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mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-8 mdc-u-ts-9"><span> </span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/yuval-atsmon" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Yuval Atsmon</span></a> </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Michael Kloss<span> </span></span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/sven-smit" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Sven Smit</span></a></span></span></div><div class="mdc-u-grid-col-md-start-8 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-8 mdc-u-grid-col-lg-end-11 ArticleContent_mck-c-article-content__share-tools__kWRRw"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-5"><div class="mck-u-links-inline">Surprisingly little of their edge is attributable to starting from a smaller revenue base. They also seem to invest more, allocate resources more fluidly, and spot fast-growing segments.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"><div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Fbusiness%20functions%2Fstrategy%20and%20corporate%20finance%2Four%20insights%2Fparsing%20the%20growth%20advantage%20of%20emerging%20market%20companies%2Fparsing%20the%20growth%20advantage%20of%20emerging%20market%20companies.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_2734c4f" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="parsing-the growth advantage of emerging-market companies" data-layer-report-name="parsing-the growth advantage of emerging-market companies>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_2734c4f mdc-c-icon--size-md___yi5fA_2734c4f mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_2734c4f"> (PDF-579 KB)</span></a></div></div></div></div> <p><strong>Leaders of multinational companies</strong> are by now well aware of the growth potential that emerging-market consumers represent, an opportunity that we estimate could exceed $20 trillion annually by the end of this decade.<a rel="#footnote1" class="link-footnote" href="#"><sup>1</sup></a> <span style="display:none" id="footnote1" class="tooltip"><span class="footnote-content"><span class="footnote-number">1.</span><span class="footnote-text"> See David Court and Laxman Narasimhan, “<a href="http://www.mckinseyquarterly.com/article_page.aspx?ar=2639">Capturing the world’s emerging middle class</a>,” July 2010. </span><span class="clear"></span></span><span class="footnote-bottom"></span></span>Many multinational players, however, don’t seem to be capturing that growth as well as their emerging-market counterparts are. That came to light last year as part of ongoing research that began more than five years ago and was the foundation for <em>The Granularity of Growth</em>.<a rel="#footnote2" class="link-footnote" href="#"><sup>2</sup></a> <span style="display:none" id="footnote2" class="tooltip"><span class="footnote-content"><span class="footnote-number">2.</span><span class="footnote-text"> See Mehrdad Baghai, Sven Smit, and Patrick Viguerie, <a target="_blank" href="http://www.mckinsey.com/Client_Service/Strategy/Latest_thinking/Granularity_of_Growth"><em>The Granularity of Growth: How to Identify the Sources of Growth and Drive Enduring Company Performance</em></a>, Hoboken, NJ: Wiley, 2008; and Sumit Dora, Sven Smit, and Patrick Viguerie, “<a href="http://www.mckinseyquarterly.com/article_page.aspx?ar=2782">Drawing a new roadmap for growth</a>,” April 2011. </span><span class="clear"></span></span><span class="footnote-bottom"></span></span>We examined the growth rates of companies headquartered in developed economies and compared them with those of companies domiciled in emerging markets, examining performance in both developed and emerging markets. One striking finding was that companies headquartered in emerging markets grew roughly twice as fast as those domiciled in developed economies—and two and a half times as fast when both were competing in emerging markets that represented “neutral” turf, where neither company was headquartered. We found this to be the case across industries.</p> <p>One potential explanation was that the smaller size of emerging-market business segments would explain a large part of the outperformance. In essence, emerging-market businesses were growing faster from a smaller base. The smaller base point was true: the average revenue for business units of emerging-economy companies in our sample, at $3 billion, was less than half of the $8 billion size for units from developed-economy companies. We’ve recently done further research, however, to isolate the effects of size on the performance gap. Specifically, we compared the growth rates of $3 billion and $8 billion firms within the developed-market sample and found that $3 billion companies grew at 10.7 percent annually over the period we studied, while $8 billion companies grew by 7.3 percent. On this basis, the smaller size of emerging-market businesses, on average, accounts for 3.4 percentage points of the growth gap, or, at most, a quarter of the overall 13-percentage-point differential (Exhibit 1).