International expansion and performance of emerging multinationals: the case of Marcopolo

Why and how some emerging market multinationals (EMNEs) are able to handle the complexities of international expansion and achieve a higher performance? We answer this question by providing a nuanced analysis of the perceptions of top executives of a successful Brazilian EMNE. International business (IB) literature has emphasised quantitative methodologies in performance research. Our paper extends the scope of the internationalisation - performance literature bringing insights of a qualitative approach based on an in-depth longitudinal case study, the Brazilian Marcopolo, one of the six major world bus producers. Our results may apply to other EMNEs and indicates that the profitable international expansion lies in the company's strong internal innovation efforts, the development of along-term strategic plan toward selected markets, to treat global competition and risks as opportunities to build capacities, and to learn from local partners. These attributes have turned its latecomer status in the global market into a competitive multinational company. Conclusions bring new theoretical arguments and provide directions for future research.