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THE ROLE OF TECHNOLOGY IN GLOBAL CAPITAL MARKET TRANSFORMATION Arranged by : Aurellia Elvaretta 202110160311240 Elsa Rima Ovilia 202110160311243 Kiagus M Fathan 202110160311253 MANAGEMENT FACULTY OF ECONOMICS AND BUSINESS MUHAMMADIYAH UNIVERSITY OF MALANG 2023 Translated from Indonesian to English - www.onlinedoctranslator.com

INTRODUCTION (M. Fauzan & Suhendro, 2018)In recent years, global capital markets have undergone major changes, and one of the main factors driving these changes is technological progress.(Setiawan, 2020)One of the biggest impacts of technology in global capital markets is increased accessibility i.e. online trading platforms have enabled investors from all over the world to easily access global capital markets. This not only opens up investment opportunities for individuals in various countries, but also increases market liquidity and portfolio diversification.(Fonna, 2019). Technological advances have made a very positive contribution to efficiency, accessibility, and transparency in global capital markets. In the digital era, the role of technology in the transformation of global capital markets has become increasingly important, and technological innovations such as blockchain, artificial intelligence, and trading algorithms have changed the way capital markets operate. According to(Patricia Sumual, 2023)Capital market challenges in technological developments also arise in terms of the limitations of securities products offered, the importance of increasing investor protection, and related regulations governing fairness in transactions. Nofal, Lutfi. (2020) Technology has had a significant impact on global financial markets, particularly through high-frequency trading (HFT) practices.(Hendershott & Riordan, 2013)Algorithms and Automated Trading (Algorithmic Trading): Automated trading uses complex algorithms to identify trading opportunities and execute orders quickly thereby increasing liquidity and reducing trading costs. Iossifov, MPK, & Schmidt, TD (2021) Big Data and Analytics: Advances in data analytics have enabled financial companies to extract insights from the large volumes of data they collect. This helps in identification of market trends, risk management and smarter decision making.(R. Fauzan et al., 2023)Fintech companies have disrupted financial markets by offering innovative solutions such as digital payments, peer-to-peer lending, and roboadvisors. The prospects for the future are the country's economic growth, potential for leading sectors, regulatory support, potential for technological innovation(Hermanto & Dewinta, 2023). In order to overcome challenges and take advantage of capital market prospects, it is important to continue reform and efforts to develop inclusive, transparent and stable capital markets (Sakinah et al., 2021). It is necessary to increase capital market education for companies and the general public, including the middle class, so that they understand the benefits and potential of investing in the capital market(Anfasa, 2023). The government can provide incentives for companies that make a public offering (go public) to encourage more companies to enter the capital market(Haerunnisa Nas et al., 2023). It is also important to increase capital market liquidity and develop derivative instruments and markets to provide more investment choices to the middle class (Permata & Ghoni, 2019). The role of technology in the transformation of global capital markets has become increasingly significant in recent decades(Randa et al., 2023). Technology has brought major changes in how capital markets operate, affecting various aspects, including efficiency, accessibility, security and openness(Kamil, 2023). Thanks to electronic trading, stock and bond transactions can occur instantly via online trading platforms, increasing overall trading efficiency(Ibnu Fauzi Akbar et al., 2023). Additionally, technology has enabled the development of sophisticated trading algorithms and high-speed trading, which increases market liquidity(Indrawan & Rikumahu, 2023). The internet and mobile technology have democratized access to capital markets, allowing retail investors to participate with lower costs and more readily available information.(Olivia, 2016). While blockchain technology brings additional security and

transparency in capital market transactions(Natsir et al., 2023). The technology is also used for big data analysis, artificial intelligence and security protection, making it an important element in the ever-evolving global capital markets. This transformation continues with further technological developments such as cloud computing, blockchain technology, and artificial intelligence(Imelda, 2023). Global capital markets have also felt the impact of technology with the growth of artificial intelligence (AI) technology used for market analysis, risk monitoring and portfolio management(Supriandi & Masela, 2023). AI is able to process data quickly and accurately, helping investors make more informed investment decisions(Nadapdap & Helmi, 2023). Artificial intelligence technology is also used in robo-advisors, which provide automatically tailored investment advice to investors at lower costs than human advisors(Wardono et al., 2023). In addition, blockchain, the technology underlying cryptocurrencies such as Bitcoin, has also changed the way transactions are carried out in capital markets(Rusdin, 2021). Blockchain allows transactions to be validated and recorded in a secure and transparent block chain(Larasati, 2016). This has the potential to reduce the risk of fraud and enable faster and more cost-effective transaction completion(Fitriyani & Hikmah, 2020b). Product innovation also emerges as a result of technological developments. For example, crypto-based derivative products such as Bitcoin futures contracts have appeared on the market(Sarkodie et al., 2022). This gives investors access to a broader and more diverse asset class, with different potential returns and risks(John et al., 2022). In addition to providing direct benefits to capital markets, technology has also transformed education and training in investment and trading(Nadapdap & Helmi, 2023). There are many online platforms and resources that allow individuals to better understand how to invest in the capital markets, expanding access to knowledge and education in this area(Li et al., 2023). Capital market supervisory authorities also utilize technology for monitoring and regulation(Koutmos, 2023). They can use data analysis and artificial intelligence to monitor market activity, detect fraud, and ensure regulatory compliance. This helps maintain the integrity of capital markets and protects investors(Güler, 2023). Overall, technology has brought about major changes in global capital markets(Bergsli et al., 2022). While providing major efficiency and accessibility benefits, this transformation also raises new challenges, such as volatility induced by high-speed trading and cybersecurity issues associated with the use of the technology.(Foley et al., 2022). In the future, technological developments such as cloud computing, blockchain technology and the wider use of artificial intelligence will continue to influence the way capital markets operate and interact(Fitriyani & Hikmah, 2020a).

