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This work proposes a framework that attempts to explain the connection between the dimensions of consumer perceived corporate social responsibility (social, environmental, economic), firm trustworthiness and firm reputation, using market level of development as a moderating factor.

Mexico and Spain were selected as the emerging and developed markets; a cross-cultural study with 1173 consumers (521 from Mexico and 652 from Spain) was undertaken. In each country, participants evaluated one of two well-known companies (one making consumer products and one providing retail services). The hypotheses were tested through SEM.

The results showed that, in the emerging market, perceived environmental actions did not influence consumers' perceptions and, in the developed market, perceived social actions had no effect.

The study identifies two mechanisms through which consumers' perceptions of a company's CSR influence company reputation, offering evidence that the level of development of a country can have a moderating effect on how the mechanisms operate.

The discussion of competitive strategy in recent years has turned to exploring the differences between emerging market (EM) companies and traditional companies from the US, Europe and Japan. In particular the question has been: do we need a new theory of EM companies, or can existing theory be applied, perhaps with adaptations? The authors intent in this paper is to show what features enable EM firms to succeed in domestic competition, where institutional settings are different from those in Triad countries. The authors do not explore the issue of EM companies competing internationally.

The authors argue that competitive advantages (Porter) or resources (Barney; Wernerfelt) offer a solid base on which to build an understanding of successful domestic strategies of firms in EMs, also recognizing that the specific advantages differ somewhat in EMs, due to institutional differences (Peng). The authors explore characteristics of the 250 largest publicly-traded South African firms which enable them to compete successfully (incl: company size, brand value, company age, international sales and family ownership). The authors conclude that existing theories do indeed serve in this context, but that they need to be adjusted for the different institutional environments in EMs.

Factors that contribute to performance include: company size(+),brand value(+), company age (+), international sales(+) and family ownership(−). The literature that has developed on EM companies competing internationally fails to recognize that most of the features identified exist for all companies in a given country – so they do not explain domestic performance. Of course, even in the domestic context some companies will be better able to take advantage of institutional capabilities such as dealing with the government and with volatile economic conditions than other companies.

The study results come from only one EM, so there may be limits on generalizing to others. If China is excepted, the results here are broadly applicable to medium-sized and larger EMs today, with idiosyncrasies remaining for individual countries (such as natural resources, location, etc.)

EM companies to succeed in their domestic markets should look to build size/scale, to develop their brands and to expand internationally. They should also expand ownership to non-family investors. These factors were significantly correlated with superior performance of listed companies in South Africa and have been shown to apply elsewhere as well.

Also, most analyses of EM companies focus on their distinctive institutional capabilities for competing with firms from Triad countries. The study analysis focuses on domestic competition rather than on going abroad.

The purpose of this study is to investigate whether the internationalization characteristics of companies from an emerging market (internationalized company stage and presence of a sales subsidiary abroad) moderate the influence of country of brand origin positioning over the companies' financial performance.

The authors performed an ex-post-facto study of internationalized companies from Brazil spanning 16 years. Generalized estimating equations in panel data revealed the results with market share, return on assets (ROA) and Tobin's Q as dependent variables.

The result revealed that country of brand origin positioning is worth doing for internationalized companies from an emerging market, especially for multinationals with sales activity in the destination country. It positively affects all three financial metrics. For exporters, it is effective in increasing market share and returns on assets.

The research demonstrates the effectiveness of the image positioning of exporting and multinational companies that have internationalization initiatives and allocation of external sales activities.

In emerging markets, country of brand origin positioning is a branding strategy used by companies seeking to internationalize. This research shows that the contexts of the characteristics of internationalization strategies change the results, and therefore the need to be considered for testing the effectiveness of country-of-brand-origin positioning.

The purposes of this study are to (i) systematically review the state of the existing research of talent management (TM) in emerging markets and its connections with firm performance; (ii) recap the results in an integrative and multidisciplinary framework and (iii) recognize potential research contradictions and gaps that offer avenues for future study.

In this study, the authors apply a systematic literature review (SLR) methodology to review 31 peer-reviewed articles published in highly ranked journals (ABS journals list – ranking 3, 4 and 4*) over more than two decades.

