The global competitive landscape is becoming increasingly populated by multinational enterprises (MNEs) originating from countries that are not among the most advanced in the world in terms of technology or brand reputation. These “new” multinationals come from:

1. (1) upper-middle-income economies such as Spain, Ireland, Portugal, South Korea, or Taiwan;

2. (2) emerging economies like Brazil, Chile, Mexico, China, India, or Turkey;

3. (3) developing countries such as Egypt, Indonesia, or Thailand; or

4. (4) oil-rich countries like the United Arab Emirates, Nigeria, Russia, or Venezuela.

The new multinationals operate internationally using multiple modes ranging from alliances and joint ventures to wholly owned subsidiaries. Some of them are small and product focused, while others are large and even diversified across many industries. The literature has referred to them in a variety of ways, including “third-world multinationals” (Wells 1983), “latecomer firms” (Mathews 2002), “unconventional multinationals” (Li 2003), “challengers” (BCG 2009), or “emerging multinationals” (Accenture 2008; The Economist 2008; Goldstein 2007; Ramamurti and Singh 2009).