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The investment development path of emerging markets’ MNEs is significantly different from the developed (TRIAD) world’s MNEs; BRIC MNEs seem to have taken a different trajectory on account of various political and economic reasons, ranging from the ‘forms of entry’ to ‘country-specific advantages’ (Tulder, R. V. (2010). Toward a renewed stages theory for BRIC multinational enterprises? A home country bargaining approach. In K. P. Sauvant, G. McAllister, & W. A. Maschek (Eds.), Foreign direct investments from emerging markets: The challenges ahead (pp. 61–74). New York, NY: Palgrave Macmillan). Yet, some believe that in the long run the internationalization strategy of the developed world MNEs and BRIC MNEs will converge. Internationalization strategies as measured by OFDI depend on various macroeconomic determinants such as income, interest rate, openness of the economy, etc. The chapter intend to highlight, the significant difference between these two groups of countries on account of diverse political reforms towards internalization of firms, yet see if these different countries might converge.

Regression analysis examines the significance of the role of home government by testing the effect of governance indicators; that is voice and accountability, on OFDI. It further, tests for convergence of internationalization strategies of the two historically divergent groups, also, it tests convergence amongst the BRIC nations. Along with forecasting, time series analysis is also employed to examine convergence using univariate sigma convergence techniques.

Impact of voice and accountability is significant but it hinders OFDI for BRIC nations, while it promotes OFDI for TRIAD & ALL. Moreover, the analysis found the existence of convergence, that is BRIC will catch up with TRIAD, but though convergence exists amongst BRIC if we take a long span of time (45 years), it is absent in short span of time (19 years), as lately BRIC have shown divergent tendency.

Small sample size in multivariate regression analysis. Also, the governance indicator, that is voice and accountability, is perception based, and missing gaps in data for governance indicator is filled using interpolation.

Empirically testing the convergence of BRIC nations with the developed world. A univariate time series analysis is undertaken to understand each country’s heterogeneous FDI outflows and to address the research gap in existing forecasting literature. In addition, the comparison specifically between the Emerging Market Economies, that is the BRIC nations and the developed world gives some useful insights. This chapter ascertains the impact of governance indicator on OFDI; empirical literature shows such analysis for IFDI & FDI, but OFDI is rarely been dealt with.

The presence of economic power of BRICS nations could be felt from the late of nineteenth and beginning of twentieth century and during this period inflow of FDI also began to go up and spread across all the sectors. FDI has not only looked to capture the huge market of these economies, but while doing so, it has helped these nations in their economics progress. Our main contribution in this paper consists of analyzing both short-run and long-run interactions between status of knowledge and FDI in the form of inflow of FDI and proportion of GDP used for R&D activities accounting for possible development of knowledge in BRICS nations. For this purpose, our work is based on a sample of these five nations during the period 2006–2017. By the help of panel data analysis and having performed all the necessary tests, we have introduced both dynamic OLS and fully modified OLS to get the efficient long-run impact of FDI on knowledge. Our empirical results support long-run and short-run causality running from FDI to knowledge in all BRICS nations. Our policy recommendation includes encouragement of more FDI in development of knowledge-related activities as well as increase in proportion of GDP spent on R&D in BRICS nations.

The aim of this study is to ponder over the issue of the combined political and economic importance of the BRIC(S) countries. The study highlights the performance of BRICS countries on the basis of various economic and social indicators, as well as patterns of trade and investment. The chapter examines the origin and the status of the BRICS Development Bank as a sign of the creation of a new political and economic block.

The present study adopts a descriptive method. It uses secondary data from several multilateral organisations.

The BRICS countries not only differ in their contribution to the global economy but also along major social indicators. BRICS Bank (New Development Bank) is an important step taken by BRICS countries, but its sustenance depends on the future policies and coordination of BRICS countries.

No econometric techniques are applied due to insufficiently available secondary data.

The goal of this chapter is to discuss the managerial implications of regulatory reforms in BRICS countries and how those reforms affect the strategy and performance of BRICS multinationals. In particular, we consider (1) how firms may learn from the institutional and competitive changes at home that accompany pro-market reforms and use this knowledge to venture out successfully across borders, (2) how firms may learn through their international operations as a means to enhance their competitiveness and responsiveness to reforms in their home market, and (3) how BRICS multinationals differ from other emerging market multinationals.