</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span>Exhibit 1</span></div><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Companies in emerging markets grew faster than those based in developed economies—and size explained only a fraction of the differential.</div></h5></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/parsing%20the%20growth%20advantage%20of%20emerging%20market%20companies/svgz_q3_emergingmkts_ex1_rev.svgz?cq=50&cpy=Center"/><img alt="Q3_EmergingMkts_ex1_Rev" src="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/parsing%20the%20growth%20advantage%20of%20emerging%20market%20companies/svgz_q3_emergingmkts_ex1_rev.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>It is impossible to definitively disaggregate the sources of the remaining growth differential. However, the following three factors appear to be materially different for these two classes of companies: </p> <p><strong>Higher reinvestment rates.</strong> Emerging-market companies paid dividends at a lower rate than developed-market companies, returning only 39 percent of earnings to shareholders, while developed-market companies returned close to 80 percent. They also reinvested excess cash to grow fixed assets at a higher rate: 12 percent annually versus 7 percent for developed-market companies (Exhibit 2). The company in our sample with the highest rate of growth in fixed assets—roughly 30 percent annually over the last decade—was South Africa’s Mobile Telephone Networks (MTN). For most of that period, rapid asset growth accompanied aggressive expansion in the company’s Internet and cellular services in Africa and the Middle East. More recently, the company has been moving into mobile-money services, especially in African countries that lack financial infrastructure. This, too, has required significant investment—for example, $784 million on recent network expansion in Ghana, and $1 billion on its Nigerian network.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span>Exhibit 2</span></div><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Low dividend payouts and high fixed-asset growth suggest emerging-market companies were reinvesting more aggressively.</div></h5></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/parsing%20the%20growth%20advantage%20of%20emerging%20market%20companies/svgz_q3_emergingmkts_ex2_rev.svgz?cq=50&cpy=Center"/><img alt="Q3_EmergingMkts_ex2_Rev" src="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/parsing%20the%20growth%20advantage%20of%20emerging%20market%20companies/svgz_q3_emergingmkts_ex2_rev.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p><strong>Agile asset reallocation.</strong> Additionally, we found that on average, emerging-market companies have been reallocating capital toward new business opportunities more dynamically than those headquartered in developed economies. Companies in India, for instance, consistently redeployed investments across business units at a higher rate than US companies.<a rel="#footnote3" class="link-footnote" href="#"><sup>3</sup></a> <span style="display:none" id="footnote3" class="tooltip"><span class="footnote-content"><span class="footnote-number">3.</span><span class="footnote-text"> Median index of capital expenditure reallocation of companies in India was 42 percent during the period from 2003 to 2010, versus 35 percent for companies in the United States from 1998 to 2005. </span><span class="clear"></span></span><span class="footnote-bottom"></span></span>India’s Kesoram Industries is a notable example, shifting 80 percent of its capital across businesses units over the seven years we studied. Up until 2005, the company focused most of its capital expenditures on rayon and cement. Beginning in 2007, however, it moved the majority of new investments to the tire business to capture the double-digit growth in India’s automobile sector, which has been spurred by improving highway infrastructure. This type of strategic reallocation, our research has shown, is correlated with higher total returns to shareholders over time.<a rel="#footnote4" class="link-footnote" href="#"><sup>4</sup></a> <span style="display:none" id="footnote4" class="tooltip"><span class="footnote-content"><span class="footnote-number">4.