BUISINESS INTERNATIONAL

BUSINESS INTERNATIONAL UNIVERSITY OF MUHAMMADIYAH MALANG MANAGEMENT

“BEYOND BORDERS: EMBRACING THE GLOBALIZATION ERA” Lecturer: Eko Handayanto, Dr., M.M. Compiled By : 1. Dwi Afifatus Shofiah (202110160311600) 2. Intan Putri Amelia (202110160311632) MANAGEMENT STUDY PROGRAM FACULTY OF ECONOMIC AND BUSINESS UNIVERSITY OF MUHAMMADIYAH MALANG 2023

ABSTRACT The era of globalization has ushered in profound changes, fostering cultural, economic, and technological exchanges worldwide. While offering opportunities for innovation, knowledge dissemination, and economic growth, globalization also poses challenges such as social inequality, environmental issues, and economic vulnerability, particularly for developing nations. This research explores the diverse impacts of globalization, examining strategies to leverage its benefits and address emerging challenges. It emphasizes the need for a deep understanding of globalization's dynamics to develop sustainable solutions. Cross-cultural cooperation, facilitated by globalization, promotes tolerance and understanding, necessitating adjustments across fields like technology and education. By comprehensively analyzing globalization's complexities, the study aims to guide nations in seizing opportunities while upholding human values and environmental sustainability. International collaboration, fair trade regulations, safeguarding workers' rights, and investments in education and technology are vital for fostering social inclusion, sustainable economic growth, and global peace in this interconnected era. INTRODUCTION Chernilo, (2021), In the current era of globalization, the world is experiencing profound changes in various aspects of life. The process of globalization has opened the door to cultural, economic and technological exchange between countries around the world, (Fu et al., 2022). This phenomenon has created new opportunities as well as complex challenges, (Hall, 2020). On the one hand, globalization enables the exchange of ideas and innovation across borders, expands access to knowledge, and brings rapid economic growth, (Ricci, 2022). However, on the other hand, this phenomenon also gives rise to social inequality, presents global environmental problems, and results in economic vulnerability that can affect countries, especially developing ones. In this context, it is necessary to understand how society, government and the private sector respond to challenges and opportunities brought about by globalization, (Nobari, 2021). This research aims to investigate the impact of globalization in various sectors of life, analyze effective strategies for taking advantage of globalization opportunities, and overcome emerging challenges. Through a deep understanding of the dynamics of globalization, it is hoped that sustainable solutions can be produced to guide countries in facing an increasingly connected and complex future, (Madden, 2022). In addition, globalization also opens the door to deep cross-cultural cooperation, (Ahmad & Wu, 2022a). The exchange of art, music and traditions between nations creates invaluable cultural wealth, enriching the experience of people around the world, (Ghosh et al., 2022). This intercultural interaction builds tolerance, reduces prejudice, and fosters understanding between different groups of people, (Adedoyin et al., 2021). However, this global change also requires adjustments in all fields, (Ahmed et al., 2021). The rapid development of communications technology, for example, requires

new skills and sensitivity to global business dynamics. Likewise in the field of education, where the curriculum must be redesigned to prepare the younger generation to face greater challenges and opportunities at the global level, (Chien et al., 2021a). By understanding the complexity of globalization and analyzing its various aspects carefully, it is hoped that we can take wise steps to exploit the opportunities of globalization while maintaining human values and environmental sustainability, (Ramzan et al., 2023a). Through in-depth research and dialogue, the international community can create solutions that promote social inclusion, sustainable economic growth, and world peace in this era of globalization, (Ahmad & Wu, 2022b). In facing the complexity of globalization, the importance of international cooperation and multilateral partnerships is increasing, (Chien et al., 2021b). Collaboration between countries in formulating fair and sustainable trade regulations, as well as protecting workers' rights globally, is very important, (Chien et al., 2021b). Additionally, investment in education that prioritizes future skills, research and technology development, and infrastructure that supports global connectivity, are key steps to ensure continued participation in an inclusive global economy, (Rehman et al., 2023). LITERATURE REVIEW AND DISCUSSION Understanding the concept of "globalization" is important in efforts to understand the complexity of the world today, (Farooq et al., 2022). Globalization refers to the process of increasing interconnectedness and interdependence between countries, economies, cultures and societies at the global level, (Ma & Wang, 2021). It is characterized by the flow of goods, services, information, ideas, and individuals across national boundaries, facilitated by advances in technology, communications, and transportation, (Jahanger et al., 2023a). This phenomenon transcends geographic, political, and cultural barriers, changing the way the world operates and interacts.Globalization is driven by several main factors, (Cuervo‐Cazurra et al., 2020). First, technological developments play a central role in promoting globalization. Rapid advances in the internet, telecommunications, and transportation have significantly reduced barriers to communication and cross-border trade, (Dabwor et al., 2020). Second, economic liberalization, which involves reducing trade barriers, has facilitated the movement of goods, services and capital at the international level, (BalsalobreLorente et al., 2023). Third, the global economy has undergone a transformation through the emergence of multinational companies operating in various countries and often having a major impact on international trade and production, (Bashir et al., 2022). Changes in the nature of the global economy are one of the main characteristics of globalization, (Ramzan et al., 2023b). This involves a shift from a state-centric economy to an interconnected global economic system, (Gouthro, 2022). These changes are characterized by complex global supply chains, an emphasis on service and

information-based industries, and an increased reliance on knowledge and technology as key drivers of economic growth, (Ahmad & Wu, 2022c).The debate regarding the impact of globalization is a multidimensional one, with various arguments put forward by its supporters and critics, (Chien et al., 2021c). Proponents highlight positive outcomes, including increased economic growth, broader access to global markets, and cultural exchange. However, critics argue that globalization can exacerbate income inequality, cause unemployment, and contribute to environmental degradation, (Jahanger et al., 2023b). Ongoing debate revolves around the extent to which the benefits of globalization outweigh its negative impacts, (Gozgor et al., 2022). Globalization also creates opportunities and challenges for management practices, (Tsaramirsis et al., 2022). On the one hand, this opens up access to broader markets, diverse human capital, and potential cost savings through global resource allocation, (Boratyńska, 2021). On the other hand, management must also face challenges such as managing cultural diversity, dealing with complex global supply chains, and complying with various international regulations, (Sánchez‐Ancochea, 2021). In addition, management must also address ethical and social responsibility aspects arising from operating in an increasingly globalized world, including sustainability and ethical business conduct, (Jacobs et al., 2023). Overall, understanding globalization is the main basis for understanding the contemporary world, (Alessandria et al., 2021). Globalization is driven by technological advances, economic liberalization, and the emergence of multinational companies, (Fehrer et al., 2022). Changes in the nature of the global economy involve interconnected global supply chains and an emphasis on knowledge and technology, (Aghbashlo et al., 2022). The debate regarding the impact of globalization is multidimensional, and management practices must be prepared to seize opportunities and overcome challenges in an increasingly globalized environment. While globalization opens the door to various opportunities, it needs to be recognized that not all groups or countries benefit equally from this phenomenon, (Ilzetzki & Jin, 2021a). Inequality in the distribution of global economic benefits remains a major issue, with most of the benefits of globalization often flowing to developed countries, while developing countries still struggle to reduce economic disparities, (Ilzetzki & Jin, 2021b). Additionally, there are concerns regarding the loss of cultural diversity and homogenization in global culture driven by media and global consumption trends, (Beugelsdijk et al., 2022). We must consider ways to maintain cultural diversity and encourage positive cultural exchange in this era of globalization. One of the most striking changes in the era of globalization is the transformation in the way companies operate, (Georgieva & Weeks-Brown, 2023). Global companies must now face the challenges of managing complex global supply chains and