The chapter is primarily conceptual and relies heavily on case studies, interviews, and public financial data.

Ultimately, reforms are implemented by the state, but the strategic responses of managers to these reforms are largely what determine whether their firms will survive and thrive under the new and evolving regulatory conditions. BRICS firms are particularly well positioned to take advantage of reforms within their own countries and in other emerging markets, including other BRICS nations.

The chapter underscores the importance of aligning strategy with home and host market policies and environments.

The observations presented are conceptual and have not been verified quantitatively. We rely heavily on historical observation and, therefore, much of the analysis is selective to those firms and may not apply to other firms.

The effort in this chapter is to capture some of the relationships between the three pillars in emerging markets. It is an attempt to endow with knowledge on how MNCs manage their business, social and political relationships in emerging markets. The theoretical and empirical facts are to aid understanding of the differences between developed and emerging countries. Further, the discussions express on the heterogeneity and how the three pillars vary in between the emerging countries. The extensive difference in between these countries, the vital role of social and political relationships together with the rapid development and less developed institutional regulations is explained to challenge the MNCs when managing their businesses. The chapter affirms the weakness in the existing theoretical views and claim for the need for development of new theoretical views adapted for these economies.

Sustainable urban development implies a process by which sustainability can be attained, emphasizing improvement, progress and positive change, incorporating both environmental and social dimensions. Thus, sustainable urban development highlights the need to reform the market mechanism to achieve environmental goals with the attainment of a balance with social and economic considerations. The large and emerging economies of BRICS have experienced fast-paced urbanization process in recent decades. Along with it the problem of environmental degradation occurs as fast urbanization requires more and more energy consumption as well as carbon emission. Here comes the problem of sustainable urbanization which is a matter of serious concern to deal with. In this chapter, five BRICS nations have taken up to see their respective progress in the fields of per capita energy consumption and carbon emission in their urban areas. To show this it investigates the relationship between urbanization, energy consumption, and CO₂ emissions over the period 1992–2014, using a panel data model. The relative potentials of the countries to reduce respective CO₂ emissions are also analyzed. The results indicate that per capita CO₂ emissions are characterized by conspicuous regional imbalances during the study period. Nations are found to present a long run bidirectional positive relationship, the importance of which is found to vary between the respective regions of the countries.

Introduction: Foreign direct investment (FDI) is a deciding factor in the insurance industry’s growth in any nation. Besides, similar socioeconomic conditions, some countries tend to attract more FDI inflows. This chapter focuses on exploring the FDI in the insurance industry in Brazil, Russia, India, China, and South Africa (BRICS).

Purpose: The chapter aims to explore the current situation of FDI in the insurance industry in BRICS member nations and uncover the factors that have led to higher foreign investments in some countries.

Methodology: Using descriptive and comparative approaches, this chapter explains the FDI scenario in the insurance sector of BRICS nations.

Findings: Based on a comparative analysis, the authors observed that deregulation, increased foreign engagement, and adoption of innovative technology and distribution methods are some avenues that could be worked upon to improve FDIs in the Indian insurance sector.

The study evaluated the interlinkages and diversification opportunities in the context of emerging bond markets from 2007:1 to 2020:5, using the vector autoregressive (VAR) model and sub‐period analyses to compare BRIC (2007:1–2010:11) and BRICS (2010:12–2020:5) regimes. As indicated by the breaking unit‐root test, dummies for the global financial crisis and COVID‐19 were incorporated in the analyses. VAR results showed that the Indian bond market responds positively to the previous change in the Chinese bond market during the BRIC era while BRICS bond markets are mostly uninfluenced by prior behavior patterns of one another. These suggested that the diversification opportunity has been increased following the admission of South Africa to the league. In addition, variance decomposition and impulse response provide proofs to suggest that BRICS bond markets are more exogenous and independent compared to what is obtained during the BRIC period. Consequently, the authors concluded that the BRICS bloc has provided greater diversification opportunities for emerging markets’ bondholders in the recent past.