to succeed in global markets. The adoption of network based structures has also helped the development of the New MNEs by making easier the coordination of the international activities (Mathews, 2006). However, home country networks in several cases have also allowed these firms to take advantage of the experience of the firms from the network (Elango and Pattnaik, 2007: Yiu et al, 2007).
In more recent years, students of the new MNEs have drawn the attention to other types of intangible assets. On the technology side, research has documented that firms in developing, newly industrialized and upper-middle-income countries face lower hurdles when it comes to adopting new technology than their more established counterparts in rich countries. This is especially the case in industries such as construction, electricity, port operators or telecommunications, in which companies from Brazil, Chile, Mexico, South Korea, Spain and Dubai, among other countries, have demonstrated a superior ability to borrow technology and organize efficient operations across many markets (Guillén 2005; UNCTAD 2005). Another area of recent theoretical and empirical research has to do with the political know-how that the new MNEs seem to possess by virtue of having being forced to operate in heavily regulated environments at first, and then rapidly deregulating ones, as illustrated by the expansion of Spanish banking, electricity, water, and telecommunications firms throughout Latin America and, more recently, Europe (García-Canal and Guillén 2008). This “political” capability was not lost on the early students of the new MNEs; they duly pointed out that these firms possessed an “institutional entrepreneurial ability” that enabled them to operate effectively in the peculiar political, regulatory, and cultural conditions characteristic of developing countries (Lall 1983; Lecraw 1993; Caves 1996; Goldstein 2007:99-102). Political and regulatory risk management was identified in some early studies as a key competitive capability (Lecraw 1977; Lall 1983). In