ABSTRACT
The internationalisation of companies from emerging markets is becoming an area of primary interest in IB research (Buckley, Clegg, Cross and Liu 2007; Luo and Tung 2007; Yiu, Lau and Bruton 2007; Brennan 2010). We can observe increasing levels of investment flows in a direction opposite to the well-explored internationalisation of established firms from developed to emerging economies. The share of developing countries in global FDI flows is increasing, and investments from one developing country to another are also becoming more common. Yet there is relatively little published research presenting the strategies, models and patterns of internationalisation of firms based in emerging economies (Mathews 2006; Bonaglia, Goldstein and Mathews 2007; Yiu, Lau and Bruton 2007; Brutton, Ahl-strom and Obloj 2008). Studies on investment flows and stocks among emerging, recently industrialised and developing countries are also rare, and often indicate that the IDP paradigm has limitations in explaining the changing net outward investment (NOI) positions of countries that are subject to changing GNI and are catching up with industrialised economies (Narula and Dunning 2000; Jaklič and Svetličič 2002; Boudier-Bensebaa 2008; Sathye 2008; Gorynia, Nowak and Wolniak 2009; Gorynia, Nowak and Wolniak 2010a; Narula and Guimon 2010).
