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Note: The term “emerging markets” is used in this article to refer to countries with low or middle income according to the World Bank (see, e.g., International Finance Corporation, 2006). This article thus uses a broad definition of emerging markets. Several other definitions of the term can be found in popular textbooks on international business (see, e.g.,: Czinkota, Ronkainen and Moffet, 2005; Rugman and Collinson, 2006; Wild, Wild and Han, 2008, and Daniels, Radebaugh and Sullivan, 2007).

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