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This paper aims to study the internationalization path of emerging market multinational enterprises (EMNEs) in their international expansion through the global cities (GCs) phenomenon.

The authors used a quantitative approach to identify the most used ownership and entry modes, the preferred economic sectors and the level of interconnectedness of GCs.

The manuscript identified the predominance of the tertiary sector in the selection of GCs as foreign direct investment destinations. Second, the acquisition is the preferred entry mode regardless of the connectivity of the GC and the country of origin of the EMNE. The third is the use of wholly-owned subsidiaries as the preferred ownership mode. Finally, market-seeking is the main driver for the internationalization of Latin American EMNE. Consequentially, some GCs-specific advantages remain untapped by Latin American EMNE.

This manuscript considered each investment into a global city as a single step, although some acquisitions occurred incrementally through several small investments.

The authors developed a road map for the internationalization of Latin American EMNEs through GCs, acquisitions and wholly-owned subsidiaries. Finally, service-oriented EMNEs, such as IT and financial services, target locations with high interconnectedness to maximize the benefits of GCs-specific advantages.

The authors pointed out that market-seeking, not resource-seeking or efficiency-seeking is the primary driver of the internationalization of EMNE into global cities.

Latin America has not been exempted from the effects of the COVID-19 pandemic. Hence, this study aims to identify the actions of 50 main multilatinas to face the pandemic.

A qualitative content analysis was conducted on newspapers published in Latin America and corporate websites from March 2020 to April 2020, during which the multilatinas took their first actions toward the pandemic.

Results identified 106 actions taken by multilatinas in social, operational, philanthropic and financial areas. This paper analyzes the results, discuss the implications for business theories and develops three theoretical propositions.

First, this study can serve as a reference for business decision-makers as it offers guidance in taking actions during a pandemic. Second, it highlights the importance of the speed of responses to unforeseen challenges. The study recommends that business managers include in their contingency plans procedures for addressing unforeseen situations, such as the pandemic, with a focus on increasing their response capacity.

The importance of this study lies in understanding multinational enterprises’ (MNEs) initial actions taken during unexpected disasters and rare events. This study fills two important gaps in the business literature that have not been addressed in the Latin American context, namely, the actions taken by MNEs facing a public health disaster and how MNEs cope with disastrous and rare events.

América Latina no ha estado exenta de los efectos de la pandemia de COVID-19. Por lo tanto, este estudio tiene por objetivo identificar las acciones de las 50 principales multilatinas para enfrentar la pandemia.

Una técnica cualitativa de análisis de contenido fue llevada a cabo en periódicos publicados en América Latina y páginas web corporativas entre marzo y abril de 2020, durante los cuáles las multilatinas tomaron sus primeras acciones hacia la pandemia.

Los resultados identificaron 106 acciones tomadas por las multilatinas en las áreas sociales, operacionales, filantrópicas y financieras. Además, se analizan los resultados, discuten las implicaciones para las teorías de negocios, y se desarrollan tres proposiciones teóricas.

Primero, este estudio puede servir como referente para los tomadores de decisiones ya que ofrece una guía de acciones tomadas durante la pandemia. Segundo, se muestra la importancia de la velocidad de respuesta a retos imprevistos. El estudio recomienda que los gerentes incluyan en sus planes de contingencia planes y procedimientos para abordar situaciones imprevistas, tales como la pandemia, enfocados en incrementar su capacidad de respuesta.

La importancia de este estudio recae en el entendimiento de las acciones tomadas por las empresas multinacionales durante desastres inesperados y eventos raros. Este estudio cubre dos huecos importantes en la literatura que no han sido abordados en el contexto de América Latina: las acciones tomadas por las multinacionales encarando un desastre de salud pública y como las multinacionales afronta los eventos raros y desastres.

A América Latina não está isenta dos efeitos da pandemia COVID-19. Portanto, este estudo tem como objetivo identificar as ações das 50 principais multilatinas para o enfrentamento da pandemia.

