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Emerging Asian Economies and MNEs Strategies, Spring 2018

Lecturer: Ágnes Szunomár, Ph.D. <szunomar.agnes(at)krtk.mta(dot)hu>

Date: 20 February - 08 May 2018, 15:30 - 18:50

Venue: C664 (4 – 6 Közraktár Street)

Maximum number of students: 15

The PDF version of the syllabus can be downloaded here

Course Overview

Outward foreign direct investment (OFDI) from Asian emerging regions is not a new phenomenon, what is new, is the magnitude that this phenomenon has achieved over the past two decades. The recent takeovers of high-profile companies in developed or developing countries by Asian emerging-market multinational enterprises (MNEs) as well as the greenfield or brownfield investments of emerging companies show a new trend where new kind of firms become major players globally. This discussion-based course focuses on the rise of multinational enterprises (MNEs) from Asian emerging markets. Topics include the main theories of internationalization, the global patterns and recent trends of Chinese as well as other Asian MNEs, push and pull factors behind the international expansion strategy of Asian MNEs, together with company case studies focusing on HR or management issues.

Class Schedule and Readings

Required readings will be selected later primarily – but not only – from the list below, depending on the number of students.

Session One (Date: 20th February) Introduction. Outline of the Course. Review of Requirements and Readings and introductory lecture: How do emerging market firms internationalize? - Old versus new theories.

Aggarwal, K. and T. Agmon. (1990). “The International Success of Developing Country Firms: Role of Government Directed Advantage.” Management International Review 30(2), 163–180.

Dunning, J.H., R. Van Hoesel, and R. Narula. (1998). Third World Multinationals Revisited: New Developments and Theoretical Implications. In J.H. Dunning (ed.), Globalisation, Trade and Investment. Amsterdam: Elsevier, pp. 255–286.

Dunning, J.H. (1986). “The Investment Development and Third World Multinationals.” In K.M. Khan (ed.), Multinationals from the South: New Actors in the International Economy. London: Pinter Publishers.

Dunning J, Lundan SM. (2008). Institutions and the OLI paradigm of the multinational enterprise. Asia Pacific Journal of Management 25: 573–593.

Gammeltoft P, Barnard H, Madhok A. (2010). Emerging multinationals, emerging theory: macro- and micro-level perspectives. Journal of International Management 16: 95–101.

Mathews, J. A. (2006). “Dragon multinationals: new players in 21st century globalization.” Asia Pacific Journal of Management 23: 5–27.

Ramamurti, R. - Singh, J., V. (2009): ‘Emerging Multinationals in Emerging Markets’, Cambridge University Press, Cambridge


Session Two (Date: 6th March) China and Chinese MNEs

Buckley, P., J. Clegg, R. A. Cross, X. Liu, H. Voss, and P. Zheng. 2007. “The Determinants of Chinese Outward Foreign Direct Investment.” Journal of International Business Studies 38: 499-518

Child J., Rodrigues SB. 2005. The internationalization of Chinese firms: a case for theoretical extension? Management and Organization Review 1: 381–410.

Ken Davies (2010): Outward Foreign Direct Investment from China and its Policy Context. Transnational Corporations Review Vol. 2 , Iss. 4,2010

Agniszka McCaleb, Ágnes Szunomár (2017): Chinese foreign direct investment in central and eastern Europe: an institutional perspective. In: Drahokoupil J (ed.) Chinese investment in Europe: corporate strategies and labour relations. Brussels: European Trade Union Institute (ETUI), 2017. pp. 121-140.

Karl P. Sauvant & Victor Zitian Chen (2014): China’s regulatory framework for outward foreign direct investment. China Economic Journal Vol. 7, Iss. 1.

Agnes Szunomar, Agnieszka Mccaleb, Xin Chen (2018): Economic Relations between China and Central and Eastern Europe: trade and Investment Issues. In: Weiqing Song (ed.) China's relations with Central and Eastern Europe: from "old comrades" to new partners. 272 p. London: Routledge, 2018. pp. 48-65.

Ágnes Szunomár (2016): The characteristics, changing patterns and motivations of Chinese investment in Europe In: Shada Islam (ed.) EU-China relations: new directions, new priorities. Brussels: Friends of Europe, 2016. pp. 73-76. (Friends of Europe Discussion Paper; Summer 2016.)


Session Three (Date: 20th March) Emerging MNEs from other Asian countries

Gerőcs T (2017): Internationalization of Indian Multinational Enterprises: motivations, strategies and regulation from the experience of Indian investments: a focus on Europe. Budapest: Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, 2017. 40 p. (Working Paper; 234.)

