- International business
International business is a term used to collectively describe topics relating to the operations of
firmswith interests in multiple countries. Such firms are sometimes called multinational corporations (MNC's). Well known MNCs include fast foodcompanies McDonald'sand Yum Brands, vehicle manufacturers such as General Motors and Toyota, consumer electronics companies like LGand Sony, and energy companies such as ExxonMobiland BP. Most of the largest corporations operate in multiple national markets.
Areas of study within this topic include differences in
legal systems, political systems, economic policy, language, accounting standards, labor standards, living standards, environmental standards, local culture, corporate culture, foreign exchange, tariffs, importand exportregulations, trade agreements, climate, educationand many more topics. Each of these factors requires significant changes in how individual business units operate from one country to the next.
MNCs typically have subsidiaries or joint-ventures in each national market. How these companies are organized, how they operate, and their lines of business are heavily influenced by socio-cultural, political, global, economic and legal environments of each country a firm does business in. The management of the parent company typically must incorporate all the legal restrictions of the home company into the management of companies in based in very different legal and cultural frameworks. International treaties, such as the Basel Accords, the
World Trade Organization, and the Kyoto Protocoloften seek to provide a uniform framework for how business should be influenced between signatory states.
International business by its nature is a primary determinant of
international trade, One of the results on the increasing success of international business ventures is globalization.
International business studies
International Masters of Business Administration
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