addressing issues such as the environment, social responsibility and business ethics, (Babić & Dixon, 2022). However, they also have the opportunity to leverage global resources, diversify markets and access global talent, (Keller & Utar, 2023). Management must incorporate strategies focused on sustainability and social justice, while taking advantage of the business opportunities presented by globalization, (Irwin et al., 2022). As we enter the era of globalization, it is important to realize that the challenges and opportunities we face are multidimensional, (Collet & Rémy, 2023). In order to achieve maximum benefits from globalization, we need to develop solutions that address inequalities, promote cultural diversity, and ensure that management understands the complexity of global supply chains and adheres to ethical and social responsibility principles, (Alquist et al., 2020). With a balanced approach, we can embrace this era of globalization more effectively and sustainably, (Beckert et al., 2021). Understand What Is meant by The Term Globalization Globalization is the process of increasing interconnectedness and interdependence between countries, cultures, and economies around the world, (AsSaber & Härtel, 2023). This involves the global exchange of goods, services, information, ideas, technology and cultural aspects, (Kuada, 2022). The development of communications, transportation and technology drives this phenomenon, eliminating restrictions between countries and allowing interaction and integration between them to a greater extent than before, (Pananond et al., 2020). In the context of globalization, boundaries between countries become less relevant because business, culture and society are increasingly interconnected, (Richardson & Fernqvist, 2022). Globalization has a widespread impact on various aspects of life, including economics, politics, culture, the environment and social dynamics, (Meyer & Li, 2022). Although it brings opportunities such as economic growth and cultural exchange, globalization also raises challenges such as cultural homogenization, economic inequality, and environmental degradation, (Baker et al., 2023). Overall, globalization is a complex process that shapes the modern world in various ways. In this era of globalization, information and communication technology plays a very vital role, (García et al., 2023). The internet and social media facilitate interaction and exchange of information regardless of geographic boundaries, (Zwart & WertheimHeck, 2021). This not only accelerates the exchange of knowledge and ideas, but also changes the way businesses operate and interactions between cultures, (Schirpke et al., 2023). In addition, globalization also increases access to education and health services, triggers changes in consumption patterns, and stimulates innovation in various sectors, (Young-Jin et al., 2023). Nevertheless, these rapid changes raise questions about how to

manage social, economic and political adaptation in the face of the ever-growing dynamics of globalization, (Sun & Liang, 2021). In a social context, globalization has stimulated the exchange of values, beliefs, and ideologies between different societies, (Russo et al., 2020). This triggers a process of cultural acculturation, where people have the opportunity to explore a deeper understanding of different points of view and traditions, (K. Wang et al., 2023). However, globalization also brings debate and tension in a number of societies that try to maintain their cultural identity amidst the rapid flow of globalization, (Askarpour et al., 2020). A deep understanding of cultural diversity and social values around the world is an important key to embracing pluralism and respecting human rights at all levels of society, (Yun-Casalilla, 2022). The importance of international cooperation in overcoming global problems is increasingly felt in this era of globalization, (Hosseinzadeh et al., 2022). Issues such as tackling climate change, poverty alleviation, and global health require a collaborative approach involving countries, international organizations, and the private sector, (Dadashpoor & Malekzadeh, 2020). Collective engagement in the search for solutions to these global challenges creates the foundation for world peace and long-term stability, (Mady et al., 2022). Recognize the main Drivers of Globalization Globalization is driven by a number of complex and interrelated key factors. First, technological advances, especially in the fields of communication, transportation and information technology, have reduced distance and time barriers, (Stafford, 2020). The internet, mobile devices, and rapid transportation have facilitated instant communication and the movement of goods and people across national borders, (Miao et al., 2022). Second, trade liberalization through trade policies and agreements between countries has opened markets and reduced tariffs and trade barriers, (Di Paola et al., 2023). Organizations such as the World Trade Organization (WTO) play an important role in promoting global trade and economic integration, (Sánchez‐Ancochea, 2021). Third, cross-border capital and investment flows play a key role in globalization. Multinational companies invest their capital in foreign markets, resulting in the integration of financial markets and increased economic interdependence, (Boratyńska, 2021). Fourth, large multinational companies operate globally by establishing production facilities, supply chains and markets in various countries, (Tsaramirsis et al., 2022). Their role in expanding cross-border operations is critical in driving globalization, (Gozgor et al., 2022). Fifth, the global exchange of culture and media, such as films, music, and literature, has led to cultural homogenization and greater understanding among various societies, (Jahanger et al., 2023b). Global media networks and social platforms also contribute to the spread of information and ideas around the

world. Sixth, political factors also play a key role, (Chien et al., 2021c). Political policies, both at the national and international levels, can facilitate or hinder globalization, (Ahmad & Wu, 2022c). Political stability and cooperation between countries supports global trade and economic integration, (Ramzan et al., 2023b). Seventh, increasing human migration also contributes to cultural exchange and global workforce diversity, (Bashir et al., 2022). Finally, international institutions such as the International Monetary Fund (IMF), the World Bank, and the United Nations play an important role in shaping global economic policy and facilitating cooperation between countries, (Balsalobre-Lorente et al., 2023). All these factors interact and reinforce each other, forming a complex network that describes the contemporary global world, (Dabwor et al., 2020) Describe The Changing Nature of The Global Economy The changing nature of the global economy is marked by a series of fundamental shifts and transformations that have occurred in recent decades, (Delios et al., 2021). These changes reflect evolving dynamics in the global economic landscape, (Dube & Campbell, 2023). Several key aspects that define the changing nature of the global economy are the emergence of emerging markets as major players in the global economy, (Swart, 2021). Countries such as China, India, Brazil and others have experienced rapid economic growth and become important contributors to global GDP, (Cleveland & McCutcheon, 2022). The growing middle class in these countries is also creating new consumer markets, influencing global trade and investment patterns, (Paplekaj, 2021). The digital revolution has fundamentally changed the way business is conducted globally, (Liu, 2021). Technological advances, particularly in information technology and the internet, have facilitated cross-border communication, e-commerce, and the development of digital services, (Asiegbu & Chukwuokolo, 2020). This not only changes the way companies operate, but also opens up new opportunities for innovation and entrepreneurship, (Guriev & Papaioannou, 2022). Additionally, the global economy has seen significant shifts in the organization of global supply chains, (Winter, 2020). Companies increasingly rely on complex global supply chains to acquire materials, manufacture goods, and distribute products, (Yeganeh, 2020). This interconnectedness enables efficient production, but also makes businesses vulnerable to disruptions, such as natural disasters and political instability, (Walker, 2022). Along with this, there is a transition from a traditional manufacturing-based economy to a knowledge and servicebased economy, (Maswood, 2021). The value of services, including finance, technology, health care, and education, has grown significantly, (Underhill et al., 2020). Additionally, trade agreements and economic blocs, such as the European Union and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), have seen significant improvements in the global economy, (Konrad, 2021).

These agreements have facilitated cross-border trade and investment, while changing the dynamics of global trade flows, (Ng & Zhang, 2022). Trade negotiations, tariff terms and regional cooperation are increasingly becoming factors influencing global business strategy, (Pham & Bright, 2022). Therefore, changes in trade regulations and cooperation between countries have a significant impact on a company's ability to access global markets, (Moran, 2021). Environmental and sustainability issues have also become a major concern in the changing global economy, (Wong Villanueva et al., 2022). Concern about environmental sustainability and climate change has driven a focus on green and sustainable industries, (Cook, 2023). Many governments and companies are adopting environmentally friendly business practices and investing in renewable energy sources to overcome these challenges, (Guzmán-Valenzuela, 2023). Additionally, the global financial environment has become increasingly connected, with global financial institutions and markets playing a central role in capital allocation and investment, (Schrooten, 2021). This interconnection has implications for financial stability and financial risk management globally, (Randa & Arsyam, 2023). In this changing global economic era, adaptation and innovation are the keys to success, (Alexiadou & Rönnberg, 2022). Companies must be able to keep up with change and take strategic steps to take advantage of the opportunities offered by an increasingly connected global economy, (Aman & Seuring, 2023). Meanwhile, they must also pay attention to the challenges that come with these developments, such as sustainability, regulatory compliance and global risk management, (Galperin et al., 2022). Awareness of these changing dynamics is critical for stakeholders around the world who wish to remain relevant and sustainable in an ever-changing global economic environment, (Nudurupati et al., 2021). Explain the main Arguments In The Debate Over The Impact of Globalization In the debate regarding the impact of globalization, there arevarious arguments that come from different points of view, (Prasetyo et al., 2021). On the side of globalization, the main arguments involve increasing economic growth, job creation, and reducing poverty in various parts of the world, (Higgins-Desbiolles, 2021). They also emphasize that globalization drives efficiency and innovation through global competition, as well as enabling cultural exchange that increases understanding between different societies, (Vecchi et al., 2021). On the other hand, critics point out that globalization exacerbates economic inequality, with unequal benefits, and results in unemployment and lower wages in some countries, (Uddin et al., 2023). They also highlight negative impacts on the environment, cultural homogenization, and dependence on global actors that can threaten national sovereignty, (Lu et al., 2020). Given these diverse arguments, the

