Handbook of Emerging Market Multinational Corporations
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Handbook of Emerging Market Multinational Corporations

Edited by Mehmet Demirbag and Attilia Yaprak

This Handbook, compiled by leading scholars of international business, focuses on why emerging market multinationals internationalize, how they do so, what advantages they explore and exploit as they internationalize, and what strategies they implement when competing abroad. Collectively, these contributions offer interesting insight into emerging market multinationals’ internationalization drivers, growth processes, and expansion behaviour and underscore how these might be similar to and different from the international expansion of developed country internationalizing firms.
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Chapter 8: Relative risk in emerging markets for emerging multinationals: the case of Orascom Telecom

Mauro F. Guillén, Esteban García-Canal and Laura Fernández-Méndez


One of the distinctive features of the international expansion of emerging-market multinationals (EMMs) is that they have been able to successfully enter into and operate in policy unstable countries, an endeavor in which most established multinationals have failed. Building on the case of Orascom Telecom, we argue in this chapter that these companies have not only developed strategies to mitigate policy risk, but also to profit from it, turning risk into something relative. Orascom Telecom invested in risky countries such as North Korea and Algeria, trying to reach win-win agreements with host governments. This case is especially interesting because despite lacking any industry expertise, they managed to become the sixth multinational operator in the telecommunication industry that after their merger with Russian Vimpelcom.

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