DISCUSSION LO12-1 Describe the benefits of the global capital market. Bekaert, G., and Harvey, C. (2020) Global Capital Markets have the benefit of Access to Greater Investment Opportunities: Global capital markets open the door for investors to access various investment opportunities in various countries and industrial sectors. This can help investors find investments that suit their goals and risks. Robert Shiller (2020) By investing in global capital markets, investors can achieve greater diversification in their portfolio so that Diversification helps reduce risk because a variety of financial instruments from different countries and sectors can provide protection against economic fluctuations and local market movements that may affect the portfolio . Nouriel Roubini (2021) Company Valuation: The global capital market provides stock and bond prices that reflect the market's assessment of companies which can be a basis for company management in making decisions. Patrice Fontaine & Andre Kallinikos (2023) Portfolio Growth Potential: Global capital markets can provide greater growth potential than certain local markets so that investments in countries with strong economic growth can produce higher returns.David McMillan & Alan Speight (2021) Currency Diversification: Investing in global capital markets allows for currency diversification which can help reduce the risks associated with fluctuations in currency values(Adinugraha, 2022). Capital markets, which include stock and bond markets, have a number of significant benefits that affect various stakeholders in the economy. Capital markets provide companies with access to long-term funding sources(Muhammad & Ode, 2021). By issuing shares or bonds, companies can raise the capital needed for expansion, investment in research and development, and more efficient debt management. This allows the company to grow and generate added value in the long term. The capital market provides benefits to investors by diversifying their portfolios(Aris & Hasiara, 2021). By investing in various financial instruments such as stocks, bonds, and mutual funds, investors can reduce risk by spreading out their investments. This diversification helps protect investments from extreme price fluctuations and helps achieve long-term investment goals(Dastkhan & Gharneh, 2019; Manousopoulos et al., 2023). Liquidity is one of the main features of the capital market(JAMILAH & BASYARUDIN, 2023). Investors can buy and sell financial instruments with relative ease, giving them quick access to their funds if needed(Syazali et al., 2023). This differs from physical assets such as property, which may be difficult to sell quickly(Agustin et al., 2023). Shareholders of a company benefit from capital markets by providing them with the flexibility to sell some or all of their holdings. This allows business owners to profit from their investments, reduce risks, or exit the business when necessary(Lestiana, 2023). Capital markets encourage transparency and accountability. Companies listed on the capital market are required to disclose their financial information regularly(Laska Ortega & Sista Paramita, 2023). It increases investor and shareholder confidence by providing access to the information needed to make smart investment decisions(Aisha et al., 2023). The capital market helps assess the value of a company objectively(Ortega & Paramita, 2023). The prices of shares or bonds traded in the market reflect investors' expectations about the company's future performance(Bastian et al., 2021). This value assessment can help companies assess their operational efficiency and identify areas for improvement(Pahrussadi et al., 2023). Strong capital markets can be a driver of economic growth(Putri & Rizal, 2022).

Investments obtained through capital markets can be used to develop businesses, create jobs, encourage innovation, and support infrastructure projects(Anggarini, 2021b). This in turn contributes to sustainable economic growth(Rizqi Amelia et al., 2022). Thus, capital markets play an important role in efficient capital allocation, economic growth, and value creation for companies and investors, although it remains important to understand the risks involved(Siregar & Suryani, 2022). In the investment sector, the capital market plays an important role as an instrument that drives the rate of investment growth, namely through the capital market (Toha & Manaku, 2020). According to (Hartati, 2022) the development of investment in villages according to the community is very lacking and therefore the aim of holding capital market education is to educate residents to understand developments that give hope of generating profits in the future through the businesses that are established. Research (Rizky Aditama & Nurkhin, 2020) explains that there are 5 benefits that can be obtained from investment capital markets, namely long-term income potential, outperforming inflation, providing steady income, being able to adapt to changing needs, and being able to invest according to individual financial circumstances. LO12-2 Identify why the global capital market has grown so rapidly. Damodaran, A. (2021) Technology and Innovation: Technological advances, especially in the field of fintech, have changed the way trading and investment is carried out. Stock trading and other financial instruments have become more accessible via online platforms, and intelligent trading algorithms (algo-trading) have increasing market efficiency and liquidity. Fabozzi, F.J., et al. (2021) Monetary Policy: Tight monetary policies and low interest rates implemented by many central banks around the world have encouraged investors to seek higher investment returns in capital markets. This has poured funds into stock and bond markets. Bodie, Z., Kane, A., & Marcus, AJ (2021) Globalization: In an increasingly globalized economy, investors can easily access foreign markets and invest in different countries this has increased market liquidity and provided investors with more investment opportunities . Damodaran, A. (2021) Technology Company Growth Space: Technology companies such as Amazon, Apple, and Tesla have led the market and generated huge profits. This has sparked investor interest in technology company shares, which in turn has driven the growth of the capital market . Pardhi, S. (2020) More Open Regulations: Several countries have adopted more open and investment-friendly regulations to attract foreign capital and encourage capital market growth. Merton, RC (2021) Economic Growth: Stable or increasing economic growth in several countries has supported the performance of companies and stock markets, attracting investors. Borio, C., Furfine, C., & McCauley, R. (2023) Developments in Pension Fund and Sovereign Wealth Fund Policies: Pension funds and sovereign wealth funds from various countries have become important players in the global capital market, allocating their capital to various investment instruments around the world. Global capital markets have developed rapidly in recent decades due to various factors that have influenced the activity and dynamics of these markets(Hailuddin et al., 2022). Economic globalization has taken global capital markets to the next stage with increased international trade, growth of multinational corporations, and crossborder capital flows, creating huge demand for access to global capital markets(Anggarini, 2021a).

