INTERNATIONAL BUSINESS

Export Trading Companies are businesses that, through contractual agreements, identify and collaborate with foreign companies to market and sell their products (Higgins et al., 2021). They offer a comprehensive range of export services, including export documentation, logistics, and transportation (M Nadjhan et al., 2022). Export Packaging Companies, or simply export packers, offer services to businesses that are unfamiliar with exporting (Debbarma et al., 2022). Customs Brokers assist companies in avoiding errors in customs regulations (Kulimova, 2021; Medin, 2021). Many countries have specific laws and documentation rules regarding imported goods that are not always clear to exporters (Debbarma et al., 2022). Customs brokers can offer a complete service package, particularly when a company exports to numerous countries (Massini et al., 2023). Export Agents, Traders, and Resellers are companies that purchase products directly from manufacturers, customize packaging, and label products according to their own preferences and specifications (Ariningsih et al., 2021). They then sell these products internationally through their contracts and assume the associated risks (B. Li et al., 2023). Piggyback Marketing involves one company having a distribution agreement with another company (Donny Susilo, 2018). Export Strategy In addition to using export service providers, a company can mitigate the risks associated with its export strategy (Gül, 2021). The chances of export success can be significantly increased by taking several simple strategic steps, such as for novice exporters, it is advisable to hire an Export Management Company (EMC) or at least an experienced export consultant to identify opportunities and navigate the often complex documentation and regulations involved in exporting (Tinits & Fey, 2022) (Gil-Barragan & Palacios-Chacon, 2018). Learn what it takes to succeed in one market before moving to another (Gül, 2021). Entering many markets at once risks diverting limited management resources and may result in a failure to penetrate mature markets (Samiee & Chirapanda, 2019). Most importantly, starting in a small scale provides time and opportunity to learn about the foreign country before making a significant capital commitment to that market (Kim & Lim, 2022). Exporters need to be aware of the time and managerial commitment involved in building export sales and may need to hire additional personnel (Kim & Lim, 2022). Pay significant attention to building strong and lasting relationships with local distributors and/or customers in many countries

(Singh, 2012). Often, use the 3M approach by hiring local personnel to assist the company in establishing itself in foreign markets (Nakao & Asada, 2022). Local communities often have a better understanding of how business is conducted in a country than export company managers who have never set foot in that country (Prohorovs, 2023). Companies also need to be proactive in seeking export opportunities and consider the option of local production when export volumes justify it (Gül, 2021). Exporting is often not the ultimate goal but only a step toward establishing foreign production (Nakao & Asada, 2022). Expanding on these export plans and strategies for a company's opportunities, given the lack of extensive international experience and host-country market information, these steps seems logical (Samiee & Chirapanda, 2019). This choice is further reinforced by the decision-maker's tendency to maintain a status quo, affirming that the suitability of a strategy cannot be considered without a company's history and previous market approaches (Lee, 2022). Lack Of Trust The absence of confidence is a prevalent issue in personal connections, institutions, and society in general (Beam et al., 2023). Confidence is a vital element in maintaining strong relationships and efficient collaboration (Musarra et al., 2022). When trust is absent, it can result in various complications, such as breakdowns in communication, decreased cooperation, subpar decisionmaking, heightened stress and conflicts, and the gradual deterioration of relationships (Samhale, 2022). Distrust can cause individuals to become wary of the intentions and actions of others, leading them to maintain some emotional distance (Samhale, 2022). Trust plays a pivotal role in establishing robust, secure, and rewarding relationships, as every relationship hinges on trust (Beam et al., 2023). However, there are occasions when trust is not as genuine or straightforward as it should be (Musarra et al., 2022). When one or both individuals begin to question their partner's behaviors, words, or actions, it can give rise to what are commonly referred to as trust issues (Samhale, 2022). Businesses engaged in global trade need to place their confidence in individuals or entities they might not have encountered previously (Lal et al., 2023). These individuals reside in foreign nations, communicate in diverse languages, and operate within legal

