A Review of the Emerging Markets Literature: Context, Concepts and Future Research

Emerging Markets (EM) has been the focus of numerous studies. Even though the EM category has been heavily debated and has been the focus of a substantial and ever-growing body of research, the elements used to define and characterize EMs are still found to be inconsistent. Through a systematic review, this paper provides an overview of the growing body of EM research literature to form an organizing framework in order to provide a nuanced basis for further research in the field and management decisions related to EMs. To arrive at this framework, we outline the empirical context of the existing EM literature, which is currently dominated by studies involving China and India. Secondly, we identify the seminal contributions based on cross-references in the EM field and citations in international business literature in general. Thirdly, we elaborate on the definitional elements of the most dominant definitions and characterizations in the extant EM literature. As a final step these are used to develop an organizing framework for future research. Finally, based on our findings we suggest avenues of future research and managerial implications are presented.