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The multi-polar world in which we now live and work demands re-examination and refinement of the traditional understanding of the internationalization strategies and competitive advantages of multinational firms by incorporating the characteristics of firms from emerging economies. Based on interviews in four Indian multinationals in differentindustry segments, we presentthe ‘‘voices’’ of Indian corporate leaders to provide preliminary evidence on the primary motives behind the internationalization process of emerging multinationals from the perspective of linkage, leverage and learning (LLL). We show how the case study organizations have evolved themselves to become credible global players by leveraging on their learning through targeted acquisitions in developed markets to acquire intangible assets and/or following global clients in search of new markets and competitive advantages.
5. Discussion and conclusions
In this paper, our premise has been that we do not see all MNEs as equal. There are firms that expand internationally with all the advantages that being located in Europe or the US or Japan can bestow upon them – their access to markets, to technologies, to finance, etc. We single out EMMNEs precisely because they do not have access to these advantages. Hence, it is a theoretical challenge to account for their success and their rapid emergence onto the world stage. There is thus a powerful justification for conceptualizing EMMNEs such as those from India as different from the MNEs that expand from the advanced world. The framework we utilize has been validated in many other studies, particularly on firms expanding from East Asia. We make our own contribution by extending this range of applications to India, thereby opening up this body of emerging firms to strategic analysis utilizing LLL framework.