impact of globalization remains a topic of deep and growing debate in various contexts and levels, (Abuhussein & Koburtay, 2021). In the global debate regarding the impact of globalization, it is important to remember that its effects are not always evenly distributed across the world, and their impacts can differ greatly depending on the context, (Akpinar & Ozer-Caylan, 2022). For example, economic dependence on international trade may make some countries more vulnerable to global market fluctuations, while others, which have successfully integrated themselves into global markets, may have experienced rapid economic progress, (Rodgers et al., 2022). Therefore, it is important to recognize that the impact of globalization is a complex phenomenon and can vary greatly depending on the situation, (Malik & Garg, 2020). Overall, the debate on the impact of globalization reflects a variety of views and approaches, (Afshan et al., 2021). Proponents of globalization highlight the economic benefits, efficiency, innovation, and cultural exchange that result from globalization, while critics emphasize issues such as inequality, environmental impacts, cultural diversity, and dependency, (Rubel et al., 2021). The impact of globalization is an issue that continues to grow and is important in global discussions, which requires a deep understanding and a balanced approach in managing it, (Kafetzopoulos et al., 2020). Understand How The Process Of Globalization is Creating Opportunities and Challenges for Management Prentice The globalization process opens up very significant opportunities and challenges for management practices, (Al-Kwifi et al., 2020). On the opportunity side, globalization allows access to vast global markets, opening up new growth and revenue potential for companies, (Akkermans et al., 2020). For example, a small e-commerce business can easily sell its products to customers all over the world through platforms like Amazon and eBay, (Amankwah-Amoah et al., 2021). Additionally, globalization opens the door to diverse human resources from around the world, allowing companies to recruit individuals with specialized skills and diverse skill sets, which can support innovation and create a dynamic workforce, (Mangaliso et al., 2022). Management also has the opportunity to optimize resource allocation in a more efficient manner, such as outsourcing tasks to lower cost areas. Additionally, globalization facilitates global networks that allow companies to build partnerships and collaborations with other companies around the world, creating opportunities for mutual growth and expansion, (Jonsson & Vahlne, 2023). Darmawan & Grenier, (2021), However, globalization also brings a number of challenges to management practices. Management must confront the complexities of managing cultural diversity in the workplace, including differences in cultural norms, communication styles, and work practices that may require a more nuanced leadership approach, (Y. Wang et al., 2023). Complex global supply chains can be a source of problems, especially when disruptions occur due to factors such as political instability, natural disasters or trade disputes, (Butzbach et al., 2020). Compliance with

international regulations is also a challenge, and failure to fulfill these obligations can result in legal issues and reputational damage, (Ben-Daya et al., 2021). Finally, management must also consider ethical and social responsibility issues at a global level, such as sustainability and ethical business practices, (Al Shraah et al., 2022). Thus, management practices in the era of globalization require adaptability, the ability to communicate across cultures, and a comprehensive understanding of the opportunities and challenges that surround it, (Fonseca & Picoto, 2020). In the era of globalization, company management is not only faced with increasingly fierce competition in the global market but also with changes in the way business operations are carried out, (Hsieh, 2020). This involves adapting to the continued development of information and communications technology, enabling crossborder teamwork and enabling real-time communications with clients and business partners around the world, (Ciulli & Kolk, 2023). Management must integrate advanced technology systems, maintain data security, and ensure that their teams have the technological skills necessary to meet these challenges, (Schneider & Thomson, 2023). This also means that management must focus on innovation in the development of products and services that are relevant to diverse global markets, (Akova & Kantar, 2021). Lierse, (2022) ,In addition, management must consider the role of ethics and social responsibility in making business decisions in the era of globalization. This includes ensuring that business operations comply with strict environmental and social standards, as well as paying attention to the social impacts that may arise from business decisions, including the impact on local communities, (Teece, 2022). Concern for ethical and social issues is increasingly becoming a focus for consumers and stakeholders, (Tamunomiebi & John-Eke, 2020). Therefore, management must take sustainable and responsible actions to maintain the company's image and support longterm sustainability, (Hassan et al., 2022). Thus, management in the era of globalization is not only about optimizing profits, but also about running a business responsibly and integrating ethical values in corporate culture, (Paddison & Hall, 2022). CONCLUSION Overall, globalization is a complex and profound phenomenon that encompasses various aspects of modern life. While it brings positive economic opportunities and cultural exchange, it is also accompanied by serious challenges. On the one hand, globalization has created broader global markets, motivated innovation, and facilitated cross-border interactions. It has raised living standards in many regions of the world and enriched the human experience through intensive cultural exchange. However, on the other hand, economic disparities are increasing between countries, as well vulnerability The global economy, which is vulnerable to crisis, is a major concern. In addition, concerns regarding the loss of cultural identity under the impact of globalization are also increasing.

In facing the complexities of globalization, it is important to take a balanced approach. While the opportunities of globalization need to be fully exploited, it is also crucial to overcome its negative impacts. International collaboration and cooperation are key to reducing economic inequality, protecting cultural diversity, and building a stable global financial system. With a deep awareness of these challenges, we can embrace the benefits of globalization while protecting fundamental human values and ensuring the sustainability of the global ecosystem.

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EXPLORING iNATIONAL iDIFFERENCES iIN iPOLITICAL, iECONOMIC, iAND iLEGAL iSYSTEMS iFOR iINFORMED iMANAGEMENT iPRACTICES Lecturer i: Dr. iEko iHandayanto, iM.M. Team iGroup i: Robby iKharisma iMmaulana (202110160311232) Airangga iErras iSaputra (202110160311236) Herawati iPuspita iDewi (202110160311238) MANAGEMENT iSTUDY FACULTY iOF iECONOMICS iAND iBUSINESS UNIVERSITY iOF iMUHAMMADIYAH iMALANG 2023

ABSTRAK The study's primary focus lies in exploring the intricate intricacies of political, economic, and legal system disparities on an international scale, and the significant influence they have on informed management practices. In today's interconnected world, organizations are required to navigate a wide array of regulatory environments, economic frameworks, and political contexts. This research takes a deep dive into the intricate nature of these distinctions, highlighting the crucial importance of understanding them to make management decisions that are both effective and well-informed. Through the examination of case studies and comparative evaluations, we shed light on how deviations in political ideologies, economic strategies, and legal structures impact business tactics, risk management, and overall operational efficiency. This study stands as an invaluable resource for international businesses and managers aiming to craft adaptable strategies and make informed decisions in the face of an increasingly intricate global landscape.

INTRODUCTION i Global iindustries iare itypically idominated iby ia ifew idisproportionately ilarge iand iinfluential itransnational icorporations, ior ikeystone iactors. iWhile iconcentration iof ieconomic iproduction iis inot ia inew iphenomenon, iin ian iincreasingly iinterconnected iand iglobalized iworld, ithe iscale iof ithe iimpacts iof ikeystone iactors ion idiverse isocial-ecological isystems icontinues ito igrow.(Hileman iet ial., i2020). i iBy idelving iinto ithe iintricate itapestry iof iglobal ipolitical, ieconomic, iand ilegal ilandscapes, iorganizations ican ienhance itheir iadaptability iand ieffectiveness iin idiverse iinternational ienvironmentsi(Philips, 2022). iVaried ieconomic iideologies, isuch ias icapitalism, isocialism, iand imixed ieconomies, iunderpin ithe iallocation iof iresources, iwealth idistribution, iand imarket idynamics i(H.-J. iChang, i2022). iThe isuccess iof ithese iendeavors ihinges ion ia inuanced iunderstanding iof ithe iinterwoven idynamics i(Of iet ial., i2023). In iour iincreasingly iinterconnected iand iglobalized iworld, ibusinesses iand iorganizations iare iextending itheir ireach iacross iinternational iborders iat ian iunprecedented irate. iThis iexpansion iinto iforeign imarkets ibrings iboth iopportunities iand ichallenges, ias icompanies inavigate idiverse inational icontexts iwith ivarying ipolitical, ieconomic, iand ilegal isystems. iThese idifferences ihave ia iprofound iimpact ion imanagement ipractices iand istrategies i(Journal, i2022). Problem ilies iin ithe ifact ithat imany icitizens iare iunable ito ifinance ithe icosts iof itheir ieducation. iSome icountries ihave iimplemented ia isystem iof ifinancing ithat iis icontingent ion iincome, iseeking ito iimprove ithe inumber iof istudents ientering iHE iand ito iincrease iaccess ito ieducational ifinancing; ihowever, ithis isystem irequires icommitments ifrom ihighereducation iinstitutions, ithe icountry, iand icompanies; ithus, ithis itext ianalyzes ithe ichallenges iand idifficulties iregarding ithe iimplementation iof ithe icurrent isystem (Garzón-Correa iet ial., i2022). iParticular iconditions iin ithe iexternal ienvironment iare iassociated iwith imarket-driven ientrepreneurship—more ispecifically, istartup ior iearly-stage ibusiness iactivity ithat iaddresses iopportunities iin ithe imarket i(opportunity-driven ientrepreneurship), iand ithat iwhich ioffers iunique iand inovel iproducts ior iservices ito icustomers i(innovative ientrepreneurship) (Ali iet ial., i2020).

