Handbook of Contemporary Research on Emerging Markets
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Handbook of Contemporary Research on Emerging Markets

Edited by Hemant Merchant

The Handbook brings together leading scholars from IB as well as other disciplines to contribute state-of-the-art thinking on emerging markets. The volume extends theoretical and conceptual thinking, looks at operational practices and their implications and provides a research agenda to move the field forward. The contributors offer an in-depth look at specific geographies and functional areas to enrich our understanding of emerging markets.
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Chapter 4: Emerging market multinationals and theory development: a multi-theoretical approach

Alvaro Cuervo-Cazurra


Emerging market multinational companies (EMNCs) as a topic of inquiry is receiving increasing attention in the literature. Initial analyses of the topic in the 1970s and 1980s identified these firms as being state-owned or state-supported, operating in natural resources, and using simpler technologies than advanced economy multinational companies (AMNCs) (for example, Aggarwal and Agmon, 1990; Ghymn, 1980; Heenan and Keegan, 1979; Kumar and McLeod, 1981; Lall, 1983; Lecraw, 1977, 1993; Vernon-Wortzel and Wortzel, 1988; Wells, 1983). In the 2010s these perceptions have changed, partly because emerging economies improved after the pro-market reforms of the 1990s and partly because the set of EMNCs is different. Although there are still EMNCs that are state-owned and operate in natural resources, there are also private ones operating in high-tech industries (for example, see the articles in the special issues edited by Aulakh, 2007; Cuervo-Cazurra, 2012; Gammeltoft, Barnard and Madhok, 2010; and Luo and Tung, 2007; the chapters in the books edited by Cuervo-Cazurra and Ramamurti, 2014; Sauvant, 2008; Sauvant, Maschek and McAllister, 2010; Ramamurti and Singh, 2009; and Williamson et al., 2013). The result of this increasing interest in the topic has been a lively debate on the value of analyzing EMNCs as a separate type of multinational. Cuervo-Cazurra (2012) summarizes this Goldilocks debate, and it is further analyzed by Aharoni (2014) and Godley (2014).

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