frameworks that might not be uniform or consistently adhered to (Beam et al., 2023). Assessing whether these individuals or entities will meet their responsibilities can pose a significant challenge (Samhale, 2022). Letter Of Credit A Letter of Credit (LC) is a widely employed financial tool in global commerce that aids in the smooth conduct of transactions between purchasers and vendors, especially when they operate in distinct nations (Bärtl & Krummaker, 2020). It acts as an assurance provided by a financial institution or bank, ensuring that the seller will receive payment from the buyer once specific requirements are met and designated documents are submitted (Z. Li & Ye, 2021). The way LC works is starting from agreement, issuance of LC, terms and conditions, shipment and documents, and payment (Seroja et al., 2023). Draft A draft is commonly linked to bank-related transactions, enabling you to provide written instructions to your bank for making payments to others (de Lucio & Mora- Sanguinetti, 2022a). On the other hand, a money order is a prepaid payment tool frequently employed for smaller, secure transactions and is available for purchase at various locations (Kraemer et al., 2020; Park & Islam, 2014; Singh, 2012). The decision between these options hinges on the particular transaction and the preferences of those involved (Osinga et al., 2021a). In the realm of international trade, it is common practice to utilize money orders for the completion of trade transactions (de Lucio & Mora-Sanguinetti, 2022b). This diverges from domestic procedures, where sellers typically dispatch goods on an open account basis and subsequently provide a commercial invoice specifying the amount owed and the payment terms (Schclarek & Xu, 2022). In domestic deals, buyers often gain ownership of goods without formal documentation that acknowledges their commitment to make payment (Schclarek & Xu, 2022). Nevertheless, in the context of international trade, due to the trust issues involved, payment or a formal commitment to pay is a prerequisite before the buyer can take possession of the merchandise (Schclarek & Xu, 2022). There are two primary types of drafts: sight drafts, which are payable as soon as they are presented to the drawee, and time drafts, which allow for a delay in payment, typically within periods like 30, 60, 90, or 120 days (Schclarek & Xu, 2022). Upon receipt, a time draft transforms into a promise of payment from the recipient (Park & Islam, 2014). When a money order is drawn and

accepted by a bank, it is referred to as a banker's acceptance (Osinga et al., 2021). When a business entity receives it, it is known as a trade acceptance (Eaton et al., 2022). Bill Of Lading The third important document in international trade financing is the bill of lading, which is provided to the exporter by the shipping company responsible for transporting the goods (Hill, 2023b). Bill of Lading is a multifaceted document used in international shipping and trade (Kardanov et al., 2020). This document has three primary roles: it acts as a definitive acknowledgment of the goods being loaded, it outlines or represents the conditions of the transportation agreement, and it functions as a document signifying ownership of the goods, in line with the nemo dat rule (Kulińska & Giera, 2019). Its significance extends to trade finance, legal protection, and dispute resolution in the realm of international logistics (Allen et al., 2022). In its capacity as a contract, a bill of lading delineates the carrier's obligation to furnish transportation services in return for an agreed-upon fee (Wu et al., 2022). In its role as a title document, it can be employed to secure payment or a written promise to pay before the goods are transferred to the importer (Y. Zhou et al., 2023). Furthermore, a bill of lading can function as collateral that the exporter's local bank can utilize to extend funds, either prior to or during the shipment process, and before the importer's ultimate payment is received (Singh, 2012). A Typical International Trade Transaction It's important to note that international trade transactions can be complex and are subject to various legal and regulatory considerations, including international trade laws and treaties (Nucci et al., 2023; Sa’idah & Suryanto, 2023). Additionally, currency exchange rates and fluctuations, political and economic factors, and cultural differences can influence the process (Broby, 2022). Many parties involved in international trade, such as banks, shipping companies, and customs brokers, play critical roles in ensuring the smooth flow of goods and payments across borders (Eaton et al., 2022). Export Credit Insurance Export Credit Insurance, also referred to as Trade Credit Insurance or Export Credit Agency (ECA) Insurance, serves as a financial instrument and risk management tool utilized by businesses engaged in global trade (Lal et al., 2023). Its primary function is to offer safeguarding against the potential of non-payment by foreign buyers and a range of political and commercial risks

