Purpose This paper aims to use the eclectic paradigm as a broad organizing framework to bring together two somewhat parallel international business (IB) literatures, one on the development effects of multinational enterprise activity and the other on the internationalization of emerging market multinationals (EMNEs). The author does so to better understand how outward foreign investment shapes economic development in firms’ home countries. Design/methodology/approach Considering that the characteristics of foreign investment by EMNEs likely differ from that of their developed economy counterparts and that such characteristics may have unique development consequences, the author revisits one of IB’s overarching theories to rethink how ownership, location and internalization advantages take shape and stimulate diverse development outcomes. Findings My narrative review and conceptual analysis indicate that the eclectic paradigm is a valuable framework that can be used to shed light on underexplored phenomena and thereby inform important policy debates. The analysis suggests that unique characteristics of EMNE investment simultaneously have positive and negative development consequences in their home countries. Practical implications The author sets out a research agenda that revolves around six propositions that separately relate one of these three distinct characteristics of EMNE investment to two development outcomes, namely, spillovers and direct effects on home-country employment. My propositions suggest that important policy dilemmas potentially apply, in that each of the three characteristics positively affects one of the aspects of development, but negatively the other. Originality/value My research agenda presents international business scholars with new opportunities to build on a history of policymaking impact, now geared toward resolving society’s grand challenge of underdevelopment.

中文翻译：

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新兴市场的对外投资如何影响本国的经济发展：使用折衷范式综合两份IB文献

目的本文旨在将折衷范式用作广泛的组织框架，以汇集两种在某种程度上平行的国际商业（IB）文献，一种是关于跨国企业活动的发展影响，另一种是关于新兴市场跨国公司（EMNEs）的国际化。作者这样做是为了更好地了解对外投资如何影响公司母国的经济发展。设计/方法/方法考虑到EMNEs的外国投资特征可能与发达经济体的特征不同，并且这些特征可能会产生独特的发展后果，因此作者重新审视了IB的总体理论之一，以重新考虑所有权，位置和内部化优势形成并刺激多样化的发展成果。调查结果我的叙述性回顾和概念分析表明，折衷范式是一个有价值的框架，可用于阐明不足的现象，从而为重要的政策辩论提供依据。分析表明，新兴市场国家投资的独特特征在其母国同时具有积极和消极的发展后果。实际意义作者提出了一个围绕六个主张的研究议程，这些主张将EMNE投资的这三个不同特征之一与两个发展成果（即溢出效应和对本国就业的直接影响）分别相关。我的主张表明，重要的政策困境可能适用，因为这三个特征中的每一个都会对发展的一个方面产生积极影响，而对另一个方面则产生负面影响。