</span><span class="footnote-text"> See Stephen Hall, Dan Lovallo, and Reinier Musters, “<a href="http://www.mckinseyquarterly.com/article_page.aspx?ar=2946">How to put your money where your strategy is</a>,” March 2012. </span><span class="clear"></span></span><span class="footnote-bottom"></span></span>Potentially contributing to agility was the fact that majority shareholders comprised a much more influential bloc among emerging-market companies than at developed-economy companies. Although we aren’t suggesting this is the ideal governance model under all circumstances, it does create conditions for more effective shareholder alignment and more rapid decisions.<a rel="#footnote5" class="link-footnote" href="#"><sup>5</sup></a> <span style="display:none" id="footnote5" class="tooltip"><span class="footnote-content"><span class="footnote-number">5.</span><span class="footnote-text"> In emerging-market companies, the median stake held by a majority shareholder was 40 percent, while at developed-market companies it was 10 percent. </span><span class="clear"></span></span><span class="footnote-bottom"></span></span></p> <p><strong>Growth-oriented business models.</strong> Emerging-market companies generally serve the needs of fast-growing emerging middle classes around the world with lower-cost products. Developed-economy companies tend to rely more on brand recognition while targeting higher-margin segments, which are relatively smaller and thus less likely to move the needle on the companies’ overall growth rates. We found that across a number of product segments—such as soft drinks, telecoms services, and mobile phones—emerging-market companies’ price points were 10 to 60 percent below those of developed-market counterparts. Even in business segments such as construction equipment, emerging-market players offered more products at lower prices. </p> <p>Consistent with that growth model has been the focus of many emerging-market players on R&D investments aimed at lower-cost products that fit developing-market conditions (and sometimes fuel “reverse innovation,” which can make a dent in developed markets). That’s still the case, and in aggregate, emerging-market companies still file significantly fewer patents than their developed-market counterparts. But they are starting to catch up (Exhibit 3), and a few innovation leaders are emerging, such as Chinese manufacturer Huawei, which was among the world’s top five companies in terms of international patents filed from 2008 to 2010. Huawei had 51,000 R&D employees in 2010, representing a stunning 46 percent of its total headcount, and placed them in 20 research institutes in countries such as Germany, India, Russia, Sweden, and the United States. Efforts such as these could boost the intensity of global competition. </p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span>Exhibit 3</span></div><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f"><div>Developed-market companies have filed more patents, but emerging-market companies have been gaining ground rapidly.</div></h5></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/parsing%20the%20growth%20advantage%20of%20emerging%20market%20companies/svgz_q3_emergingmkts_ex3_rev.svgz?cq=50&cpy=Center"/><img alt="Q3_EmergingMkts_ex3_Rev" src="/~/media/mckinsey/business%20functions/strategy%20and%20corporate%20finance/our%20insights/parsing%20the%20growth%20advantage%20of%20emerging%20market%20companies/svgz_q3_emergingmkts_ex3_rev.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>As the locus of future growth continues to shift to emerging markets, companies across regions should be thinking systematically about strategies for pursuing it. For many companies, a clear understanding of where to place their bets will be key, and some will need to grapple with ways to overcome organizational inertia. Business unit leaders, for example, may resist cutting costs in home markets in order to invest more in emerging markets. Many companies, meantime, still find it difficult to convince senior executives to relocate to unfamiliar locations and they may be reluctant to move teams en masse to emerging areas. In the quest to direct resources to regions with the greatest growth potential, it might be time for global players to start thinking more like emerging-market companies.</p> </div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p><strong>Yuval Atsmon</strong> is a principal in McKinsey’s Shanghai office, <strong>Michael Kloss</strong> is a director in the Johannesburg office, and <strong>Sven Smit</strong> is a director in the Amsterdam office. </p> <p>The authors would like to acknowledge the contribution of Eric Matson to the development of this article.