ABSTRACT

This chapter discusses a systematic literature review of outward foreign direct investment (OFDI) activities and strategies initiated by firms from emerging markets. It explores specific terms such as “emerging markets,” “emergent markets,” “developing economies,” “outward foreign direct investment,” and “strategy” to identify articles published in eleven management journals between 2005 and 2010. The chapter argues that a systematic approach that evaluates and organizes this growing literature is critical and necessary. Firm experience, the commonly discussed firm resource in the organizational learning literature, is explored in the internationalization of emerging market firms. The literature review aims to capture the development of leading works in OFDI by firms from emerging markets. Researchers also identify specific drivers of the surge of OFDI and evaluate broader implications of this trend with economic and management theories. The research focus in the study of the pattern of the internalization process is to revise old theories and propose a new model for the internationalization process.