Review of International Business and Strategy

Multilatinas: a systematic literature review

Jose Satsumi Lopez-Morales,
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Multilatinas
Multilatinas: a systematic
literature review
Jose Satsumi Lopez-Morales
Economic-Administrative Department, Instituto Tecnologico de Veracruz,
Veracruz, Mexico
Received 7 May 2018
Revised 29 July 2018
Abstract 26 August 2018
31 August 2018
Purpose – The purpose of this paper is to develop a systematic literature review on the subject of Accepted 4 September 2018
multilatinas during 2007-2017, through a review of 55 papers published in 35 journals.
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Design/methodology/approach – A qualitative technique for conducting a systematic literature review

was used. To systematize and make the literature review more accurate, it was divided in four stages: data
collection, coding, analysis and interpretation of data. Several tables and figures were developed to provide a
better interpretation of the literature.
Findings – The phenomenon of multilatinas is still a regional topic. Nine specific gaps in the literature were
identified: the role of the state; impact of “home-country reputation”; the role of the host country in the
expansion of multilatinas; multilatina selection of markets with geographical closeness and cultural affinity;
multilatinas from small economies (mainly Central American countries); studies of multilatinas operating in
the service sector; the role of family ownership; studies analysing the multinationality–performance
relationship; and the study of collaboration networks between researchers.
Research limitations/implications – The access of academic databases, where more published studies
may have been available, and the level of precision in the search for papers that meet the necessary
characteristics were included in the review.
Practical implications – This paper contributes to not only the body of knowledge about multilatinas
but also, in a wide scope, to the knowledge of multinationals from emerging countries. Furthermore also this
paper provide some research directions for academics interested in multinationals.
Originality/value – The general contribution of this paper is in its addressing the topic of multinationals
from emerging economies such as Latin America, a less-studied emerging region. Moreover, this work
specifically contributes to understanding multilatinas and identifies research gaps and characteristics of the
scientific papers on this phenomenon, potentially increasing knowledge about multinationals from emerging
countries, and specifically Latin America.
Keywords Latin America, Systematic literature review, Emerging multinationals, Multilatinas
Paper type Literature review

1. Introduction
In recent years, the study of the internationalization process of multinational companies
(MNCs) coming from emerging economies has generated interest among researchers
(Carneiro et al., 2015; Ramamurti and Singh, 2009), and multilatinas are being studied in this
context. According to Cuervo-Cazurra (2010), these companies are from countries that Spain
and Portugal colonized on the American continent. Multilatinas differ from other
multinationals from emerging countries in that they come from a region of the world whose
countries have similar historical, social, cultural and geographical characteristics (Cuervo-
Cazurra, 2016). Hence, the increasing relevance of multilatinas in the international arena has
attracted the attention of academics around the world. Review of International Business
and Strategy
Several studies have been carried out to explain multilatinas (Velez-Calle, et al., 2018; © Emerald Publishing Limited
2059-6014
Casanova, 2010; Cuervo-Cazurra, 2010; Goldstein, 2002). These studies have contributed DOI 10.1108/RIBS-05-2018-0041
 RIBS incipiently to generating an explanation of how the emergence of these companies has
affected international business. In addition, some multilatinas have become global players in
their sectors, such as the Mexican CEMEX and Brazilian firms Embraer and Gerdau (Lucea
and Lessard, 2010).
As a result, the main objective of this work is to develop a systematic literature review
regarding multilatinas during the period 2007-2017, and to determine patterns by which
these studies were conducted (e.g. type of journal, country, language, companies). Finally,
this paper aims to identify future areas of research. The main contribution of this work is the
systematization of the information in the literature review, setting a pattern for pending
areas of research on multilatinas.
Hence, this study presents itself as an update on the topic, not only referring to the
characteristics and areas of study of multilatinas, but also trying to answer questions about
the multilatina literature, such as the characteristics of publications on multilatinas, and
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where to direct future research about them. Both questions represent important gaps in the
literature. The first question relates to the breadth of the topic in the international business
literature, and the importance of locating the multilatinas in discussions about international
business. The types of journals where the scientific papers are published support an
overview of the relevance of the topic and try to promote it to academics for publication of
scientific papers in the most reputable journals worldwide.
The second question is important to explaining the depth of the topic. Since the first
literature review by Cuervo-Cazurra in 2010, the most important research topics relating to
multilatinas have not yet clearly emerged. In this regard, the identification of the main topics
helps to increase knowledge and reinforce strategic patterns for studying the topic.
Another important gap that this study covers is identifying the starting point for doing
comparative studies among multilatinas, to establish their generalized patterns and
behaviours. These comparative studies will help managers make decisions about company
strategy.
This paper is structured as follows: Section 2 outlines a general overview of multilatinas
in the international arena; Section 3 illustrates the methodology for carrying out the
literature review; Section 4 offers an analysis of the results of the literature review; and
Sections 5 and 6 discuss the results and conclusions, as well as future areas of study.