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--align-center___ar3mu_2734c4f"><a data-component="mdc-c-link" href="/careers/search-jobs" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--secondary___Boipq_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" aria-label="Search Openings" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="careers" data-layer-subcategory="search" data-layer-text="Search Openings"><span class="mdc-c-link__label___Pfqtd_2734c4f">Search Openings</span></a></div></div></section></div></main></div><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="StandalonePromo" class="RelatedArticle_mck-c-article-related__GGA76 mck-u-screen-only" data-layer-region="related-articles"><div class="mdc-o-container__wrapper is-wrapped mdc-u-spaced-mobile"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-u-align-center">Related Articles</h5><div class="mdc-u-grid mdc-u-grid-col-md-2 RelatedArticle_items-container__s2uD0"><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/featured-insights/employment-and-growth/drawing-a-new-road-map-for-growth" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-drawi-0 { aspect-ratio: 16/9 }</style><img alt="" class="picture-uniqueKey-drawi-0" src="/next-static/images/module_item_placeholder.png?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f Card_content-block__pF6Z1"><span>Article - <i>McKinsey Quarterly</i></span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/featured-insights/employment-and-growth/drawing-a-new-road-map-for-growth" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f"><div>Drawing a new road map for growth</div></a></h6></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-lg Card_card__diA2r Card_hover-effect__RGb9b"><div class="Card_wrapper-image__8b4P6"><a data-component="mdc-c-link" href="/featured-insights/employment-and-growth/is-your-emerging-market-strategy-local-enough" class="mdc-c-link___lBbY1_2734c4f"><picture data-component="mdc-c-picture" class="Card_wrapper-image__8b4P6"><style>.picture-uniqueKey-isyo-0 { aspect-ratio: 16/9 }</style><img alt="bees_plainFINALr1_1536x1536_Original" class="picture-uniqueKey-isyo-0" src="/~/media/mckinsey/featured%20insights/employment%20and%20growth/is%20your%20emerging%20market%20strategy%20local%20enough/bees_plainfinalr1_1536x1536_original.jpg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f Card_content-block__pF6Z1"><span>Article - <i>McKinsey Quarterly</i></span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-u-ts-6"><a data-component="mdc-c-link" href="/featured-insights/employment-and-growth/is-your-emerging-market-strategy-local-enough" class="mdc-c-link-heading___Zggl8_2734c4f mdc-c-link___lBbY1_2734c4f"><div>Is your emerging-market strategy local enough?</div></a></h6></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Parsing the growth advantage of emerging market companies","displayName":"Parsing the growth advantage of emerging-market companies","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"69b32351-1162-49c5-b374-1209f0ce7141","itemLanguage":"en","itemVersion":1,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"Parsing the growth advantage of emerging-market companies"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"Surprisingly little of their edge is attributable to starting from a smaller revenue base. They also seem to invest more, allocate resources more fluidly, and spot fast-growing segments."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2012-05-01T00:00:00Z"}},"body":{"value":"[[DownloadsSidebar]] \u003cp\u003e\u003cstrong\u003eLeaders of multinational companies\u003c/strong\u003e are by now well aware of the growth potential that emerging-market consumers represent, an opportunity that we estimate could exceed $20 trillion annually by the end of this decade.\u003ca href=\"#\" class=\"link-footnote\" onclick=\"return false;\" rel=\"#footnote1\"\u003e\u003csup\u003e1\u003c/sup\u003e\u003c/a\u003e \u003cspan class=\"tooltip\" id=\"footnote1\" style=\"display: none;\"\u003e\u003cspan class=\"footnote-content\"\u003e\u003cspan class=\"footnote-number\"\u003e1.\u003c/span\u003e\u003cspan class=\"footnote-text\"\u003e See David Court and Laxman Narasimhan, \u0026ldquo;\u003ca href=\"http://www.mckinseyquarterly.com/article_page.aspx?ar=2639\"\u003eCapturing the world\u0026rsquo;s emerging middle class\u003c/a\u003e,\u0026rdquo; July 2010. \u003c/span\u003e\u003cspan class=\"clear\"\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan class=\"footnote-bottom\"\u003e\u003c/span\u003e\u003c/span\u003eMany multinational players, however, don\u0026rsquo;t seem to be capturing that growth as well as their emerging-market counterparts are. That came to light last year as part of ongoing research that began more than five years ago and was the foundation for \u003cem\u003eThe Granularity of Growth\u003c/em\u003e.\u003ca href=\"#\" class=\"link-footnote\" onclick=\"return false;\" rel=\"#footnote2\"\u003e\u003csup\u003e2\u003c/sup\u003e\u003c/a\u003e \u003cspan class=\"tooltip\" id=\"footnote2\" style=\"display: none;\"\u003e\u003cspan class=\"footnote-content\"\u003e\u003cspan class=\"footnote-number\"\u003e2.