Building from the nascent debate pertaining to the internationalization trajectories followed by EMNCs, this article proposes to better understand behaviors of multinational companies from emerging markets (EMNCs). A database containing the complete internationalization trajectory of 110 firms was created to analyze sequence patterns. Optimal matching technique helped us to build a taxonomy of seven distinct sequence patterns (serial acquirers, late acquirers, sequential acquirers, contractual internationalizers, collaborative internationalizers, opportunistic internationalizers, wholly owned internationalizers). Our findings partially confirm previous works pertaining to the internationalization process of EMNCs and shed a light on atypical behaviors which have not been studied yet. These findings allow us to obtain new insights, deepening our understanding of theories depicting how EMNCs behave such as springboard theory and the Linkage Leverage Learning framework. We also provide recommendations to MNC managers and for public policy.

本文以新兴市场国家围绕新兴市场的国际化辩论为基础，旨在更好地理解新兴市场跨国公司的行为。建立了包含110家公司的完整国际化轨迹的数据库，以分析序列模式。最佳匹配技术帮助我们建立了七个不同序列模式的分类法（串行获取者，后期获取者，顺序获取者，合同国际化者，协作国际化者，机会主义国际化者，独资国际化者）。我们的发现部分证实了与EMNCs国际化进程有关的先前工作，并阐明了尚未研究的非典型行为。这些发现使我们获得了新的见解，加深我们对描述EMNC行为方式的理论的理解，例如跳板理论和Linkage Leverage Learning框架。我们还向跨国公司经理和公共政策提供建议。