EMNCs have been taken significant interest in international business studies for almost two decades. Understanding EMNCs and their motivations for outward internationalization from different EM contexts is still relevant even if asset exploration view has been dominated the research domain so far. This study aims to find out whether market seeking and strategic asset seeking OFDI have any effect on the ownership level of Turkish MNCs in CBMAs by using the lens of eclectic paradigm and institution-based view. 351 completed CBMAs during 1990- 2017 by Turkish companies have been analyzed to test the research model. The results of Tobit regression analyses have shown that both market seeking and strategic asset seeking OFDI has a positive effect on the ownership level of Turkish MNCs in CBMAs. However, institutional differences between Turkey and host countries do not moderate these relationships. This study indicates that OLI paradigm can still explain MNCs behavior despite the country of origin and context related issues. The study has provided evidence for practitioners that location specific motivations are important for ownership strategy in foreign subsidiaries. Besides, it shows that institutional environment would be considered as a more manageable constraint for EM firms in CBMAs.