\u003c/span\u003e\u003cspan class=\"footnote-text\"\u003e See Mehrdad Baghai, Sven Smit, and Patrick Viguerie,\u0026nbsp;\u003ca href=\"http://www.mckinsey.com/Client_Service/Strategy/Latest_thinking/Granularity_of_Growth\" target=\"_blank\"\u003e\u003cem\u003eThe Granularity of Growth: How to Identify the Sources of Growth and Drive Enduring Company Performance\u003c/em\u003e\u003c/a\u003e, Hoboken, NJ: Wiley, 2008; and Sumit Dora, Sven Smit, and Patrick Viguerie, \u0026ldquo;\u003ca href=\"http://www.mckinseyquarterly.com/article_page.aspx?ar=2782\"\u003eDrawing a new roadmap for growth\u003c/a\u003e,\u0026rdquo; April 2011. \u003c/span\u003e\u003cspan class=\"clear\"\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan class=\"footnote-bottom\"\u003e\u003c/span\u003e\u003c/span\u003eWe examined the growth rates of companies headquartered in developed economies and compared them with those of companies domiciled in emerging markets, examining performance in both developed and emerging markets. One striking finding was that companies headquartered in emerging markets grew roughly twice as fast as those domiciled in developed economies\u0026mdash;and two and a half times as fast when both were competing in emerging markets that represented \u0026ldquo;neutral\u0026rdquo; turf, where neither company was headquartered. We found this to be the case across industries.\u003c/p\u003e\n\u003cp\u003eOne potential explanation was that the smaller size of emerging-market business segments would explain a large part of the outperformance. In essence, emerging-market businesses were growing faster from a smaller base. The smaller base point was true: the average revenue for business units of emerging-economy companies in our sample, at $3 billion, was less than half of the $8 billion size for units from developed-economy companies. We\u0026rsquo;ve recently done further research, however, to isolate the effects of size on the performance gap. Specifically, we compared the growth rates of $3 billion and $8 billion firms within the developed-market sample and found that $3 billion companies grew at 10.7 percent annually over the period we studied, while $8 billion companies grew by 7.3 percent. On this basis, the smaller size of emerging-market businesses, on average, accounts for 3.4 percentage points of the growth gap, or, at most, a quarter of the overall 13-percentage-point differential (Exhibit 1).\u003c/p\u003e\n[[exhibit 1]]\n\u003cp\u003eIt is impossible to definitively disaggregate the sources of the remaining growth differential. However, the following three factors appear to be materially different for these two classes of companies: \u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eHigher reinvestment rates.\u003c/strong\u003e Emerging-market companies paid dividends at a lower rate than developed-market companies, returning only 39 percent of earnings to shareholders, while developed-market companies returned close to 80 percent. They also reinvested excess cash to grow fixed assets at a higher rate: 12 percent annually versus 7 percent for developed-market companies (Exhibit 2). The company in our sample with the highest rate of growth in fixed assets\u0026mdash;roughly 30 percent annually over the last decade\u0026mdash;was South Africa\u0026rsquo;s Mobile Telephone Networks (MTN). For most of that period, rapid asset growth accompanied aggressive expansion in the company\u0026rsquo;s Internet and cellular services in Africa and the Middle East. More recently, the company has been moving into mobile-money services, especially in African countries that lack financial infrastructure. This, too, has required significant investment\u0026mdash;for example, $784 million on recent network expansion in Ghana, and $1 billion on its Nigerian network.\u003c/p\u003e\n[[exhibit 2]]\n\u003cp\u003e\u003cstrong\u003eAgile asset reallocation.\u003c/strong\u003e Additionally, we found that on average, emerging-market companies have been reallocating capital toward new business opportunities more dynamically than those headquartered in developed economies. Companies in India, for instance, consistently redeployed investments across business units at a higher rate than US companies.\u003ca href=\"#\" class=\"link-footnote\" onclick=\"return false;\" rel=\"#footnote3\"\u003e\u003csup\u003e3\u003c/sup\u003e\u003c/a\u003e \u003cspan class=\"tooltip\" id=\"footnote3\" style=\"display: none;\"\u003e\u003cspan class=\"footnote-content\"\u003e\u003cspan class=\"footnote-number\"\u003e3.