This special issue discusses the relevance of the region CEE for phenomena-based international business research and theory development. Regional insights based on empirical research reveal the drivers, effects and implications of GVC restructuring, post-pandemic adjustments in GVC governance and various strategies in innovation and internationalisation activities of CEE firms in turbulent times. Selected case studies reveal factors behind exit decisions, early internationalisation of CEE start-ups, innovation partnerships and alliances in specific sectors. The contributions highlight value chain reconfiguration and innovation collaborations as crucial processes for CEE future growth and development in a rapidly changing international business environment in Europe and worldwide.