This review shows that the state of the current research of TM in emerging countries and its connections with firm performance is characterized by complexity and fragmentation within the different countries investigated. This review summarizes and highlights five central categories of TM in emerging markets. In order to ensure that the field of research investigated continues to be relevant to diverse constituents, the authors incorporate the various prominent research perspectives into an integrative framework structured at macro (economies/countries), meso (industries) and micro (individuals/organizations) levels.

This research provides guidance for chief executive officers, chief financial officers and human resource directors in emerging countries to develop TM within their organization in order to capture its relevant aspects, from a strategic (purposeful and competency modeling), organizational (talent planning and career track planning) and financial point of view (remuneration policy and firm performance).

The authors offer a first holistic overview of the features of TM in emerging markets and also introduce firm performance. The authors present an integrative multidisciplinary framework that can serve as a starting point of a summary of areas covered by the literature. Finally, the authors identify several knowledge gaps, emerging topics and limitation of current research, through which ideas for future investigations are offered.

This study investigates whether the disclosure of derivatives is value relevant in emerging markets and evaluates the effects of the 2008/2009 global financial crisis on the value relevance of derivative disclosures.

Panel regression models using sub-samples and a crisis interaction term were applied to a sample of the 200 largest non-financial firms by market capitalization listed on the Johannesburg Stock Exchange (JSE) from 2005 to 2017 to assess the consequences of the financial crisis.

The results suggest that the disclosure of derivatives is value relevant in the hitherto understudied context of emerging markets. The 2008/2009 financial crisis had a significant impact on derivatives use and the value relevance of derivatives disclosure by JSE-listed companies.

Companies should reconsider both how they employ derivatives as part of their risk management practices and how they communicate derivatives use to stakeholders in the financial statements. The findings facilitate a comparative analysis across various market contexts by researchers and assist investors in better decision-making. The findings can influence regulatory practices and can help standard setters to review disclosure requirements.

The benefits of corporate hedging were studied from an emerging market perspective, using an original dataset and approach to investigate the effects of international financial volatility on emerging markets. The authors tested whether companies are valued differently, based on their disclosure of the use of derivatives in the financial statements, and the effect of the financial crisis on the value relevance derivatives disclosures.

This study aims to examine the corporate venturing strategy of successful emerging market multinational enterprises and discern commonalities and useful tactics for other firms attempting to follow in their footsteps. Understanding the corporate venturing strategies used by these successful firms may be instructive for other firms whether from emerging markets or developed countries.

We selected 11 multinationals in emerging markets for this study, from a variety of industries in China, India, Brazil, Mexico, Taiwan and South Korea. Success here is defined as rapid international expansion, increased revenue and greater innovation capacity. These firms have become globally competitive against established companies from the developed countries.

Some commonality in corporate venturing strategy has been found along with factors that have contributed to this use being effective. They may provide some worthwhile examples for other firms, both in developing and developed countries.

The contributions of this research are to add to the understanding of how some multinationals from developing countries have been able to rapidly build up their capabilities to become successful global competitors through their corporate venturing strategy.

This study aims at investigating the effect of corporate social responsibility (CSR) and corporate social irresponsibility (CSI) on corporate financial performance (CFP) in firms headquartered in developed versus emerging countries. Drawing upon stakeholder and legitimacy perspectives, the authors argue that the CSR/CSI–CFP relationship differs depending on the home-countries’ level of economic development as this reflects their different sensitivity to sustainability. Indeed, as emerging economies are normally characterized by weaker regulations, they are likely to place lower pressures on companies for superior CSR practices. Therefore, the authors expect the effect of CSR on CFP to be more positive for firms headquartered in advanced than in emerging countries. At the same time, the authors propose a more negative relationship between CSI and CFP for firms headquartered in developed countries due to the higher overall sustainability expectations required to gain legitimacy. The empirical analyses, run on a sample of 1,971 publicly listed firms between 2010 and 2020 from developed and emerging economies, support the expectations, thus confirming that country-specific contextual factors do play a role in shaping both the positive and the negative impact of CSR and CSI on CFP, and that the reactions of stakeholders to responsible and irresponsible behavior are stronger when their sensitivity to sustainability is higher.