\u003c/span\u003e\u003cspan class=\"footnote-text\"\u003e Median index of capital expenditure reallocation of companies in India was 42 percent during the period from 2003 to 2010, versus 35 percent for companies in the United States from 1998 to 2005. \u003c/span\u003e\u003cspan class=\"clear\"\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan class=\"footnote-bottom\"\u003e\u003c/span\u003e\u003c/span\u003eIndia\u0026rsquo;s Kesoram Industries is a notable example, shifting 80 percent of its capital across businesses units over the seven years we studied. Up until 2005, the company focused most of its capital expenditures on rayon and cement. Beginning in 2007, however, it moved the majority of new investments to the tire business to capture the double-digit growth in India\u0026rsquo;s automobile sector, which has been spurred by improving highway infrastructure. This type of strategic reallocation, our research has shown, is correlated with higher total returns to shareholders over time.\u003ca href=\"#\" class=\"link-footnote\" onclick=\"return false;\" rel=\"#footnote4\"\u003e\u003csup\u003e4\u003c/sup\u003e\u003c/a\u003e \u003cspan class=\"tooltip\" id=\"footnote4\" style=\"display: none;\"\u003e\u003cspan class=\"footnote-content\"\u003e\u003cspan class=\"footnote-number\"\u003e4.\u003c/span\u003e\u003cspan class=\"footnote-text\"\u003e See Stephen Hall, Dan Lovallo, and Reinier Musters, \u0026ldquo;\u003ca href=\"http://www.mckinseyquarterly.com/article_page.aspx?ar=2946\"\u003eHow to put your money where your strategy is\u003c/a\u003e,\u0026rdquo; March 2012. \u003c/span\u003e\u003cspan class=\"clear\"\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan class=\"footnote-bottom\"\u003e\u003c/span\u003e\u003c/span\u003ePotentially contributing to agility was the fact that majority shareholders comprised a much more influential bloc among emerging-market companies than at developed-economy companies. Although we aren\u0026rsquo;t suggesting this is the ideal governance model under all circumstances, it does create conditions for more effective shareholder alignment and more rapid decisions.\u003ca href=\"#\" class=\"link-footnote\" onclick=\"return false;\" rel=\"#footnote5\"\u003e\u003csup\u003e5\u003c/sup\u003e\u003c/a\u003e \u003cspan class=\"tooltip\" id=\"footnote5\" style=\"display: none;\"\u003e\u003cspan class=\"footnote-content\"\u003e\u003cspan class=\"footnote-number\"\u003e5.\u003c/span\u003e\u003cspan class=\"footnote-text\"\u003e In emerging-market companies, the median stake held by a majority shareholder was 40 percent, while at developed-market companies it was 10 percent. \u003c/span\u003e\u003cspan class=\"clear\"\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan class=\"footnote-bottom\"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eGrowth-oriented business models.\u003c/strong\u003e Emerging-market companies generally serve the needs of fast-growing emerging middle classes around the world with lower-cost products. Developed-economy companies tend to rely more on brand recognition while targeting higher-margin segments, which are relatively smaller and thus less likely to move the needle on the companies\u0026rsquo; overall growth rates. We found that across a number of product segments\u0026mdash;such as soft drinks, telecoms services, and mobile phones\u0026mdash;emerging-market companies\u0026rsquo; price points were 10 to 60 percent below those of developed-market counterparts. Even in business segments such as construction equipment, emerging-market players offered more products at lower prices. \u003c/p\u003e\n\u003cp\u003eConsistent with that growth model has been the focus of many emerging-market players on R\u0026amp;D investments aimed at lower-cost products that fit developing-market conditions (and sometimes fuel \u0026ldquo;reverse innovation,\u0026rdquo; which can make a dent in developed markets). That\u0026rsquo;s still the case, and in aggregate, emerging-market companies still file significantly fewer patents than their developed-market counterparts. But they are starting to catch up (Exhibit 3), and a few innovation leaders are emerging, such as Chinese manufacturer Huawei, which was among the world\u0026rsquo;s top five companies in terms of international patents filed from 2008 to 2010. Huawei had 51,000 R\u0026amp;D employees in 2010, representing a stunning 46 percent of its total headcount, and placed them in 20 research institutes in countries such as Germany, India, Russia, Sweden, and the United States. Efforts such as these could boost the intensity of global competition. \u003c/p\u003e\n[[exhibit 3]]\n\u003cp\u003eAs the locus of future growth continues to shift to emerging markets, companies across regions should be thinking systematically about strategies for pursuing it. For many companies, a clear understanding of where to place their bets will be key, and some will need to grapple with ways to overcome organizational inertia. Business unit leaders, for example, may resist cutting costs in home markets in order to invest more in emerging markets. Many companies, meantime, still find it difficult to convince senior executives to relocate to unfamiliar locations and they may be reluctant to move teams en masse to emerging areas. In the quest to direct resources to regions with the greatest growth potential, it might be time for global players to start thinking more like emerging-market companies.