2. Emergence of multilatinas
Despite the long-lasting debate about the internationalization of multinationals from
emerging markets (Wells, 2009), studies have focused mainly on multinationals from Asian
countries such as Korea, India and China (Brian, 2014; Yang et al., 2009). It is important to
question why the literature on emerging multinationals has barely studied a region with
high rates of economic growth, a large population and important natural resources (Huesca-
Dorantes et al., 2018).
The internationalization of companies in Latin America is not a new phenomenon, as
Argentinian companies have operated in Uruguay since the end of the nineteenth century
(Castro-Olaya et al., 2015; Goldstein, 2009). However, the study of Latin America is relatively
recent. The take-off of multilatinas is propelled by two important facts. First, the
governments of several Latin American countries were bounded by economic policies
(mainly during the 1970s and 1980s) that did not favour free trade and therefore favoured
internal growth of several companies (Zavaleta-Vazquez and Wise-Lozano, 2016). This fact
led multilatinas to develop capacities that later would allow them to venture into
international markets. Second, the pro-market reforms of the 1990s (Cuervo-Cazurra and
 Dau, 2009; Komissarova and Grein, 2012) encouraged multilatinas to take advantage of the Multilatinas
capabilities they had developed in their local markets to expand their operations abroad.
Figure 1 presents the trend of foreign direct investment (FDI) in Latin America. The data
show a significant growth trend of the FDI, with these flows increasing constantly by 23.31
per cent per year. The policies of trade liberalization applied by the governments of the
region and the emergence of multilatinas boosted this increase. As a result, significant
waves of investment occurred in different parts of the world (Santiso, 2008).
It is also important to point out that the multilatinas are not yet world leaders; they are
leading companies in their countries and regionally (Velez-Calle et al., 2018; Goldstein, 2002).
In fact, in the Forbes Global 2000 (2017) ranking, only 22 companies within the first 1,000 are
of Latin American origin (nine Brazilian, five Mexican, three Colombian, four Chilean and
one Venezuelan). According to Gonzalez-Perez and Velez-Ocampo (2014), this lack of global
leadership is due to the natural advantages of activity in their own region, such as little
physical, geographical and institutional distance; similar purchasing power among
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populations; similar levels of economic development; and cultural affinity, indicators of the
incipient take-off of Latin American companies.
However, some companies that are global leaders in their sectors of activity are the
exceptions, including several multilatinas in various sectors. The Mexican company
CEMEX is one of the world’s leading producers of cement (Lucea and Lessard, 2010), the
Argentinian Tenaris is a global leader in seamless pipes and the Mexican Bimbo is a world
leader in bread production (Castro-Olaya et al., 2015). A special case is Embraer of Brazil,
one of the three main aircraft manufacturers worldwide, operating in a sector of high-
technological complexity that has traditionally been reserved for companies from developed
countries (Goldstein, 2002).
It is important to mention the importance of the state’s relationship with the multilatinas.
During the last years, the three largest companies in the sales of the region are owned by
their respective states: Pemex (Mexico), Pdvsa (Venezuela) and Petrobras (Brazil). This is no
coincidence; these companies emerged as a way to control strategic sectors for governments
(in this case for the oil), fill gaps that the private sector could not meet and act as instruments
of government policy (Cuervo-Cazurra et al., 2014; Mazzolini, 1980), all kept under state
control during the wave of privatizations in the 1990s. These three companies belong to the

FDI in Lan America

500

490

480

470

460

450

440

430 Figure 1.
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016

Foreign direct
investment in Latin
America
Source: Adapted from UNCTAD (2018)
 RIBS oil sector; in addition, in 2014 Pemex was the ninth largest oil producer in the world
(Helman, 2015).

3. Methodology
The main aim of this paper is to develop a systematic review of literature about multilatinas
in the period 2007-2017. The period was selected during the search of scientific papers, in
which the first one identified was published in 2007 (Bonaglia et al., 2007), and 2017 was the
last complete year of publications, so 2007-2017 was considered a suitable period for this
study. It is important to mention that the systematic literature review is neither a meta-
analysis nor a literature review in depth. Its main characteristic is that three pillars (cited by
Handengue et al., 2015) support it. First, it is systematic and organized according to the
applied methodology. Secondly, it is clear, replicable and updated. Finally, it is synthetical,
as it combines evidence that responds to the different questions that led to this review.
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Hence, a qualitative approach was applied. To systematize and make the literature
review more accurate, the following four stages proposed by Gaur and Kumar (2018) were
used: data collection, coding, analysis and interpretation of the data. This section discusses
only the first three stages, since Section 4 deals with the fourth stage (interpretation of the
results).

3.1 Data collection

To carry out this literature review, a search was conducted in academic databases such as
Scopus, EBSCOHOST, Dialnet, Redalyc, SciELO and Google Scholar, important sources of
scientific papers and selected for many reasons. First, Scopus is the largest database in the
market for multidisciplinary scientific literature (Chadegani et al., 2013) . Second, EBSCOHOST
comprises three databases: Academic Search Complete, Business Source Complete and Fuente
Academica. Finally, Redalyc, Dialnet and SciELO are the most important sources of scientific
papers in Latin America. This literature review used these databases to have a reliable and
broad number of scientific papers, so as to catch the majority of scientific papers about
multilatinas.
Also selected were the main international business and management journals listed in
Journal Citation Report (JCR), such as: Journal of International Business Studies,
International Management Review, International Journal of Emerging Markets, Emerging
Markets Review, Journal of World Business, and Latin American Business Review. Also
considered was Google Scholar, because one of the limitations of JCR is its limited coverage
of business sciences. Google Scholar has worthwhile coverage for journals related to
business sciences (Harzing and van der Wal, 2009).

3.2 Data coding

To identify scientific papers relevant to the subject of the review, several keywords were
used, such as multilatinas, emerging multinational, Brazilian multinational, Mexican
multinational and Latin American multinational. The review only focused on scientific
papers and excluded books, book chapters, conference proceedings and news articles. This
decision was based on the consideration that scientific papers are the main sources of valid
knowledge, given the review process to which they are submitted. Likewise, articles
generally have a greater impact in the areas of knowledge (Armstrong and Wilkinson, 2007).
Ninth, another important identified gap concerns the collaboration networks between
researchers. Multilatinas are a recent phenomenon compared to other topics of international
business. According to this review, some authors are in developed and developing countries,
creating an opportunity for authors from developing countries to establish collaboration
 networks with authors from developed countries. The main authors in journals of Multilatinas
management are located in developed countries, so through the collaboration networks
among developed and developing country authors, it is possible to publish in the most
reputable academic journals. Hence, is important to understand the role of collaboration
networks in the literature about multilatinas.

