The forces of globalization in the last three decades have greatly reshaped the landscape of the world economy. In that process, an increasing number of firms from emerging markets have undergone fundamental transformation and experienced a rapid growth. Some of them have started looking for investment opportunities across the national borders. Many of these kinds of investments go to countries with institutional environments that are similar to their home base, but a few also invest in developed economies. This South—North type of foreign direct investment is a new phenomenon that has caught the attentions of business scholars as well as policy makers. Although the stories of Southern Multinationals’ expansion have been widely reported as the headlines in business news in recent times, systematic studies on this important phenomenon are scarce. Therefore it is worthwhile examining this new kind of multinational enterprise in order to gain a better understanding of its distinctive characteristics (UNCTAD, 2006).
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