The past decade has seen a rise in the importance of emerging economies as sources and recipients of foreign direct investment (FDI) and a rise in cross-border mergers and acquisitions (M&A) as a preferred vehicle for FDI. Both trends are linked to the rising prominence of emerging market multinational enterprises (EMNEs) from these economies. The preceding chapters provide new insights into these trends from leading country-specialists: Cyrino and Barcellos on Brazil (Chapter 9), Kalotay and Panibratov on Russia (Chapter 10), Ramamurti on India (Chapter 11) and Williamson and Raman on China (Chapter 12). Their studies give us a better understanding of the different ways in which cross-border M&A have contributed to the evolving competitive advantages of EMNEs across these four BRIC countries. In the following commentary we will examine, compare and contrast the country-specific patterns of the outward M&A they present and discuss their explanations for these trends.

The preceding country chapters focus on the question: why have we seen an increase in cross-border M&A activity from these emerging economies? What has been the dominant motivation for EMNEs to engage in international acquisitions in recent years? One important conclusion is that differences in motivation, in the drivers of internationalisation via M&A, are more apparent than similarities across these four countries. While EMNEs all face the same evolving global economic environment, including a recent rise in opportunities to acquire Western-based assets at relatively low prices, they are based, born and bred in very different home environments. Local context, including industry specialisation; gaps in resources, assets and capabilities; the structures and strategies of local flagship firms; and the role of government, all vary significantly. This in turn creates variety in the internationalisation strategies of these new multinationals.