As multinational enterprise (MNEs) from emerging markets grow into maturity they face significant challenges surrounding their identities and home country bases and, as a result, we see them making different choices. National champions choose to retain their corporate headquarters and identity from their emerging market homes while corporate emigrants relocate their head-offices abroad. Targets of mergers and acquisitions (M and A) may move to the acquirer's home or stay where they were born. Through an examination of South African-born firms that are cross-listed on both the Johannesburg securities exchange and one other exchange, we identify the differences between these evolutionary paths and discuss the drivers and constraints on relocation decisions.
Key words: South Africa, emerging markets, multinational enterprise, location advantage, headquarters.