The rise of emerging markets (EMs) worldwide over the past decade has now been widely documented in the popular business press. For example, in 1990, EMs represented less than 15 percent of the global economic output while the developed nations represented 77 percent. By 2010, EMs represented almost 30 percent of the global GDP (World Bank, 2010) and 37 percent of the inbound direct investment. Indeed, some experts predict that EMs will account for almost 80 percent of the global economy by 2050 (Rincon Hill Capital, 2010) with BRIC countries (Brazil, Russia, India and China) denoting a larger share of the global economy than their G-7 counterparts (Goldman Sachs, 2010; MSCI, 2010). Others believe that EMs are ‘expected to prevail, at least for the foreseeable future’ (Merchant, 2008a, p. ix). Thus it is not surprising that academic interest in EMs has also risen considerably over the past decade – urged on by the seminal work of Hoskisson et al. (2000). A casual review of academic literature on EMs points to a vast spectrum of scholarly interest in the EM phenomenon, at least in the management discipline. Researchers have embraced the study of EMs and examined a wide array of topics within, relying on an equally diverse range of theoretical and empirical perspectives. Apparently, management scholars have been motivated in their endeavors by a nearly non-existent body of previous work on EMs.
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