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Alvaro Cuervo-Cazurra, Klaus Meyer and Ravi Ramamurti

We study how the conditions of the country of origin of a firm influence its internationalization, analyzing emerging economy multinational companies (EMNCs) as a laboratory for extending theory. EMNCs have been observed to vary from advanced-economy MNCs (AMNCs), suggesting that the home context is the critical explanation. We propose relative resource specialization as the mechanism explaining differences and argue that firms in emerging economies develop a lower degree of resource specialization and wider sets of resources in response to underdevelopment at home. These more varied sets of resources lead EMNCs to have lower levels of internationalization and different patterns of foreign expansion than AMNCs.