In this paper, we leverage the concept of organizational field, currently under‐explored in international business literature, to understand how multinational enterprises (MNEs) from developed markets (DMs) strategically manage their institutional context in emerging markets (EMs). To develop theoretical arguments, we focus on institutional strategies and theorize how and to what extent MNEs in central, peripheral, and intermediate field positions engage with host country institutions in EMs. Using an international business perspective, organizational theory, and illustrations from EMs, we develop a dynamic view of field positions to identify how MNEs' intermediate repositioning trajectories in between the field's center and the periphery, driven by environmental and corporate factors, lead to the associated changes in the form and scope of institutional strategies deployed in EMs. In doing so, we offer testable propositions for future research.