditions enabling innovation.
4. Digital Transformation and Emerging Technologies
Digital transformation; AI and emerging technologies; digital capabilities; organisational adoption and integration of new technologies; organisational and workforce implications of technological change.
5. Leadership and Organisational Change
Leadership for innovation and transformation; organisational change; organisational adaptation; culture and change; employee engagement in transformation; organisational resilience and renewal.
6. Knowledge and Innovation Ecosystems
University–industry collaboration; knowledge and innovation ecosystems; research capacity development; international research collaboration; multi-stakeholder partnerships; human-capital and skills development; organisational interaction with wider research and innovation systems.
Research focus
The cluster encourages candidates to investigate how organisations develop and mobilise knowledge, capabilities and leadership to strengthen learning, innovation, adaptation and transformation. Particular emphasis is placed on understanding how organisational capabilities are created and renewed, how knowledge is generated and transferred within and across organisational boundaries, how organisations adopt and integrate emerging technologies, and how leadership and organisational processes enable innovation and change.
The cluster also examines how organisations interact with universities, research institutions, governments and other actors within wider knowledge and innovation ecosystems, and how these relationships contribute to organisational capabilities, innovation and sustainable transformation.
4. Sustainable Finance, Investment and Development Cluster
How can financial systems and investment mechanisms support inclusive and sustainable development?
This cluster examines how financial systems, institutions and investment mechanisms support inclusive and sustainable development in emerging and developing economies.
It explores how access to finance, investment strategies and financial instruments influence enterprise development, economic transformation, social inclusion, environmental sustainability and resilience. Research considers how financial institutions, enterprises, investors, governments and development finance institutions interact to mobilise and allocate capital.
Key themes
1. Sustainable Finance and Responsible Investment
Sustainable finance and banking; ESG investing; responsible investment; sustainable capital markets; integration of environmental, social and governance considerations into financial and investment decisions.
2. Financial Inclusion and Enterprise Finance
Financial inclusion; access to finance; SME finance; entrepreneurship financing; financing constraints; inclusive financial systems; financial services for underserved enterprises and communities.
3. Development Finance and Innovative Financing Mechanisms
Development finance institutions; blended finance; impact investing; public–private financing mechanisms; mobilisation of private capital for development; investment ecosystems in emerging economies.
4. Green and Climate Finance
Green finance; climate finance; financing climate mitigation and adaptation; sustainable infrastructure finance; financing environmental and sustainability transitions.
5. Finance, Innovation and Digital Transformation
FinTech; digital financial inclusion; digital financial services; finance for innovation and technological development; technological change in financial systems and markets.
6. Financial Systems, Investment and Economic Resilience
Financial-system resilience; investment and economic transformation; capital allocation; financial stability and development; financing responses to economic, environmental and societal shocks.
Research focus
The cluster encourages candidates to investigate how financial institutions, markets, investment strategies and financing mechanisms contribute to private-sector development, inclusion, innovation, environmental sustainability and long-term economic transformation. Particular emphasis is placed on understanding how financial systems can expand access to capital, mobilise investment for sustainable development and address financing gaps faced by enterprises, communities and development initiatives.
The cluster also examines how emerging financial instruments, digital technologies and public–private financing mechanisms can strengthen financial inclusion and resilience and support responses to major development challenges, including climate change and sustainable economic transformation.
Academic support throughout your PhD journey
Your research cluster is your principal academic community within the Executive PhD Programme. Led by a Research Cluster Coordinator and supported by academic experts, including senior academic expertise, it provides guidance, feedback and opportunities for collaboration.
Developing your research proposal
During the first year, your cluster is your principal source of academic guidance as you develop your Extended Research Proposal (ERP). Support includes refining your research question and conceptual framework, considering your methodology, receiving feedback on your literature review and proposal drafts, and preparing for the ERP defence.
Candidates are expected to participate actively in five scheduled cluster meetings, each with a scheduled duration of two hours. Sessions include progress presentations, literature and conceptual model discussions, methodological exchange, peer feedback and preparation for the proposal defence.
Additional support includes a focused mentoring session towards the end of the research methods course and feedback on a draft ERP before submission and defence.
Supervision and continued cluster membership
Your supervisory team is formally appointed after you successfully defend your Extended Research Proposal. The cluster supports the identification of suitable supervisors. Once appointed, your supervisory team takes primary responsibility for directing and supervising your individual research project.
You remain a member of your research cluster throughout your doctoral journey. The cluster continues to offer opportunities for academic exchange, additional feedback, mentoring, networking and collaboration with faculty and fellow candidates. As your research progresses, you are encouraged to participate in relevant activities and share your experience with candidates at earlier stages.