Advances in communications technology and electronic trading have enabled easier access to global capital markets. Online trading platforms, trading algorithms, and fast access to market information have increased overall trading efficiency, allowing stock and bond transactions to occur instantly(Aliansyah & Hermawan, 2021). The Internet has played a key role in democratizing access to global capital markets. Individual investors now have greater access than ever before(Heradhyaksa, 2022). It has democratized investing, allowing retail investors to participate in global capital markets at lower costs, as well as making more information available to them(Kasman, 2021). Companies need access to long-term funding sources to support their growth and expansion(Sinaga, 2021). Global capital markets provide an efficient and effective way for companies to raise capital from investors around the world(Halimah et al., 2022). Increasing demands for transparency and accountability in business have encouraged companies to seek funding in global capital markets(Zonna Lia et al., 2021). Investors believe that they can rely on the legal system to protect their rights, which increases confidence in capital markets(Desri Yanto, 2018). The presence of institutional investors such as pension funds, hedge funds, and insurance companies has increased participation in global capital markets. Investments from these institutions have provided additional liquidity and stability(Pamuji & Supandi, 2021). The availability of a strong legal framework and guaranteed protection of investor rights has helped drive the growth of global capital markets. Investors believe that they can rely on the legal system to protect their rights(Yanto & Siregar, 2018). Product innovations such as mutual funds, ETFs, and financial instruments based on blockchain technology have helped develop global capital markets by expanding investment options and providing investors with greater flexibility.(Sedyastuti, 2018). Overall, global capital markets have developed rapidly due to a combination of these factors(Habibi et al., 2023). This growth creates broader investment opportunities, but also raises challenges related to market volatility and risks associated with cross-border trade(Gunawan & Arfah, 2019). In the era of globalization and ever-developing technology, global capital markets are expected to continue to grow and change in the next few years(Bintari & Kusnandar, 2022). LO12-3 Understand the risks associated with the globalization of capital markets. Nouriel Roubini and Joseph Stiglitz (2020) Currency Risk: The globalization of capital markets also means that investors are exposed to currency risk so that changes in currency exchange rates can affect the value of investments in 2020, for example, the uncertainty surrounding Brexit and its impact on the value of the pound sterling is an example which is relevant. Ian Bremmer (2020) Geopolitical Risk: Geopolitics can have a significant impact on global capital markets. Conflicts, trade wars, economic sanctions, or political instability in a country or region can affect stock price movements and investment assets. For example, in 2020, trade tensions between the United States and China had a major impact on global capital markets. Ma, F., & Lee, C. (2020) Risk of Changes in Global Macroeconomic Conditions: the risk of changes in global macroeconomic conditions includes various factors, such as fluctuations in currency exchange rates, changes in global interest rates, geopolitical instability, and global economic events that affect trade international events, such as a recession or financial crisis. Stijn Claessens and Laura E. Kodres (2022) Legal and Regulatory Risks: Differences in capital market regulations in different countries can pose risks for investors as regulatory

changes in foreign countries or legal conflicts between countries can affect investors' rights and trading regulations. Carmen M. Reinhart (2022) Market Risk: Global events, such as trade wars, financial crises, or political turmoil in other countries, can affect capital market performance so that government policies and actions in foreign countries can also have an impact on global markets. Comparing and contrasting the benefits and risks associated with the Euro currency market, global bond markets, and global equity markets is important for understanding various aspects of financial markets. The globalization of capital markets has brought about a multitude of opportunities and challenges for the global economy(Levin, 2023). While it has undoubtedly facilitated economic growth, access to capital, and investment diversification, there are several associated risks that must be carefully understood and managed(Zhang et al., 2023). One significant risk is the increased volatility of globalized markets(Lu et al., 2023). Events in one part of the world can swiftly affect markets in another, causing abrupt fluctuations in asset prices(Manousopoulos et al., 2023). This increased volatility can make it difficult for investors to predict and manage risks effectively(Spelta, 2017). Moreover, financial contagion is a real concern, where crises in one country can quickly spread to others, leading to a chain reaction of financial turmoil(IMF, 2023). Another risk is the lack of uniform regulation and oversight(Dastkhan & Gharneh, 2019). Globalized markets operate across various jurisdictions, each with its own regulatory framework(Vivas-López et al., 2016). This can create regulatory gaps and inconsistencies, facilitating illicit activities such as money laundering and tax evasion(Mostafa et al., 2015). Currency exchange rate risk is also a challenge, as cross-border transactions expose investors and businesses to fluctuations in exchange rates, potentially resulting in financial losses(Hendershott & Riordan, 2013; Spelta, 2017). LO12-4 Compare and contrast the benefits and risks associated with the Eurocurrency market, the global bond market, and the global equity market. The Eurocurrency market, including banks in Asia that accept deposits and provide loans in foreign currencies, primarily US dollars, has a primary focus in Hong Kong and Singapore(Rondonuwu, 2021). The difference between the Eurocurrency markets in Asia and Europe is simply a matter of location(Saputra, 2018). The Asian dollar market is growing to meet the needs of businesses that use the US dollar and other foreign currencies as a medium of exchange in international trade(Tiwang et al., 2020). Entrepreneurs operating in Asia should consider banks in Asia due to distance and time zone differences(Yanto & Siregar, 2018). In addition, Singapore provided tax incentives, such as the elimination of the 40% withholding tax on interest paid to foreigners in 1968 and the reduction of tax on their profits, especially for Asian dollar loans from 40% to 10% in 1973(Habibi et al., 2023). Such incentives and tax reductions have a significant impact on the growth of the Asian dollar market Ashlihah, SE, & Muhammad, SF (2023). Investment has various types, including foreign investment (PMA). In an effort to maintain investment stability in Indonesia, several factors influence the entry of FDI in this country(Anggarini, 2021). One of the factors that influences the entry of FDI in Indonesia is the inflation rate. A high level of inflation can have negative impacts, such as decreasing production and demand for goods due to rising prices(Fikri & Hasudungan, 2022). This can reduce investor interest due to higher investment costs(Shari'ah et al., 2017).The first factor that influences the entry of

