We analyze learning-by-doing and how emerging market multinationals use it to upgrade their capabilities. Building on an in-depth case study, we present two novel arguments. First, we clarify the concept of learning-by-doing by identifying four distinct processes in which learning-by-doing...

I study the relationship between pro-market reforms and the expansion of emerging market multinational companies (EMNCs). Extending institutional economics, I propose a co-evolutionary process, whereby pro-market reforms in emerging markets induce the transformation of domestic firms into EMNCs,...

Utilizing a unique data set based on companies' annual reports and local leading financial publications; data from privatization of state-controlled enterprises; world merger and acquisitions (M&As) and financial data from the Mexican (BMV) and New York (NYSE) stock exchanges, this paper studies...

Emerging market multinationals are becoming leaders in their industries, able to compete on equal terms with firms from advanced economies, but their paths toward global leadership are not always smooth. This book examines the specific challenges faced by emerging market multinationals as they...

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...

We analyse the impact of foreign direct investment on domestic investment by emerging market firms. This relationship underlies a key policy debate on whether and how home-country governments should support outward foreign direct investment. While some governments are strongly in favour of...

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...

The purpose of this paper is to investigate the frequently neglected role of business model innovation (BMI) as a key instrument of strategic adaptation of Western multinational enterprises to emerging economy environment. Despite an abundance of studies on BMI, prior works have paid little...

Benefitting from the publication of a new data set by the United Nations Conference on Trade and Development (UNCTAD) in 2017, this article examines the main characteristics in the realm of state-owned multinationals, especially in terms of their geographical origin, the target countries of...