Purpose -The purpose of this paper is to examine the drivers of outward foreign direct investment (OFDI) from the emerging economies and if there exists a positive role for home governments to coordinate them. The backdrop is the recent increases in OFDI from emerging economies and the emergence of several emerging economy firms, which have caught up to become global leaders in several industries. The paper focuses particularly on experiences from Asian economies. Design/methodology/approach -The paper applies a multi method approach and relies on literature studies, investment statistics, government reports, press reports, company reports, and interviews with public officials. Findings -Extending the motive-based business theory, the paper first establishes the pronouncement of a third wave of OFDI from the mid-1990s. Whereas the typical motives have remained important, the technology-seeking motive has become significantly more important during the third wave. Typical policy prescriptions to liberalize government regulations have been called into question. Many home emerging country governments have acted to coordinate their activities by regulating proactively investment outflows. The evidence also shows that the successful investment outflows have benefited significantly from home governments addressing the characteristics and motives of target industries and locations abroad. Practical implications -The analysis shows that contrary to mainstream prescriptions many home governments have successfully regulated strongly OFDI from the emerging economies. However, it is important for home governments to consider the broader interest of promoting capital flows to ensure the long-term development of economies rather than narrow national interests. Home and host governments should seek to establish common and specific collaboration platforms to raise information flows and coordinate better the negotiations and execution of investment projects. Originality/value -The paper provides a more thorough analysis of the implications for home country policies of the increasing outward investment flows from emerging economies and the increasing competitiveness and capabilities of their transnational firms. It proposes augmentations to prior frameworks of drivers and motives of OFDI and pushes deeper the home policy implications of increasing outward investment flows.

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In the last decades of the twentieth century the small and medium-sized nations of East and South-East Asia have begun a process of potentially enormous political and economic transformation. Explosive growth has occurred already in many parts of the region, and the more slowlygrowing countries are attempting to emulate this vanguard group. The impact of the region upon the world economy has increased rapidly and is likely to continue to do so in the future.In order to understand better economic developments within this vast and diverse region, this series aims to publish books on both contemporary and historical issues. It includes works both by Western scholars and by economists from countries within the region.

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This paper seeks to examine whether Malaysia is facing negative deindustrialization by examining value-added, trade and productivity trends over the period 1990-2005. The evidence produced in the paper is concrete enough to confirm that Malaysia is facing negative deindustrialization. While it is typical, as part of the process of structural change, to see a rise and fall in the share occupied by manufacturing in the GDP, the evidence shows that Malaysia is indeed facing premature deindustrialization with a trend slowdown in manufacturing value-added, trade performance and productivity since 2000. Not only has the trade performance of manufacturing been falling, manufacturing labour productivity has also slowed down, with the key sectors such as electric-electronics, textiles and transport equipment showing either negative or low productivity growth since 2000. Malaysian industrial policies have been fairly successful in connecting with the global value chains of multinationals and in developing resource-based industries, but have not achieved the same success in stimulating their transformation to high value-added activities. The lack of effective institutional change, partly explained by ethnic policies, is advanced as the prime reason for the setting in of negative deindustrialization in Malaysia.

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