Emerging multinationals' strategic asset-seeking M&As: a systematic review
International Journal of Emerging Markets
ISSN: 1746-8809
Article publication date: 29 April 2021
Issue publication date: 21 September 2021
Abstract
Purpose
Emerging market multinational enterprises (EMNEs) have consolidated their global presence recently, challenging existing international business (IB) theories. One of their most significant characteristics has been the prevalence of strategic asset-seeking (SAS) mergers and acquisitions (M&As) targeting firms in developed countries. Such SAS M&As have been ascribed to the aim of acquiring or augmenting firm-specific advantages, rather than exploiting existing advantages. A literature review is needed to synthesize the growing number of academic studies and to contribute to ongoing theoretical developments on EMNEs' catch-up strategies.
Design/methodology/approach
The authors follow a standard systematic literature review approach. The authors collate academic studies on EMNEs' SAS M&As in developed markets published between 2000 and mid-2020, structuring the analysis using the logic of antecedent, process and performance outcomes.
Findings
The authors present recent research trends in terms of year, journal, theories and methods. The authors synthesize and analyze existing knowledge on EMNEs' SAS M&As and identify remaining gaps to suggest future research directions.
Originality/value
The review contributes by focusing on the key argument of current EMNE research – SAS M&As. By providing the first focused review on this topic, it provides a basis for further research on EMNEs' SAS M&As.
Keywords
Acknowledgements
The authors wish to thank the journal editors, Andrea Paltrinieri, Ilan Alon and anonymous reviewers for their guidance, reviews and suggestions. The authors appreciate their time, patience and constructive comments. The authors gratefully acknowledge feedback received from reviewers and experts during the following academic conferences: EIBA 2019, AIB 2020 and BAM 2020. These helped shape earlier versions of the authors' paper. Finally, the authors thank RADMA, the Research and Development Management Association, for the financial support kindly provided to Yanze Liang during his doctoral research.
Citation
Liang, Y., Giroud, A. and Rygh, A. (2021), "Emerging multinationals' strategic asset-seeking M&As: a systematic review", International Journal of Emerging Markets, Vol. 16 No. 7, pp. 1348-1372. https://doi.org/10.1108/IJOEM-12-2019-1059
Publisher
:Emerald Publishing Limited
Copyright © 2021, Emerald Publishing Limited