This study introduces a comprehensive bibliometric analysis of the foreign direct investment (FDI) literature by multinational corporations (MNCs) focusing on emerging economies to identify the most influential authors, journals and articles in FDI research and reveals the fields' conceptual and intellectual structures. The purpose of this paper is to address these issues. The study analyzed 533 articles published between 1974 and 2020 in 226 academic journals indexed in the Web of Science (WoS) and Scopus databases. We used the R language for statistical computing to map author collaboration, co-word and develop a conceptual and intellectual map of the field. The results show that, although the FDI literature has many authors, few dominate the field. The International Business Review (IBR) and International Journal of Emerging Markets (IJoEM) are the main sources of the publications. Moreover, bibliometric laws show that our dataset follows the Lotka law of scientific productivity and Bradford law of scattering, identifying the core journals. Finally, FDI by MNCs in emerging economies research is divided into four sub-research themes related to (1) FDI determinants, (2) entry mode, (3) MNCs and FDI performance and (4) the internationalization process. The current article provides several starting points for practitioners and researchers investigating FDI. It contributes to broadening the vision of the field and offers recommendations for future studies.

This study aims to provide new insights into the evolution and current state of the literature on foreign direct investment (FDI) and multinational corporations (MNCs) over the past five decades, with a particular focus on emerging economies. Using a bibliometric methodology, the study analyzes 1386 articles authored by 2335 researchers and published in 461 journals between 1987 and 2023. The results show that the literature on FDI by MNCs in emerging economies can be broken down into subthemes such as FDI impacts on economic development, the internationalization of emerging economy multinationals, the effects of institutional factors on MNC behavior and performance and the need to rethink existing international business theories to explain how emerging economy multinationals have changed over time. Additionally, the citation analysis confirmed the observations derived from literature trends and thematic mapping analyses. The results also reveal a significant increase in publications since 2010. Eighty-five percent of the articles were published in the last ten years, yet those articles received a sufficient number of citations for inclusion in the network (56.8%). This study contributes to the international literature by expanding on previous reviews of the topic and providing intriguing insights and recommendations for future research. The current article provides several starting points for practitioners and researchers investigating FDI. It contributes to broadening the scope of the field and suggesting avenues for future studies.

This study examines the determinants of Foreign Direct Investment (FDI) inflows into 24 economies in the Middle East and North Africa (MENA) region from 1980 to 2023. Utilizing Dunning’s Eclectic Paradigm (OLI framework), institutional theory, and transaction cost economics, this research investigates how ownership, location, and internalization advantages influence FDI decisions in a region characterized by significant resource dependence and institutional heterogeneity. To ensure the robustness of our findings, we employ second-generation panel data techniques, including Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), Common Correlated Effects Mean Group (CCEMG) and Augmented Mean Group (AMG). These methodologies effectively address issues such as Cross-Sectional Dependence (CSD) and Slope Heterogeneity (SH). Our results indicate that institutional quality, particularly in relation to control of corruption and government effectiveness, exerts a strong positive impact on FDI inflows. Conversely, natural resource abundance demonstrates a negative relationship with overall FDI, thus corroborating the “resource curse” hypothesis within the MENA context. Market size significantly positively influences FDI attraction. Notably indicators of political stability and regulatory quality do not consistently show statistical significance across the model, implying that broader stability metrics may inadequately capture investor sentiment. In contrast, control of corruption and government effectiveness emerge as more salient institutional mediators of FDI decisions. These findings contribute to the existing literature by providing a context-specific analysis of FDI dynamics in the MENA region, employing advanced econometric estimators that have been underutilized in prior studies, and enhancing methodological transparency through the construction of composite variables. The results furnish actionable insights for policymakers seeking to attract sustainable foreign investment through institutional reform and macroeconomic stabilization.