New evidence and evolution on the regional and global competitiveness of multinational enterprises

Purpose – This paper aims to assess the international competitiveness of large multinational enterprises (MNEs) through the lens of the firm-specific advantages (FSAs) and country-specific advantages (CSAs) framework. Design/methodology/approach – The authors extend Rugman et al.’s (2012) data set to cover an expanded time horizon that includes the post–global financial crisis decade. Using Fortune Global 500 firms from 1999 to 2017, the authors analyze how their regional and global competitiveness has evolved across this period. Findings – The updated 2017 FSA–CSA matrix shows a rise in “hybrid” regional–global patterns in which firms increasingly recombine domestic strengths with globally sourced locational advantages to compete both regionally and internationally. The authors find that North American and European MNEs have modestly increased their global reach by leveraging strong FSAs, whereas Asia-Pacific firms, particularly those from China, have become more regionally embedded even as they tap into global CSAs to better serve domestic and intraregional markets. Research limitations/implications – The authors outline strategic and policy implications for competing in an era of multipolar globalization and propose a future research agenda focused on the dynamic coevolution of FSAs and CSAs, the emergence of digital and green competitiveness and the resilience of regional value chains amid ongoing global supply-chain reconfigurations. Originality/value – This study offers a comprehensive and longitudinal analysis of the world’s largest firms, providing new insights into how their international competitiveness has evolved over the past two decades.