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1. Introduction

There is recognition that some emerging economies, in particular China, India and Brazil and their economic dynamism have the potential to change the face of international business (IB). Both in terms oftheory but also in terms ofthe amount of empirical evidence that is currently generated in the domain. Terminology and acronyms such as BRICs, MINTs and ‘rising powers’ are used to highlight the importance of the discourse taking place. However, what is meant by these terms, who is ‘in’ and who is ‘out’ is less clear. This introduction to the special issue theme ‘‘Rising powers from emerging markets—the changing face of international business’’ attempts to explore the phenomenon of ‘rising’, what we actually mean by ‘rising powers’ and provides an overview of IB contributions to emerging country multinationals. We conclude by asking whether emerging country multinationals are actually ‘rising powers’ and pose the question whether they are indeed challenging the ‘rules of the game’.

6. Contributions of this issue

The first two papers tackle issues that are central to the notion of ‘‘rising powers’’ and their distinctive capabilities. Giuliani, Gorgoni, Gu¨nther, and Rabellotti (2014) provide empirical evidence indicating that, while EMNEs may face challenges in terms of technological endowment, they still have relatively more positive socio-economic impacts than their AMNEs, even in advanced country contexts such as Italy and Germany. Hence, their study poses questions regarding the influence of the technological superiority of MNEs as a key factor shaping the formation of innovative ties at the local level. They identify a new typology of EMNE subsidiary that contributes through its significant local innovative efforts to development processes in the host country. The second paper by Sinkovics, Sinkovics, and Yamin (2014) suggests that business model innovation is a key capability that is particularly salient for emerging country firms that cater to the middle and the base segments of the bottom of the pyramid. The paper strongly implies that in the BOP context social missions aimed at removing or ameliorating the impact of key constraints can enhance the social and ethical legitimacy of the businesses. This type of embeddedness is of a kind that MNEs from the developed markets would find very challenging as it requires capabilities to meaningfully connecting with middle and lower level socio-economic strata in emerging markets