Threat or Opportunity?
Studies in International Investment series
Edited by Karl P. Sauvant
Chapter 6: How Global are TNCs from Emerging Markets?
Alan Rugman INTRODUCTION The focus of this chapter is to identify and analyze the set of transnational corporations (TNCs) registered and based in the world’s emerging markets. To do this, I take as the relevant population the world’s 500 largest ﬁrms, ranked by total revenues, as compiled annually in the Fortune Global 500. This entire set of 500 ﬁrms (most of which are TNCs) was analyzed in Rugman (2005). In that study, the focus was on an examination of data on the regional sales of TNCs from the ‘broad’ triad markets of Europe, North America and the Asia Paciﬁc, which account for nearly all of the 500 ﬁrms. The total number of TNCs from the ‘core’ triad of the EU, United States and Japan in 2001 was 428 of the 500. In this chapter, attention is paid to TNCs from emerging markets, which numbered 32 in 2001 (and 44 in 2004). The chapter will ﬁrst proceed to identify the set of 32 (or 44) TNCs from emerging markets. As most of these are from the Asia Paciﬁc region, the substantive theoretical analysis of their performance will focus upon a set of Chinese TNCs. The 16 Chinese TNCs already in the 2004 list of the world’s 500 largest ﬁrms provide perhaps the most interesting challenge to theories of international business, international economics and explanations of foreign direct investment. In order to apply the relevant theory, I shall adapt the basic ﬁrm and country level matrix (Rugman 1981) to analyze...
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