The Impact of Financial Strategy on Internationalization of EMNCs — a Neglected Factor?

Emerging market multinational corporations (EMNCs) have made their way to the global business stage. They can increasingly be found in some of the most prestigious company rankings worldwide: for example, the Forbes Global 2000 list of 2009 includes 197 companies originating from BRIC countries (Forbes, 2009a), up from 79 in 2004 (Forbes, 2004). Some of these companies are even ranked among the Forbes Global High Performers (Forbes, 2009b). EMNCs have attracted considerable attention when announcing spectacular deals such as the acquisition of Jaguar and Land Rover by India’s Tata Motors ( ft.com, 2008), but not all of the headlines have been positive — for example, see Satyam — the ‘Indian Enron’ (The Economist, 2009a).