International strategic mergers and acquisitions (M&As) by emerging market multinationals (EMMs) are rapidly gaining importance. Whereas multinational firms from developed countries mostly invest abroad to leverage their existing assets, EMMs tend to seek strategic assets when investing in other...

This paper develops a framework that distinguishes five types of organization for the vertical division of labor between manufacturing firms: market transactions, recurrent transactions, interdependent transactions, quasi-integration and formal integration. The application of this framework to...