Emerging-Market Multinational Enterprises and Institutional Distance: A Systematic Literature Review

This study aims to investigate the strategic adaptations of emerging-market multinational enterprises (EMNEs) in response to institutional distance, a critical factor influencing internationalization. Using VOSViewer for keyword analysis, this study identified six thematic clusters: distance in globalization, institutional theory in expansion, cross-border acquisitions, emerging market strategies, China and institutional impact, and institutional quality and innovation. These clusters encapsulate the diverse themes for EMNEs and institutional distance studies. Prior studies have identified institutional distance as both a constraint and an enabler for EMNEs. Cultural, geographic, and regulatory distances could cause operational challenges and drive innovation, adaptive strategies, and opportunities in institutional voids for EMNEs. Researchers have described various key insights, including leveraging institutional frameworks for risk mitigation, cross-border acquisitions for resource acquisition, and fostering innovation through institutional alignment. As such, this study recognized the need to study the dynamics of research in the field of EMNEs and their responding strategies to institutional distance. Thus, this study aimed to contribute to forming a structured framework for understanding EMNE strategies amid institutional distance.