DISCUSSION LO2-1 iUnderstand ihow ithe ipolitical isystems iof icountries idiffer. However, iif ithe iutilized isystem iof igovernment iis inot isynchronized, iit ican ibe iassured ithat ifailures iin igovernance iwill iarise.In ithe icontext iof iinternational ibusiness, iunderstanding ithese idiverse ipolitical isystems iis iparamount. iThese idifferences isignificantly iimpact ieconomic ipolicies, itrade iregulations, iand ibusiness ioperations, imaking iit iessential ifor iinternational ibusinesses ito inavigate iand iadapt ito ithe iunique ipolitical ilandscapes iof ithe icountries ithey ioperate iin. i((Azoeva iet ial., i2020)). iIn ithis icontext, ithe ieconomic ifactor ialways istrives ito ienhance ithe ination's ieconomy iand iis ievaluated ias ia ivital inational iinterest. iOne iof ithe inational iinterests iin ithe ieconomic iaspect iincludes ibolstering ithe itrade icooperation ibalance iof ia ination ito istrengthen iits iindustrial isector, iamong iother iobjectives. i(Nazara, i2023). Therefore, iin inavigating ithis iera iof iglobalization, idiverse ipolitical isystems iand ieffective igovernance iare ithe ikeys ito isuccess ifor icountries iin ithe iglobal ieconomic icontext. iPolitical isystems ithat ialign iwith ia ination's isocial, icultural, iand ieconomic iconditions iform ithe ifoundation ithat ienables isustainable idevelopment ion ithe iinternational istage. i(Said iet ial., i2023). iLegal iCompliance iand iBusiness iEthics, iDifferences iin ilegal isystems irequire ibusinesses ito icarefully iunderstand ilocal irules iand iregulations. iMistakes iin iunderstanding ior idisregarding ilocal ilegal iregulations ican ihave iserious iconsequences, iincluding ifines iand isanctions. iTherefore, iinternational ibusinesses ineed istrong icompliance ipolicies iand imust iensure ithat iall itheir iactions ialign iwith ithe ilocal ilegal iframework i(Mickiewicz iet ial., i2021). iMarket iStrategies iand iInternational iExpansion, i iUnderstanding ithe ipolitical isystem iin itarget imarkets iis ia icritical istep iin iplanning imarketing istrategies iand iexploration. iBusinesses ineed ito itailor itheir iapproaches ibased ion ithe ipolitical ilandscape iof ithe icountries ithey iintend ito ioperate iin i(Said iet ial., i2023). LO2-2 iUnderstand ihow ithe ieconomic isystems iof icountries idiffer. In ithis iera iof iglobalization, iwhere icommodity iexchange iand iinvestments iswiftly icross inational iborders, iunderstanding ithe idifferences iin ieconomic isystems iacross ivarious icountries ibecomes ia icrucial ikey ito iinternational ibusiness isuccess i(Hedlund, i2022). iThe

ititle, i"Understanding ithe iVarieties iof iEconomic iSystems iAcross iCountries," iexplores ithe icrucial iconcept iof ieconomic isystems, iwhich iform ithe ifoundation iof ia ination's ifinancial iframework. iThese isystems iencompass ithe irules, iinstitutions, iand iarrangements igoverning iresource iallocation iand ithe idistribution iof igoods iand iservices iwithin ia icountry i They iexert ia iprofound iinfluence ion ia ination's ieconomic iterrain, iimpacting iaspects iranging ifrom iemployment iprospects ito iliving istandards (Katusiime & Schütt, 2020). . One iof ithe icentral idistinctions iin ieconomic isystems ilies ibetween imarket ieconomies iand iplanned ieconomies. iMarket ieconomies, ior icapitalism, irely ion isupply iand idemand iin ia ifree imarket ito iallocate iresources i(de iSoysa i& iVadlamannati, i2023). iThis iapproach iempowers iindividuals and ibusinesses ito imake idecisions ibased ion itheir iself-interest, iencouraging icompetition iand iinnovation. iPlanned ieconomies, iin icontrast, ifeature icentralized igovernment icontrol iover iresource iallocation, iproduction, iand idistribution, ias iseen iin isocialist ior icommunist isystems i(Type iet ial., i2023). Another isignificant idifference iin ieconomic isystems iarises ifrom ithe iextent iof igovernment iintervention. iSome icountries iadopt ia ilaissez-faire iapproach, iadvocating iminimal igovernment iinvolvement iin ieconomic iaffairs. iThis imodel iallows imarkets ito ioperate iwith iminimal iregulation, iaiming ito ifoster iefficiency iand iproductivity i(Bassen i& iKovács, i2021). iConversely, iinterventionist isystems iinvolve isubstantial igovernment iintervention ithrough ipoliciesilike itaxation, isubsidies, iand iregulatory iframeworksito iaddress imarket ifailures iand iensure isocial iwelfare i(Murschetz, i2020). The iprevalence iof iprivate iownership iand icontrol iof iresources iis ianother ipivotal iaspect iof ieconomic isystems. iIn icapitalist ieconomies, ithe imajority iof iresources iare iowned iby iprivate iindividuals ior ientities, iwho ican iutilize, isell, ior itrade ithem ibased ion imarket idynamics i(Rakhimova iet ial., i2021). iIn icontrast, iin isocialist ior imixed ieconomies, ithere iis ioften ia icombination iof iprivate iand ipublic iownership, iwith icertain icrucial iindustries ior iservices iunder igovernment icontrol i(O’Neill, i2020). Economic isystems ialso imanifest idisparities iin itheir iapproach ito iincome idistribution. iFor iinstance, icapitalist isystems itend ito iyield ia ibroader irange iof iincome idisparities, iwith isome iindividuals iaccumulating isubstantial iwealth iwhile iothers imay istruggle ito imeet ibasic

