Emerging markets (EMs) have become a focal point of academic inquiry and policy interest as they complement and sometimes even challenge established paradigms based on developed economies. International Business scholars, practitioners, and policymakers have long debated how unique emerging markets and their firms are, and if this uniqueness warrants or requires special attention, distinct policies, and new theories. Developed in cooperation with the AIB Emerging Markets Special Interest Group, this AIB Insights special issue explores these questions, articulating novel and actionable insights to understand EMs’ distinctiveness. Our introductory editorial to this issue briefly discusses the nature and dimensions of the uniqueness of emerging markets and their firms. It then surveys the seven issue articles, highlighting their main findings and insights. Given current global developments, the significance of EMs and their firms is likely to grow further, underscoring the importance of continued academic and practical focus on them. Citation: Awate, S., Brandl, K., Hobdari, B., & Newburry, W. 2025. How Really Unique Are Emerging Markets and Their Firms? AIB Insights, 25(3). https:/​/​doi.org/​10.46697/​001c.137979.