FDI in Indonesia is inflation. A high inflation rate will have a negative influence, namely decreasing production and also decreasing demand for goods due to higher prices. This will affect investment activities in a country because it will reduce investor interest due to increasing investment costs. The exchange rate can be interpreted as the number of units of currency that are needed to be exchanged for each unit of another currency, or in other words, the price of one currency against another currency. Pratiwi, NM (2015). Meanwhile, according to the Bank Indonesia dictionary, the exchange rate (exchange rate; rate of exchange) is the exchange rate of a country's unit of money against another country. There are 2 ways to assess eyes, namely direct quotation and indirect quotation. The exchange rate or exchange rate is the amount of domestic money needed, namely the number of rupiah needed to obtain 1 unit of currency. This is usually done by a country that is deficient in capital production factors, but has an excess of natural production factors and human production factors. So, to explore the potential of its natural wealth, which of course requires quite large funds, the country invites foreign investors to enter the countryAminuddin Ilmar, SH (2010). Investment is influenced by the exchange rate through the demand side and supply side and from the demand side, a decrease in the exchange rate will affect investment through the domestic absorption or expenditure reducing effect. A decrease in the exchange rate will reduce people's real assets because the general price level increases and people's domestic demand will decrease.(Rahmawati et al., 2023). This situation will reduce capital allocation expenditure on investment Letarisky, M., & Hidayat, RR (2018). From the supply side, the rupiah exchange rate will have an uncertain effect on investment entering a country(Wulandari et al., 2023). The influence of expenditure switching aspects will change the value of the investment. Imported products measured in domestic currency will increase the price of exported goods for nontraded goods Putriyanti, EM (2022). LO12-5 Understand how foreign exchange risks affect the cost of capital. Understanding how foreign exchange risk affects the cost of capital is critical in the context of international business(Nisrina et al., 2023). Foreign exchange risk refers to the potential loss or gain arising from changes in the exchange rate of a foreign currency against the domestic currency(Rizki Samudra et al., 2023). Changes in foreign exchange rates can have a direct impact on the investment value and earnings of companies operating internationally, so investors will consider these fluctuations in determining the cost of capital.(Prasetyanto et al., 2023). In addition, transaction risk, which arises when a company conducts business transactions in foreign currencies, can affect the cost of capital. Exchange rate fluctuations can change the costs of imports, exports, and debt servicing, which in turn affects a company's profitability(Krisna Yanti & Indrajaya, 2023). Economic and political factors in foreign countries also play a role in foreign exchange risk(Mohammad Rizal Rifans Wibowo et al., 2023). Unstable economic conditions or changes in the political situation in trading partner countries can increase foreign exchange risk, which will be taken into consideration in determining the cost of capital(Nirawati et al., 2023). Monetary policy decisions, such as changes in interest rates by central banks, can also affect currency exchange rates(Ewaldo et al., 2023). Investors will monitor these factors in assessing foreign exchange risk and determining the appropriate cost of capital(Lie & Jessica, 2023). Political risks, such as elections or political instability in foreign countries, can affect foreign exchange rates. This can trigger exchange rate fluctuations that affect the cost of capital(Subekti, 2023).

Foreign currency limitations in meeting obligations or making investments can also result in liquidity risk, which will affect the company's cost of capital(Hanifah Ramadhani et al., 2022). The importance of understanding foreign exchange risk among investors, company management, and financial analysts cannot be underestimated(Putra, 2018). The better this understanding, the better the cost of capital can be adjusted for foreign exchange risk(Saprudin et al., 2021). In an increasingly integrated global business environment, foreign exchange risks will continue to influence the cost of capital, and a good understanding of these risks will be a valuable asset in international business decision making.(PPK-BLU, 2020). In developing a solid business strategy, companies must consider foreign exchange risks and how these risks can affect the cost of capital as well as overall business performance(Ewaldo et al., 2023). Consequently, when investors evaluate the risk of a risky security, they do not worry about the risk of that security as a stand-alone security but instead about how this security contributes to the risk of their portfolio(Potsaid et al., 2023). Since all investors in a country are assumed to be the same, they hold the same portfolio of risky securities(Pape & Jung, 2023). This portfolio has to be the market portfolio, namely a portfolio that includes all the risky securities of a country in proportion to their market value(Vazirani et al., 2023). All investors therefore evaluate the risk of a security in terms of how it contributes to the risk of the market portfolio of their country(Weniger & Jarchow, 2023). The measure of the contribution of the risk of a security to the risk of the market portfolio is the security's beta coefficient(Agrawal & Jespersen, 2023). The beta coefficient of a security is equal to the ratio of the covariance of the return of that security with the return of the market portfolio divided by the variance of the return of the market portfolio(Zunino et al., 2022). CONCLUSION In conclusion, the role of technology in the transformation of global capital markets is very significant. Technology has brought about major changes in how capital markets operate, increasing efficiency, accessibility, security and openness. Electronic trading, trading algorithms and high-speed trading have changed the way trading is done, increasing liquidity and allowing easier market access. The internet and mobile technology have democratized access to capital markets, giving retail investors greater access and lower costs.

