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The growth and significance of emerging economies’ multinationals (EEMs) in the global economy have transformed the business landscape. This study constructs a conceptual framework that displays and links the prerequisites of the formation, composition and development stages of dynamic capabilities (DCs) that lead to competitive advantages in EEMs.

This study follows the preferred reporting items for systematic review and meta-analysis (PRISMA) guidelines (excluding meta-analysis) to present a systematic review of 111 empirical and conceptual academic articles published in the past 24 years in the A+, A and B tier categories in scientific journal indexes.

The findings illustrate the DCs of EEMs in terms of four components: prerequisites for formation, composition, development process and outcomes. Among these, the compositions of DCs contain four types: management capabilities of available and desired resources, agile organizational capabilities, fast-learning modes and predictive capabilities. The authors also explain the developmental stages of DCs in EEMs, which is seen as a continuous process of anticipating change, consisting of high sensitivity to opportunities, advanced knowledge absorption, resource optimization and adjustment. Additional analysis also reveals the challenges in researching and measuring DCs.

This study provides a highly synthesized multi-dimensional framework of EEMs’ DCs, which fills the research gap and contributes to the enrichment of extant theories. The results can guide most EEMs, particularly those in the manufacturing, IT and service industries, in cultivating entrepreneurship and creating a more efficient operational team to achieve competitiveness.