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Book part
Publication date: 2 March 2011

Jenny Berrill and Colm Kearney

We examine how the international financial crisis of 2007–2010 has impacted on the performance of emerging market MNCs relative to their developed market counterparts. We…

Abstract

We examine how the international financial crisis of 2007–2010 has impacted on the performance of emerging market MNCs relative to their developed market counterparts. We present our multinational classification system and categorise the world's largest firms, the Global Fortune 500 (GF500), according to their degree of multinationality. We show that the number of GF500 firms from emerging markets has increased significantly over the past decade, and that the international financial crisis of 2007–2010 has further enhanced this trend. We compare the relative risk-adjusted performance of emerging and developed markets before and since the international financial crisis. We show that although the GF500 firms from developed markets tend to be more multinational than the GF500 firms from emerging markets, the latter have outperformed the former over the past decade – both before and after the recent international financial crisis.

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The Impact of the Global Financial Crisis on Emerging Financial Markets
Type: Book
ISBN: 978-0-85724-754-4

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Article
Publication date: 17 October 2020

Nicholas Mathew, Rajshekhar (Raj) Javalgi, Ashutosh Dixit and Andrew Gross

The purpose of this study is to investigate the effects of emerging market professional service small and medium-sized enterprises’ (PSF SME) internal competencies and…

Abstract

Purpose

The purpose of this study is to investigate the effects of emerging market professional service small and medium-sized enterprises’ (PSF SME) internal competencies and capabilities on their ability to establish relationship value among clients and achieve superior financial performance. This study addresses the paucity of research on emerging market PSF SMEs and their ability to build value for their clients.

Design/methodology/approach

Data were collected from 251 senior managers or owners of PSF SMEs who were from an emerging market economy but had operations in various foreign markets. The two-step structural equation modeling procedure was used to analyze the data and investigate the hypothesized relationships.

Findings

The results show the positive impacts of the PSF SME’s human capital on innovativeness, service capabilities and relationship value. Human capital also had indirect positive impacts on relationship value and financial performance. Service capabilities were found to have a positive impact on relationship value and financial performance. In addition, innovativeness was found to have a positive impact on financial performance.

Practical implications

Emerging market PSF SMEs can gain competitive advantages and build solid long-term relationships with clients in the global marketplace when they focus on strengthening their human capital resources and successfully leveraging their innovativeness and service capabilities.

Originality/value

The study fills a gap in international business and management literature by offering guidance on how emerging market PSF SMEs can effectively use their internal resources and capabilities to build solid relationships with clients, deliver superior services and achieve global marketplace success.

Details

Management Research Review, vol. 44 no. 4
Type: Research Article
ISSN: 2040-8269

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Article
Publication date: 14 April 2014

Terry D. Alkire

Upon entering developed markets, emerging market multinational corporations (EMNCs) from China and India must compete with both host companies and other developed nation…

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1283

Abstract

Purpose

Upon entering developed markets, emerging market multinational corporations (EMNCs) from China and India must compete with both host companies and other developed nation MNCs to attract and recruit necessary local talent. The purpose of this paper is to examine to what extent EMNC firms will be perceived as less attractive employers than their developed nation counterparts due to a perceived liability of origin bias. Major demographic and psychographic factors that may affect this bias will also be identified.

Design/methodology/approach

Seven hypotheses were tested on a total of 626 German, French and American respondents. Participants were randomly presented identical job descriptions from four hypothetical MNCs (American, European, Indian and Chinese) and were asked to evaluate the perceived attractiveness of working for, as well as their intent to pursue employment with, the offering firm.

Findings

Using hierarchical linear regression testing, combined with analysis of variance testing, EMNCs were found to have significantly lower organizational attractiveness than equivalent European or American owned MNCs. Mixed results were found for the various hypotheses based on the moderator variables.

Research limitations/implications

Because the study included three distinct sub-groups, supplemental analyses controlling for possible variances between the sub-groups themselves are included. This multicultural study is one of the first to address the human perspective of EMNC outward foreign direct investment (OFDI) by identifying the existence of a potential liability of origin bias toward emerging market firms manifested by potential developed market job applicants. Furthermore, this study is one of the first to examine the influence of applicant age, professional status, gender and nationality with respect to the differences in the perceived level of organizational attractiveness between emerging market and developed nation firms.

