Determinants of outward foreign direct investment from BRIC countries: an explorative study Dirk Holtbru ¨gge and Heidi Kreppel Department of International Management, University of Erlangen-Nuremberg, Nuremberg, Germany Abstract Purpose – Outward foreign direct investment (FDI) of firms from Brazil, Russia, India and China has increased significantly during the last few years. Despite this trend, comprehensive research on the specific determinants and antecedents of outward FDI from BRIC countries is still underrepresented. The purpose of this paper is to give a more comprehensive understanding of outward FDI from BRIC countries. Design/methodology/approach – Based on an exploratory approach, case studies of eight companies were conducted. Both a within-case and a cross-case approach were conducted. Findings – The findings reveal the relevance of determinants on the country, industry and firm level. Gaining access to new markets is of utmost importance for all firms. Additionally, most companies seek to obtain access to technological resources and management know-how, therefore emphasizing the availability of these resources in the target countries. While the internationalization of Brazilian and Indian companies is primarily driven by economic motives, many Chinese and Russian firms also receive substantial political support from their governments to invest abroad, especially in strategically important industries. On the firm-level, the strength of firm-specific resources is highlighted. BRIC country firms possess specific strengths that help them to enter both developing as well as developed countries and to pursue their internationalization strategy. Originality/value – The aim of this study is to systematically analyze the determinants of FDI of firms from BRIC countries. While previous studies in this context are based on internationalization theories which were at least implicitly focused on FDI of firms from developed markets, the authors use a more emic approach and look for specific determinants of outward FDI of firms originating in BRIC countries. Keywords Brazil, Russia, India, China, International business, International investments, Outward FDI, BRIC countries, Internationalization, Cross-case analysis Paper type Research paper Problem, objectives and structure of the paper The analysis of outward foreign direct investment (FDI) motives, directions and forms is one of the major streams of research in international business. Its focus is primarily on FDI from developed countries. Recently, however, a change in FDI patterns has emerged and more companies from emerging markets make substantial investments abroad. In particular, FDI outflows from Brazil, Russia, India, and China (BRIC) countries have increased significantly throughout the last decade. Firms originating in these countries invest not only in neighbouring developing but also in developed economies, e.g. the OECD countries. As a consequence, FDI from BRIC countries has become an important factor in the global economy. Originally, the term BRIC was coined by Goldman Sachs (2003) Head Economist Jim O’Neill. BRIC belong to the ten largest countries in the world in terms of population and of GDP. Their economies are developing rapidly and are expected to surpass The current issue and full text archive of this journal is available at www.emeraldinsight.com/1746-8809.htm IJOEM 7,1 4 Received 12 November 2009 Revised 16 April 2010 Accepted 2 September 2010 International Journal of Emerging Markets Vol. 7 No. 1, 2012 pp. 4-30 q Emerald Group Publishing Limited 1746-8809 DOI 10.1108/17468801211197897