Emerging market multinationals

Yusaf H. Akbar

Chapter 4 in A Research Agenda for Emerging Markets, 2026, pp 51-63 from Edward Elgar Publishing

Abstract: Emerging market multinationals (EMNCs) have quickly been transformed from peripheral players to core competitors in international business. Originating from developing countries such as China, India, and Brazil, over the past decades, EMNCs have increasingly challenged the preeminence of developed country multinationals (DMNCs). They now account for over 30 percent of global foreign direct investment and actively participate in international mergers and acquisitions. Their rise is arguably different from that of the DMNCs as it is marked by new innovative strategies, frugal engineering, and aggressive asset acquisition, enabling them to quickly compete across diverse industries. Following the Linkage-Leverage-Learning (LLL) framework, EMNCs internationalize to acquire strategic resources, which accelerates capability building. This fast-paced trajectory contrasts with traditional incremental internationalization, highlighting distinctive approaches of EMNCs and their growing impact on global competition.

Keywords: Emerging Market Multinationals; Leapfrogging; Innovation; Competitiveness; Mergers and Acquisitions; Internationalization (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035331574
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