신흥 다국적기업의 국제화 전략에 관한 탐색적 연구

Research on emerging markets and emerging multinationals have received an increasing attention in the international business field. Emerging multinationals that originate from unique institutional environments pursued internationalization in a different way with Western multinationals. In so doing, emerging multinationals tried to compensate for their latecomer disadvantage in the global stage. In this paper, we define the concept of emerging markets and emerging multinationals and summarize main arguments of emerging multinationals’ internationalization strategy by reviewing existing studies based on FDI theory, latecomer strategy and institution-based view. We then suggest three hot topics of substantive research related with internationalization strategy of emerging multinationals: (1) need for new theory; (2) catch-up process and methods; (3) role of institution. The state of the literature is divided in between those who claim that emerging multinationals are similar to conventional multinationals and those who claim that these multinationals are a new phenomenon requiring new theories. Overall, we argue that these three relatively unique aspects of emerging multinationals will not only help complement and extend the existing theory of internationalization strategy, but also have significant ramifications for new theory building. Emerging multinationals as good cases, shed significant light on the most fundamental questions confronting IB research community, such as “What drive firms go abroad and how they succeed?”