IDEAS home Printed from https://ideas.repec.org/a/ecr/col070/11304.html
   My bibliography  Save this article

The emergence of Latin multinationals

Author

Listed:
  • Santiso, Javier

Abstract

The corporate world has changed remarkably in the past 10 years.New multinationals are appearing in countries with emerging marketssuch as Brazil, India, China, South Africa and Mexico, which are not onlytop recipients of foreign capital, but have fast become major investorsthemselves. An important part of the remarkable story of emergingmultinationals has been the eruption of world-class Latin multinationals(or multilatinas); from Mexico and Brazil, in particular, following the pathtaken by their Spanish counterparts in the 1990s. In all these cases,classical push and pull factors have been driving their emergence. Buta decisive helping hand for these multilatinas over the past decade hasbeen the declining cost of capital. This financial dimension is driving theleap from overseas sales to overseas acquisitions, a phenomenon that willbe explored in this article.

Suggested Citation

  • Santiso, Javier, 2008. "The emergence of Latin multinationals," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    • Handle: RePEc:ecr:col070:11304
    Note: Includes bibliography
    as

    Download full text from publisher

    File URL: http://repositorio.cepal.org/handle/11362/11304
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Levy Yeyati, Eduardo & Panizza, Ugo & Stein, Ernesto, 2007. "The cyclical nature of North-South FDI flows," Journal of International Money and Finance, Elsevier, vol. 26(1), pages 104-130, February.
    2. Raymond Vernon, 1966. "International Investment and International Trade in the Product Cycle," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 80(2), pages 190-207.
    3. Louis T. Wells, 1983. "Third World Multinationals: The Rise of Foreign Investments from Developing Countries," MIT Press Books, The MIT Press, edition 1, volume 1, number 026273169x, December.
    4. Rugman,Alan M., 2005. "The Regional Multinationals," Cambridge Books, Cambridge University Press, number 9780521842655.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Cristina Chaminade & Ramón Padilla-Pérez, 2017. "The challenge of alignment and barriers for the design and implementation of science, technology and innovation policies for innovation systems in developing countries," Chapters, in: Stefan Kuhlmann & Gonzalo Ordóñez-Matamoros (ed.), Research Handbook on Innovation Governance for Emerging Economies, chapter 6, pages 181-204, Edward Elgar Publishing.
    2. Sosa Andrés, Maximiliano & Nunnenkamp, Peter & Busse, Matthias, 2013. "What drives FDI from non-traditional sources? A comparative analysis of the determinants of bilateral FDI flows," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 7, pages 1-53.
    3. Mazouz, Khelifa & Wood, Geoffrey & Yin, Shuxing & Zhang, Mao, 2021. "Comprehending the outward FDI from Latin America and OCED: A comparative perspective," International Business Review, Elsevier, vol. 30(5).
    4. Ruben Molina Martinez & Oscar Hugo Pedraza Rendon & Jorge Luis Alcaraz Vargas, 2012. "Multinationalization Of Mexican Companies, La Multinacionalizacion De La Empresa Mexicana," Revista Internacional Administracion & Finanzas, The Institute for Business and Finance Research, vol. 5(5), pages 71-85.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Alexandre MINDA (LEREPS-GRES), 2008. "The strategies of multilatinas: from the quest for regional leadership to the myth of the global corporation \r\n," Cahiers du GRES (2002-2009) 2008-08, Groupement de Recherches Economiques et Sociales.
    2. Gammeltoft, Peter & Cuervo-Cazurra, Alvaro, 2021. "Enriching internationalization process theory: insights from the study of emerging market multinationals," Journal of International Management, Elsevier, vol. 27(3).
    3. Elizabeth L. Rose & Kiyohiko Ito, 2009. "Past Interactions and New Foreign Direct Investment Location Decisions," Management International Review, Springer, vol. 49(5), pages 641-669, October.
    4. Gilbert Kofi Adarkwah & Tine Petersen Malonæs, 2022. "Firm-specific advantages: a comprehensive review with a focus on emerging markets," Asia Pacific Journal of Management, Springer, vol. 39(2), pages 539-585, June.
    5. Suder, Gabriele & Liesch, Peter W. & Inomata, Satoshi & Mihailova, Irina & Meng, Bo, 2015. "The evolving geography of production hubs and regional value chains across East Asia: Trade in value-added," Journal of World Business, Elsevier, vol. 50(3), pages 404-416.
    6. Oh, Chang Hoon & Rugman, Alan M., 2012. "Regional integration and the international strategies of large European firms," International Business Review, Elsevier, vol. 21(3), pages 493-507.
    7. Balcet Giovanni & Bruschieri Silvia, 2009. "Indian multinationals in the automotive and the pharmaceutical sectors: competitive advantages and strategies," Department of Economics and Statistics Cognetti de Martiis. Working Papers 200906, University of Turin.
    8. Exequiel Hernandez & Mauro F Guillén, 2018. "What’s theoretically novel about emerging-market multinationals?," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 49(1), pages 24-33, January.
    9. Wang, Yue & Suh, Chung-Sok, 2009. "Towards a re-conceptualization of firm internationalization: Heterogeneous process, subsidiary roles and knowledge flow," Journal of International Management, Elsevier, vol. 15(4), pages 447-459, December.
    10. Hillemann, Jenny & Gestrin, Michael, 2016. "The limits of firm-level globalization: Revisiting the FSA/CSA matrix," International Business Review, Elsevier, vol. 25(3), pages 767-775.
    11. Paul, Justin & Gupta, Parul, 2014. "Process and intensity of internationalization of IT firms – Evidence from India," International Business Review, Elsevier, vol. 23(3), pages 594-603.
    12. Degong Ma & Chun Lei & Farid Ullah & Raza Ullah & Qadar Bakhsh Baloch, 2019. "China’s One Belt and One Road Initiative and Outward Chinese Foreign Direct Investment in Europe," Sustainability, MDPI, vol. 11(24), pages 1-13, December.
    13. Filippov, Sergey, 2008. "Russia's emerging multinationals: trends and issues," MERIT Working Papers 2008-062, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    14. Tolentino, Paz Estrella, 2008. "The determinants of the outward foreign direct investment of China and India: Whither the home country?," MERIT Working Papers 2008-049, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    15. Ilgaz Arikan & Asli M. Arikan & Oded Shenkar, 2022. "Revisiting emerging market multinational enterprise views: The Goldilocks story restated," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(4), pages 781-802, June.
    16. Alain Verbeke & Lei Li & Anthony Goerzen, 2009. "Toward More Effective Research on the Multinationality-Performance Relationship," Management International Review, Springer, vol. 49(2), pages 149-161, April.
    17. Victoria L. Crittenden & William F. Crittenden, 2010. "Strategic Management In Emerging Economies: A Research Agenda," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 1(1).
    18. Majumdar, Sumit K., 2016. "R&D and the overseas earnings of Indian firms," Technology in Society, Elsevier, vol. 44(C), pages 104-111.
    19. Ulrike Mayrhofer & Ana Colovic, 2009. "Optimising the Global Value Chain: An Analysis of the Automobile Industry," Post-Print halshs-00690207, HAL.
    20. Yilmaz Kilicaslan & Yesim Ucdogruk Gurel & Gokhan Onder & Zeynep Karal Onder, 2019. "Why Do Turkish Firms Go Abroad to Invest?," EconWorld Working Papers 19001, WERI-World Economic Research Institute, revised Nov 2019.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecr:col070:11304. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Biblioteca CEPAL (email available below). General contact details of provider: https://edirc.repec.org/data/eclaccl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.