A model for building capabilities among family-controlled multinational corporations in emerging markets
从组合创业视角研究新兴市场家族跨国企业如何发展敏捷决策、风险分配、机会利用和商业模式创新四种能力，发现其多元化程度高于非家族跨国企业。
This study examines the growth strategies of Family-Controlled Emerging Market Multinational Corporations (FEMNCs) from a portfolio entrepreneurship perspective. While previous research on family multinationals has focused on advanced economies, this paper fills a significant gap by examining how FEMNCs develop capabilities and pursue diversification. Drawing on the resource-based view, we propose that FEMNCs develop four interconnected capabilities: agility in decision-making, risk allocation, opportunity exploitation, and business model innovation. These capabilities are influenced by the interaction between family governance and emerging-market conditions. Through a comparative analysis of 200 multinational corporations, we find that FEMNCs demonstrate higher levels of diversification and conglomerate formation than their counterparts. This study contributes to the family business literature by contextualizing the development of capabilities within emerging market ecosystems. It also extends the concept of portfolio entrepreneurship to FEMNCs, offering a novel typology for understanding multinational diversification.