ineeds i(van iDoorn i& iBadger, i2020). iConversely, isocialist imodels ioften istrive ifor imore iequitable iwealth idistribution ithrough iprogressive itaxation, isocial isafety inets, iand ipublic iservices i(Picciotto, i2022). LO i2-3 iUnderstand ihow ithe ilegal isystems iof icountries idiffer. The ilegal isystems iof inations iare ipivotal iin ishaping itheir isocietal, ieconomic, iand ipolitical ilandscapes, iencompassing ilaws, iregulations, iand ijudicial iprocesses i(Berger, i2021). iUnderstanding ithe idistinctions iand ivariations ibetween ithese ilegal iframeworks iis icrucial ifor iindividuals iand ibusinesses iinvolved iin iglobal iactivities. iIt iequips ithem ito ieffectively inavigate ilegal ienvironments iand imake iwell-informed idecisions (Mende, i2023). The iprimary idifferentiation iin ilegal isystems istems ifrom itheir iorigins iand ibases. iCommon ilaw isystems, iprevalent iin icountries ilike ithe iUnited iStates iand ithe iUnited iKingdom, irely iheavily ion iprecedent iand icase ilaw ifor iinterpreting iand iapplying ilegal iprinciples i(Wardhani iet ial., i2022). iConversely, icivil ilaw isystems, itypically ifound iin icontinental iEurope, iplace igreater iemphasis ion icodified istatutes iand icomprehensive ilegal icodes ias itheir iprimary ilegal isources i. iThis icore idistinction iinfluences ithe iresolution iof ilegal idisputes iand ithe iinterpretation iof ilaws i. iThe irole iof ithe ijudiciary iand ilegal iprofessionals ialso ivaries iconsiderably iacross idifferent ilegal isystems i. iIn isome inations, ijudges iare iseen ias iimpartial iinterpreters iof ithe ilaw, iwhile iin iothers, ithey imay iplay ia imore iactive irole iin iinvestigating iand iestablishing ifacts. iAdditionally, ithe ilegal iprofession iitself, iincluding ithe iqualifications iand iresponsibilities iof ilawyers, imay idiffer, iaffecting ithe iprovision iand iaccessibility iof ilegal iservices i(Putra, i2020). iThe iprocess iof icreating iand iamending ilaws iis ianother icrucial iaspect ithat isets ilegal isystems iapart. iCertain inations ihave ia icentralized ilegislative iprocess, iwhere ia isingle ientity iis iresponsible ifor iformulating iand imodifying ilaws i(Crystallography, i2020). iOthers imay ihave ia imore idecentralized isystem, iinvolving imultiple ibranches ior ilevels iof igovernment iin ithe ilegislative iprocess i(Konashevych, i2020). iThis idiversity ican ilead ito ivariations iin ithe ispeed iand iease iof ilegal ichanges.

iAdditionally, ithe ilevel iof icodification iin ilegal isystems isignificantly icontributes ito itheir idivergence i(Ludwig i& iMullainathan, i2021). iCivil ilaw isystems ioften irely ion icomprehensive icodes ithat icover ivarious ilegal iareas, iproviding ia istructured iand iclear iframework. iConversely, icommon ilaw isystems imay iadopt ia imore iadaptable iand iflexible iapproach, iallowing ifor igreater ievolution iof ilegal iprinciples ithrough icase-by-case idecisions i(Yelvita, i2022). iThe itreatment iof icontracts iand iproperty irights ican ialso idiffer isignificantly iamong ilegal isystems. iSome icountries imay iemphasize iwritten icontracts iand iprioritize ithe isanctity iof icontractual iobligations i(Man, i2021). iIn icontrast, iothers imay iattach igreater iimportance ito irelational iand iverbal iagreements. iSimilarly, ithe iconcept iof iproperty irights, iincluding iownership, itransfer, iand iprotection, ican ivary, iimpacting ihow iassets iare imanaged iand iutilized i(Jakobsson iet ial., i2021). iHuman irights iand icivil iliberties iare ivital ielements iof ilegal isystems, iand itheir iinterpretation iand iprotection imay idiverge iwidely i(Endsjø, i2020). iSome inations imay ihave irobust ilegal iframeworks idedicated ito isafeguarding iindividual ifreedoms, iwhile iothers imay iadopt ia imore irestrained iapproach i(Phillip iEsavwede iet ial., i2023). iThis idisparity ican iinfluence iareas isuch ias ifreedom iof ispeech, iprivacy irights, iand idue iprocess. iCriminal ijustice isystems ialso idemonstrate isignificant idifferences, iparticularly iregarding iprocedures, ipenalties, iand irehabilitation iefforts i(MacUlan i& iGil iGil, i2020). iSome ilegal isystems iprioritize ipunitive imeasures, ifocusing ion ideterrence iand ipunishment. iConversely, iothers imay iemphasize irehabilitation iand ithe ireintegration iof ioffenders iinto isociety i(Izuchukwu, i2023). The irole iof iadministrative ilaw iand iregulatory ibodies ifurther icontributes ito ithe idiversity iof ilegal isystems i(Laird, i2021). iSome icountries ihave iextensive iregulatory iframeworks igoverning ivarious iindustries iand iactivities, iwhile iothers imay iadopt ia imore ihands-off iapproach. iThis ivariance ican iimpact iareas isuch ias ibusiness ioperations, ienvironmental icompliance, iand iconsumer iprotection i(Rodiyah iet ial., i2023). To isummarize, icomprehending ithe idistinctions iamong ilegal isystems iis iimperative ifor ianyone iengaging iin iglobal iaffairs, iwhether iindividuals, ibusinesses, ior ipolicymakers

i(Dionysis iet ial., i2022). iIt iempowers ithem ito ianticipate iand inavigate ilegal ichallenges, ipromotes ieffective icross-border icollaborations, iand iultimately iensures iadherence ito ithe ilaws iof ithe icountries iin iwhich ithey ioperate i(Y. iChang iet ial., i2020). iBy iacknowledging iand irespecting ithese idifferences, istakeholders ican ifoster istronger iglobal irelationships iand icontribute ito ia imore iharmonious iand ilegally iinformed iinternational icommunity. LO i2-4 iExplain ithe iImplication ifor imanagement ipractice iof inational idifferences iin ipolitical ieconomi. Specifically, iwe iconsider ithe ijuxtaposition iof inational idifferences iand ilevels iof ifirm iinteraction iwith ithe idifferent icontexts. iThus, iwe idevelop ithe iconcept iof ifriction ito iassess ilevels iof ieconomic iand ipolitical idifferences. iWe ifurther iargue ithat ieconomic ifriction iwill ihave ia icurvilinear i(U-shaped) ieffect ion iforeign idivestment, iwhereas ipolitical ifriction iwill iproduce ia imonotonic i(positive) ieffect iHere iare ithe ikey iimplications ifor imanagement ipractice iresulting ifrom inational idifferences iin ipolitical ieconomy i(Nguyen iet ial., i2022). iThe imain ipurpose iof ithe ipaper iis ito ianalyse ithe iinternational imarket ientry istrategies iin ithe ilight iof iglobalisation iprocesses iand ito ipropose ia iconceptual imodel iof iturnkey iprojects ias imarket ientry imode i(Vassileva i& iNikolov, i2021). iA imarket ientry istrategy iis ithe iplanned imethod iof idelivering igoods ior iservices ito ia inew itarget imarket iand idistributing ithem ithere. iWhen iimporting ior iexporting iservices, iit irefers ito iestablishing iand imanaging icontracts iin ia iforeign icountry i(Philips, i2021). iRisk iassessment iand imanagement iwas iestablished ias ia iscientific ifield isome i30-40 iyears iago i(Aven, i2020). iRisk iassessment iand imanagement iplay ia ipivotal irole iin iensuring ithe isuccessful iexecution iof iconstruction iprojects i(Negi, i2021). iLegal iand iregulatory iframeworks idiffer isignificantly. iManagers imust iensure ithat itheir ibusiness ioperations icomply iwith ilocal ilaws iand iregulations, iwhich imay iencompass iareas ilike ilabor, itrade, ienvironmental istandards, iand itaxation. iNoncompliance ican ilead ito ilegal iand ireputational irisks i(Garzón-Correa iet ial., i2022). i Although ipractitioners ihave ilong isought ito idefine irisk iculture, iits irole iin istrategic idecision-making iis inot iyet iwell iunderstood i(Osman i& iLew, i2021). iMotivated iby ithe ipaucity iof istudies iexamining ithe ieffects iof istrategic idecision-making iprocesses ion iaccelerated iinternationalization, ithis istudy idraws ion ithe iorganizational iinformation iprocessing itheory i(Petrou iet ial., i2020). iIn isummary, inational idifferences iin ipolitical ieconomy ihave ifar-reaching