Technology has also brought innovation in big data analysis and artificial intelligence (AI), enabling deeper market analysis and trend predictions. Blockchain has brought additional security and transparency to capital market transactions. Additionally, product innovations such as crypto futures contracts and mutual funds based on blockchain technology have expanded investment options. Education and training have also shifted to online platforms, allowing individuals to better understand how to invest in the capital markets. Capital market supervisory authorities use technology for monitoring and regulation, maintaining market integrity. Technology continues to evolve, including cloud computing, blockchain, and artificial intelligence, which will continue to shape the future of global capital markets. Overall, technology has fundamentally changed global capital markets, bringing major efficiency and accessibility benefits, while presenting new challenges that need to be overcome in an effort to maintain market stability and integrity. Technology has become a key driver in transforming global capital markets. Through digitization and transaction automation, transaction costs have been reduced, speed increased, and human error drastically reduced. Additionally, online access to markets has created an era of globalization in capital markets, where investors from all over the world can now participate more easily. This, along with modern trading applications, has democratized access to capital markets, reducing barriers for retail investors. Technology has also increased the precision and speed of analysis with algorithms and artificial intelligence that can extract deep insights from financial data. This, combined with technologies such as blockchain, has increased the transparency of transactions, minimizing the risk of manipulation and fraud. The market is now also seeing the emergence of innovative products, such as cryptocurrencies and asset tokenization, which offer investment options like never before. In addition, the ability to adapt quickly to global changes is one of the main advantages of technology integration. Better monitoring systems and technology-based risk management tools help reduce risks in investments. With technology facilitating faster and more efficient communication between lenders, investors and brokers, information is now more accessible to all parties. However, it also poses challenges in the form of new educational needs. As technology advances, there is an increasing need for education and training so that market players can utilize these new tools effectively. REFRENCES Adinugraha, HH (2022). CONTEXTUALIZATION OF CLASSIC ISLAMIC ECONOMIC THOUGHT IN INDONESIAN ECONOMIC POLICY. Al-Tsarwah Scientific Journal, 5(1). https://doi.org/10.30863/al-tsarwah.v5i1.975 Agrawal, A., & Jespersen, K. (2023). How do impact investors evaluate an investee social enterprise? A framework of impact investing process. Journal of Entrepreneurship in Emerging Economies. https://doi.org/10.1108/JEEE-04-2022-0129

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Beyond Borders Brilliance: Mastering the Art of International Business Strategy Lecture : Dr. Eko Handayanto, M.M Team Group : Mika Redi Natan 202110160311222 Rista Amelia Karim 202110160311252 Vanya Margaretha Susanto 202110160311258 MANAGEMENT STUDY PROGRAME FACULTY OF ECONOMICS AND BUSSINES UNIVERSITY OF MUHAMMADIYAH MALANG 2023

ABSTRACT In the midst of the era of globalization, the role of international business becomes crucial in achieving corporate success. The title "Beyond Borders Brilliance: Mastering the Art of International Business Strategy" reflects the essence of business efforts to confront challenges and opportunities in the global market. This abstract emphasizes the importance of designing effective international business strategies as a foundation for gaining a competitive edge. With a focus on the art of global expansion, this article explores key elements necessary to bring brilliance in managing businesses amidst the complexity of international relations. From understanding global markets to implementing innovative business tactics, this abstract invites readers to contemplate the strategic role in achieving business success beyond geographical boundaries. Introduction In the era of global business undergoing a paradigm shift, the study of international business strategies is increasingly becoming a primary focus (Grijalvo & García-Wang, 2023; Levashenko & Magomedova, 2023). Currently, modern companies are no longer confined to local geographical boundaries but actively exploring opportunities in international markets (van der Wouden & Youn, 2023). The main impetus behind research in international business strategy is the dynamics of increased global connectivity triggered by advancements in technology and communication (Murphy et al., 2021). This development creates a global network that enables companies to operate more efficiently worldwide (Huang, 2023). As companies expand their global footprint, they are confronted with increasingly complex challenges and opportunities (“Profile of Authentic Brands Group: Transforming Declining Businesses into Global Brands,” 2022). Risk management in dealing with cultural differences, international regulations, and global market dynamics becomes a key element in international business strategy (Husna et al., 2022). Research is undertaken with the primary motivation to explore critical factors and effective strategies that can support the success of global companies in international markets (Thompson-Bell, 2023). The importance of risk management in international expansion also triggers further research, challenges such as political changes, economic fluctuations, and dynamic trade policies require careful management (Yin et al., 2023).On the other hand, awareness of

growth opportunities in the global market drives innovation and the development of smart strategies (Matondang, 2023) Digital transformation becomes a key element driving companies into the era of globalization, advances in information technology and communication are changing the paradigm of companies' interaction with international markets (Yefremova et al., 2023). Therefore, understanding the utilization of technology in the context of international business strategy is crucial to address challenges and capitalize on opportunities (Gunawan & Shieh, 2023) The paradigm shift in global business also includes a commitment to sustainability and social responsibility (Bakke & Barland, 2022). The success of a company is no longer solely measured in financial terms but also by its positive impact on global society and the environment (Koyama et al., 2023).Integrating social responsibility and sustainability into international business strategies is not just an option but a necessity (Faludi et al., 2023) Studies on international business strategy are not only a reflection of challenges and opportunities in the era of globalization but also have direct implications for global competitiveness (Tuominen et al., 2023). Understanding and implementing wise international business strategies can help companies maintain and enhance their competitive positions amid intense global competition (Caglar et al., 2023). The importance of international business strategy also involves deep cultural and social changes, creating new challenges and opportunities in the global business environment, the process of globalization brings diversity into the market, demanding business leaders to understand and respond to these dynamics, build strong relationships with global customers, and create marketing strategies that align with market diversity (Akaiso & Markova, 2023). Moreover, awareness of the role of governments and international regulations in shaping international business strategies is increasing (Su, 2023). Trade policies, environmental regulations, and product safety rules can have a significant impact on company operations in the global market (Mohan et al., 2021). Therefore, business leaders must gain a deep understanding of the international regulatory framework and adapt to policy changes to ensure sustainability and operational compliance (Georgakakis et al., 2023) In efforts to understand and manage international business risks, collaboration between the business sector, academia, and government becomes increasingly important (Amann et al., 2023). The exchange of information and insights among stakeholders can help design more holistic business strategies that are responsive to global market dynamics

