We extend agency theory to propose that structural reform positively impacts firm profitability in developing countries because the improvements in external monitoring that accompany structural reform decrease the agency costs faced by firms. However, we also argue that not all firms benefit...

This paper studies the sequence of value-added activities in the multinationalization of firms from developing countries. Analysis of twenty Latin American multinational firms, or Multilatinas, reveals three alternative sequences: start multinationalizing with marketing subsidiaries in all...

I study the multinationalization - the decision to establish foreign direct investment (FDI) - of developing country firms, in particular Latin American ones or Multilatinas. Despite a long exporting tradition, many firms in Latin American have only recently become multinational enterprises...

This chapter explains how the lessons derived from the analysis of Mexican multinationals, MultiMexicans, in a variety of industries contribute to a better understanding of the strategies used by emerging market firms to upgrade capabilities and internationalize. The chapter explains two main...

I study the impact of the internationalization of state-owned companies from emerging markets on host country government policy. Whereas the literature commonly recommends that host country governments design policies to attract foreign direct investment, governments instead question or block...