One of the emerging phenomena of global competition is the increasing participation of firms from emerging economies in various industries and across value chain activities. These MNCs from developing and emerging economies have recently shown an unprecedented increase in numbers (from only 19 firms in 1990 featured in the Fortune 500 list to 47 in 2005) (UNCTAD, 2006). While these Emerging Nation Multinational Companies (EMCs) are gaining a strong foothold in the global economy, some evidence also suggests that their foreign direct investments are being targeted towards advanced economies in both resource industries and higher-value adding activities.;On the face of it, the disadvantages of being a late entrant seem overwhelming and based on the stages model of internationalization the EMCs may not be able to compete against global giants whose dominance is rooted in their first-mover status (Bartlett & Goshal, 2000). However, the success of EMCs like the Tata Motors, Lenovo, and the like raise an important research issue as to what are the strategies these EMCs pursue as they begin to compete in the global competitive landscape?;In the past, scholars have conducted substantial research on internationalization, Multinational Companies (MNCs), and Foreign Direct Investment (FDI) which explain the behavior of first-mover MNCs from developed countries based on technological superiority. Those theories were developed within a specific environmental context and do an adequate job to explain a fairly specific set of observed firm behaviors. Each, within its context, may be fairly adequate at explaining those behaviors. However, the emergence of EMCs in the global economic environment highlights that times have changed and the incumbent MNCs (studied earlier) constantly face threats from these emerging giants. As the context changes, so has the ability of the prior internationalization theories to explain behaviors observed in this global economy diminished considerably. Lately, a few researchers have started a new line of research to uncover some distinct characteristics of these EMCs. However, very little is known about the foreign expansion strategies of these EMCs and warrants a need to explore this phenomenon indepth.;In order to bridge this gap in the literature this dissertation uses an inductive approach by conducting multiple case-studies to understand the foreign expansion strategies of sixteen companies that originate from two key emerging nations: India and China. This exploratory approach supported by computerized content analysis of longitudinal text data allows us to observe the significance of specific constructs, begin to detect patterns and regularities in the behavior of EMCs and compare EMCs originating from various emerging nations. Methodologically, the dissertation illustrates the usefulness of semantic network analysis tools, especially centering resonance analysis, in identifying and interpreting the concepts that provide coherence to set of textual data. Further, using factor analysis we identify some key themes that explain the foreign expansion strategies of these EMCs.;The results of this study suggest that EMCs' expansion is, on one hand, based on their ability to acquire resources and absorb them to build their own advantage (supply side dynamics). On the other hand, it is also based on EMCs' ability to find some market niches, i.e., entering into markets untapped by traditional MNCs (demand side dynamics). Finally, based on our analysis of these in-depth case-studies we identify some propositions as anchors for further theory building. Specifically, we identify three major anchors, namely, EMCs' ability to 'Lick the Dirt'; 'Cash Rich Positions of EMCs' and 'Strategic Partnerships with Developed Country Firms' that enhance their 'Competitive Advantage in Developed Nations'.;Keywords. Emerging Nation Multinational Companies (EMC); Institutional Theory; Corporate Innovativeness; Emerging Giants; Internationalization Strategies; Semantic Network Analysis; Lick the Dirt.
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