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چکیده : 

Internationalization of emerging market multinationals is a recent phenomenon

gaining importance in the global economy. This foreign expansion of a new

breed of companies has challenged established theories and practices in the field of

international business (Cuervo-Cazurra, 2007). This article addresses the issue of

whether or not there is something to learn from these emerging market companies

and their foreign expansion. Focusing on the international trajectories of four Brazilian

multinationals (i.e., Odebrecht, Embraer, Stefanini, and Marcopolo), this study analyzes

their strategies and managerial processes during and after the recent economic

crisis with regards to internationalization. Our qualitative fieldwork suggests that the

trajectories of these Brazilian multinationals are quite unstructured and evolve as a

reaction to the opportunities they face in international markets. It seems all four

companies in our sample shared a strong entrepreneurial spirit and a high motivation to

expand their international operations despite the crisis and the obstacles they faced.

Our findings and suggestions in terms of lessons learned should provide valuable

implications for multinational managers from other emerging markets by providing a

better understanding of how Brazilian multinationals expand internationally, deal with

economic crisis, and manage relationships with local and foreign institutions