Existing literature on emerging-market multinational enterprises (EMNEs) often acknowledges their competitive weaknesses, latecomer disadvantages, poor governance structures, technological deficiencies, and dependence on local resources. Despite these structural disadvantages, some EMNEs have succeeded in becoming global and regional leaders in their respective industries. Many studies explore how EMNEs are internationalizing. However, the discussion of what to expect from a successful overseas expansion remains very limited, especially when considering fast-changing industries in unpredictable markets. The purpose of this paper is to analyze how and why an EMNE competing in a changing industry in turbulent geographies builds capabilities to remain competitive locally and internationally. Using a qualitative case study approach, we identify the company's responses to reconfiguration forces related to the entry of new competitors, difficulties in protecting knowledge, technological change, and sophistication. Our study highlights re-invention, re-pioneering, and re-signaling as new capabilities that emerge as a result of adapting to a fast-changing industry in unpredictable environments.

中文翻译：

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新兴市场的国际化和能力建设：成功之后是什么？

关于新兴市场跨国企业 (EMNE) 的现有文献通常承认它们的竞争弱点、后发劣势、治理结构不善、技术缺陷以及对当地资源的依赖。尽管存在这些结构性劣势，但一些 EMNE 已成功成为各自行业的全球和区域领导者。许多研究探讨了 EMNEs 如何国际化。然而，关于成功的海外扩张的期望的讨论仍然非常有限，尤其是在考虑不可预测的市场中快速变化的行业时。本文的目的是分析 EMNE 如何以及为何在动荡的地区竞争不断变化的行业中建立能力以保持本地和国际竞争力。使用定性案例研究方法，我们确定公司对与新竞争对手的进入、保护知识的困难、技术变革和复杂性相关的重组力量的反应。我们的研究强调了重新发明、重新开拓和重新发出信号作为在不可预测的环境中适应快速变化的行业而出现的新能力。