Globalization of economy has provided an impetus to the internationalization of multinational corporations both in the emerging and developed economies. The plethora of researches has been carried out the standpoint of the companies from the developed nations. There has been a sparse research conducted on the issue of internationalization of companies from the emerging nations. A frenetic pace has been adopted by the multinational companies to perceive the world to be a single market and thereby engaging in the act of internationalization (Ziying, 2014). It has been suggested that the emerging nations are increasingly occupying a significant position in the world economy as companies operating in China, India, Vietnam, South Africa etc. have made international forays to gain competitive advantage (Berning and Holtbrügge, 2012). While researches have been carried out for firms operating in developed nations, research on cross-border acquisition for commencing internationalization is fragmented. Mainly, a major part of the internationalization strategy is the outward foreign direct investment (OFDI) through which domestic firm expands their operations in the international market. In most cases, the OFDI is carried out through the acquisition strategy with an aim to attain natural progression for companies as improved business opportunities. The aim of this research is to conduct a comprehensive study on MNC of emerging economies that engages in OFDI to internationalize in advanced economy (Deng, 2012). It must be noted that there is a need to prepare a comprehensive framework embedded in theories to develop insights about the process of internationalization of companies operating in emerging countries.
Wanda Group is a multinational conglomerate organization in China and is considered to be the largest cinema chain operator in the world. Wanda Group owns 316 cinemas and 2,700 screens. The multinational conglomerate operates in four major industries such as hospitality, retailing, property development, and cultural industry. Wanda Group has estimated assets worth 796.2 billion Yuan and operating revenue of 255 billion Yuan as on 2016. Wanda’s aim is to be the king of the Chinese film industry and has been aiming at Hollywood. With an attempt to internationalize, in 2012, Wanda had acquired AMC for $2.6 billion followed by an acquisition of Legendary Pictures for $3.5 billion in 2016 (Mahlich, 2016). Wanda Group had recently acquired Dick Clark Products, another Hollywood company for $1 billion. This could be perceived as a Chinese corporation seeking to internationalize by resorting to acquisition strategy and correspondingly OFDI. However, it must be noted that there are different drivers and motivators for engaging in OFDI from emerging nations such as market seeking, natural resource seeking, labour seeking, financial incentives, and technologicaladvancement and value chain control seeking factors. There are international business theories which have elucidated the potential motivators of acquisitions. This has facilitated in the construction ofananalytical framework for internationalization and determines the motivation for Wanda and its acquisition strategy (Sandberg, 2013). A critical research has been conducted based on Wanda’s case study to assess the effectiveness and performance outcome of the acquisition of US companies. The theory of outward FDI would comprehend the phenomenon and support the research appiop[roach.
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