associated with exporting goods or services to international markets (Añón Higón & Bonvin, 2023). When there is an absence of a letter of credit, exporters become vulnerable to the possibility of non-payment by foreign importers (Taskinsoy, 2023). To mitigate this vulnerability, exporters may opt to invest in export credit insurance (Qin et al., 2022). This insurance offers protection in the event of customer default, with the insurance company assuming the majority of the financial losses (Nucci et al., 2023). Countertrade Countertrade is a trade method that encompasses the exchange of goods or services among multiple parties, tailored to their specific requirements, and it doesn't involve the use of money or currency for payment (Haral, 2022). This process is carried out in accordance with the relevant countertrade guidelines and regulations in the countries participating in the transaction (Arifin et al., 2020). Countertrade serves as an alternative approach to structuring international sales (Arifin et al., 2021). In countertrade, it essentially involves a barter-like system, where goods and services are swapped for other goods and services when monetary exchange is not feasible (Torsello, 2020). Countertrade strategies come with their own set of advantages and disadvantages (Haral, 2022b). On one hand, they can help countries overcome trade barriers and promote economic cooperation (Torsello, 2020). However, they also introduce complexities and challenges in areas such as assessing value, managing logistics, and handling multiple trade partners (Haral, 2022b). Countertrade remains a vital tool in the realm of international trade, allowing both nations and businesses to navigate the complexities of global commerce when traditional trading methods face restrictions or obstacles (M Nadjhan et al., 2022). It requires a deep understanding of trade regulations, proficient negotiation skills, and the capacity to adapt to the specific conditions of each trade agreement (M Nadjhan et al., 2022). The Popularity Of Countertrade The prevalence of countertrade has experienced fluctuations over the course of global economic history (Zhu et al., 2023). Countertrade gained significant traction in the 1960s and endured for several decades (Wu et al., 2022). However, its popularity may have dwindled due to the heightened liquidity of international financial markets and the broader adoption of currency

convertibility (Y. Zhou et al., 2023). In the contemporary era, where international financial resources are more accessible, the practice of countertrade may not be as widespread as it was in earlier times (Shinde et al., 2023). On the other hand, countertrade is experiencing a resurgence in the business world. The concept of countertrade is actually much more common than we might think (Joshi, 2022). Some marketing tools, like advertising, have been in use for centuries, even possibly for thousands of years (X. Zhou & Kang, 2023). Ancient Greeks also used advertising as a commercial strategy (Lal et al., 2023). At that time, merchants would contract "message carriers" to promote their products (Thu Luu & Duong Dang, 2023). There are many changing factors that can influence the market, such as trends or technological advances (Y. Zhou et al., 2023). If we disregard these factors, they can have a serious impact on the market, even threatening the existence of a brand (Joshi, 2022). Nevertheless, countertrade can still be used in specific situations where access to foreign currency or trade financing becomes difficult (Haral, 2022a). Therefore, the popularity of countertrade can vary depending on the current economic conditions and the international financial market (Torsello, 2020). Types Of Countertrade The prevalence of countertrade has experienced fluctuations over the course of global economic history (Fujishige & Yang, 2022a). Countertrade gained significant traction in the 1960s and endured for several decades (Zhu et al., 2023). However, its popularity may have dwindled due to the heightened liquidity of international financial markets and the broader adoption of currency convertibility (Wu et al., 2022). In the contemporary era, where international financial resources are more accessible, the practice of countertrade may not be as widespread as it was in earlier times (Wu et al., 2022). This barter system also relies on trust and mutual benefit and often involves bilateral relationships built on personal connections (Fujishige & Yang, 2022a; Taskinsoy, 2023). Barter is one of the forms of trade that emerged before the invention of currency, and its roots can be traced back to primitive communities (Haral, 2022a). It can also be stated that in barter markets, various goods that are difficult to divide into homogeneous parts are usually encountered (Wu et al., 2022). Initially, each individual in the market had their own set of goods and had the ability to obtain other goods without using a medium of exchange like money (Khlevniuk, 2023; Mr. Shubham

Kadoo & Ms. Khushboo Sodi, 2023). Participants have general preferences for various goods they are interested in (Wu et al., 2022). The cause of random decentralization is likely to lead to an allocation very close to the core Markovian allocation, which is a distribution based on the rational considerations of each individual, ensuring Pareto efficiency and stability against possible changes in coalitions, compared to the allocations they currently have, not based on their initial funds (Skrastins, 2023). This allocation has been shown to be the natural result of the decentralization process in the maritime sector (Fujishige & Yang, 2022b). Counter-Purchase is a form of countertrade where two parties involved in a trade agreement agree to carry out two separate transactions (Hill, 2023b). Counter-purchase is often used in international trade, especially when one party is trading with a country with currency constraints or other payment limitations (Shinde et al., 2023). Counter-purchase can be seen as a way to overcome these barriers and allows both parties to continue their trade while also having an agreement with the other party to purchase unrelated products in the same transaction (Haral, 2022a). Counter-purchase transactions involve two separate payments, similar to two different contracts (Lawal, 2022; Nakao & Asada, 2022). Agreed-upon prices are most likely conducted in stable currencies (Thu Luu & Duong Dang, 2023). Therefore, the fundamental principle is that different prices for counter-purchase contracts should be agreed upon in the same currency to minimize the impact of exchange rate fluctuations and maintain transaction stability (Haral, 2022a). Offset, in the context of trade, refers to the practice where two parties engaged in a trade transaction, such as the purchase of weapons or military equipment, agree to compensate for the purchase of the products or services by making investments or purchases equivalent to the other party in the country making the purchase (Hill, 2023b). This provides a dual benefit where the buying country gets the products or services they need, while the producing country of the weapons gets economic benefits from additional investments or transactions (Lawal, 2022). Moreover, offset practices can help reduce trade deficits and create job opportunities in the local industrial sector (Torsello, 2020). Switch Trading, also known as "switching," involves the utilization of a third party, often referred to as a trading house, in the execution of countertrade agreements (Andia et al., 2022). This credit can be employed to procure goods from the same country (Khlevniuk,

