Purpose -This paper aims, by a direct comparison, to address the differences and similarities of the internationalization processes of multinational companies both from developed and emerging countries. Design/methodology/approach -This study employed qualitative approach, using an integrated model of internationalization process. Multiple case studies, with two companies with significant involvement in foreign markets and originating in countries with different levels of development, were carried out. Findings -The results reveal that the case companies show some differences with regards to their use of ownership advantages to facilitate their internationalization. On the other hand, learning and experience of internationalization, coupled with the use of networks, have been factors that have influenced the pace and the pattern of the case companies' internationalization. An integrated model, which includes variables related to networks and learning/experience, may contribute to the understanding of the case of multinational companies from emerging economies. Originality/value -Although the research field of emerging multinationals has been growing lately, very few attempts have been made in the sense of directly comparing the internationalization process of firms from both developed and emerging countries. The authors proposed an integrated analytical model that draws on insights from the eclectic paradigm and the Uppsala internationalization model.

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Developing markets have recently gained importance not only in international trade, but also as an important host region for world foreign direct investment (FDI) inflows. With the aim to discuss the determinants factors of FDI in Latin America, we estimate a panel data model of economic and institutional determinants of FDI in eight Latin American countries, within the period 1996-2008. The empirical results support the hypothesis that FDI in Latin America is positively correlated to economic stability, growth and trade openness, and also to the improvement in the institutional and political environment. Furthermore, we found evidence that Multinational Companies are developing market and efficiency seeking strategies in the region. authorsOs mercados em desenvolvimento ganharam recentemente importância não só no comércio internacional, mas também como importante região hospedeira para os afluxos de investimento externo directo (IED) mundial. Com o objectivo de discutir os factores determinantes do IED na América Latina, estimamos um modelo de dados num painel de determinantes económicos e institucionais do IED em oito países da América Latina, no período de 1996-2008. Os resultados empíricos suportam a hipótese de que o IED na América Latina se correlaciona positivamente com a estabilidade económica, crescimento e abertura comercial, e também com as melhorias no ambiente institucional e político. De resto, encontramos indícios de que as Companhias Multinacionais estão a desenvolver estratégias de desenvolvimento de mercado e de busca de eficácia na região.