Abstract:The number of articles on the topic of “catching-up” has been increasing rapidly in recent years. However, prior studies on this topic mainly focused on describing and explaining the catching-up phenomenon, little attention has been paid to a general theory behind the phenomenon. This study first provides a systematic review on prior studies on the topic of catching-up by using the Web of Science Social Sciences Citation Index database. Then, it proposes a theoretical framework that addresses the catching-up phenomenon at three different levels, that is country-level, firm-level and individual-level, which suggests that the intent for catching-up, the target for catching-up, the opportunities for catching-up and the strategies for catching-up are four major factors underlying latecomers’ catching-up.