Global Value Chains and Emerging Market Lead Firms: Internationalization Strategies for China’s Clean Energy Equipment Manufacturers

We examined how strategic asset seeking, global value chain upgrading, and high control overseas governance drive the internationalization intensity of emerging market lead firms. Using 2010–2023 panel data from 60 Chinese clean energy equipment manufacturers, we estimated a log-linear model based on the Objective-Trajectory-Governance framework. Results reveal that these three dimensions significantly promote internationalization intensity, though effects vary significantly across product types, geographic regions, and ownership structures. Mechanism tests link the three dimensions to technological innovation, supply chain optimization, and cost reduction. We contribute by empirically operationalizing this framework, demonstrating its boundary conditions, and providing novel insights into how latecomers transition into global leaders.