Emerging market multinationals: Competing through business models

Internationalization by emerging market multinationals has gained momentum in academic research. This paper opens up new possibilities for appreciating the internationalization process of the emerging global players. We contribute to the growing stream of research by exploring the question how the emerging economy multinationals manage their business models as they internationalize. We offer a contingency solution and propose a conceptual framework influenced by two key variables: (1) the internationalization path in terms of leveraging own advantages or acquiring new advantages; (2) the level of institutional difference in terms of entry into emerging or developed markets. We obtain four possible strategies to manage business models while internationalizing. We illustrate the framework using examples of different emerging multinationals. The paper concludes with fruitful avenues for future research.