While a substantial body of literature has grown around the developing economies as the world’s main recipient of foreign direct investment (FDI) and its economic development and management practice consequences, much less attention has been paid to the determinants of outward FDI (OFDI) from developing economies becoming multinationals. Our aim is to assess whether OFDI from developing countries conforms to the mainstream international business literature of OFDI by comparing with new evidences for the character and evolution of recent OFDI found for developing economies. Our results suggest that while the mainstream FDI theories and frameworks regarding OFDI are suitable for developed economies, some important theoretical adjustments and refinements are needed in order to better explain the internationalization strategies of multinational corporations (MNCs) from developing economies.
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