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This chapter introduces the reader to the content of our book. It reviews some stylized facts that motivate our interest in Outward Direct Investment (ODI) from Brazil, Russia, India, and China (BRIC). According to UNCTAD (2017), BRIC countries feature prominently in terms of ODI: Their overall outflows increased by 125% and their overall outstocks rose by 338% over the last decade, twice as much the respective growth rates for developing economies, and far above those for developed economies. What is behind these impressive figures? Who is responsible for the outstanding ODI performance of BRIC countries? Nations do not engage in ODI: Firms do. Therefore, aggregated ODI volumes should be discerned through firm-level analysis. This is the challenge we take up in this book, by studying the ODI involvement and the ODI-performance nexus of BRIC enterprises. Our theoretical foundations are based on the International Economics literature on internationalization and firm performance. Our empirical analysis is based on ORBIS (2017) firm-level data. Taking both a multi-country and a single-country perspective, in this chapter, we review a number of robust regularities derived elsewhere in the book. Our results are presented in an intuitive manner and contrasted with previous contributions, to highlight the novelties of our approach.
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- Chapter 1
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