Internationalization of emerging Indian multinationals: Linkage, leverage and learning (LLL) perspective

•Traditional theories inadequately explain the emerging economy multinationals.•LLL framework is said to better account for new multinationals.•Our research covers in-depth interviews in four Indian multinationals.•We provide preliminary evidence in support of LLL framework.

The multi-polar world in which we now live and work demands re-examination and refinement of the traditional understanding of the internationalization strategies and competitive advantages of multinational firms by incorporating the characteristics of firms from emerging economies. Based on interviews in four Indian multinationals in different industry segments, we present the “voices” of Indian corporate leaders to provide preliminary evidence on the primary motives behind the internationalization process of emerging multinationals from the perspective of linkage, leverage and learning (LLL). We show how the case study organizations have evolved themselves to become credible global players by leveraging on their learning through targeted acquisitions in developed markets to acquire intangible assets and/or following global clients in search of new markets and competitive advantages.