Direction of outward FDI of EMNEs: Evidence from the Indian pharmaceutical sector
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Abstract This article seeks to add to the small but growing literature of emerging‐market multinational enterprises (EMNEs). Using two linked large firm‐level databases, it seeks to explore the determinants of outward investment of Indian pharmaceutical companies, distinguishing between developed‐ versus developing‐country destinations. It specifically examines the impact of two firm‐level characteristics that embody “non‐OLI” [ownership, location, and internalization] firm‐specific capabilities of EMNEs. The finding of this study is that family firms are keen on investing in other developing countries but much less so in developed countries. However, international linkages in the form of foreign investors offset this. © 2011 Wiley Periodicals, Inc.
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Firms with relatively closed ownership structures are less likely to engage in FDI, but also may be more attracted to engage in FDI to non-OECD countries with lower levels of institutional development.
“As such, firms with relatively closed ownership structures are less likely to engage in FDI (Bhaumik et al 2010), but also may be more attracted to engage in FDI to non-OECD countries with lower levels of institutional development (Bhaumik and Driffield 2011).”
From International business research and risky investments, an analysis of FDI in conflict zones (2013) · cites this paper as Bhaumik and Driffield 2011
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Outward foreign direct investment by emerging economies: a bibliometric study.
da Silva, S. F. (2015) · Portuguese National Funding Agency for Science, Research and Technology (RCAAP Project by FCT) · doi:10.34626/txg8-wd65
Kim, J. (2026) · Warwick Research Archive Portal (University of Warwick) · doi:10.82444/warw.33751168
Family Firms and International Entry Modes: A State-Of-The-Art
Pongelli, C. (2022) · Springer eBooks · doi:10.1007/978-3-031-05398-6_2
- Authors
- Bhaumik, S. K., & Driffield, N.
- Affiliations
- Aston University (GB)
- Corresponding author
- Driffield, Nigel
- Venue
- Thunderbird International Business Review
- Publisher
- Wiley
- Published
- 2011-08-18
- Volume
- 53
- Issue
- 5
- Pages
- 615-628
- ISSN
- 1096-4762 (ISSN-L)
- 1520-6874
- OpenAlex
- W2049589003
- Cited by
- 49
- References
- 60
- Citations by year
- 2026: 2 · 2025: 2 · 2024: 3 · 2023: 4 · 2022: 3 · 2021: 5 · 2020: 5 · 2019: 5 · 2018: 1 · 2017: 2 · 2016: 6 · 2015: 5 · 2014: 1 · 2013: 2 · 2012: 2
- FWCI
- 5.28
- Type
- journal article
- Language
- en
- Open access
- Locations
- Thunderbird International Business Review (publishedVersion)
- Aston Publications Explorer (Aston University) (submittedVersion)
- Funders
- Economic and Social Research Council (ES/F028865/1)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › International Business and FDI
- Social Sciences › Business, Management and Accounting › Strategy and Management › Innovation and Knowledge Management
- Social Sciences › Business, Management and Accounting › Accounting › Corporate Finance and Governance
- Keywords
- outward foreign direct investment, emerging market multinationals, Indian pharmaceutical industry, family business, firm-specific capabilities, international linkages
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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