Originality/value

This paper extends the literature in three important research areas. First, an extension to the literature on the highly relevant topic of OFDI by Chinese and Indian firms is made. Second, traditional research in the field of organizational attractiveness is further extended by combining it with the timely subject of Chinese and Indian OFDI into developed markets. Finally, this study extends international business literature by studying the influence of demographic and psychographic moderators on the perceived level of organizational attractiveness between emerging market and developed nation firms.

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International Journal of Emerging Markets, vol. 9 no. 2
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 15 February 2013

Andreas Größler, Bjørge Timenes Laugen, Rebecca Arkader and Afonso Fleury

The vast majority of literature relating to operations management originates from studies in developed markets. Emerging markets are increasingly important in global…

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3986

Abstract

Purpose

The vast majority of literature relating to operations management originates from studies in developed markets. Emerging markets are increasingly important in global business. With this in mind, the purpose of this paper is to analyze differences in outsourcing strategies between manufacturing firms from emerging markets and from developed markets.

Design/methodology/approach

The paper is based on statistical analyses of a large data set of manufacturing firms obtained from the International Manufacturing Strategy Survey (IMSS).

Findings

The findings suggest that companies that outsource internationally focus on achieving cost benefits, while companies that outsource domestically focus on achieving capacity flexibility. In addition, the reasons to outsource were found to be independent of the location of firms in both emerging and developed markets. However, within the group of firms from emerging markets, strategies seem to differ according to whether firms are domestically owned or are subsidiaries of companies from developed markets.

Practical implications

The decisions of firms to outsource do not differ much whether the firms are located in developed‐ or in emergingmarket economies. Firms outsource domestically when they want to increase their capacity flexibility; they outsource internationally when looking for cost advantages.

Originality/value

The value of the paper is that it illuminates an important contemporary phenomenon based on analyses on data from a large‐scale international survey encompassing firms both in developed and in emerging markets.

Details

International Journal of Operations & Production Management, vol. 33 no. 3
Type: Research Article
ISSN: 0144-3577

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Article
Publication date: 9 April 2018

Nathaniel Boso, Yaw A. Debrah and Joseph Amankwah-Amoah

The purpose of this paper is twofold: to publish scholarly works that extend knowledge on the drivers, consequences and boundary conditions of international marketing

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3913

Abstract

Purpose

The purpose of this paper is twofold: to publish scholarly works that extend knowledge on the drivers, consequences and boundary conditions of international marketing strategies employed by emerging market firms of all sizes and types; and to advance a narrative for future research on emerging market firms’ international marketing activities.

Design/methodology/approach

To achieve this agenda, the authors invited scholars to submit quality manuscripts to the special issue. Manuscripts that addressed the special issue theme from varied theoretical perspectives and methodological approaches were invited.

Findings

Out of 70 manuscripts reviewed, 7 are eventually accepted for inclusion in this special issue. The papers touched on interesting research topics bothering on international marketing practices of emerging market firms using blend of interesting theoretical perspectives and variety of methods. Key theoretical perspectives used include resource-based theory, internationalization theory, institutional theory and corporate visual identity theory. The authors employed unique sets of methods including literature review, surveys, panel data, and process-based qualitative and case-study enquiries. The authors used some of the most advanced analytical techniques to analyze their data.

Originality/value

This introduction to the special issue provides a review of the extant literature on the international marketing strategy of emerging market firms, focusing on summarizing key empirical contributions on the topic over the last three decades. Subsequently, the authors discuss how each paper included in this special issue helps advance the agenda to develop scholarly knowledge on emerging market firms’ international marketing strategy.

Details

International Marketing Review, vol. 35 no. 2
Type: Research Article
ISSN: 0265-1335

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Article
Publication date: 3 May 2016

Arun Sharma and Subhash Jha

Western business-to-business firms are under increasing competition from firms in emerging nations. As examples, Mindray in medical devices, LiuGong in earth moving…

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2563

Abstract

Purpose

Western business-to-business firms are under increasing competition from firms in emerging nations. As examples, Mindray in medical devices, LiuGong in earth moving equipment, Tata motors in Buses and Suzlon in Wind turbines are emerging as strong competitors in their industries. Yet despite increased competition from emerging nation firms, insufficient research has examined the growth of these firms, specifically in the areas of technology and innovation development processes. The purpose of this study is to examine how emerging nation business-to-business firms that have global ambitions achieve technology competence.