iimplications ifor imanagement ipractice. iSuccessful iinternational imanagement irequires iadaptability, isensitivity ito ilocal icontexts, iand ia ideep iunderstanding iof ithe ipolitical iand ieconomic ilandscape iin ieach imarket. iBy iconsidering ithese iimplications, ibusinesses ican imake iinformed idecisions ithat icontribute ito itheir isuccess iin ia icomplex iglobal ibusiness ienvironment i(Philips, i2021). CONCLUSION In itoday's iglobalized ibusiness ilandscape, iexploring iand iunderstanding ithe inational idifferences iin ipolitical, ieconomic, iand ilegal isystems iis iimperative ifor iinformed imanagement ipractices. iThe icomplexities iand inuances iof ithese idifferences ihave iprofound iimplications ifor ihow ibusinesses ioperate, imake istrategic idecisions, iand ibuild isustainable isuccess ion ithe iinternational istage. iAs iorganizations iexpand iinto iforeign imarkets, ithey imust irecognize ithe idiversity iin ipolitical isystems, iranging ifrom idemocracies ito iautocracies, iand ithe iimpact iof ithese isystems ion iregulatory ienvironments iand igovernment irelations. iA inuanced iunderstanding iof ieconomic isystems, iwhether imarket-driven, imixed, ior icentrally iplanned, iguides idecisions iregarding itrade, icurrency iexchange, iand iconsumer ibehavior. iAdditionally, inavigating ithe ivarious ilegal isystems, isuch ias icommon ilaw, icivil ilaw, iand ireligious ilaw, iis icrucial ifor iensuring icompliance, iprotecting iproperty irights, iand iresolving idisputes. Management ipractices ithat iembrace ithese inational idifferences iare ibetter iequipped ito idevelop ieffective imarket ientry istrategies, iassess iand imitigate irisks, iand icreate ivalue ifor istakeholders. iThe iimplications ifor imanagement iare ivast, iencompassing imarket ientry istrategies itailored ito ieach iunique ienvironment, icareful irisk iassessment iand imanagement, icompliance iwith ilocal iregulations, iand iadaptability ito idiverse icultures iand iethical iconsiderations. iMoreover, ibuilding ipositive igovernment irelations, ioptimizing isupply ichains, iand imaking istrategic idecisions ithat ialign iwith ithe ilocal icontext iare ipivotal. iCollaborative iapproaches ithrough ialliances iand inetworks, iutilizing ithe idigital irealm ifor ie-commerce, iand iventuring iinto iturnkey iprojects idemonstrate ithe iflexibility iand icreativity irequired ito ithrive iin iglobal imarkets.

The ipath ito iinformed imanagement ipractices iin ithe iface iof inational idifferences iin ipolitical, ieconomic, iand ilegal isystems ibegins iwith icomprehensive iknowledge iand irecognition iof ithese idifferences. iAs ibusinesses iacknowledge iand iadapt ito ithe iintricacies iof ipolitical, ieconomic, iand ilegal isystems, ithey iare iwell-positioned ito ilead iin ithe iglobal iarena iwhile ifostering iinternational irelationships iand imutual iunderstanding.

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iof ithe inational ieconomy iusing idigital itechnology. iAcademy iof iStrategic iManagement iJournal, i20(1), i1–15. Rodiyah, iR., iIdris, iS. iH., i& iSmith, iR. iB. i(2023). iMainstreaming iJustice iin ithe iEstablishment iof iLaws iand iRegulations iProcess: iComparing iCase iin iIndonesia, iMalaysia, iand iAustralia. iJournal iof iIndonesian iLegal iStudies, i8(1), i333–378. ihttps://doi.org/10.15294/jils.v7i2.60096 Said, iG., iAzamat, iK., iRavshan, iS., i& iBokhadir, iA. i(2023). iAdapting iLegal iSystems ito ithe iDevelopment iof iArtificial iIntelligence: iSolving ithe iGlobal iProblem iof iAI iin iJudicial iProcesses. iInternational iJournal iof iCyber iLaw i|, i4. Type, iI., iPham, iN., iPham, iA. iN., iJournal, iA., iJournal, iA., i& iLicense, iI. i(2023). iPlanned ieconomies, iin icontrast, ifeature icentralized igovernment icontrol iover iresource iallocation, iproduction, iand idistribution, ias iseen iin isocialist ior icommunist isystems. van iDoorn, iN., i& iBadger, iA. i(2020). iPlatform iCapitalism’s iHidden iAbode: iProducing iData iAssets iin ithe iGig iEconomy. iAntipode, i52(5), i1475–1495. ihttps://doi.org/10.1111/anti.12641 Wardhani, iL. iT. iadoption iof ivarious ilegal isystems iin iI. ian ieffort ito iinitiate ithe iprismatic iM. iL. iS. iA. iL., iNoho, iM. iD. iH., i& iNatalis, iA. i(2022). iThe iadoption iof ivarious ilegal isystems iin iIndonesia: ian ieffort ito iinitiate ithe iprismatic iMixed iLegal iSystems. iCogent iSocial iSciences, i8(1). ihttps://doi.org/10.1080/23311886.2022.2104710 Yelvita, iF. iS. i(2022). iNo iTitleהכי iקשה iלראות iאת iמה iשבאמת iלנגד iהעינים .iהארץ ,i8.5.2017, i2003–2005. Ali, iA., iKelley, iD. iJ., i& iLevie, iJ. i(2020). iMarket-driven ientrepreneurship iand iinstitutions. iJournal iof iBusiness iResearch, i113. ihttps://doi.org/10.1016/j.jbusres.2019.03.010 Azoeva, iO. iV, iMikhalevich, iL. iY., iOstapenko, iV. iA., i& iShim, iG. iA. i(2020). iThe iLabor iNature iChanges iand iits iRegulation iChallenge iCaused iby iGlobal

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Hedlund, iS. i(2022). iIncentives iand iEconomic iSystems. iIn iIncentives iand iEconomic iSystems. ihttps://doi.org/10.4324/9781003261537 Hileman, iJ., iKallstenius, iI., iHäyhä, iT., iPalm, iC., i& iCornell, iS. i(2020). iKeystone iactors ido inot iact ialone: iA ibusiness iecosystem iperspective ion isustainability iin ithe iglobal iclothing iindustry. iPLoS iONE, i15(10 iOctober). ihttps://doi.org/10.1371/journal.pone.0241453 Izuchukwu, iA. iP. i(2023). iCaritas iJournal iof iManagement i, iSocial iSciences iand iHumanities iPolitical iIdeology iand iits iInfluence ion iCriminal iJustice iPolicy iin iNigeria. Jakobsson, iR., iOlofsson, iE., i& iAmbrose-Oji, iB. i(2021). iStakeholder iperceptions, imanagement iand iimpacts iof iforestry iconflicts iin isouthern iSweden. iScandinavian iJournal iof iForest iResearch, i36(1), i68–82. ihttps://doi.org/10.1080/02827581.2020.1854341 Journal, iI. iM. i(2022). i" iAdvancements iat ithe iIntersection : iA iJournal iof iScience i, iTechnology i, iand iBusiness i". i02, i36–42. Katusiime, iJ., i& iSchütt, iB. i(2020). iIntegrated iwater iresources imanagement iapproaches ito iimprove iwater iresources igovernance. iWater i(Switzerland), i12(12), i1–22. ihttps://doi.org/10.3390/w12123424 Konashevych, iO. i(2020). iConstraints iand ibenefits iof ithe iblockchain iuse ifor ireal iestate iand iproperty irights. iJournal iof iProperty, iPlanning iand iEnvironmental iLaw, i12(2), i109–127. ihttps://doi.org/10.1108/JPPEL-12-2019-0061 Laird, iR. i(2021). iRegional iinternational ijuvenile iincarceration imodels ias ia iblueprint ifor irehabilitative ireform iof ijuvenile icriminal ijustice isystems iin ithe iUnited iStates. iJournal iof iCriminal iLaw iand iCriminology, i111(2), i571–603. Ludwig, iJ., i& iMullainathan, iS. i(2021). iFragile ialgorithms iand ifallible idecision-makers: iLessons ifrom ithe ijustice isystem. iJournal iof iEconomic iPerspectives, i35(4), i71–96. ihttps://doi.org/10.1257/jep.35.4.71