Uma análise qualitativa de conteúdo foi realizada em jornais publicados na América Latina e sites corporativos de março de 2020 a abril de 2020, período em que as multilatinas realizaram suas primeiras ações em relação à pandemia.

Os resultados identificaram 106 ações realizadas pelas multilatinas nas áreas social, operacional, filantrópica e financeira. Analisamos os resultados, discutimos as implicações para as teorias de negócios e desenvolvemos três proposições teóricas.

primeiro, este estudo pode servir como uma referência para os tomadores de decisão de negócios, pois oferece orientação na tomada de medidas durante uma pandemia. Em segundo lugar, destaca a importância da velocidade de resposta a desafios imprevistos. O estudo recomenda que os gestores de negócios incluam em seus planos de contingência procedimentos para enfrentar situações imprevistas, como a pandemia, com foco no aumento de sua capacidade de resposta.

La importancia de este estudio recae en el entendimiento de las acciones ocorres for las empresas multinacionais durante desastres inesperados y eventos raros. Este estudio cubre dos huecos importantes na literatura que não foi público no contexto da América Latina: las acciones por las multinacionales encarando um desastre de salud e como las multinacionales afronta los eventos raros y desastres.

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.

Talent identification is a critical process of any Global Talent Management system, and little is known about it in Latin American multinationals (multilatinas). This study aims to understand, through the perceptions of Corporate Global Talent Managers, the talent identification strategy in place, the factors involved and the sources of the tools for its implementation.

The sample is made up of 17 multilatinas (Argentina, Brazil, Mexico, Chile and Colombia). Semi- structured interviews were conducted with Corporate Global Talent Managers.

Results reveal that the standardisation strategy constitutes the main trend. This choice is explained by numerous factors such as the new corporate structures, the entry mode via mergers and acquisitions, the national/regional culture, geographical closeness and shared cultural affinity, organizational culture, host country management practices and level of integration between headquarters and subsidiaries. Most of the multilatinas do not rely on “best practices”; they prefer home-made tools instead. Several factors were identified. Conclusions and further research are presented.

This paper attempts to fill a perceived gap in the literature investigating, empirically, the talent identification strategy in multilatinas.

La identificación del talento es un proceso crítico de todo sistema de Gestión del Talento Global, y poco se conoce sobre el mismo en las multinacionales de origen latinoamericano. Este estudio cualitativo tiene por objetivo comprender, a través de las percepciones de los directores globales de talento corporativo, la estrategia de identificación de talento adoptada, los factores involucrados en esas elecciones estratégicas y el origen de las herramientas utilizadas en su implementación.

La muestra de este estudio está compuesta por 17 multilatinas de Argentina, Brasil, México, Chile y Colombia. Entrevistas cualitativas fueron realizadas con los responsables globales de gestión del talento.

Los resultados muestran que la estrategia de estandarización en la identificación del talento constituye la tendencia principal. Esta elección estratégica puede explicarse por diversos factores: nuevas estructuras corporativas, modo de ingreso a través de fusiones y adquisiciones, cultura nacional/regional, cercanía geográfica y afinidad cultural, cultura organizacional, prácticas de gestión de los países de destino y grado de integración entre Casa Matriz y subsidiarias. La mayoría de las multilatinas privilegian las herramientas de diseño propio, en lugar de aquellas “mejores prácticas”. Numerosos factores han sido identificados. Se presentan conclusiones y futuras líneas de investigación.

Este es el primer estudio que examina la estrategia de identificación de talento en las multinacionales latinoamericanas y los factores involucrados, cerrando una brecha en la literatura.

A identificação de talentos é um processo crítico de todo sistema de gestao global de talentos, e pouco se sabe sobre isso em multinacionais de origem latinoamericana. Este estudo qualitativo tenta compreender, através das percepções dos diretores globais de talento corporativo, a estratégia de identificação de talentos adotada, os fatores envolvidos nessas escolhas estratégicas e a origem das ferramentas utilizadas na sua implementação.

