This paper focuses on the importance of dynamic capabilities in shaping the nature of international strategies of emerging market multinationals from mid-range economies. We argue that dynamic capabilities theory provides an insightful approach to understanding the internationalization of emerging market multinationals and their strategic choices. Drawing on dynamic capability theory and unpacking dynamic capabilities into four distinct but related dimensions or facets, we develop a typology of three internationalization strategies available to emerging market multinationals in their international expansion: sequential international ambidexterity (from exploitation to exploration, and vice versa) and structural international ambidexterity (simultaneous exploration and exploitation). Success factors associated with each of the ambidextrous internationalization strategies are also considered. We conclude with a discussion of the implications of the dynamic capabilities framework for theoretical implications and fruitful areas for future research endeavors.

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Collaborative innovation has received the attention of management scholars for decades. The primary focus of our research is to explore the mechanisms that drive innovation catch‐up of latecomers in an emerging economy through research and development collaborations (i.e., academic and industrial collaborations). Using a sample of 1,066 firms in a high‐tech cluster in China, we find that collaborative innovation strategy has an inverse U–shaped effect on a firm's innovation performance. In addition, the relationship between collaborative innovation strategy and innovation performance is positively moderated by absorptive capacity © 2016 Wiley Periodicals, Inc.

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