MacUlan, iE., i& iGil iGil, iA. i(2020). iThe iRationale iand iPurposes iof iCriminal iLaw iand iPunishment iin iTransitional iContexts. iOxford iJournal iof iLegal iStudies, i40(1), i132– 157. ihttps://doi.org/10.1093/ojls/gqz033 Man, iA. iDe. i(2021). iPrioritising iSocio-Economic iRights iin iSovereign iDebt iGovernance: iThe iObligations iof iPrivate iCreditors. iJournal ifor iJuridical iScience, i46(1), i57–88. ihttps://doi.org/10.18820/24150517/jjs46.i1.3 Mende, iJ. i(2023). iBusiness iauthority iin iglobal igovernance: iCompanies ibeyond ipublic iand iprivate iroles. iJournal iof iInternational iPolitical iTheory, i19(2), i200–220. ihttps://doi.org/10.1177/17550882221116924 Mickiewicz, iT., iStephan, iU., i& iShami, iM. i(2021). iThe iconsequences iof ishort-term iinstitutional ichange iin ithe irule iof ilaw ifor ientrepreneurship. iGlobal iStrategy iJournal, i11(4), i709–739. ihttps://doi.org/10.1002/gsj.1413 Murschetz, iP. iC. i(2020). iState iAid ifor iIndependent iNews iJournalism iin ithe iPublic iInterest? iA iCritical iDebate iof iGovernment iFunding iModels iand iPrinciples, ithe iMarket iFailure iParadigm, iand iPolicy iEfficacy. iDigital iJournalism, i8(6), i720–739. ihttps://doi.org/10.1080/21670811.2020.1732227 Negi, iA. i(2021). iRisk iAssessment iand iManagement iin iConstruction iProjects. iMathematical iStatistician iand iEngineering iApplications, i70(1). ihttps://doi.org/10.17762/msea.v70i1.2522 Nguyen, iH. iT. iT., iLarimo, iJ., i& iGhauri, iP. i(2022). iUnderstanding iforeign idivestment: iThe iimpacts iof ieconomic iand ipolitical ifriction. iJournal iof iBusiness iResearch, i139. ihttps://doi.org/10.1016/j.jbusres.2021.10.009 O’Neill, iM. i(2020). iSocial iJustice iand iEconomic iSystems: iOn iRawls, iDemocratic iSocialism, iand iAlternatives ito iCapitalism. iPhilosophical iTopics, i48(2), i159–201. Of, iJ., iPuram, iK., iJourney, iA. iP., i& iKnowledge, iO. iF. i(2023). iVOLUME iI iAND iISSUE iI iOF i2023 iRESEARCH iAS iA iPROFOUND iJOURNEY iOF iKNOWLEDGE iAND iUNDERSTANDING. iI(I), i34–41.

Osman, iA., i& iLew, iC. iC. i(2021). iDeveloping ia iframework iof iinstitutional irisk iculture ifor istrategic idecision-making. iJournal iof iRisk iResearch, i24(9). ihttps://doi.org/10.1080/13669877.2020.1801806 Petrou, iA. iP., iHadjielias, iE., iThanos, iI. iC., i& iDimitratos, iP. i(2020). iStrategic idecisionmaking iprocesses, iinternational ienvironmental imunificence iand ithe iaccelerated iinternationalization iof iSMEs. iInternational iBusiness iReview, i29(5). ihttps://doi.org/10.1016/j.ibusrev.2020.101735 Philips, iR. iA. i(2021). iMarket iEntry iStrategy. iIn iGuide iTo iSoftware iExport: iA iHandbook iFor iInternational iSoftware iSales. ihttps://doi.org/10.4324/9780203824795- 10 Phillip iEsavwede, iJ., iObiora iIfeanyi iNwabuoku, iM., i& iOmote iMrabure, iK. i(2023). iCombating iEndemic iCorruption iThrough iWhistleblowing iin iNigeria. ithe iNeed ifor ia iLegal iFramework. iJune. ihttps://nairametrics.com/ Picciotto, iS. i(2022). iSocialism, iProgressive iTaxation, iand ithe iFiscal iState. iSSRN iElectronic iJournal. ihttps://doi.org/10.2139/ssrn.4052558 Putra, iD. i(2020). ia iModern iJudicial iSystem iin iIndonesia: iLegal iBreakthrough iof iECourt iand iE-Legal iProceeding. iJurnal iHukum iDan iPeradilan, i9(2), i275. ihttps://doi.org/10.25216/jhp.9.2.2020.275-297 Rakhimova, iS., iGoncharenko, iL., iSybachin, iS., iNurgaliyeva, iA., iKunanbayeva, iK., i& iZayed, iN. iM. i(2021). iAn iempirical ianalysis ion ithe iformation iof imodern istructure iof ithe inational ieconomy iusing idigital itechnology. iAcademy iof iStrategic iManagement iJournal, i20(1), i1–15. Rodiyah, iR., iIdris, iS. iH., i& iSmith, iR. iB. i(2023). iMainstreaming iJustice iin ithe iEstablishment iof iLaws iand iRegulations iProcess: iComparing iCase iin iIndonesia, iMalaysia, iand iAustralia. iJournal iof iIndonesian iLegal iStudies, i8(1), i333–378. ihttps://doi.org/10.15294/jils.v7i2.60096 Said, iG., iAzamat, iK., iRavshan, iS., i& iBokhadir, iA. i(2023). iAdapting iLegal iSystems ito

ithe iDevelopment iof iArtificial iIntelligence: iSolving ithe iGlobal iProblem iof iAI iin iJudicial iProcesses. iInternational iJournal iof iCyber iLaw i|, i4. Type, iI., iPham, iN., iPham, iA. iN., iJournal, iA., iJournal, iA., i& iLicense, iI. i(2023). iPlanned ieconomies, iin icontrast, ifeature icentralized igovernment icontrol iover iresource iallocation, iproduction, iand idistribution, ias iseen iin isocialist ior icommunist isystems. van iDoorn, iN., i& iBadger, iA. i(2020). iPlatform iCapitalism’s iHidden iAbode: iProducing iData iAssets iin ithe iGig iEconomy. iAntipode, i52(5), i1475–1495. ihttps://doi.org/10.1111/anti.12641 Wardhani, iL. iT. iadoption iof ivarious ilegal isystems iin iI. ian ieffort ito iinitiate ithe iprismatic iM. iL. iS. iA. iL., iNoho, iM. iD. iH., i& iNatalis, iA. i(2022). iThe iadoption iof ivarious ilegal isystems iin iIndonesia: ian ieffort ito iinitiate ithe iprismatic iMixed iLegal iSystems. iCogent iSocial iSciences, i8(1). ihttps://doi.org/10.1080/23311886.2022.2104710 Yelvita, iF. iS. i(2022). iNo iTitleהכי iקשה iלראות iאת iמה iשבאמת iלנגד iהעינים .iהארץ ,i8.5.2017, i2003–2005. Ali, iA., iKelley, iD. iJ., i& iLevie, iJ. i(2020). iMarket-driven ientrepreneurship iand iinstitutions. iJournal iof iBusiness iResearch, i113. ihttps://doi.org/10.1016/j.jbusres.2019.03.010 Jakobsson, iR., iOlofsson, iE., i& iAmbrose-Oji, iB. i(2021). iStakeholder iperceptions, imanagement iand iimpacts iof iforestry iconflicts iin isouthern iSweden. iScandinavian iJournal iof iForest iResearch, i36(1), i68–82. ihttps://doi.org/10.1080/02827581.2020.1854341 Journal, iI. iM. i(2022). i" iAdvancements iat ithe iIntersection : iA iJournal iof iScience i, iTechnology i, iand iBusiness i". i02, i36–42. Katusiime, iJ., i& iSchütt, iB. i(2020). iIntegrated iwater iresources imanagement iapproaches ito iimprove iwater iresources igovernance. iWater i(Switzerland), i12(12), i1–22. ihttps://doi.org/10.3390/w12123424

