Explaining differences in internationalization between emerging and developed economy born global firms: A systematic literature review and the way forward

Abstract Born global firms (BGs) in emerging markets differ in significant ways from those in developed countries and this study aims to comprehensively examine those differences. To do this, we conduct a systematic literature review that analyses 148 empirical research articles published during 2010–2023, highlighting how BGs from developed and emerging economies differ in terms of their firm and entrepreneurial characteristics, as well as their operating environments. We find that these differences shape the BG's disposition to distance, liabilities and risks, with BGs from emerging economies facing additional liabilities and demonstrating a greater tolerance for risk and distance compared with BGs from developed economies. This leads to particular outcomes with regard to the BG's strategic choice of host country and internationalization mode, as well as its performance. The paper concludes by suggesting pathways for future research.