Operating in Emerging Markets: A Guide to Management and Strategy in the New International Economy

Part III: The Emergence of Emerging Market Multinationals—Implications for Managers and Scholars

Multinational companies—firms that operate across multiple locations—are key pillars of the global economy. They contribute to a large share of the world’s investment flows. As we have illustrated in Chapter 1, “What Are Emerging Markets?,” and Chapter 3, “A Historical Perspective,” they built most of the world’s infrastructure, including the railways, ports, and roads needed for integrating local and international markets. Leading multinationals, such as Apple, Walmart, Toyota, Shell, Siemens, and Nestlé, have more assets than the majority of the world’s governments. They contribute the lion’s share of the world’s spending in research and development, ...