3.3 Data analysis

As a result of this review, a total of 55 scientific papers in 35 journals were gathered, all
related to multilatinas. Then, a table was drawn up (see Appendix) to list the number of
scientific papers that resulted from the search that included the keywords. In addition, these
papers were listed in the order by author and year of publication, and the focus, the
companies studied, the objective, the method and the results of the study were identified.
This table enabled the analysis of the information in the scientific papers.
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Subsequently, a table was drawn up to list the journals in which the scientific papers
were published (Table I). This table was divided into columns to list the name of the journal,
country of publication, languages in which the journal is published, and the indices, among
which were the JCR, Scopus, Emerging Source Citation Index (ESCI) and SciELO. These
indices were selected because they are considered the most prestigious in the academic field.
To extract more knowledge about the papers studied, they also were divided by
language of publication, journal country of origin and first author place of origin (the
country of the first author’s university affiliation).

4. Interpretation of results
Table I presents the characteristics of the journals that were identified in the literature
review. The authors identified 55 scientific papers published in 35 journals, mostly in
English and in regions of the world that are very different from Latin America. The journal
that registered the highest number of scientific papers was RAE-Magazine of Business
Administration with five, followed by Universia Business Review and Journal of World
Business with four scientific papers each. Ad-Minister, Brazilian Administration Review and
Journal of Globalization, Competitiveness and Governability were added, with three products
each.
On average, 1.57 papers per journal were published. This average is significant because
it indicates the limited publication of topics related to multilatinas, compared with other
MNCs from emerging countries such as China or India. Specifically referring to journals
belonging to the JCR index, 15 papers were published in 7 journals, averaging 2.14 papers
per journal. These data are important as they represent an increase over the general average
(1.57), indicating a greater presence in journals of the JCR, considered one of the most
prestigious and high-impact indices in the academic world (Quévedo-Blasco and L
opez-
L
opez, 2010). Scientific papers published in journals in the Scopus index were published at
an average rate of 1.93 scientific papers per journal.
Figure 2 shows the trend of papers published by year. The trend shows ups and downs –
for instance, an upward trend in the years 2009, 2010, 2013 and 2014. Possible explanations
for this are the interest of journals in other types of topics, increasing the relevance of MNCs
from Asia in the global context, and the lack of data about the multilatinas. From 2007 to
2017, at least one paper related to the multilatinas was published each year. In addition, this
trend shows that being a secondary issue, the topic of multilatinas has not been constantly
present in academic journals.
Figure 3 shows the number of papers published by origin of the journal. Not only
countries from Latin America appear in the list; in total, 12 countries are in the list and only
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RIBS

journals
Table I.
Main features of
Country of No. of
Journal Origin papers Published Language JCR SCOPUS ESCI SCIELO

1. Latin American Business Review Brazil 2 English x

2. Ad Minister Colombia 3 English x x
3. Universia Business Review Spain 4 English/ Spanish x x
4. Revista de la CEPAL Chile 1 Spanish x
5. Revista Internacional de Organizaciones (RIO) Spain 1 English x
6. Brazilian Administration Review Brazil 3 English x x
7. Estudios internacionales Brazil 1 Spanish x
8. Papeles de Europa Spain 1 Spanish x
9. RAE-Revista de Administraci
on de Empresas Brazil 5 English/ Spanish/ x x x
Portuguese
10. Multidisciplinary Business Review Chile 1 English
11. Journal of Globalization, Competitiveness and Governability Spain 3 English/ Spanish/ x
Portuguese
12. Mercator Brazil 1 English x
13. Innovar. Revista de Ciencias Sociales y Administrativas Colombia 2 English x x
14. Espacio Abierto: Cuaderno Venezolano de Sociología Venezuela 1 Spanish x
15. Pensamiento y Gesti
on Colombia 1 Spanish x
16. Cuaderno de Administraci
on Colombia 1 Spanish x x
17. International Journal of Technological Learning, Innovation USA 1 English x
and Development
18. RAI-Revista de Administraci
on e Innovaci
on Brazil 1 Portuguese
19. International Journal of Business and Social Research United 1 English
Kingdom
20. Journal of World Business United 4 English x x x
Kingdom
21. Apuntes: Revista de Ciencias Sociales Perú 1 Spanish x
22. Revista de Gesti
on Pública Chile 2 Spanish
23. Revista Ciencias Estratégicas Colombia 1 English x
24. Journal of Business Research The 2 English x
Netherlands
25. Journal of International Management The 1 English x x
Netherlands
(continued)
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Country of No. of
Journal Origin papers Published Language JCR SCOPUS ESCI SCIELO

26. World Development United 1 English x x

Kingdom
27. Research Policy The 1 English x x
Netherlands
28. Suma de Negocios Colombia 1 Spanish x
29. European Business Review United 1 English x
Kingdom
30. Business Horizons The 1 English x x
Netherlands
31. European Review of Services Economic and Management France 1 English
32. International Business and Management Canada 1 English
33. International Journal of Business and Emerging Markets USA 1 English
34. Review of International Business and Strategy USA 1 English x x
35. International Journal of Business, Economics and Singapore 1 English
Management

Source: Authors’ elaboration

Multilatinas

Table I.
 RIBS 12

10

Figure 2.
Trend of the number 2

of papers published
by year 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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Venezuela, 1
USA, 3

United
Brazil, 13
Kingdom, 7

Canada, 1
Spain, 9 Chile, 4

Figure 3.
Colombia, 9
Number of published Singapur, 1
papers by origin of Peru, 1
the journal Netherlands, 5 France, 1

