The study analyzes main theoretical approaches and results of empirical research on international M&A strategies of emerging market firms. Despite intense discussion of the necessity to develop innovative approaches explaining phenomena of global expansion of emerging market firms, there were a few attempts to develop new theories which did not yet get broad implication in international and strategic management literature. Resource-based view, institutional view and transaction cost theory still dominate the field. In this paper we indicate problematic and understudied fields in international M&A strategies research.