Abstract
Recently, there has been considerable research on the great rise of Emerging Market Multinationals (EMNEs). Yet very few EMNEs are generating a significant portion of their profits abroad, and there is a growing list of failures associated with these firms’ internationalization efforts. This paper summarizes traditional thought on international strategy, explains the historical trajectory of EMNCs, and highlights how EMNCs have adapted to mainstream IB strategy theories. The paper develops a new model of international value creation based on primary and secondary data from the largest firms in Latin America. Specific examples of how to operationalize the model are offered.
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