The purpose of this paper is to examine the process of integrating sustainability into the corporate strategy of an emerging market multinational enterprises (EMNE) to achieve and maintain corporate legitimacy over time. The research explores how deploying a corporate sustainability strategy enhances the company’s long-term competitive relevance by creating and maintaining corporate legitimacy and transferring practices based on sustainable development goals within the organization.

The study adopts a qualitative single-case design, focusing on a corporate energy services company (Interconexión Eléctrica S.A.) operating in volatile, uncertain and turbulent environments.

The findings indicate that integrating sustainability into the corporate strategy enables subsidiaries to effectively meet global requirements, considering internal and external pressures. This integration also fosters the development of unique capabilities and the internalization of standards, addressing liabilities in foreign markets, thus providing a competitive advantage and safeguarding corporate legitimacy among stakeholders.

This research contributes to the international business literature by providing insights into strategy development and implementation in EMNEs. Specifically, it demonstrates how a Latin American emerging multinational enterprise (multilatina) adopts new sustainability strategies to enhance its business competitiveness. The study also offers guidance for emerging market companies on developing sustainability strategies and transferring them to subsidiaries operating in complex institutional environments. Furthermore, the research provides a rationale for governments and civil society organizations on why firms are committed to sustainability, highlighting its positive impact on firm’s competitiveness and survival in international markets.

The global economy has witnessed an exponential increase in cross-border acquisitions (CBAs) by emerging market companies (EMCs), demanding a relook at their internationalization strategy. The purpose of the study is to investigate whether the announcement of CBAs by EMCs creates value for the equity-holders of acquiring firms and identify factors affecting the valuation of acquiring companies.

The paper investigates the announcement impact of CBAs of CNX Nifty 500 Indian and SSE 380 Chinese companies. The event study analysis of 553 Indian and 125 Chinese acquisitions supports the contention that CBAs are indeed a strategic choice of EMCs for value creation.

CBAs generate positive and statistically significant abnormal returns for shareholders of both Indian and Chinese acquirers. The markets, however, differ in terms of their motivations; country-level factors have been observed to exert significant influence on the returns of Indian acquirers. Indian companies experience larger value creation on acquiring firms established in developed, institutionally closer and/or economically distant markets. The findings support the asset-seeking motive of Indian companies.

The research work contributes to the evolving stream of CBAs literature with a focus on the globalization strategies of EMCs. The present study is a modest attempt to lay the foundation for a new theoretical framework (asset-seeking perspective) of overseas acquisitions from emerging economies. The existing studies on emerging economies have emphasized, in isolation, either Indian CBAs or international acquisitions by Chinese firms. Being so, the study is unique and original in the sense that it is a comparative study of India and China.

This paper explores the relationship between earnings management and firms' value through the moderating effect of the missing elements – corporate social responsibility (CSR) disclosure and state ownership in Russian companies. The main argument of the paper is that CSR disclosure can be used as a mitigating mechanism to weaken the negative relationship between earnings manipulation and market value. Additionally test whether state ownership is an important moderating factor in this relationship are conducted as state has always played an important role in the emerging Russian market.

The hypotheses are tested on panel data for 223 publicly listed Russian firms for the period 2012–2018. A number of robustness tests are used to check the obtained results for consistency. Following previous research GMM method is employed to address endogeneity concerns.

Supported by stakeholder theory, it is observed that firms that disclosed more CSR information experience a weaker negative relationship between earnings management and market value because investors and other stakeholders positively evaluate a positive CSR image. This negative effect of earnings management on market value is even weaker for state-owned companies as market participants appreciate involvement of state-owned companies in CSR activities and place greater expectations on these firms to be responsible without clear understanding whether these actions are “window dressing” for this type of companies or not.

The study results provide new insights into the relation between earnings management, firm's value, CSR disclosure and state ownership in emerging-market firms. The paper highlight the importance of considering country-specific factors, such as state ownership, while analysing the market reaction on CSR disclosure and earnings management since the institutional peculiarities may help to explain differences in the obtained results.