Laird, iR. i(2021). iRegional iinternational ijuvenile iincarceration imodels ias ia iblueprint ifor irehabilitative ireform iof ijuvenile icriminal ijustice isystems iin ithe iUnited iStates. iJournal iof iCriminal iLaw iand iCriminology, i111(2), i571–603. Ludwig, iJ., i& iMullainathan, iS. i(2021). iFragile ialgorithms iand ifallible idecision-makers: iLessons ifrom ithe ijustice isystem. iJournal iof iEconomic iPerspectives, i35(4), i71–96. ihttps://doi.org/10.1257/jep.35.4.71 MacUlan, iE., i& iGil iGil, iA. i(2020). iThe iRationale iand iPurposes iof iCriminal iLaw iand iPunishment iin iTransitional iContexts. iOxford iJournal iof iLegal iStudies, i40(1), i132– 157. ihttps://doi.org/10.1093/ojls/gqz033 Man, iA. iDe. i(2021). iPrioritising iSocio-Economic iRights iin iSovereign iDebt iGovernance: iThe iObligations iof iPrivate iCreditors. iJournal ifor iJuridical iScience, i46(1), i57–88. ihttps://doi.org/10.18820/24150517/jjs46.i1.3 Mende, iJ. i(2023). iBusiness iauthority iin iglobal igovernance: iCompanies ibeyond ipublic iand iprivate iroles. iJournal iof iInternational iPolitical iTheory, i19(2), i200–220. ihttps://doi.org/10.1177/17550882221116924 Mickiewicz, iT., iStephan, iU., i& iShami, iM. i(2021). iThe iconsequences iof ishort-term iinstitutional ichange iin ithe irule iof ilaw ifor ientrepreneurship. iGlobal iStrategy iJournal, i11(4), i709–739. ihttps://doi.org/10.1002/gsj.1413 Murschetz, iP. iC. i(2020). iState iAid ifor iIndependent iNews iJournalism iin ithe iPublic iInterest? iA iCritical iDebate iof iGovernment iFunding iModels iand iPrinciples, ithe iMarket iFailure iParadigm, iand iPolicy iEfficacy. iDigital iJournalism, i8(6), i720–739. ihttps://doi.org/10.1080/21670811.2020.1732227 Negi, iA. i(2021). iRisk iAssessment iand iManagement iin iConstruction iProjects. iMathematical iStatistician iand iEngineering iApplications, i70(1). ihttps://doi.org/10.17762/msea.v70i1.2522 Phillip iEsavwede, iJ., iObiora iIfeanyi iNwabuoku, iM., i& iOmote iMrabure, iK. i(2023). iCombating iEndemic iCorruption iThrough iWhistleblowing iin iNigeria. ithe iNeed ifor ia

iLegal iFramework. iJune. ihttps://nairametrics.com/ Picciotto, iS. i(2022). iSocialism, iProgressive iTaxation, iand ithe iFiscal iState. iSSRN iElectronic iJournal. ihttps://doi.org/10.2139/ssrn.4052558 Putra, iD. i(2020). ia iModern iJudicial iSystem iin iIndonesia: iLegal iBreakthrough iof iECourt iand iE-Legal iProceeding. iJurnal iHukum iDan iPeradilan, i9(2), i275. ihttps://doi.org/10.25216/jhp.9.2.2020.275-297 Rakhimova, iS., iGoncharenko, iL., iSybachin, iS., iNurgaliyeva, iA., iKunanbayeva, iK., i& iZayed, iN. iM. i(2021). iAn iempirical ianalysis ion ithe iformation iof imodern istructure iof ithe inational ieconomy iusing idigital itechnology. iAcademy iof iStrategic iManagement iJournal, i20(1), i1–15. Rodiyah, iR., iIdris, iS. iH., i& iSmith, iR. iB. i(2023). iMainstreaming iJustice iin ithe iEstablishment iof iLaws iand iRegulations iProcess: iComparing iCase iin iIndonesia, iMalaysia, iand iAustralia. iJournal iof iIndonesian iLegal iStudies, i8(1), i333–378. ihttps://doi.org/10.15294/jils.v7i2.60096 Said, iG., iAzamat, iK., iRavshan, iS., i& iBokhadir, iA. i(2023). iAdapting iLegal iSystems ito ithe iDevelopment iof iArtificial iIntelligence: iSolving ithe iGlobal iProblem iof iAI iin iJudicial iProcesses. iInternational iJournal iof iCyber iLaw i|, i4.

Analyzing National Disparities in Economic Development: Unraveling the Factors Shaping Divergent Growth Paths Lecturer in charge: Dr. Eko Handayanto, Drs. M.M. Group 3 Fransiska Aprodite Afianto (202110160311217) Dewi Yasinta Putri (202110160311251) MANAGEMENT STUDY PROGRAM FACULTY OF ECONOMICS AND BUSINESS UNIVERSITY OF MUHAMMADIYAH MALANG 2023

Abstract This research is dedicated to a comprehensive analysis of national disparities in economic development, with a central focus on unraveling the multifaceted factors that contribute to divergent growth paths among nations. Employing a rigorous analytical framework, this study seeks to identify and examine the pivotal variables that exert influence on economic disparities across countries, spanning dimensions such as economic structures, social dynamics, and policy frameworks. Methodologically, the research employs a combination of data collection methodologies, including the aggregation of national economic indicators, regression analysis, and sophisticated statistical modeling. By delving into the intricate interplay of these factors, the study aims to elucidate the nuanced relationships and causal links that underlie the observed economic disparities. The utilization of regression analysis will allow for the quantification of the relative impact of each identified factor, providing a nuanced understanding of their contributions to national economic variations. Additionally, statistical modeling will be employed to simulate scenarios and project potential future trajectories, enhancing the predictive capacity of the study. The anticipated outcomes of this research extend beyond a mere identification of disparities; rather, they aim to offer profound insights into the complex dynamics shaping economic inequality. Consequently, these insights are expected to serve as a robust foundation for the formulation of more targeted, effective, and sustainable development policies. This research is poised to contribute to the ongoing discourse on global economic development by providing a nuanced understanding of the intricacies involved in national economic disparities. Keywords: economic disparities, national economic development, determinant factors, regression analysis, statistical modeling, development policies, global economic dynamics.

INTRODUCTION Global trade and investment have become an inevitable phenomenon in recent years (Aflah et al., 2023; E. Sinaga & L. Siagian, 2023). In the era of globalization, the world is becoming more open and connected, making international business a necessity for many companies to compete in the global market and to achieve greater profits (Gijoh, 2021; Gumilar, 2018). However, rapid economic growth not only brings benefits to companies, but can also have adverse environmental impacts (kementrian keuangan, 2023; Sidiq, 2023). One example of the imbalance between the economy and the environment is the occurrence of climate change, which is increasingly damaging the conditions of the earth (Utami, 2021). Climate change is caused by human activities that create a lot of greenhouse gas emissions, such as carbon dioxide, methane, and ozone (S. W. Siregar & Hasbi, 2023; Utami, 2021). Increased industrial and transportation activities are the main cause of environmental damage (Nagel & Suhartatik, 2022) . Therefore, in international business, companies need to pay attention to sustainable policies in their operations (Rifa & Hossain, 2023). B Many global companies have already implemented sustainable principles, such as prevention action plans in the workplace and increased supply chain sustainability (Nelson & Meiden, 2023). However, sustainable policies can only be implemented with regulations and cooperation among countries (Artha Madya Saragih et al., 2023). This requires actions not only from companies and society, but also from governments in strengthening environmental policies, introducing environmentally friendly technologies, and providing incentives for companies that implement sustainable business practices (Ariyadi, 2022; Nurita, 2021). On the other hand, adopting environmental policies can bring long-term benefits to companies (If’all & Unsunnidhal, 2023). By implementing environmentally responsible practices, companies can find new ways to increase productivity and efficiency in their operations (Suradi et al., 2021). In addition, implementing sustainable policies can also improve a company's reputation in the global market (Kumajas et al., 2022). In today's digital age, consumers and investors are becoming increasingly concerned about their environmentally friendly products and investments (Almeida & Gonçalves, 2023; Phan et al., 2023). Therefore, creating sustainable business

practices can enhance a company's image and provide better business opportunities (Dwi Lestari & Merthayasa, 2023; Sjioen et al., 2023; Vinata Wisnu Saputra et al., 2023). Maintaining the sustainability of international business indeed requires hard work and innovation from all relevant parties (Dwi Krisdianto & Gunawan, 2023). However, success in implementing sustainable business practices can provide longterm benefits for the environment and the economic prosperity and society (Mutiara, 2022; Ramadlani et al., 2023). In order to improve the sustainability of international business, companies and governments must work together to find ways to promote environmentally friendly and sustainable business practices (Sitanggang & Nasution, 2023). In addition, governments also need to encourage the development of green technology and strengthen international cooperation to achieve harmony between the economy and the environment (Lestari, 2020). Therefore, this paper discusses maintaining the balance between the environment and the economy through global trade and investment which can provide a better understanding of international business that can promote sustainable economic growth.