Emerging market (EM) firms adopt international venturing strategies as they seek global opportunities, yet research to date has not fully explored the factors driving this phenomenon. Adopting the dynamic capability theory, this study investigates how strategic flexibility affects EM firms in their international venturing efforts and considers critical institutional and relational assets that act as moderators. Data from a sample of 135 Chinese firms with two key informants each indicate that strategic flexibility is positively related to EM firms’ international venturing. In addition, high levels of domestic institutional support and strong ties with foreign organizations further enhance this positive linkage. This study adds a dynamic capability view to the explanations for this new phenomenon. The authors conclude with a discussion of contributions, implications, and future directions.