(Pulhan et al., 2020). Through the development of solid networks and partnerships, companies can enhance their resilience to external changes and identify collaborative opportunities that strengthen their positions in international markets (Cho, Jeong, et al., 2023) DISCUSSION LO.1 THE CONCEPT OF GLOBAL STRATEGY In the literature on international business strategy, this concept proves to be a dynamic and complex domain in managing companies on a global scale, literature studies are a key element to build a deep understanding of frameworks, theories, and recent developments (Hiller & Fisher, 2023). International business strategy is defined as long-term planning to achieve the company's goals in international markets, including risk management, environmental adaptation, and the exploitation of global opportunities (Hiller & Fisher, 2023). The importance of policies and regulations, such as trade policies and environmental regulations, stands out in the literature as a crucial factor shaping international business strategy (Costa & Moreira, 2022). Effective risk management, especially political, economic, and social risks, becomes a point of emphasis, while the integration of sustainability into the strategy is also increasingly recognized to ensure the company's positive impact on the environment (Soyer et al., 2023) The revitalization of the global strategy concept is reflected in the literature, ranging from a focus on exports and foreign direct investment to a more holistic approach, including innovation, global relationship management, and adaptive responses to cultural and social changes (Rabii, 2023). With the development of technology, literature indicates the key role of information and communication technology in changing how companies operate and communicate globally (Li et al., 2023). Innovation and differentiation, particularly through the adaptation of products or processes, are the focus of literature to achieve competitive advantage (Buccieri et al., 2023) New challenges arise with changes in cultural and social aspects in global business, requiring adaptation to local norms and building strong relationships with global customers (Williams & Murphy, 2023) The evaluation of the success of international business strategies is not only in financial contexts but also in the positive impact on society and the environment (Suprapto et al., 2023)

LO.2 GLOBAL EXPANSION, PROFITABILITY, AND EARNINGS GROWTH Global expansion provides opportunities for companies to enhance profitability and earnings growth, they can expand product markets, leverage location economies efficiently, save costs through experience effects, and gain returns on investment by transferring international skills (Osano, 2019). This aids companies in boosting sales, reducing production costs, and attaining a competitive advantage in the global market (Osano, 2019) ● Expanding Markets Expanding markets is a business strategy that involves extending the sales of a company's products or services to new regions, countries, or market segments (Baumgardner et al., 2017). This step aims to achieve business growth by reaching new customers and opening up new opportunities in previously unexplored markets (Risdarwanto et al., 2023). Market expansion can be achieved through market penetration, product diversification, or geographical expansion into international markets (Y. Li et al., 2023). The main objectives are to increase sales, expand market share, and achieve sustainable growth for the company (Radenović et al., 2023). Expanding markets in international business refer to a company's actions to increase sales, distribution, and market penetration beyond the borders of its home country (Ita Prihatining Wilujeng, 2021). This strategy is a response to growth opportunities in international markets that have not been explored before (Sin et al., 2023) ● Experience Effect The experience effect in international business refers to the improvement in efficiency and competitive advantage gained by a company as it accumulates experience in operating in the global market (Kovalenko et al., 2023). In the context of international business, the experience effect can influence various aspects of a company, including operations, marketing, finance, and strategy (Tippmann et al., 2023) LO.3 COST PRESSURE AND PRESSURE FOR LOCAL RESPONSIVENESS Cost pressure refers to the demands or pressures faced by companies to reduce their operational and production costs (Barzegar et al., 2023). Cost pressure is a crucial factor influencing business decisions, especially in a competitive business environment (Jones et al., 2019). There are several sources of cost pressure, such as production costs, labor, raw

materials, distribution, and infrastructure, On the other hand, pressure for local responsiveness in the context of international business refers to the demands or pressures that companies face to adapt their products, services, and marketing strategies to the needs, preferences, and local regulations in their target markets (Aier et al., 2023). This pressure arises from cultural differences, legal aspects, language, consumer habits, and market conditions in different countries (Hiriart-Bertrand et al., 2020) ● Pressure for Cost Reduction Pressure for cost reduction is a condition in which companies face demands to reduce their operational costs (Hunt et al., 2023). This pressure can stem from various factors and situations, affecting various aspects of business, including production, supply chain, distribution, marketing, and human resource management (Tavoian & Craighead, 2023). There are several main reasons behind this pressure, such as global market competition, technological changes, increased operational efficiency, changes in cost structures, consumer demands, market globalization, and others (Gärtner et al., 2023) ● Pressure for Local Responsibility Pressure for local responsibility refers to the demands and expectations placed on companies, especially multinational corporations, to act ethically and socially responsible at the local level where they operate (Castaldi et al., 2023). This involves responsibility towards the local community, environment, culture, and local government policies (Masiero et al., 2023) LO.4 Global Marketing Strategy The role of global marketing is crucial for companies to realize future potential, especially in the Indonesian market, which has the fourth-largest population in the world, making Indonesia a potential future market for global companies (Suhairi Suhairi et al., 2023). The characteristics of the Indonesian market are very different from other countries in the world (Gao et al., 2023). This is due to Indonesia's significant diversity in all aspects: political, economic, social, cultural, and geographical (Yang et al., 2023). From research findings, the global marketing strategy used in the Indonesian market is a combination of adaptive marketing strategy and traditional marketing strategy, aligning with Indonesia's highly diverse cultural nature (Özsomer et al., 2023)