Gubbi SR, Aulakh PS, Ray S, Sarkar MB, Chittoor R. 2010. Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies 41: 397–418.

Roger Van Hoesel (2010): The emergence of Korean and Taiwanese multinationals in Europe: prospects and limitations. Asia Pacific Business Review Vol. 4 , Iss. 2-3,1998

Kumar, N. (2008): ‘Internationalization of Indian Enterprises: Patterns, Strategies, Ownership Advantages and Implications’, RIS Discussion Papaers # 140. Research and Information System for Developing Countries, Delhi.

Robert Fitzgerald & Chris Rowley (2015): Japanese multinationals in the post-bubble era: new challenges and evolving capabilities. Asia Pacific Business Review Vol. 21, Iss. 3.

Robert Fitzgerald & Huaichuan Rui (2016): Whose fall and whose rise? Lessons of Japanese MNCs for Chinese and emerging economy MNCs. Asia Pacific Business Review Vol. 22, Iss. 4,2016

Völgyi Katalin (2017): Emerging multinational enterprises from East and Southeast Asia in V4 countries and Slovenia. Budapest: Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, 2017. 41 p. (Working Paper; 232.)


Session Four and Five (Date: 10th and 24th April) Driving forces and location choices behind the international expansion strategy of Asian MNEs: Push (10th April) and pull (24th April) factors

Andreff, W. (2014): ‘Outward Foreign Direct Investment from BRIC countries: Comparing strategies of Brazilian, Russian, Indian and Chinese multinational companies’, The European Journal of Comparative Economics Vol. 12, n. 2, pp. 79-131.

Bano, S. - Tabbada, J. (2015: ‘Foreign Direct Investment Outflows: Asian Developing Countries’, Journal of Economic Integration, Vol. 30, No. 2, June 2015 pp. 359- 398.

Changsu Kim & Donghyun Park (2015) Emerging Asian MNCs, Asia Pacific Business Review, 21:4, 457-463

Dunning, J. H., C. Kim, and D. Park. 2008. “Old Wine in New Bottles: A Comparison of Emerging-market TNCs Today and Developed-Country TNCs Thirty Years Ago.” In The Rise of Transnational Corporations from Emerging Markets: Threat or Opportunity? edited by K. P. Sauvant, 158–180. Cheltenham: Edward Elgar.

Canfei He, Xiuzhen Xie & Shengjun Zhu (2015): Going global: understanding China’s outward foreign direct investment from motivational and institutional perspectives. Post-Communist Economies Vol. 27 , Iss. 4,2015

McCaleb A, Szunomar A (2016): Comparing Chinese, Japanese and South Korean FDI in Central and Eastern Europe In: Joanna Wardega (ed.) China-Central and Eastern Europe cross-cultural dialogue: society, business, education in transition. Kraków: Jagiellonian University Press, 2016. pp. 199-212.

Rui Torres Oliveira, Jane Menzies, Daniel Borgia & Sandra Figueira (2017): Outward Foreign Direct Investment from Emerging Countries: Theoretical Extension and Evidence from China. The International Trade Journal Vol. 31 , Iss. 5,2017

Justin Paul & Gabriel R. G. Benito (2018): A review of research on outward foreign direct investment from emerging countries, including China: what do we know, how do we know and where should we be heading? Asia Pacific Business Review Vol. 24 , Iss. 1,2018


Session Six (Date: 8th May) Company cases: the emergence of Asian global – Investment motivations, management and human resource management, social responsibility, etc.

Chen, M. (1995). Asian Business Systems: Chinese, Japanese and Korean Styles of Business. London: Routledge.

Robert Fitzgerald & Chris Rowley (2015): How have Japanese multinational companies changed? Competitiveness, management and subsidiaries. Asia Pacific Business Review Vol. 21, Iss. 3.

Luo, YD; Rui, HC (2009): An Ambidexterity Perspective Toward Multinational Enterprises From Emerging Economies. Academy of Management Perspectives. Volume: 23  Issue: 4  Pages: 49-70

Drahokoupil J, McCaleb A, Pawlicki P, Szunomár Á (2017): Huawei in Europe: strategic integration of local capabilities in a global production network. In: Drahokoupil J (ed.) Chinese investment in Europe: corporate strategies and labour relations. Brussels: European Trade Union Institute (ETUI), 2017. pp. 211-229.

Miao Zhang & Christine Edwards (2007): Diffusing ‘best practice’ in Chinese multinationals: the motivation, facilitation and limitations. The International Journal of Human Resource Management Vol. 18 , Iss. 12,2007

Last modified: 2018.11.30.