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This paper provides an overview of the Aztec 13 – the top 13 multinational enterprises in Mexico. Different from research that groups countries and regions, the purpose of the paper is to deliver a nuanced picture of these multinationals in terms of their key characteristics and the strategies they follow when they internationalize.

All data sources that have been identified and reviewed are documents, printed and electronic. The Aztec multilatinas were identified using Forbes Global 2000 (2017). Other data sources such as media texts, company annual reports, reports filed with the Mexican Stock Exchange and the US Securities and Exchange Commission, as well as investor presentations, were collected and analyzed. Data sources were published in English and Spanish. The analytic procedure adopted entailed identifying, selecting, making sense of and synthesizing the data contained in the documents.

Aztec multilatinas have specific characteristics which, to a great extent, influence their internationalization strategies. Characteristics include the geographical location of their headquarters, their origin and history, their ownership structure and ties with families and government. These factors, combined, help to describe in greater nuance the internationalization strategies and activities of the Aztec 13. Such a detailed and focused description is a first necessary step for subsequent potential theorizing.

This paper contributes to the vibrant scholarly conversation on multinational enterprises from less researched regions and countries. Latin America is such a region and Mexico is such a country. Focusing on a single country and its top 13 multinationals allow a comprehensive description and disciplined analysis, with no dangerous generalizations to large regions and even larger settings such as emerging markets multinationals and with no false claims for theorizing.

The purpose of this paper is to develop a systematic literature review on the subject of multilatinas during 2007-2017, through a review of 55 papers published in 35 journals.

A qualitative technique for conducting a systematic literature review was used. To systematize and make the literature review more accurate, it was divided in four stages: data collection, coding, analysis and interpretation of data. Several tables and figures were developed to provide a better interpretation of the literature.

The phenomenon of multilatinas is still a regional topic. Nine specific gaps in the literature were identified: the role of the state; impact of “home-country reputation”; the role of the host country in the expansion of multilatinas; multilatina selection of markets with geographical closeness and cultural affinity; multilatinas from small economies (mainly Central American countries); studies of multilatinas operating in the service sector; the role of family ownership; studies analysing the multinationality–performance relationship; and the study of collaboration networks between researchers.

The access of academic databases, where more published studies may have been available, and the level of precision in the search for papers that meet the necessary characteristics were included in the review.

This paper contributes to not only the body of knowledge about multilatinas but also, in a wide scope, to the knowledge of multinationals from emerging countries. Furthermore also this paper provide some research directions for academics interested in multinationals.

The general contribution of this paper is in its addressing the topic of multinationals from emerging economies such as Latin America, a less-studied emerging region. Moreover, this work specifically contributes to understanding multilatinas and identifies research gaps and characteristics of the scientific papers on this phenomenon, potentially increasing knowledge about multinationals from emerging countries, and specifically Latin America.