This study challenges the implicit assumption of homogeneity in national institutional environments made in past studies of firm performance persistence. We propose that home country institutions matter. We focus on the impact of formal institutions in the product, financial and labor markets,...

"Emerging market multinationals (EMNCs) can become successful global players across a wide spectrum of industries, as demonstrated by companies such as the Brazilian airplane manufacturer Embraer, the Mexican bakery Bimbo, the Russian IT firm Kaspersky Labs, the Indian conglomerate Tata Group,...