The paper analyses the new trend of outward foreign direct investment (FDI) by multinational companies from emerging countries, in particular the BRICs, in developed countries to question the applicability of the traditional HOS theoretical framework to this trend. A literature review shows that...

Multinational companies (MNCs) from emerging markets (EMs) are new and very dynamic actors on the global scene. Starting from the late 1970s a strand of literature flourished on Third World multinationals (Lall, 1983a). More recently, the increasing expansion abroad by multinationals based in...