Purpose: We examine the theories used to study the international equity-based entry mode strategies of emerging market multinationals (EMMs) and the contribution of these studies to extant literature.Design/methodology/approach: We conducted a systematic review of the literature. A total of 73 articles were identified from key management, international business and internatio na l marketing journals published between 2000 and June 2015. Articles were analysed according to the theory(ies) used, thematic area, methodology, home/host countries studied, and findings.
Findings: Despite the great interest around the topic of how the antecedents and outcomes ofEMMs' international entry mode strategies may challenge and amend existing theories, the findings that come out of this research mirror patterns observed in the entry mode literature in general. Whilst traditional perspectives such as internalisation theory and the OLI paradigm remain prevalent, a growing number of studies draw on institutional theory and combine multiple theoretical perspectives. Newer theories developed specifically to study EMMs (e.g., the springboard perspective) are used in only five studies and challenged to differentiate their theoretical underpinnings from extant literature. Overall, the theoretical contribution of EMM studies is simply a change in emphasis from the role of firm-specific factors toward the influence of home country institutions on entry mode strategies. We conclude that the literature has only made tweaks at the edge of theories with no significant changes to extant theorisatio ns.Originality/value: This is the first systematic review of the literature focusing specifically on the international equity-based entry mode strategies of EMMs.