Design/methodology/approach

The authors examined several case studies on emerging market business-to-business firms that have moved to global markets and highlight the following five: LiuGong China (excavating products), Mindray China (medical equipment), Suzlon Energy India (wind generators), Tata Motors Buses India and BYD Auto China (batteries to electric cars). The firms are in business-to-business markets, except for BYD China that emerged as a business-to-business battery supplier but is currently in both business-to-business and business-to-consumer markets.

Findings

The authors find that firms in emerging markets that have global ambitions follow different approaches to innovation development processes from conventional theories and assumptions held by scholars and practitioners in Western developed countries. Our cases suggest that firms follow the proposed progression: domestic markets – internally developed technology; domestic markets –acquired technology; and finally to, global markets – acquired technology.

Researchlimitations/implications

The authors contribute to research in three areas. First, they suggest that the innovation development process for emerging market firms is different from the Western world. Second, they provide a framework of innovation development process that can be tested in multiple environments. Third, this study suggests a deeper examination of the longitudinal development of business-to-business firms, an area that has received less attention.

Practicalimplications

The authors suggest that firms need to better track their competition from emerging nations because emerging nation firms can quickly acquire technology to become strong competitors.

Originality/value

Extant research has not examined these issues.

Details

Journal of Business & Industrial Marketing, vol. 31 no. 4
Type: Research Article
ISSN: 0885-8624

Keywords

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Article
Publication date: 15 August 2019

Irem Demirkan, Qin Yang and Crystal X. Jiang

The purpose of this paper is to examine the current state of corporate entrepreneurship (CE) of emerging market firms (EMFs) and provide direction for future research on the topic.

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3334

Abstract

Purpose

The purpose of this paper is to examine the current state of corporate entrepreneurship (CE) of emerging market firms (EMFs) and provide direction for future research on the topic.

Design/methodology/approach

The authors specifically review the recent literature between the years 2000 and 2019 on CE with the keywords “corporate entrepreneurship,” “emerging economies” and “emerging countries” published in the Australian Business Deans Council list journals. The authors review the existing literature about CE in emerging markets, summarize current achievements and present an agenda for future research.

Findings

Based on the review, the authors categorized the macro and micro contexts of CE and summarized the current articles on CE in emerging markets within each macro and micro context. The authors conclude that despite the abundance of research on CE that investigates the three prongs of CE in terms of innovation, strategic renewal and new venturing in developed market contexts, there is a scarcity of literature that focuses on CE in emerging markets from a holistic perspective.

Originality/value

While there is an abundance of literature review on CE in general in terms of the drivers of the construct, the contexts contributing to it and the outcomes, the reviews are lacking about CE specifically within the context of emerging markets. Emerging markets vary from developed markets institutionally, economically, culturally, socially and technologically. However, the questions of how these differences impact the CE activities, as it relates to innovation, venturing and strategic renewal in EMFs, and how these differences provide incentives or hinder the activities that contribute to CE remain mostly unanswered. This paper reviewed the research on CE and emerging market contexts from 2000 to present. It targets to provide a better understanding of the current achievement on this topic and what to be done in the future.

Details

New England Journal of Entrepreneurship, vol. 22 no. 1
Type: Research Article
ISSN: 2574-8904

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Article
Publication date: 9 September 2014

P.C. Narayan and M. Thenmozhi

The purpose of this paper is to contribute to M&A literature by explicitly investigating whether cross-border acquisitions involving emerging markets, either as acquirers…

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2246

Abstract

Purpose

The purpose of this paper is to contribute to M&A literature by explicitly investigating whether cross-border acquisitions involving emerging markets, either as acquirers or as targets, create value and how is the performance outcome in such acquisitions impacted by deal-specific characteristics.

Design/methodology/approach

This study uses industry-adjusted operating performance to measure acquisition gains, the Wilcoxon signed rank test to examine value creation potential and OLS regression to evaluate the impact of deal characteristics on acquisition gains.

Findings

The authors find very pronounced value destruction when emerging market firms acquire targets in developed markets, the adverse outcome being further aggravated when the mode of acquisition is “tender offer” rather than a “negotiated deal”. On the other hand, when developed market firms acquire targets from emerging markets, there is an even chance of value creation, the outcome being favourably influenced by the pre-acquisition performance of the two firms, relative size of the target and cash (not stock-swap) as the mode of payment.