● Global Standardization Strategy The strategy of global standardization emphasizes the enhancement of profitability and earnings expansion through the attainment of cost reductions, primarily derived from advantages related to economies of scale, learning efficiencies, and favorable location dynamics (Solberg & Durrieu, 2023). The goal of this strategy is to implement a low-cost strategy on a global scale (Broutet et al., 2022). The production, marketing, research and development, and supply chain activities of companies employing the global standardization strategy are concentrated in a few advantageous locations (Zheng et al., 2023). Companies that employ the global standardization strategy strive to maintain their product offerings and marketing approaches without catering specifically to local preferences and requirements (Hayton, 2023). This occurs due to the fact that adaptation necessitates shorter production processes and duplications of functions, leading to an inherent escalation in costs (Ciccarelli et al., 2022). Rather, corporations opt to globally market standardized products, thereby maximizing the advantages stemming from economies of scale and the effects of learning (Ali Shaikh & Sohu, 2020) The global standardization strategy is logical in situations where there exists significant pressure for cost reduction and minimal requirements for local responsiveness (ALGAN, 2023). These circumstances are becoming more common in industries where products frequently cater to universal requirements (Miller et al., 2023). In these industries, such as the semiconductor sector, standardized global products have gained significant demand due to the emergence of global standards (Larson & Casebolt, 2022) ● Localization Strategy The localization strategy refers to the process of adapting products or services to meet the needs of the local market, including language, culture, customs, currency, and legal regulations (Yue, 2023). It is crucial for global companies to deeply understand the target market, paying attention to adjustments in language, content, culture, laws, and technology usage (Yue, 2023). Building a local team and testing products before launch are essential parts of this strategy, enabling companies to build trust and enhance competitiveness in the global market (Edwards et al., 2022). By

continuously monitoring and adjusting strategies, companies can achieve long-term success in international markets (Bayala et al., 2021) The localization strategy prioritizes enhancing profitability by tailoring the company's goods or services to align with the diverse tastes and preferences within various national markets (Bris et al., 2021). Localization is most suitable when substantial disparities exist between countries concerning consumer tastes and preferences, and when cost constraints are not excessively burdensome (Stathoulopoulos et al., 2024). By tailoring product offerings to local demand, companies enhance the value of the product in the local market (Wang et al., 2023). Conversely, this approach entails duplicating certain functions and engaging in smaller-scale production processes, thereby restricting the company's capacity to attain cost reductions typically linked to the mass production of standardized products intended for global consumption (Zhang et al., 2021). Nevertheless, this strategy can be justified if the supplementary value linked with local customization justifies higher pricing (Swaithes et al., 2023) ● Transnational Strategy The transnational strategy refers to a business approach that seeks to integrate global and local strategies (Stock, 2023). It involves close collaboration between the global headquarters and local units to integrate best practices globally while remaining responsive to local needs (Constantin et al., 2021). This strategy enables companies to achieve a competitive advantage by leveraging global economies of scale while considering differences in preferences and regulations in each region(Cossa, 2023). In a transnational strategy, the flow of knowledge and technology across borders is promoted, allowing the transfer of best practices from one market to another (X. Wang & Li, 2022). Effective coordination between branches in different countries is crucial to ensure seamless integration between the company's global strategy and local needs (Fuchs & Reichel, 2023). The use of digital technology and integrated information management systems is often key in facilitating cross-border communication and coordination (Jurakulovna et al., 2022) The transnational strategy endeavors to realize cost savings through location economies, economies of scale, and learning effects, while also distinguishing their product offerings across different geographical markets to accommodate local

variations and promote the exchange of diverse skills among various subsidiaries within the company's global operational network (Gómez & Muñoz Larroa, 2023). Enforcing a transnational strategy represents one of the most intricate hurdles confronted by major multinational corporations in contemporary times (Vajjhala & Strang, 2022). Only a handful of companies have mastered this strategic stance, and valuable insights into the appropriate approach can be extracted from various firms (Kurznack et al., 2021) ● International Strategy International strategy refers to a business approach aimed at expanding the company's presence in foreign markets (Behl et al., 2023). In this strategy, companies strive to reach global markets without making significant modifications to their products or services (Cho, Lee, et al., 2023). Nevertheless, some adjustments may be made to consider differences in local customs, language, and legal regulations (Clapp et al., 2023). The utilization of global economies of scale is a key aspect of the international strategy (Zieliński et al., 2023). By producing on a large scale, companies can reduce production costs and enhance operational efficiency (Guo et al., 2023). Companies need to pay attention to cultural differences and consumer preferences in various markets to ensure that their products remain relevant and meet local needs (Giulivi et al., 2023). The use of communication and information technology is also crucial in supporting international strategy (Tao et al., 2023). By adopting technology that facilitates communication and coordination among branches worldwide, companies can improve information exchange and quick decision-making, allowing them to remain responsive to market changes and customer needs globally (Sun & Kim, 2023). By implementing an effective international strategy, companies can expand their global market coverage and leverage the benefits of economies of scale while maintaining relatively uniform products across different markets (Zakir et al., 2023). This allows companies to reap the benefits of international expansion without the need for significant adjustments to their products or services (Zakir et al., 2023)

