The Emerging Market Multinationals Report
The Institute brings together preeminent practitioners and academics from around the world to develop the next generation of global business leaders and create the premier research center on the role of emerging markets in the global economy. Annually, the Emerging Market Multinationals Report (EMR) is launched with a deeply view of emerging markets, by the authors Lourdes Casanova and Anne Miroux, in collaboration with Emerging Multinationals Research Network, OECD Development Centre, International Finance Corporation, Inter-American Development Bank, and others.
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Lourdes Casanova and Anne Miroux in collaboration with Veneta Andonova and Juana García from Escuela de Administración at Universidad de los Andes in Colombia; Anabella Dávila from EGADE Business School in Mexico; as well as experts from academia, business and international organizations – Momina Aijazuddin and Meraj Husain (International Finance Corporation), Daniel Armanios (Oxford University), Natharat Mongkolsinh (Carnegie Mellon University), Tony Carranza (Inter-American Development Bank), Kalman Kalotay and Csaba Weiner (Institute of World Economics), John Manners-Bell (TI and Foundation for Future Supply Chain); Lorenzo Pavone, Lamia Mounavaraly, Melanie Vilarasau Slade and Simon Baumert (EmNet, OECD development Center); Limin Chen, Hongxin Wang and Xuelin Bu (Wuhan University) – contributed chapters to the Report.

Lourdes Casanova and Anne Miroux in collaboration with Veneta Andonova, Juana García, and Juan Pablo Borda from Escuela de Administración at Universidad de los Andes in Colombia; Gautam Jain and Daniel dos Anjos from Emerging Markets Institute; Limin Chen and Xuelin Bu (Wuhan University); Tony Carranza and Erica Chicola (Inter-American Development Bank), Piotr Mazurkiewicz (International Finance Corporation), Lorenzo Pavone (EmNet, OECD development Center), James Zhan (United Nations Conference on Trade and Development).

Lourdes Casanova and Anne Miroux in collaboration with Veneta Andonova, Andrés Guerrero Alvarado, and Juana García from Escuela de Administración at Universidad de los Andes in Colombia; Anabella Dávila from EGADE Business School in Mexico; Manisha Barnwal and Gautam Jain (Emerging Markets Institute), Limin Chen and Zhi Qiao (Wuhan University), Momina Aijazuddin and Meraj Husain (International Finance Corporation), James Zhan and Isya Kresnadi (United Nations Conference on Trade and Development), Peter Gammeltoft (Copenhagen Business School), Paloma Fernández Pérez (University of Barcelona), Mike Peng (The University of Texas at Dallas), Amadeo Jensana (Casa Asia), Xiaojun Huang and Ruihao Xie (Bank of China), Zhaohui Xuan (Chinese Academy of Science and Technology for Development), and Ravi Ramamurti (Northeastern University)

The Emerging Market Multinationals Reports were launched in 2016 at the Emerging Markets Institute in Cornell University. Authored by Lourdes Casanova and Anne Miroux, they study the largest Emerging Market Multinationals. The fourth edition focuses on how these companies fuel the creation of more stable and better-paid jobs, provide resources to conduct research and foster innovation, as well as contribute to the development of small- and medium- sized companies. The rise of Chinese multinationals as measured by their presence on the 2019 Fortune Global 500 rankings has been remarkable and the research explores the specific firms that turbocharge FDI from emerging market countries and compares them to developed markets such as the U.S. and Japan. The report also includes the description of innovation leadership from emerging markets, in particular the case of Huawei, the most emblematic of Chinese firms in innovation, global reach, and impact, as demonstrated by its visibility in the press. The report pays particular attention this year to the rising economic engagement of China in Latin America and Africa, highlighting its increasing role as a key source of finance for both continents through FDI and lending. In Latin America, though lending does not dominate the picture as it does in Africa, in some years China has been the largest source of development finance, even surpassing major development banks. In both cases, Chinese lending and FDI increased significantly over the past decade. Finally, chapters from Wuhan University in China, Universidad de los Andes in Colombia, Tecnológico de Monterrey in Mexico, Universidad del Norte in Colombia and OECD’s EMnet complement the report.

Since the turn of the century, the expansion of enterprises from emerging economies, the so-called emerging market multinationals (eMNCs), has been remarkable. The Emerging Market Multinationals Report (EMR)series, produced by Cornell University, delves into this issue and its broader implications on the global economy. The EMR 2018, by Drs Lourdes Casanova and Anne Miroux, looks at how eMNCs – led by Chinese firms – are continuing their ascension as active global acquirers and pursuers of further brand and product market differentiation. In the report, the authors also examine the implications of the drastic changes in the global economy in the past eighteen months, and explore the growing soft power of emerging economies as illustrated by the launch of initiatives such as the Chinese Belt and Road.


The First Emerging Market Multinationals Report (EMR) explores how Emerging economies have gained ground in wealth and influence over the past two decades, bringing about radical changes in the global economic landscape. The rise of their multinationals, the so-called emerging market multinationals (or eMNCs), is an illustration of this phenomenon. Lourdes Casanova and Anne Miroux look at the overseas expansion of eMNCs has indeed been remarkable: for instance about 20% of global outward FDI flows today are accounted for by a group of 20 top emerging economies[1], the E20; that share was 2% at the turn of the century. Not only have emerging market multinationals significantly increased their investment abroad; they have also made significant inroads in the global corporate world. For instance, today, about 30% of the firms in the Fortune Global 500 list (based on revenues) are enterprises from emerging markets; they were less than 10% ten years ago. True, China leads the trend: with 98 companies, it ranks second in term of number of Fortune 500 firms – not that far from the US (128), and much more than the number 3, Japan (54). However a wide array of emerging economies is represented: 14 countries of the above mentioned E20 grouping are represented in the Fortune Global 500 list (sometimes with only one entry in the list). The new players come in particular from China, Korea, India, Brazil, Russia, Mexico and Indonesia.