Leaving home: Relocation choices of South African multinational enterprise (MNEs)

As multinational enterprise (MNEs) from emerging markets grow into maturity they face significant challenges surrounding their identities and home country bases and, as a result, we see them making different choices. National champions choose to retain their corporate headquarters and identity from their emerging market homes while corporate emigrants relocate their head-offices abroad. Targets of mergers and acquisitions (M and A) may move to the acquirer's home or stay where they were born.  Through an examination of South African-born firms that are cross-listed on both the Johannesburg securities exchange and one other exchange, we identify the differences between these evolutionary paths and discuss the drivers and constraints on relocation decisions.   Key words: South Africa, emerging markets, multinational enterprise, location advantage, headquarters.