This study draws upon the resource-based view and the institution-based view of the firm to provide a comprehensive overview of how different resource-, institutionand industry-based antecedents affect the motivations guiding the acquisitions that emerging market firms undertake in advanced markets. These antecedents can influence emerging market firms_ capacities to absorb or exploit technological and/or marketing advantages in advanced markets. In order to be successful, emerging market firms have to undertake those upmarket acquisitions that best ‘‘fit’’ their antecedents. Four mutually exclusive acquisition strategies are derived, which are then illustrated using examples of Indian firms_ acquisitions in advanced markets. © 2012 Elsevier Ltd. All rights reserved.
- Emerging market firm
- Cross-border acquisition
- Institutional void
- Augmentation versus exploitation