\u003c/p\u003e\n"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":false},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Article"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":{"name":"McKinsey Quarterly","displayName":"McKinsey Quarterly","title":{"value":"McKinsey Quarterly"},"relatedlinks":{"url":"/quarterly/overview"},"landinglinks":{"jsonValue":{"value":[]}}}},"externalPublication":{"value":""},"mobileReady":{"boolValue":true},"forClientsOnly":{"boolValue":false},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2012-05-01T00:00:00Z"}},"footnotes":{"value":""},"contributoryPractice":{"targetItems":[]},"aboutTheAuthors":{"value":"\u003cp\u003e\u003cstrong\u003eYuval Atsmon\u003c/strong\u003e is a principal in McKinsey\u0026rsquo;s Shanghai office, \u003cstrong\u003eMichael Kloss\u003c/strong\u003e is a director in the Johannesburg office, and \u003cstrong\u003eSven Smit\u003c/strong\u003e is a director in the Amsterdam office. \u003c/p\u003e\n\u003cp\u003eThe authors would like to acknowledge the contribution of Eric Matson to the development of this article.\u003c/p\u003e"},"authors":{"targetItems":[{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"38BA1486004D4357A461B25E78503485","name":"Yuval Atsmon","authorTitle":{"value":"Yuval Atsmon"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/yuval atsmon/yuval-atsmonv_profile2_1536x1152.jpg","alt":"Yuval Atsmon"},"emailLinks":{"value":"Yuval_Atsmon@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/yuvalatsmon/"},"description":{"value":"Advises companies on strategy and growth-led transformations, and leads McKinsey’s global finance function"},"locations":{"targetItems":[{"name":"London","displayName":"London"}]},"firmTitle":{"value":"Senior Partner, and Chief Financial Officer"},"thumbnailImage":{"alt":"Yuval Atsmon","src":"/~/media/mckinsey/our people/yuval atsmon/yuval-atsmonv_headshot2_988x741.jpg"},"url":{"path":"/our-people/yuval-atsmon"}}]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"58676C2578A24B7197635A18ECC1E735","name":"Michael Kloss","authorTitle":{"value":"Michael Kloss"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"993A770440604B3CB8DB8929391C3CDD","name":"Sven Smit","authorTitle":{"value":"Sven Smit"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/sven smit/v2/sven-smit_profile_1536x1152.jpg","alt":"Sven Smit"},"emailLinks":{"value":"Sven_Smit@mckinsey.com"},"linkedInUrl":{"value":"https://nl.linkedin.com/in/sven-smit-52ab0675"},"description":{"value":"Leads research on economic and business trends and works with companies to develop business strategies and transformations"},"locations":{"targetItems":[{"name":"Amsterdam","displayName":"Amsterdam"}]},"firmTitle":{"value":"Senior Partner, Chair of Insights and Ecosystems, and Chair of McKinsey Global Institute"},"thumbnailImage":{"alt":"Sven Smit","src":"/~/media/mckinsey/our people/sven smit/v2/sven-smit_headshot_988x741.jpg"},"url":{"path":"/our-people/sven-smit"}}]}}]},"nonPartnerAuthors":{"targetItems":[]},"interactiveToUse":{"targetItem":null},"enableArticleComponents":{"boolValue":false},"relatedArticles":{"targetItems":[{"sourcePublication":{"targetItem":{"name":"McKinsey Quarterly"}},"publicationSource":null,"externalPublication":{"value":""},"title":{"value":"Drawing a new road map for growth"},"url":{"path":"/featured-insights/employment-and-growth/drawing-a-new-road-map-for-growth"},"eyebrow":{"targetItem":{"name":"Article"}},"articleType":{"targetItem":{"name":"Article"}},"contentType":{"targetItem":{"name":"Article"}},"description":{"value":"New findings show how large and small companies grow—and reveal the startling performance of emerging-market players."},"standardImage":{"src":null,"alt":""},"heroImage":null,"thumbnailImage":null},{"sourcePublication":{"targetItem":{"name":"McKinsey Quarterly"}},"publicationSource":null,"externalPublication":{"value":""},"title":{"value":"Is your emerging-market strategy local enough?"},"url":{"path":"/featured-insights/employment-and-growth/is-your-emerging-market-strategy-local-enough"},"eyebrow":{"targetItem":{"name":"Article"}},"articleType":{"targetItem":{"name":"Article"}},"contentType":{"targetItem":{"name":"Article"}},"description":{"value":"The diversity and dynamism of China, India, and Brazil defy any 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