An examination of the conditions, characteristics and strategies pertaining to the rise of emerging markets multinationals

Purpose This paper aims to examine the conditions, characteristics and strategies pertaining to the rise of emerging markets’ multinationals (EMNEs). Design/methodology/approach The paper relies on both academic and professional resources to offer a holistic understanding of EMNEs by reviewing, analyzing and classifying their underlying conditions, characteristics, internationalization motivations, strategies and competitive advantages. Findings The analysis indicates that EMNEs ascended as a result of major socio-economic transformations in the past two decades after the Cold War; follow an accelerated path of expansion; implement flexible and decentralized organizational configurations; enjoy strong political connections; do not internationalize according to the ownership-location-internalization paradigm, rather follow the linkage-leverage-learning pattern; benefit from multiple sources of competitive advantage and adopt five main types of international strategies; are becoming more sophisticated and represent serious threats to their counterparts from advanced economies. Research limitations/implications As emerging markets and their multinationals are highly heterogeneous, the findings and suggestions remain context-bound. Practical implications The paper synthesizes the EMNEs literature, bridges theory and practice and offers an integrative outline that can be useful for international business managers. Originality/value The paper takes an all-inclusive approach and provides insights into multiple societal and organizational facets of EMNEs.