Conclusions and future research directions : lessons learned from the rise of emerging-market multinationals

The debate over the recent pattern of internationalisation of emerging-market multinationals (EMMNEs) and whether existing international business frameworks or models adequately explain this emerging pattern has been going on for a while now (Luo and Tung 2007; Ramamurti and Singh 2009; Hennart 2012; Madhok and Keyhani 2012). This debate will probably continue as the emerging market MNEs are increasing their participation in and deepening their integration with the global system in many forms. The debate may even spread to other areas such as entrepreneurship, marketing, human resources, global value chain management, and supply chain management in EMMNEs. So far, the focus of extant literature has been on larger EMMNEs, as these have been more under the spotlight. The financial crisis in the last few years has increased not only the larger EMMNEs' participation in global markets, but also the smaller and medium-sized firms from emerging markets. The emerging pattern has been changing in the last decade as the smaller and the medium-sized firms have been internationalizing through mergers and acquisitions (M & As) to access brands and knowledge in developed markets. The Turkish Ziylan Group's acquisition of Lumberjack in 2012, Kale Group’s acquisition of Italian Industrie Fincuoghi in 2011, and Arcelik's (the largest durable goods manufacturer in Turkey) acquisition of South African Defy Appliance in 2011 are examples of this trend only from Turkey. Similarly, Indian, Mexican and Brazilian smaller-sized EMMNEs are heavily using acquisitions to establish market presence in developed-market economies