A resource dependence perspective of EMNE FDI strategy

•EMNE internationalization behavior is largely about acquiring and maintaining the resources needed to globally.•Resource Dependency Theory (RDT) is a valuable theoretical lens through which to examine internationalization motivation.•A conceptual model is offered which links resource seeking behavior to EMNE specific internationalization strategies.•This perspective clarifies how an EMNE's internationalization strategy alters dependence on the external environment.

Using Resource Dependence Theory as a lens, we explore current explanations of how and why Emerging Market Multinationals (EMNEs) seek to compete internationally through Foreign Direct Investment. We find that all three dominant explanations and much of the ongoing literature either explicitly or implicitly highlight the importance of a firm's ability to acquire and maintain resources to its own survival and ability to compete as latecomers on a global stage. Through our conceptual model we show that whether EMNEs seek to exploit existing resources, seek to augment their resource base, or pursue a combination of both it is reflected by their generic internationalization strategy. This generic strategy is also reflective of the firm's strategic focus, as well as predictive of its entry mode and resulting resource dependence. Taking this perspective informs the current literature by clarifying how an internationalization strategy alters EMNE dependence on the external environment for critical resources.