We revisit the new perspectives that explain the internationalization and growth of multinational enterprises (MNEs) in emerging markets (EMs). Do we need a new theory for EM MNEs? Are the new theorizing efforts seeking the “just right” approach as in the Goldilocks story justified? We beg to disagree. We draw attention to the foundations of current international business (IB) and organization theories, rooted in culture, history, institutions, economics, strategy, and market dynamics to meet the challenges of theorizing the new EM MNE views. We offer complementary explanations on how to develop a more comprehensive approach, elaborate on the underlying assumptions and theoretical underpinnings of extant theories, elucidate their boundary conditions, and suggest how to alleviate the lack of systematic contextualization and directionality in causal relationships. We assert that while some EM MNEs display competitive advantages vis-à-vis their counterparts, not all possess superior capabilities compared to their advanced market rivals; as we exemplify, cases should not be generalized to the population but rather to theory.

我们重新审视了解释新兴市场 (EMs) 跨国企业 (MNEs) 国际化和增长的新观点。我们是否需要针对新兴市场跨国公司的新理论？像金发姑娘的故事那样寻求“恰到好处”的方法的新理论努力是否合理？我们不同意。我们关注当前国际商务 (IB) 和组织理论的基础，这些理论植根于文化、历史、制度、经济、战略和市场动态，以应对新的新兴市场跨国公司观点的理论化挑战。我们就如何开发更全面的方法提供补充解释，详细阐述现有理论的基本假设和理论基础，阐明其边界条件，并建议如何缓解因果关系中缺乏系统的情境化和方向性。我们断言，虽然一些新兴市场跨国公司与其同行相比显示出竞争优势，但与先进的市场竞争对手相比，并非所有人都拥有卓越的能力；正如我们举例说明的那样，不应将案例推广到总体，而应推广到理论。