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The emergence of a "second wave" of developing-country multinational enterprises (MNEs) in a variety of industries is one of the characterizing features of globalization. This paper documents how emerging markets' MNEs (EM-MNEs) may follow quite different patterns to reach, or at least approach, global competitiveness. In particular, it investigates how three EM-MNEs pursued global growth through accelerated internationalization combined with strategic and organizational innovation. Haier (China), Mabe (Mexico) and Arçelik (Turkey) emerged as multinationals in the large home appliances (so-called "white goods") industry. The recipe for the success of these firms seems to lie in their ability to treat global competition as an opportunity to build capabilities, move into more profitable industry segments, and adopt strategies that turn latecomer status into a source of competitive advantage. At the same time, their experiences show that there are many strategies and trajectories for going global, consistent with a pluralistic conceptualization of globalization. 3What are the "big questions" in International Business (IB) research? Buckley (2002) claimed that the research agenda might be running out of steam. He suggested that the IB agenda had moved through three phases in the 20 th century, concentrating on new developments observable in the world of international business itself. The initial focus on foreign direct investment (FDI) and its determinants was followed by one on Multinational Enterprises (MNEs) and their rationale and sources of advantage and, since the 1990s, a third focus on globalization and its driving influences. Buckley andGhauri (2004), suggesting that the third topic might indeed constitute a "big question"that could guide future research. In this paper we take the arguments of Buckley andGhauri further, and make the proposition that one of the most interesting outcomes of globalization has been the rise of a "second wave" of MNEs from emerging economies --so-called emerging markets' MNEs (EM-MNEs) -after the "first wave" documented by Kumar & McLeod (1981), Wells (1983) andLall (1983).MNEs appear to be driven directly by firm-to-firm contracting in a global setting. This We first present the outlines of a framework for understanding EM-MNEs' internationalization process -as grounded in the extensive available literature on FDI and now-incumbent MNEs. We then sketch the main characteristics of the global white goods industry, to highlight how market, technology, and regulation dynamics may be opening up new opportunities for incumbents. A case study approach is used to shed light on the factors explaining the success of the three firms and link such features to the theoretical framework. We conclude with some managerial implications on the extent to which the experience of these firms is useful (replicable) for other firms struggling to move up the value-added and technology ladder.

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PurposeAims to analyze the process of internationalization of multinational corporations from emerging economies, and more broadly test the investment development path (IDP) hypothesis for Egypt.Design/methodology/approachA combination of data analysis and company case studies to assess to what extent and how Egyptian companies are internationalizing. The theoretical background is the IDP hypothesis, according to which the net outward investment position of a country depends on its level of development.FindingsThe paper highlights how poor investment climate and broader geopolitical motives receive limited foreign direct investment (FDI) inflows, while outward FDI limited in size and scope. Despite this climate, the two multinational corporations have successfully expanded abroad, following different strategies.Research limitations/implicationsData limitations and the limited size of outward FDI prevent a statistical testing of the IDP hypothesis, for example, by regressing the net FDI position on GDP, utilizing a quadratic specification to allow for the non‐linearity in the relationship.Practical implicationsThe paper concludes by pointing to the importance of promoting corporate internationalization throughout an active policy to make the business environment more conducive to risk‐taking, instead of rent‐seeking, behaviours.Originality/valueThis paper covers Egypt, an under‐researched country in an under‐researched area (North Africa).