5 come from Latin America, indicating that journals publishing scientific papers about
multilatinas were not only regional. However, the majority of the papers (28) are
concentrated in the five journals from Latin American countries.
In addition, an important aspect is the concentration of most publications in three countries:
Spain, Brazil and Colombia. This concentration may indicate a greater interest among the
journals of these countries in these issues.
Table II shows the countries and cities where the main author of each paper is located.
The importance of this table is centred in two factors. First, is important for researchers
from the developing world (which includes Latin America) to make connections with
researchers from the developed world that provides access to better sources of information
and material for research (Ynalvez and Shrum, 2011). Second, according to Schott (1993) the
ties to developed countries indicate participation and a degree of involvement in outstanding
areas of the science. In this regard, Table II addresses an important issue in the literature –
the connections and role of multilatinas as a topic in the business sciences.
Furthermore, Table II also identifies the location by country of the main authors in the
multilatinas literature. A greater concentration occurs of papers by principal authors in
Latin American countries; indeed, Brazil and Colombia alone account 29 papers published.
 This number increases to 37 papers by adding those published in Argentina, Mexico, Peru Multilatinas
and Spain. This only supports the idea that the issue of the multilatinas remains regional. It
is important to point out that the authors’ citizenship was not considered, because, probably,
the resources for researching were given or sponsored for the institutions and/or the
organizations which are located in the countries where they work and live.
On the other hand, although Brazil is the country in which more papers have been
published (19 in total), in terms of cities this trend changes, with Medellín in Colombia and
São Paulo in Brazil being the cities where more authors appear (in both cases, nine papers).
In addition, in the case of Medellin’s nine papers, the authors belong to the same academic
institution, EAFIT University.
Figure 4 shows the percentage of papers published by language. English is the main
language within the international scientific field (Flowerdew, 1999). Despite the regionality of
the scientific papers, they are published in English; this gives them greater visibility and
possibilities for impact. In addition, it indicates that researchers are more interested in having
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their work read by a greater number of people globally, being accepted in higher-level journals,
and thereby increasing the level of impact of their work, in this case about multilatinas.

Countries Cities Total of Papers

The Netherlands Tiilburg (1) 1

Brazil Lavras (1), Sao Paulo (9), Rio de Janeiro (5), Parana (3), Porto Alegre (1) 19
Colombia Medellin (9), Bogota (1) 10
UK London (1), Brighton (2) 3
USA Boston(2), Buffalo (1), Columbia (3), Washington (1), Miami (1) 8
Mexico Veracruz (2), Mexico City (1), Guadalajara (1) 4
Argentina Buenos Aires (1) 1
Table II.
Sweden Gotenburgo (1) 1
Spain Madrid(1), Santander (1) 2 Worldwide places
Peru Lima (1) 1 where the authors are
Italy Milan (2) 2 established
France Paris (3) 3 (localization)

Portuguese
5%

Spanish
31%

English
64%

Figure 4.
Papers published by
language
 RIBS 5. Analysis of the results
This systematic literature review about multilatinas aims to answer two research questions
about this phenomenon, to continue increasing the body of knowledge on the subject and to
be able to propose ideas about the present and future development of these companies.
Based on the papers shown in Appendix, the answers to these questions appear in Sections
5.1 and 5.2.

5.1 Characteristics of publications about multilatinas

Evidence shows that among the main features of papers on multilatinas, most are not JCR or
Scopus magazines. However, a greater number of publications occurs in indices such as
ESCI and SciELO, which also enjoy high prestige. In addition, the places where the journals
have been published are mostly countries in the Latin American region, a sign that this is
still a subject of general interest there.
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Another important factor is the language in which these papers are published (Figure 4).
As was mentioned, the theme of multilatinas is still regional; however, it is interesting to
note that most of these papers are published in English and not in Spanish or Portuguese,
which are the main languages in Latin America. This indicates the importance that
researchers are paying to the subject, as publishing in English enables other than Spanish-
speaking or Portuguese-speaking readers greater access to these papers.
On the other hand, most papers study companies from Mexico, Brazil, and, to a lesser
extent, Colombia – countries with an economic dynamism that has allowed the development
of large MNCs. Likewise, studies were also identified that analysed companies owned by the
state (Finchelstein, 2017; L
opez-Morales et al., 2017; Ribeiro-Cahen et al., 2017).

5.2 Direction of future research about multilatinas

This systematic literature review shows important results as to what to study about
multilatinas. Research on companies from countries other than Mexico, Brazil or Colombia is
recommended. Indeed, the region has important MNCs from Argentina, Chile and Peru, on
which little research is available. Furthermore, the methodology to use is important to
consider. As most of the studies utilize a qualitative methodology, it is important to carry
out studies applying different quantitative techniques. Latin America is an important
laboratory for studying the internationalization of multinationals (Cuervo-Cazurra, 2016;
Huesca-Dorantes et al., 2018).
In accordance with the systematic literature review, nine specific gaps in the literature
were identified. First, studying the role of the state in the multilatinas expansion is
important because in Latin America, the governments are owners of important multilatinas,
such as PEMEX in Mexico, PDVSA in Brazil, CODELCO in Chile. Additionally, the
governments have facilitated the acquisition of former state-owned companies.
Second, multilatinas that go abroad (mainly toward developed countries) must deal with
the “home-country brand” (Cuervo-Cazurra, 2010). This means that the reputation of its
home country affects it sales and performance in international markets. It is important to
research how the reputation of the home country figures in its operations and success
abroad. Third is the role of the host country in the expansion of multilatinas, because
multilatinas regional leaders must understand how to deal with the context of Latin
American countries, some of which are characterized by some issues as corrupt business
environment, low government regulation and poverty. These aspects influence the way
business operates. The importance of the business environment provides efficiency in the
companies’ operations (Montenegro, 2017).
 Fourth, multilatinas select markets with geographical closeness and cultural affinity Multilatinas
(Gonzalez-Perez and Velez-Ocampo, 2014). A better understanding of the reasons for such
decisions is an important gap that would help to explain why most multilatinas are not
global leaders in their sectors.
Fifth, the study of multinationals from small economies has taken on relevance in the
international business area. However, most studies focus on Nordic countries (Benito et al.,
2002). Multilatinas from countries of Central America – mainly Costa Rica, Guatemala and
Panama – could be an important laboratory for increasing the knowledge of multinationals
from small economies.
Sixth, studies about MNCs have been traditionally focused in the manufacturing sector
(Nedela, 2015). Multilatinas are not the exception to this fact; most of the studies are centred
in multilatinas operating in the manufacturing sector. The importance of the service sector
in the global economy is vital (Capar and Kotabe, 2003) to analysing the strategic patterns
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that have followed the service multilatinas.