A amostragem do estudo foi baseada em 17 multilatinas da Argentina, Brasil, México, Chile e Colômbia. Entrevistas qualitativas foram realizadas com gerentes globais de gestão de talentos.

Os resultados mostram que a estratégia de padronização na identificação de talentos constitui a principal tendência. Essa escolha estratégica pode ser explicada por vários fatores: novas estruturas societárias, modo de entrada por meio de fusões e aquisições, cultura nacional/regional, proximidade geográfica e afinidade cultural, cultura organizacional, práticas de gestão dos países de destino e grau de integração entre Matriz e subsidiárias. A maioria das multilatinas privilegia as ferramentas de seu próprio design, em vez das “melhores práticas”. Diversos fatores foram identificados. São apresentadas as conclusões e futuras linhas de pesquisa.

Este é o primeiro estudo que examina a estratégia de identificação de talentos em multinacionais latinoamericanas e os fatores envolvidos, contribuindo a preencher uma lacuna na literatura

This study aims to identify the impacts of corporate governance (CG) and institutional context on multilatinas’ corporate reporting quality (CRQ). CG and institutional context facilitate the reduction of agency problems and the existence of accountability processes that minimize information asymmetries.

A panel data model was developed from a sample of 77 multilatinas studied during the 2014–2020 period. Different estimations were carried out through the panel data model to identify the impact of CG and institutional context on CRQ.

It is evidenced that appropriate CG structure has a positive impact on multilatinas’ CRQ. In addition, each country’s regulatory quality is confirmed to have a positive effect on firms to produce higher-quality reports.

This research provides empirical support to what is put forward by agency and stakeholder theory regarding the role that CG and institutional context play in reducing information asymmetries and improving accountability processes to all stakeholders in the Latin American context.

This study contributes original results to the existing literature. Unlike previous works, the present research analyzed multilatinas facing social and political contexts that differ from those of multinationals from developed countries. Different ways of reporting were also covered, going beyond traditional ways of evaluating CRQ – which generally take the sustainability report as a basis.

The purpose of this paper is to analyze the relationship between multinationality and firm performance (M-P) in Latin American companies, commonly referred to as multilatinas. The study conceptualizes the depth (intensity) and breadth (geographical scope) of internationalization and examines their effect on financial performance. Although scholars have studied how internationalization in various contexts and industries affects performance, little is known about firms in Latin America.

The authors conducted an analysis of the effect of the depth and breadth of multilatina internationalization on financial performance by creating a database using information from America Economia, a specialized Chilean magazine that publishes an annual ranking of multilatinas. Additional data came from the Osiris database of Bureau Van Dijk and Compustat. The hypotheses were tested using an autoregressive heteroskedastic model.

The results show that the extent of the depth and breadth of internationalization affects financial performance. Multilatinas’ depth of internationalization has a curvilinear (U-shaped) impact on performance while breadth has an inverted curvilinear impact on performance.

The theory portion and results expand the literature on firm internationalization and performance by distinguishing between two types of international firm expansion, depth and breadth, and discussing how each contributes to different stages of the three-stage theory of multinationality and performance.

The findings indicate that multilatinas benefit from their regional expansion, but outside Latin America, expansion has a negative effect on financial performance. They also show that firms can implement different types of internationalization strategies in terms of intensity and scope to achieve better performance.

Este artículo analiza la relación entre la multinacionalidad y el desempeño de la empresa (M-P) en compañías latinoamericanas, conocidas como multilatinas. El estudio conceptualiza la profundidad (intensidad) y extensión (alcance geográfico) de la internacionalización, y examina su efecto en el desempeño financiero. Aunque varios investigadores han estudiado cómo la internacionalización en diversos contextos e industrias afecta el rendimiento, poco se sabe con respecto a las empresas en América Latina.

