This study aims to draw researchers’ attention to the need to differentiate within the emerging market multinational companies (EMNCs) category. This study focuses on international business in Latin America to argue that the region’s specific institutional characteristics have consequences for within-firm decision-making regarding internationalization strategies. Additionally, the study suggests that to develop a more specific understanding of international business in emerging markets, it is important to consider how decision-makers define value and how they can capture such value.,The approach used in this study draws on the bathtub analogy used in micro-foundations research in international business. It proposes a multilevel analysis in which micro-level variation in within-firm decision-making is considered, while accounting for the conditioning effects of macro-level contextual factors.,The study identifies characteristics of the Latin American institutional context that are relevant to international business strategies and that potentially differ from other emerging market contexts. These include the pendular shifts to and from pro-market economic reform, fragmented government intervention in business, underdeveloped capital markets, low competition among firms and polarized labor markets. The study explains how these characteristics shape the definition of value and firm strategies to capture value in international markets, and provides examples from firms in different industries.,This study applies a value creation and capture perspective to international business in Latin America, allowing for the simultaneous consideration of macrolevel institutional characteristics and microlevel variation in decision-making regarding internationalization strategies. This perspective not only helps to distinguish Latin American EMNCs from companies from other emerging market contexts, but also explains the considerable variation in the internationalization strategies of firms within the region.

中文翻译：

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拉丁美洲国际业务的价值创造观点：新兴市场跨国公司之间差异化的方向

这项研究旨在吸引研究人员注意在新兴市场跨国公司（EMNC）类别中进行区分的必要性。这项研究着眼于拉丁美洲的国际商业，认为该地区的特定制度特征对企业内部有关国际化战略的决策产生了影响。此外，该研究表明，为了对新兴市场的国际业务有更具体的了解，重要的是要考虑决策者如何定义价值以及如何获取价值。本研究中使用的方法借鉴了浴缸的类比。用于国际商业中的微观基础研究。它提出了一个多层次分析，其中考虑了公司内部决策的微观层次变化，该研究确定了拉丁美洲机构环境的特征，这些特征与国际商业策略相关，并且可能与其他新兴市场环境不同。这些包括亲市场经济改革的来回变化，政府对商业的干预分散，资本市场不发达，企业之间的低竞争和两极分化的劳动力市场。这项研究解释了这些特征如何塑造价值的定义和在国际市场上获取价值的公司策略，并提供了来自不同行业的公司的实例。该研究将价值创造和获取观点应用于拉丁美洲的国际业务，允许在考虑国际化战略时同时考虑宏观层面的制度特征和微观层面的变化。这种观点不仅有助于将拉丁美洲的EMNC与其他新兴市场环境中的公司区分开来，而且可以解释该地区公司国际化战略中的巨大差异。