Seventh, the systematic literature review did not identify studies of the role of family
ownership. This is important because the emerging markets (as Latin America) are home to
important family-controlled companies (Carney and Child, 2013). The most important
multilatinas are family-controlled – for example CEMEX, FEMSA (Mexico), Tenaris
(Argentina) and JBS (Brazil).
Eighth, the multinationality–performance relationship has been an important issue in
international business literature (Nguyen, 2017; Li, 2007; Capar and Kotabe, 2003). A major
gap in the literature has been studies that analyse this relationship with companies from
Latin America (Loncan and Nique, 2010). This gap is an important issue because the
analysis of this relationship in emerging markets will be useful for increasing knowledge
about the behaviour of companies in emerging countries.
Ninth, another important identified gap concerns the collaboration networks between
researchers. Multilatinas are a recent phenomenon compared to other topics of international
business. According to this review, some authors are in developed and developing countries,
creating an opportunity for authors from developing countries to establish collaboration
networks with authors from developed countries. The main authors in journals of
management are located in developed countries, so through the collaboration networks
among developed and developing country authors, it is possible to publish in the most
reputable academic journals. Hence, is important to understand the role of collaboration
networks in the literature about multilatinas.

6. Conclusions
The main aim of this paper is to develop a systematic literature review about multilatinas
during the period 2007-2017. This fragmentation of the literature systematizes and orders
the information obtained from the review, to try adopting new approaches and means of
understanding the multilatina phenomenon. The main findings show that although studies
on multilatinas have increased, it is still an understudied area in the literature on emerging
MNCs. Another finding identifies little variety in the studied companies. The studies have
focused mainly on companies in Brazil, Mexico and Colombia.
Although multilatinas are gaining relevance, they are a regional issue. The limited presence
of scientific papers on the subject in journals of the JCR index is an example. Likewise, they are
also concentrated in very few countries and cities of the region, presenting a sub-regionalization
of the phenomenon. It is important to promote the study of multilatinas at the highest academic
levels, so that they cease to be only regional and sub-regional issues.
 RIBS Judging by the places from which the authors on multilaterals come (Table II), not only is
it still a regional issue, but also this topic is concentrated in two countries, Brazil and
Colombia. In addition, EAFIT University in Medellin, Colombia, has become an important
research centre on the subject, concentrating the largest number of papers that this review
identified.
It is also important to mention the main practical implications of this work. The
deepening of knowledge about multilatinas is of great help for officers and managers within
a company, as knowing their characteristics, strengths and weaknesses is an important tool
for decision-making. In addition, internationalization represents an enormous opportunity
for other companies that have not decided on international markets yet.
Another important issue is the collaboration networks. Researchers from developed
countries must increase their level of collaboration with researchers from developing
countries, with the aim of conducting research about multilatinas to increase knowledge
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about this phenomenon. Nowadays, collaboration on scientific issues is vital to increasing

the knowledge of specific topics.
Finally, this systematic literature review also has limitations: the difficulty in accessing
academic databases additional to those the authors used for this review (e.g. ProQuest and
JSTOR) and the level of precision in the search for papers that meet the necessary
characteristics to be included in the review.

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Corresponding author
Jose Satsumi Lopez-Morales can be contacted at: jsatsumi@gmail.com
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MULTILATINAS
AUTHOR/YEAR APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS
Appendix 1

[1] Aguilera et al., 2017 Qualitative – To introduce a special issue Increase fieldwork-type research
To analyse in what way multilatinas are
taking advantage of technology
To study how the companies manage risk
and uncertainty
[2] Batsakis and Mohr, Quantitative 12 Multilatina retailers from To examine the contingent effect of existing International experience plays a moderating
2017 Chile, Mexico, Colombia and product diversification on the scope and speed of role
Brazil companies’ subsequent internationalization Product diversification is negatively related
to geographic diversification
The increase of product diversification
decreases the speed of internationalization
[3] Finchelstein, 2017 Qualitative Largest companies in To analyse direct and indirect policies in two The State plays an important role in the
Argentina, Brazil and Chile crucial areas for internationalization: The creation internationalization process of multilatinas
of national champions and the availability of In Brazil and Chile the State has a positive
capital influence in internationalization
[4] L
opez-Morales et al., Qualitative Pemex (Mexico), Petrobras To analyse the internationalization patterns of the The companies have similar ways to go
2017 (Brazil) and PDVSA main state multilatinas: Pemex (Mexico), abroad: exports, joint ventures and FDI
(Venezuela) Petrobras (Brazil) and PDVSA (Venezuela) Pemex’s focus is internationalization in
Europe, Petrobras is in Latin America and
Africa and PDVSA is in Asia and USA,
respectively
[5] Velez-Ocampo et al., Qualitative Petrobras (Brazil), Pemex To analyses the influence of both nationalization Semi-privatized Latin American oil
2016 (Mexico), PDVSA (Venezuela), and privatization patterns on five major Latin companies compete with private companies
Ecopetrol (Colombia) and American oil companies in terms of revenues, growth and
YPF (Argentina) international presence
Private participation has a positive impact
for the companies in international markets
[6] Velez-Ocampo et al., Qualitative Xignux, Grupo Alfa (Mexico) To analyse the international expansion for two Not only an internationalization theory
2016 Mexican companies: Xignux and Grupo Alfa explains the international expansion of
Xignux and Grupo Alfa
[7] Cuervo-Cazurra, 2016 Qualitative – To review the literature about multilatinas The author explains four characteristics in
the home countries that influence the
internationalization process (political,
violence, pro-market reform and
geographical isolation)
(continued)

Table AI.
Multilatinas
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RIBS

Table AI.
MULTILATINAS
AUTHOR/YEAR APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS

[8] Hennart et al., 2016 Quantitative Brazilian multinationals To test the impact of government ownership on These authors Underline the importance of
the degree of internationalization of Brazilian understanding the home-country
listed companies institutional context, if one wishes to make
sense of the rise and development of
multilatinas
The larger the total stake taken by the
Brazilian government in a firm, the higher
that firm¨s ratio of foreign total sales
The authors show the crucial role of the
government
and a new variety of “state capitalism”
[9] De Villa, 2016 Qualitative Grupo Nutresa To unveil the international strategy since 1960 to Grupo Nutresa shows a sequential process of
2014 of Grupo Nutresa international expansion; it permits to go
toward markets as Asia, North America,
Africa and Oceania
[10] Nunes de Alcantara Quantitative Brazilian MNCs To investigate the determinants of outward direct Brazilian MNCs invest because they are
et al., 2016 investment from Brazil attracted by the skilled work force, openness
of the host country, geographic proximity
and improved financial conditions of
Brazilian companies
[11] Strom, Alvstam and Qualitative — To study the development of the growth of service There are several connections to the global
Jones, 2016 industries in Latin America and their connection market in different ways
and integration with regional and global value The service development is classified into
chains and the development of service industries two different areas: one interconnected with
in Latin America the world and the other operating in Latin
America
[12] Aguilar-Barrientos Qualitative 65 Multilatinas included in To analyse the correlation between the The mission and vision do not have
et al., 2015 the ranking of “America international expansion of multilatinas and the correlations with the international expansion
Economia” mission statements of the companies
The mission statement is only a requirement
[13] Ribeiro-Cahen, 2015 Qualitative Petrobras To integrate public management and international State-owned companies display little
business theories to develop propositions that hesitancy in entering international markets.
combine these questions: Also, state-owned companies’ international
Why do State-owned firms internationalize? What expansion is not contradictory with the goals
are their motivations and what are the main of state-ownership, if the purpose is to adjust
managerial outcomes of State-owned companies’ the company to changing institutional
internationalization?
(continued)
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MULTILATINAS
AUTHOR/YEAR APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS

environments both in the domestic and

international markets
[14] De Azevedo et al., Quantitative Brazilian MNCs To investigate whether host countries MNCs and service MNCs select the joint
2015 institutional factors and firm characteristics can ventures
help the understanding of Brazilian MNCs’ choices MNC are less sensitive to institutional
of ownership mode for their FDI weakness in the host countries
[15] Vélez-Ocampo and Qualitative Colombian companies To analyse the internationalization process of Although there is no evidence of a
González-Perez, 2015 Colombian companies generalized pattern within the
internationalization process of Colombian
companies, there are common features in the
majority of the observed companies: The
election of exports as the main entrance to
countries within a short geographical and
psychological distance and the development
of local strategic advantages
[16] Castro-Olaya et al., Qualitative JBS (Brazil), Bimbo (Mexico), To provides descriptive conceptual evidence and a Latin American multinationals in this
2015 Marfrig (Brazil), Brazil Foods theoretical interpretation of the international specific sector have assumed unremitting
(Brazil) and Gruma (Mexico) processes followed by leading Latin American creative adaptation processes to overcome
multinationals (multilatinas) in the food industry the liabilities of foreignness and emerging-
(JBS-Friboi, Bimbo, Marfrig, Gruma and Brasil ness, while demonstrating speedily reactions
Foods) to market opportunities and institutional
adversities
Traditional theories of firm
internationalization, particularly the Uppsala
model, cannot thoroughly explain the
overseas expansion of multilatinas within the
food industry
[17] Nedela, 2015 Qualitative Embraer (Mexico), CEMEX To analyse the internationalization process of All the studied companies operate in this
(Mexico), NEMAK (Mexico), multilatinas in Europe (Slovakia, Hungary, Poland group of countries since 2002
KATCON (Mexico) and and Czech Republic) Foreign entry mode: mergers and
Stefanini (Brazil) acquisitions, joint ventures and FDI
Only companies from Brazil and Mexico
[18] Ramos-Conti and de Qualitative — To investigate circumstances under which The framework proposes that the general
Vasconcelos, 2015 distance is less important for decisions related to preference for low distance countries is less:
MNEs’ international location (1) When the company is state-owned, rather
than private-owned; (2) when its
internationalization motives are asset,
resource, or efficiency seeking, as opposed to
market seeking; and
(continued)

Table AI.
Multilatinas

Table AI.
AUTHOR/YEAR
[19] Santos, 2015
[20] Gonzalez-Perez and
Velez-Ocampo, 2014
[21] L
opez-Morales et al.,
2014
[22] Bachiller-Cabria,
2014
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RIBS
MULTILATINAS
APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS
(3) when internationalization occurs after
globalization and the advent of new
technologies
Qualitative CEMEX (Mexico), To analyse the internationalization process of the Latin American economic groups have
Votorantim, Camargo Correa major Latin-American cement producing business advanced overseas as a response to the
(Brazil) and Cementos Argos groups advance of the main players
(Colombia) CEMEX is the only one to have a global
topology, given its activity in all regions
Votorantim and Camargo Corrêa have a
multi-territorial activity, being present in
three regions
Cemento Argos displays a bi-regional
topology, given its important action in
Central America and the United State
Qualitative 30 major Colombian To examine the internationalization process of 30 The first way to go abroad are the exports
companies major Colombian firms Some companies have carried out the
mergers and acquisitions
The companies select similar cultural
markets
Qualitative MNCs from different Latin To analyse the origin and conceptualization of Study multilatinas from Central America
American countries “multilatinas” and some particular features Develop capabilities that permit to put these
companies as global leaders
Take into account the subsidiaries from
different regions and their role as competitor
in Latin America
Qualitative Multilatinas from Brazil and To analyse the link between the recent business The way Brazil and Mexico carried out
Mexico strategies of internationalization and the privatizations and state reforms is different
development strategies carried out by Mexican Mexican companies’ expansion is associated
and Brazilian governments with internal market control
Brazilian government maintains the control
in some Brazilian companies in different
ways, even by the liberalization process
Two different trajectories between state and
big companies explain the same result, as the
emergence of Brazilian and Mexican
multilatinas
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AUTHOR/YEAR APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS

[22] Hua-Seng and Silva- Quantitative 425 firms from Brazil, To analyse the direct and simultaneous effects of A major degree of internationalization is
Pereira, 2014 Argentina and Chile internationalization on the ownership structure of identified using the equity entry mode
Latin America companies Simultaneity in the determination of the
relationship between the degree of
internationalization and ownership
concentration
[24] Franco-Arroyave Qualitative AVIANCA-TACA (Colombia) To apply theories of internationalization in the It is more efficient to use existent
et al., 2014 service sector internationalization theories, in order to
To analyse the air transportation industry explain the service sector
Some principles of the theories are applied to
the internationalization process in the case of
AVIANCA-TACA
[25] Morales-Fajardo Qualitative Petrobras, Vale, Gerdau, JBS To analyse the patterns of internationalization of Different integration agreements prompt the
et al., 2014 (Brazil), FEMSA, Bimbo multilatinas investment
(Mexico) and Ternium The multilatinas show an
(Argentina) internationalization process similar to the
multinationals of developed countries
[26] Dalla-Costa et al., Qualitative Vale, JBS-Friboi and BRF To show an approach of long term, in order to The mix between the specific advantages of a
2014 Foods, Petrobras, Gerdau and understand how Brazilian MNCs acted during the country and the advantages developed for
Odebrecht (Brazil) period 1970-2013 the companies provide to the companies
capabilities and competitiveness in the
international arena
[27] Lannes, 2014 Qualitative Grupo Gerdau To analyse the international expansion of Gerdau Internationalization occurs from then
contraction of internal market
Internationalization patterns are related to
concentric diversification
The OLI paradigm is the theoretical model
that better explains the internationalization
of Gerdau
[28] Dalla-Costa et al., Qualitative Petrobras To explore the growth of Petrobras in the Main benefits of Petrobras come from the
2013 Brazilian market and how Petrobras expands in Brazilian market
the international arena Petrobras has growth in the international
markets
[29] Rezende da Costa Qualitative/ Oxiteno, Braskem and To evaluate the extent to which technological Petrobras has an advanced model of
and Silveira-Porto, 2013 Quantitative Petrobras (Brazil) governance affects the dynamic capability of governance
innovation and cooperation Braskem shows a traditional model of
governance
Oxiteno shows a limited model of governance
When a management model is more
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Multilatinas
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RIBS

Table AI.
MULTILATINAS
AUTHOR/YEAR APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS

systematized, more effective will be the

technological results
[30] Dakessian and Quantitative 182 multiltinas from Mexico, To assess the performance of cross-border Cross-border acquisition announcements
Feldmann, 2013 Brazil, Venezuela, Peru, acquisitions made by multilatinas made by The statement that multilatinas
Argentina and Colombia have positive and significant impact on
shareholders’ returns is not supported by the
data
Cross-sectional analysis reveals that relative
size of the deals has a negative and
significant effect on investors’ reactions
Unlike the institutional distance between
home and host countries, cultural distance
matters, since it has a negative and
significant effect on the perceptions that
investors have regarding the expected
economic impact of acquirers’ cross-border
merger and acquisition (M&A) decisions
[31] Parente, Cyrino, Qualitative Odebrecht, Embraer, To address the issue of whether or not there is The trajectories of the studied companies are
Spohr and da Stefanini and Marcopolo something to learn about the international unstructured
Vasconcelos, 2013 (Brazil) trajectory of Brazilian multinationals The trajectories evolve as reaction of
opportunities in the international arena
The companies have in common their
entrepreneurial spirit
The internationalization of these companies
does not follow traditional theories
[32] Vélez-Ocampo, 2013 Qualitative Bimbo (Mexico) To explain the drivers of internationalization The eclectic paradigm explains Bimbo’s
process of Grupo Bimbo investment decisions
[33] Borda-Reyes, 2012 Quantitative 56 companies from Chile, To explore if the benefits of business group A business group diversification has the
Brazil and Mexico diversification on the scope-performance capacity to generate value in the
relationship varies, depending on the level of internationalization process of their affiliates
development of the network of subsidiaries and
the region of operation of the local companies
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AUTHOR/YEAR APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS

[34] Castro-Olaya, Qualitative/ The main 30 multilatinas To study the importance of multilatinas in the Multilatinas have not had a unique
Castro-Olaya and Jaller- Descriptive from the ranking America region, their common characteristics and their internationalization pattern
Cueter, 2012 Economia, 2011 internationalization process, with the aim of Multilatinas have experienced a new stage of
identifying a common pattern in their their internationalization process, with more
international movements global activities
Physical distance is not generalizable as an
internationalization pattern, in multilatinas
The new trend of multilatinas is to enter
developed and underdeveloped markets
simultaneously
The internationalization process has been
supported by the development of OLI
advantages
[35] Diaz-Sanchéz, 2012 Qualitative Multilatinas To find the correspondences in the conceptual Weakness in the concept of multilatinas
framework of international competitiveness Suggestions about how evaluate the
internationalization process of multilatinas
[36] Rivas and Mayorga, Qualitative 16 Peruvian restaurants, To study the multinationalization of Peruvian Multilatinas take long time in becoming
2011 which carried out FDI restaurants multinationals
Peruvian restaurants expanded toward far
and nearby countries
The results are contrary to the eclectic
paradigm and the Uppsala model
The study supports the institutional theory
of internationalization
Different business models drive to different
geographical locations of FDI in multilatinas
[37] Spohr and Freitas- Qualitative JBS (Brazil) To question whether theories of JBS carried out two main strategies in its
Silveira, 2012 internationalization explain the international internationalization pattern: Global
pattern of an emerging multinational consolidator and vertical integrator
Its entry mode was acquisitions
[38] Dantas and Bell, Qualitative Petrobras (Brazil) To examine the interactive and dynamic The knowledge networks of Petrobras evolve
2011 relationship between capabilities and networks in over time
the specific context of late industrialization Networks increase the level of capabilities
Contribute to understand the relevance of
Petrobras’ capabilities
[39] Stal, 2010 Qualitative Five Brazilian MNCs To describe the motivations of Companies have to adopt offensive strategies
internationalization trajectories in their internationalization, for example
launching new products
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Table AI.
MULTILATINAS
AUTHOR/YEAR APPROACH REFERENCED
[40] Casanova, 2010 Qualitative From Mexico: América M
ovil,
Bimbo, Cemex, Grupo Carso,
Grupo Modelo, Televisa and
TV Azteca
From Brazil: Vale, Embraer,
Petrobras, Banco Itaú, CSN,
Pão de Açúcar, Sadia, Grupo
Luksic and Concha y Toro
(Chile) Techint/Tenaris
(Argentina)
Natura and Politec (Brazil),
Pollo Campero (Guatemala) y
Astrid y Gast
on (Peru)
[41] Cuervo-Cazurra, Conceptual CEMEX (Mexico)
2010
[42] Clifton and Revuelta, Conceptual Telmex (Mexico)
2010
[43] Goldstein, 2010 Qualitative Petrobras (Brazil)
AIM
To research the reasons of internationalization,
the strategies and which are the differences
Literature review, in order to understand the
phenomenon of multilatinas
To examine the relevance of government policy
and firm strategy for their internationalization
To examine the history of Petrobras and its
international expansion
RIBS
MAIN RESULT/ CONCLUSIONS
Multilatinas internationalize in order to have
more stable growth and for learning other
markets
Economic success has changed, because
social and environment issues have been
incorporated
The Brazilian government has supported the
development not only of state companies, but
of private companies, too
The state plays an important role
The family ownership plays an important
role
It is important to understand:
Which internationalization process generates
more profits
The process of international expansion to a
lot of countries
The discrimination of the seal “made in Latin
America”
Telmex was benefited and protected by the
government
When Telmex was privatized, it was sold to
Mexican investors
Petrobras’ story shows the crucial
importance of accumulating technological
capabilities to establish a leading
international position
The Petrobras experience confirms that the
rise of emerging economies is leading to a
transformation in global business
FDI is driven not only by the exploitation of
traditional firm-specific competencies, but
also by the exploration of new patterns of
organizational innovation and ways of
accessing markets
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AUTHOR/YEAR APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS

[44] Goldstein and Qualitative Petrobras (Brazil) and To analyse the international expansion of PDVSA Petrobras has focused on FDI on exploitation
Baena, 2011 PDVSA (Venezuela) and Petrobras and exploration activities
PDVSA has to deal with some imposed
government policies, in order to go abroad
[45] Loncan and Nique, Quantitative Gerdau, Sadia, Perdigao, To analyse the relationship between degree of Positive relationship between degree of
2010 Embraer, Braskem and internationalization and performance internationalization and performance
Aracruz Celulose (Brazil) Embraer and Gerdau have better marginal
products for international operations
Test the multinationality-performance
relationship using samples with multilatinas
[46] Ramsey et al., 2010 Qualitative Brazilian MNCs To summarize the historical trajectory of MNCs Development of a model that guides
and to explain how MNCs have adapted to the multilatinas towards value creation in the
new approaches of international business studies internationalization process
[47] Fleury, Leme-Fleury Qualitative 12 Brazilian MNCs To analyse the advantages of emerging market The internationalization of Brazilian MNCs is
and Glufke-Reis, 2010 MNCs supported a mix of organizational
competences and styles of management
[48] Vargas-Hernandez Qualitative Cydsa, Desc, FEMSA, Gruma, To analyse the rise of Mexican MNCs into the Mexican MNCs are increasing their
and Noruzi, 2010 Grupo Bimbo, Grupo Carso, global market international presence
Telmex, America Movil Mexican MNCs have similar origin from
(Mexico) large local companies, low cost of labour and
a weak institutional environment
[49] Mendes-Borini et al., Quantitative 65 subsidiaries of 29 Brazilian To analyse relationship patterns between Subsidiaries are highly integrated
2009 MNCs headquarters and subsidiaries of Brazilian MNCs Receive an entrepreneurial orientation from
headquarters
[50] Dantas and Bell, Qualitative Petrobras (Brazil) To address the emergence and development of Develop a typology of knowledge networks
2009 firm-centered knowledge networks within properties to trace out changes in the form of
learning and innovation systems in late- networks as they evolve over time
industrializing countries Application of the typology in Petrobras
[51] Da Silva, da Rocha Qualitative Brazilian MNCs To establish a typology of Brazilian MNCs Establish nine variables by which the
and Carneiro, 2009 companies can be characterized
Brazilian companies act in different ways, in
order to compete globally
[52] Lucea and Lessard, Qualitative CEMEX (Mexico) To analyse how MNCs from emerging countries The case of CEMEX is useful to understand
2010 support their competitive advantage that emerging multinationals have their first
steps in the international arena and how
these companies become worldwide leaders
CEMEX’s competitive advantage of is
supported in its leadership in Mexico,
standardization of the productive process, an
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Table AI.
MULTILATINAS
AUTHOR/YEAR APPROACH REFERENCED AIM MAIN RESULT/ CONCLUSIONS

efficient management of information systems

and a focus in added-value activities
[53] Santiso, 2008 Qualitative CEMEX (Mexico), Vale To describe the phenomenon of multilatinas Monetary and tax policies served as engine
(Brazil) and Embraer (Brazil) of development of multilatinas
The multilatinas are not global leaders;
however, some cases are exceptions as:
CEMEX, Vale and Embraer
The link south-south is an important trend
[54] Cuervo-Cazurra, Quantitative CEMEX (Mexico), Gruma To describe the multilatinas phenomenon Multilatinas are a consequence of the
2007 (Mexico), Modelo (Mexico), Analyse FDI in Latin American countries during economic liberalization process during 1980s
Gerdau (Brazil), Fallabella the period 1985-1999 and 1990s
(Chile) and CVRD (Brazil) The author proposes an explanation of the
growth of multilatinas
The author proposes a theoretical argument
of the influence of institution in the
organizations
The economic liberalization benefits the
companies and their competitiveness
[55] Bonaglia, Goldstein Qualitative Mabe (Mexico) To document how emerging markets follow quite The success lies in their ability to treat global
and Mathews, 2007 different patterns to reach competition as an opportunity to build
capabilities and move into profitable
industry