Dear Colleagues, 


We are pleased to announce the publication of Cornell University’s Emerging Markets Institute (EMI) latest Emerging Market Multinationals Report, the 2021 EMR. The report, published yearly since 2016 by creative commons at Cornell University, is prepared in collaboration with the OECD Development Center, IFC, UNCTAD, IDB, University of Wuhan, Universidad de los Andes, and the Emerging Multinationals Research Network (EMRN).

Casanova, L.; Miroux, A. 2021. Emerging Markets Report 2021. Emerging Market Multinationals, building the future on ESG excellence. 5 November 2021. ISBN-13: 978-1-7328044-4-1. ISSN 2689-0127 DOI

In the coming years, as the world rebounds from the shock of the Covid-pandemic, ESG (Environment, Social and Governance) concerns will be crucial for business, including in emerging economies. More than ever before, addressing environmental challenges and responding to social issues, such as poverty and inequality — greatly exacerbated by the pandemic — will be critical, and business leaders will be expected to make positive change and eliminate harmful practices. As well, firms’ governance — including ethical behavior, diversity and accountability— will be a primary concern. As society grapples with its own destructive effects on our planet, emerging market multinationals – that now play a major role in the global economy - will be key players in both offering solutions and mitigating their own impacts. Hence, the main theme of the 2021 EMR: ESG in Emerging Markets.


Following a chapter that examines the emergence of the ESG concept, explores its growing influence in emerging markets, and dives into the ESG performance of emerging market firms, the thematic part of the report includes contributions by experts and academics on specific aspects of the issue, such as ESG investing in emerging markets, sustainable finance, green bonds and ESG implementation in Latin America, among others.


The report also includes a chapter on emerging market multinationals in a new phase of globalization, and one on the growth performance of emerging markets as they enter the third decade of the twentieth century, in a world still grappling with the consequences of the pandemic. It also launches the EMNCs 500, the 500 largest emerging market firms by revenues (EMNC 500R) and by market capitalization (EMNC 500C). Finally, the Report revisits the EMI list of top emerging economies (the E20) created five years ago to study the rise of emerging markets firms in the global economy, and introduces EMI’s new grouping, the “E20+China” or “E20+1”.


We hope this publication will be useful to you and your students. Feedback/suggestions are welcome by the authors/editors.  

Anne Miroux  [log in to unmask]edu, Faculty Fellow, EMI, Cornell S. C. Johnson College of Business, Cornell University

Lourdes Casanova [log in to unmask]. Gail and Rob Cañizares Director, EMI, Cornell S. C. Johnson College of Business, Cornell University

Emerging Markets Institute, Cornell S. C. Johnson College of Business, Cornell University

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