Originality/value

The findings from this paper offer an important, statistically significant explanation on the value creation potential and the impact of deal characteristics on post-acquisition operating performance in cross-border acquisitions involving emerging market firms. This finding assumes immense significance, given the rapidly changing landscape of global M&A, witnessed through a continuous rise in the volume and value of cross-border acquisitions involving emerging market firms.

Details

Management Decision, vol. 52 no. 8
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 27 July 2021

Mariam Jamaleh and Abha Shukla

Financial internationalization is of particular importance to emerging country firms. Its significance arises from the impact of institutional void and related agency…

Abstract

Purpose

Financial internationalization is of particular importance to emerging country firms. Its significance arises from the impact of institutional void and related agency problems (common to emerging markets) on the internationalization path of these firms. Building on concepts from international finance, agency theory and institutional theory, this paper aims to examine the main aspects of financial internationalization by emerging country multinationals, namely, cross-listing, foreign ownership and foreign independent directors.

Design/methodology/approach

This paper follows a multiple case study approach which is a good fit for the exploratory nature of this research. The interest is to examine the context-driven financial internationalization of each case firm and replicate the firm-level information to find a common strategy.

Findings

The findings suggest that financial internationalization by emerging country multinationals starts mainly as these firms plan to enter advanced country markets. It is a dynamic process that entails interaction between financial internationalization and real internationalization, as well as among different aspects of financial internationalization. Cross-listing comprises the first stage of the process. Then, foreign ownership, particularly foreign institutional investments, would increase gradually in response to advances in financial and factor markets. Recruiting foreign independent directors seems to be adopted last, possibly out of fear of losing control of strategic decisions.

Originality/value

This paper presents a unique perspective that delineates different stages of the process of financial internationalization by emerging country multinationals. This complements the efforts to explain the distinct path of internationalization followed by these firms and supplements scarce literature by including emerging multinationals from India where the matter has not yet attracted proper attention.

Details

Qualitative Research in Financial Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 10 June 2021

Klaus Friesenbichler and Andreas Reinstaller

The purpose of this study is to explore the strategic positioning and product portfolio diversification of Austrian manufacturing firms that face competition from emerging

Abstract

Purpose

The purpose of this study is to explore the strategic positioning and product portfolio diversification of Austrian manufacturing firms that face competition from emerging markets as opposed to firms that do not.

Design/methodology/approach

The research was conducted in two successive steps. Firstly, a literature review of dynamic capabilities was put into an international and import competition context, from which the domains studied empirically were derived. Secondly, a survey among the largest Austrian manufacturing firms was conducted to explore differences between firms that face competitors from emerging markets, and firms that do not. The questionnaire development was based on the strategic management literature. Even though the data are cross-sectional, backward- and forward-looking questions introduce a dynamic perspective. Both descriptive statistics and a regression analysis were used in the analysis.

Findings

The findings show that facing competitors from emerging markets is not always a force majeure, but the result of firms’ international activity. An analysis of the competitiveness profile reveals that existing strengths and weaknesses are more pronounced when firms face competitors from emerging markets. In addition, emerging market competition is associated with a broader product portfolio and triggers portfolio adjustments. Yet, a larger share of the companies facing emerging market competitors neither adjusts the product portfolio nor plans to develop new competences.

Research limitations/implications

One limitation of this study is that it is confined to a survey among Austrian manufacturing firms. The findings may differ in other contexts, and thus, future research should be expanded to include firms from countries that are not from a small, open economy like Austria or from the service sector. The study uses cross-sectional data, and longitudinal/panel data would add causality.

Practical implications

Emerging markets play an increasing role in international business and there is a fierce debate about the strategic reactions of firms that face such competitors, especially from China. The findings provide guidance to managers who adjust their business strategies in a dynamically evolving competitive environment. The results also provide evidence relevant for strategic industrial policies aiming to reduce pressures from low-cost emerging market competitors while maintaining a free trade regime.

Social implications

Import competition from China (and other emerging economies) has been argued to contribute to the decline of the manufacturing industry, especially from the USA. The findings provide a building block of the efforts that aim to alleviate competitive pressures.

Originality/value

Even though researchers increasingly debate the effects of competition from emerging markets, research about incumbents’ responses focuses on broadly defined product diversification or patent analyses. This study aims to fill this gap by providing comprehensive evidence about the strategic positioning of firms, thereby adding to theory. This paper also adds methodologically by offering a comprehensive picture that allows researchers to paint a nuanced picture of firms’ competitiveness.

Details

European Business Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0955-534X

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