Findings in extant research on how the home country matters in cross-border M&As by emerging-market firms are inconclusive. To take stock of extant research and investigate commonalities as well as disparities, we conducted a systematic literature review of 59 empirical articles on this topic. We categorize previous findings according to whether home country factors are home-exclusive or pertain to dynamics between home and host countries, and the role factors play in the pre-, mid-, and post-M&A stages. Additionally, we classify previous studies according to their theoretical lenses and methodologies. Doing so, we synthesize findings on a topic that is gaining increased attention in research as well as practice, while also identifying the reasons for inconsistencies in assumptions and conclusions. We propose several directions for future research, such as clarity of what is studied and measured, alternative measures to strengthen concepts and more research on emerging-to-emerging cross-border M&As.