Los autores realizaron un análisis del efecto producido por la profundidad y extensión de la internacionalización de la multilatina en el desempeño financiero, mediante la creación de una base de datos con información de América Economía, una revista chilena especializada que publica anualmente un ranking de multilatinas. Datos adicionales provienen de la base de datos Osiris de Bureau Van Dijk y de Compustat. Las hipótesis fueron probadas usando un modelo heterocedástico autoregresivo.

Los resultados muestran que el grado de profundidad y extensión de la internacionalización afectan el rendimiento financiero. La profundidad de internacionalización de las multilatinas tiene un efecto curvilíneo (en forma de U) sobre el desempeño financiero, mientras que la extension geográfica tiene un efecto curvilíneo invertido en dicho desempeño.

La sección teórica y los resultados extiende la literatura sobre la internacionalización y el desempeño de las empresas al distinguir entre dos tipos de expansión internacional: profundidad y extensión. También se discute cómo cada uno contribuye a las diferentes etapas de la teoría de la multinacionalidad y desempeño.

Los resultados indican que las multilatinas se benefician de su expansión regional. Sin embargo, fuera de América Latina, dicha expansión tiene un efecto negativo sobre el desempeño financiero. También se señala que las empresas pueden implementar diferentes tipos de estrategias de internacionalización en términos de intensidad y alcance para lograr un mejor desempeño.

This study aims to challenge the generic interpretation of Multilatinas as Latin American firms that have been able to internationalize because of highly competitive strategic capabilities. The authors test whether capabilities that international business researchers commonly associate with internationalization are necessary at different stages of the internationalization process to better understand the extent to which emerging market (EM) firms need to develop them.

International business research suggests a positive association between strategic capabilities and firm internalization. However, it remains unclear what specific capabilities are necessary and when they are necessary. These questions are particularly important in the context of the internationalization of firms from emerging economies, such as Latin America. The authors apply necessary condition analysis (NCA) on a sample of Latin American firms at different internationalization stages to test what strategic capabilities represent necessary conditions for becoming a Multilatina.

The findings suggest that only a few strategic capabilities are necessary for Latin American firms to become “Multilatinas”. While entrepreneurial orientation and marketing and sales capabilities represent necessary conditions, EM firms may internationalize even though other capabilities are developed to a lesser extent. The authors reflect on how shifts in local markets and technology drive the emergence of different types of Multilatinas.

Measuring strategic capabilities across multiple EM firms implies a risk that firm-specific aspects are not fully captured. While the authors focused on the comparative competitive strength of capabilities and took great care to minimize measurement error, the authors acknowledge possible bias. Also, while NCA does not require a minimum sample size, findings from our sample of firms from four countries may not generalize to the region or other EMs.

As a relatively new statistical technique, the use of NCA has spread rapidly. To the best of the authors’ knowledge, the linkage between organizational capabilities and firm internationalization has not been tested from a necessary conditions perspective yet. The reflections on the “Multilatina” concept based on the notion of EM firms as configurations of strategic capabilities inform current debates on EM multinational enterprises.

This paper aims to investigate the divestment behavior of emerging market multinationals from Latin America – multilatinas – by examining how their foreign market entry decision impacts the likelihood of subsidiary divestment.

The hypotheses are tested using Cox’s proportional hazard rate model in a longitudinal database of Brazilian multinational companies established in 43 countries.

Results indicate that these subsidiaries can thrive in environments that bear similarities to their home country, being less likely to divest in institutionally weak countries. Contrary to developed country multinationals, these firms benefit from foreign entry decisions that entail handling partnerships abroad; thus, wholly-owned greenfield (WOGF) investments have a higher likelihood of being divested.

To the best of the authors’ knowledge, this paper is the first to analyze foreign divestment from multilatinas, accounting for how entry mode strategy and host country institutions may impact these firms’ de-internationalization.