Executive PhD

Research clusters

The Executive PhD Programme is embedded within MSM's research strategy on the development of inclusive and sustainable ecosystems in emerging and developing economies. Private sector development is understood as the outcome of interactions among governments, businesses, universities, financial institutions, civil society organisations, and environmental systems. The research clusters provide complementary perspectives on these ecosystem dynamics, enabling candidates to investigate the institutional, organisational, technological, financial, and societal drivers of sustainable development.

To capture this complex interrelationship, the programme is organised into four interlinked research clusters, each providing a multidisciplinary lens through which candidates examine the drivers of private sector growth and transformation in diverse contexts.

Together, these clusters create a comprehensive framework for understanding private sector development in a rapidly changing world. Many doctoral projects naturally span multiple clusters. Candidates are encouraged to examine interactions between institutions, organisations, innovation systems, finance mechanisms, and sustainability challenges in line with MSM's ecosystem approach to development. Sustainability and inclusion are cross-cutting themes that run across all research clusters. Candidates are encouraged to consider the environmental, social, institutional, and economic dimensions of development challenges within their research.

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.

Research clusters serve as intellectual communities where candidates receive peer support, academic feedback, and thematic guidance prior to and following supervisor assignment.

1. Private Sector Institutional Ecosystems, Governance and Policy Cluster

This cluster examines how institutional ecosystems, governance arrangements, and policy frameworks shape inclusive and sustainable development outcomes in emerging and developing economies. It focuses on the role of formal and informal institutions in influencing economic transformation, private sector development, social inclusion, environmental sustainability, and long-term societal resilience.

The cluster adopts an ecosystem perspective, recognising that development outcomes emerge from interactions among governments, businesses, educational institutions, financial actors, civil society organisations, and communities. Particular attention is given to how governance systems and institutional capacities enable or constrain innovation, investment, entrepreneurship, and sustainable development.

Key themes include:

• Institutional ecosystems and institutional development
• Governance systems and public sector capacity development
• Multi-level governance and policy coordination
• State-business relations
• Industrial policy and productive transformation
• Public policy for inclusive and sustainable development
• Regulatory frameworks and institutional effectiveness
• Public sector reform and administrative capacity
• Development planning and implementation
• Environmental, social, and economic governance
• Climate governance and sustainability transitions
• Institutional resilience and adaptive governance
• Decentralisation and regional development
• Policy coherence and implementation challenges

Research focus
The cluster encourages candidates to investigate how institutions, governance structures, and policy interventions influence development trajectories and shape the effectiveness of private sector development strategies. Particular emphasis is placed on understanding how institutional ecosystems can foster inclusive growth, sustainability transitions, innovation, and societal well-being in emerging and developing economies (e.g. Industrial policy and green transition, Governance of innovation ecosystems, Capacity development in public institutions).

2. Entrepreneurship, Organisations and Inclusive Business Development Cluster

This cluster examines the role of entrepreneurship, organisations, and business ecosystems in driving economic transformation, innovation, and inclusive development in emerging and developing economies. It focuses on how firms, entrepreneurs, and other economic actors create value, build competitiveness, and contribute to sustainable development within evolving institutional, technological, and market environments.

The cluster recognises that entrepreneurship and business development do not occur in isolation but are shaped by broader ecosystems involving institutions, markets, value chains, financial systems, and support organisations. Particular attention is given to understanding how organisations adapt, innovate, and grow while addressing economic, social, and environmental challenges.

Key themes include:

• Entrepreneurial ecosystems
• Entrepreneurship and SME development
• Inclusive business models
• Value chain development and upgrading
• Cluster development and competitiveness
• Organisational transformation and change management
• Corporate sustainability and responsible business practices
• Business model innovation
• Leadership and organisational development
• Strategic management and competitiveness
• Informal sector transformation
• Social entrepreneurship
• Family business and succession
• Internationalisation and global value chains
• Private sector development and economic transformation

Research focus
The cluster encourages candidates to investigate how entrepreneurs, organisations, and business ecosystems contribute to innovation, employment creation, competitiveness, and sustainable development. Particular emphasis is placed on understanding how firms can foster inclusive growth, strengthen value chains, build resilience, and generate economic and societal value in emerging and developing economies (e.g. SME internationalisation, Inclusive business models, Entrepreneurship ecosystems).

