Emerging-market multinationals and international acquisitions: The case of Chinese firms in the Spanish hotel industry
Abstract
The international expansion of emerging-market multinationals is becoming increasingly important in recent years. This trend is also present in the hotel industry. The aim of this paper is to analyze whether traditional theoretical frameworks are applicable to cross-border investments by Chinese tourism companies or new approaches become necessary. From a multiple case study of three Chinese companies with investments in the Spanish hotel industry, our results indicate that these companies, rather than exploiting their competitive advantages, seek to obtain new sources of advantage. Moreover, instead of following a gradual process, they choose establishment modes that allow them to quickly access these strategic assets.
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