“…First, we connect the literature on internationalization of EMNCs (Deng, 2012;Liu & Deng, 2014;Lebedev et al, 2015) with recent advances in dynamic capability theory (Peteraf, Stefano, & Verona, 2013;Galvin, Rice, & Liao, 2014;Teece, 2014;Wilden, Devinney, & Dowling, 2016). While dynamic capabilities research now occupies center stage in the field of strategic management, we have limited knowledge when it comes to how dynamic capabilities shape EMNCs' internationalization strategies (Deng, 2013;Dixon, Meyer, & Day, 2014;Li & Deng, 2017). By applying dynamic capability theory to the internationalization of EMNCs from mid-range economies, our analyses reinforce the view that dynamic capabilities matter even more today, as a much wider range of these EMNCs are embarking on accelerated Ping Deng, Yang Liu, Vickie Coleman Gallagher and Xiaojie Wu internationalization without solid firm-specific advantages when facing complex institutional and market environments (Guillén and García-Canal, 2009;Xia et al, 2013;Child & Marinova, 2014).…”