The internationalization of firms from emerging markets (EMFs) has become one of the most significant developments in global business over the past three decades. Unlike traditional multinational enterprises (MNEs) from developed economies, EMFs often internationalize under conditions of resource constraints, institutional voids, latecomer disadvantages, and intense domestic competition. This paper provides a comprehensive conceptual review of the internationalization processes of emerging market firms, integrating insights from international business theories such as the Uppsala model, the eclectic paradigm (OLI), institutional theory, the resource-based view, and the springboard perspective. The study examines key drivers, entry strategies, organizational capabilities, and performance outcomes associated with EMF internationalization. A conceptual framework is proposed to explain how firm-level capabilities interact with home- and host-country institutions to shape international expansion paths. The paper contributes to the literature by offering an integrated perspective on why, how, and with what consequences firms from emerging economies expand internationally.
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