This doctoral dissertation comprises three chapters that collectively examine the internationalization strategy of Spanish Multinational Enterprises (MNEs), focusing on the proactive use of political risk when selecting the location of their subsidiaries. The first chapter studies the relationship between political risk and scope of internationalization. Drawing on the Uppsala model, the diversification and the portfolio theory, the behavior of Spanish MNEs towards political risk is examined. The second chapter focuses on the new members of the European Union, paying special...