3. Private Sector Innovation, Technology and Skills Cluster

This cluster explores how innovation systems, technological change, knowledge creation, and skills development contribute to private sector growth and sustainable development in emerging and developing economies. It examines how firms, educational institutions, governments, and other actors interact to foster innovation, enhance productivity, support technological upgrading, and prepare societies for the future of work.

The cluster adopts an ecosystem perspective, recognising that innovation is not solely a technological phenomenon but emerges through collaboration, learning, knowledge exchange, and institutional support. Particular attention is given to the role of skills, human capital, and innovation ecosystems in strengthening competitiveness and enabling inclusive and sustainable economic transformation.

Key themes include:

• Innovation systems and innovation ecosystems
• Technology diffusion and adoption in emerging economies
• Digital transformation and industrial upgrading
• Industry 4.0 and technological disruption
• Knowledge transfer and knowledge management
• University–industry collaboration
• Research and development (R&D) systems
• Entrepreneurship education and innovation capabilities
• Skills ecosystems and workforce development
• Technical and Vocational Education and Training (TVET)
• Human capital development
• The future of work, automation, and artificial intelligence
• Digital inclusion and digital skills
• Green innovation and sustainable technologies
• Productivity, competitiveness, and technological upgrading

Research focus
The cluster encourages candidates to investigate how innovation, technology, knowledge systems, and skills development contribute to economic transformation, organisational performance, employment creation, and sustainable development outcomes. Particular emphasis is placed on understanding how innovation ecosystems can support inclusive growth, industrial development, digital transformation, and the transition towards more sustainable and resilient economies (e.g. AI adoption in emerging economies, TVET and workforce development, University-industry collaboration).

4.  Sustainable Finance, Investment and Development Cluster

This cluster examines the role of financial systems, institutions, and investment mechanisms in supporting inclusive and sustainable development in emerging and developing economies. It explores how financial actors, instruments, and policies can facilitate entrepreneurship, innovation, economic transformation, environmental sustainability, and social inclusion. The cluster adopts an ecosystem perspective, recognising that financial systems are embedded within broader institutional, economic, and societal contexts that shape development outcomes.

Key themes include:

• Sustainable finance and sustainable banking
• ESG investing and responsible investment
• Impact investing
• Financial inclusion and access to finance
• SME finance and entrepreneurship financing
• Blended finance mechanisms
• Development finance institutions
• Green finance and climate finance
• Sustainable capital markets
• Finance for innovation and technological development
• Financing sustainable infrastructure
• Financial systems and economic resilience
• Fintech and digital financial inclusion
• Investment ecosystems in emerging economies

Research focus
The cluster encourages candidates to investigate how financial institutions, investment strategies, and financing mechanisms contribute to inclusive growth, private sector development, innovation, environmental sustainability, and long-term development outcomes. Particular attention is given to the role of finance in addressing major societal challenges, including climate change, poverty reduction, economic resilience, and sustainable industrial transformation in emerging and developing economies (e.g. ESG investing, Financial inclusion, Climate finance).

Research Clusters: Collaborative academic support throughout your PhD journey

Throughout the Executive PhD journey, candidates are part of a dedicated research cluster that provides academic guidance, peer support, and opportunities for collaboration. Each cluster is led by a Research Cluster Coordinator and supported by academic experts who help candidates develop and refine their research ideas, particularly during the first year of the programme.

Candidates participate in five structured cluster meetings focused on key milestones in the development of the Extended Research Proposal. Activities include literature review discussions, methodological workshops, guest lectures, peer feedback sessions, and preparation for the Extended Research Proposal defence.

Beyond the first year, candidates remain members of their research cluster and are encouraged to participate in guest speaker events and knowledge-sharing sessions. This collaborative environment fosters intellectual exchange, professional growth, and a strong sense of academic community throughout the doctoral journey.