● Strategy Evolution Strategy evolution is the process of adjusting and changing a company's business strategy over time (He et al., 2023). These changes are typically responses to shifts in the business environment, such as technological advancements, changing consumer preferences, increased competition, and changes in industry regulations (Majid et al., 2023). In the process of strategy evolution, companies often evaluate the effectiveness of existing strategies and make adjustments to remain relevant and competitive in a dynamic market (Q. Su et al., 2023). Strategy evolution also involves adapting to changes in consumer trends and lifestyles (Torres et al., 2023). Companies must continually monitor and understand consumer needs and preferences to develop products or services that align with market demand (Cristo, 2022). This often involves product innovation, brand development, and company positioning in marketing strategies (Cristo, 2022) Strategy evolution also means adapting to technological advancements, companies need to stay abreast of the latest technology trends and leverage them to improve operational efficiency, expand market share, and enhance the customer experience (J. Su et al., 2023). A limitation of the international strategy is that with time, competitors will inevitably emerge, and unless managers take preemptive measures to streamline their company's cost structure, the business may be outpaced by more efficient global rivals (Ustolin et al., 2023) Trade, Investment, and Cross-border Strategies Trade, investment, and cross-border strategies are crucial elements in an increasingly interconnected global economy, through cross-border trade, there is an exchange of goods and services between countries, providing potential market expansion for international businesses (F. Li et al., 2023). This phenomenon drives economic growth, creates employment opportunities, and enriches consumer options worldwide (Mazzoni & Innocenti, 2023). On the other hand, cross-border investment offers opportunities for companies to access resources, technology, and new markets abroad (Hagos, 2023). Foreign investment can also make a significant contribution to economic growth in the destination country through technology transfer and infrastructure improvement (Y. Zhang & Cheng, 2023)

The implementation of cross-border strategies is becoming increasingly important for companies seeking to maximize the benefits of international trade and investment, these efforts include the use of strategies such as portfolio diversification, the development of efficient global supply chains, and the use of advanced information and communication technology (Ahmad et al., 2021). This is essential for addressing challenges such as currency fluctuations, legal differences, and political uncertainty (Munsense & Tsoka-Gwegweni, 2023). Solid international cooperation and trade agreements such as free trade agreements, as well as multilateral institutions like the World Trade Organization (WTO), emphasize the importance of creating a supportive framework for cross-border trade and investment (Kurniawardhani, 2021). By adopting appropriate strategies and leveraging the opportunities offered by globalization, companies can expand their market coverage into international markets, enhancing competitiveness and achieving sustainable growth amidst the complexities of the global economy (Cortell & Peterson, 2022) Surprise and Exogenous Strategies External surprises, such as political changes, natural disasters, or unforeseen global events, can have a significant impact on company operations (Atalay et al., 2023). In facing these situations, companies need to adopt responsive and adaptive exogenous strategies (Švedas, 2023). This strategy involves the ability to quickly adjust operations, respond to regulatory changes, and mitigate the negative consequences of external events (Konaklieva & Plotkin, 2023). One key approach in exogenous strategies is sensitivity to the business environment and the changes around it (Zan et al., 2023). By closely monitoring changes in the economic, political, social, and environmental factors that may affect the business, companies can plan alternative scenarios and appropriate contingency strategies (Jonscher et al., 2023). Exogenous strategies also involve the ability to adapt quickly to changes (Andersen et al., 2023). Operational flexibility and the ability to adjust business plans efficiently are crucial in dealing with unforeseen situations, this includes the ability to revise production processes, adjust the supply chain, and change marketing strategies according to the needs arising from external changes (Alanne & Sierla, 2022). The effective implementation of exogenous strategies also involves proactive efforts to reduce the impact of external surprises (Zhu et al., 2023). This may include risk diversification, forming strong partnerships, and using appropriate financial instruments to

mitigate risks associated with market fluctuations and other external surprises (Heinlein & Mahadeo, 2023). CONCLUSION The concept of global strategy is a dynamic and intricate field within international business management. It involves long-term planning to achieve company goals in international markets, emphasizing risk management, environmental adaptation, and the exploration of global opportunities. The literature underscores the significance of policies, regulations, and effective risk management, with an increasing focus on sustainability integration. The evolving nature of global strategy is evident in literature shifts, encompassing not only exports and foreign direct investment but also innovation, global relationship management, and adaptive responses to cultural and social changes. Technology plays a pivotal role, highlighting the transformative impact of information and communication technology on global operations. Global expansion is seen as an avenue for companies to enhance profitability and earnings growth. Market expansion, through strategies like market penetration and product diversification, is a key aspect. Experience effects, including learning effects and economies of scale, contribute to the efficiency and competitive advantage of companies operating globally. Cost pressure and the need for local responsiveness present challenges. Pressure for cost reduction necessitates operational efficiency, while local responsiveness demands adaptation to diverse markets. Global marketing strategies need to be adaptive and considerate of local nuances, emphasizing the importance of understanding and catering to the Indonesian market's unique characteristics. Global standardization, localization, transnational, and international strategies offer varied approaches. Each strategy has its advantages and drawbacks, emphasizing the need for companies to align their strategies with specific market conditions and demands. Additionally, the COVID-19 pandemic and ongoing changes in the business environment are focal points of recent research, highlighting the importance of adaptive strategies. Trade, investment, and cross-border strategies are crucial components of the interconnected global economy. They offer opportunities for market expansion, resource

access, and economic growth. Effective cross-border strategies, including portfolio diversification and advanced technology usage, are vital for overcoming challenges and achieving sustainable growth. Finally, external surprises necessitate the adoption of exogenous strategies, emphasizing adaptability and responsiveness. Sensitivity to the business environment, proactive risk diversification, and forming strong partnerships are key elements in mitigating the impact of unexpected events. In a constantly changing global context, understanding and implementing these strategies are crucial for companies to remain competitive and achieve long-term success.

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