“…From a critical IB perspective, the focus of our research holds relevance for at least three reasons. First, heterogeneity between subnational institutions in the home market (our independent variable) is consistent with Yamin and Sinkovics’ (2015, p. 211) observation that emerging markets are “invariably large and somewhat differentiated territories in terms of social and economic development.” Their observation resonates with the importance paid by critical IB scholars to within-country inequalities, such as “uneven economic development” (Dörrenbächer and Gammelgaard, 2019, p. 240) and MNE activities (Rygh, 2019; Ackroyd and Murphy, 2013; Lee and Gereffi, 2015; Roberts and Dörrenbächer, 2016; Roberts, 2019). Second, in a similar vein, the phenomenon of EMNEs internationalizing into AEs rather than EEs (taken as a dependent variable) potentially relates to exacerbating the “global inequality” (Dörrenbächer and Michailova, 2019, p. 113) between these sets of countries, as AEs attract a relatively larger share of OFDI.…”