2023). Switch trading comes into play when a third party, the trading house, acquires the buyback credit from the company and subsequently sells it to another company that can make more effective use of it (Skrastins, 2023). Pros And Cons Of Countertrade Countertrade offers a major benefit in providing a financing avenue for companies engaged in export transactions, particularly when conventional financing options are unavailable (Haral, 2022b). Many developing countries face challenges in accumulating the necessary foreign exchange to cover import costs, making countertrade the only viable method for conducting business in these nations (Arifin et al., 2020). Even when alternative methods exist for settling export deals, many countries favor countertrade over cash transactions (Torsello, 2020). Consequently, a company declining to participate in a countertrade agreement may forfeit opportunities to compete in the export market, as competitors who embrace such agreements are willing to seize those opportunities (Haral, 2022b). Moreover, countertrade agreements are often mandatory requirements imposed by the destination country's government for the export of goods or services by a company (Hill, 2023). However, countertrade agreements come with substantial drawbacks (Haral, 2022b). Companies typically prefer to receive payment in hard currency (Torsello, 2020). Countertrade contracts may involve the exchange of goods that are either unusable or of subpar quality, which cannot be profitably disposed of by the company (Hill, 2023). CONCLUSION In the realm of international trade, the concept of the Global Trade Triad encompasses three core strategies: exporting, importing, and countertrade. These strategies are pivotal in facilitating the flow of goods and services across international boundaries, ultimately contributing to economic advancement. Exporting involves the sale of products and services produced in one country to customers in another, enabling businesses to expand their markets and cater to foreign consumer demand. Successful exporting necessitates extensive market research, product adaptation to align with foreign preferences, and the navigation of regulatory and logistical hurdles. Importing, conversely, entails the procurement of foreign goods and services for domestic consumption. It grants countries access to a diverse array of products and services that may not be

readily available or economically viable to produce domestically. Importing also promotes international collaboration, fostering economic benefits and product diversity. Countertrade strategies, on the other hand, are innovative approaches to international trade, typically employed when conventional exporting and importing methods are not suitable or advantageous. These strategies encompass barter, counterpurchase, offset, and buyback arrangements, and they help entities overcome financial or trade imbalances, foster cooperation, and cultivate partnerships with foreign counterparts. CHAPTER 17 GLOBAL PRODUCTION AND SUPLLY CHAIN MANAGEMENT INTRODUCTION Using labor and resources from many nations to produce goods and services worldwide in an effort to maximize both quality and cost effectiveness is known as global production Ensuring that goods and services can be delivered to clients effectively, economically, and efficiently is the aim of supply chain management. It addresses a number of key goals is enhanced efficiency, better customer service,cost control, risk management, enhanced collaboration and quality enhancement. Supply chain disruptions have emerged as a key problem for businesses around the world, posing considerable threats to business operations, expenses, earnings, and customer satisfaction. Natural disasters, raw material shortages, regulatory changes, technology malfunctions, labor shortages, transportation challenges, and political instability are all causes that contribute to these disruptions. Uday Kumar Kanike (Uday Kumar Kanike, 2023; 1) Global production and supply chain management" describes how businesses produce goods on a global scale by utilizing intricate supply chains that involve numerous parties, including distributors, manufacturers, suppliers, and customers. The objective is to meet customer expectations while achieving efficiency, cutting costs, and improving quality in an increasingly

interconnected global economy. This evolution has an influence on supply chain management (SCM). One way to define the integration of sustainable development into supply chain management is as follows. In 2020, a series of extraordinary unfolded, with the unexpected emergence of the covid-19 pandemic causing profound global repercussions. The world health organization declared covid19 a worldwide pandemic early in the year, resulting in widespread effects on various aspects of society and business operations. Reports indicate that the pandemic has had a detrimental impact on the financial performance of numerous companies, leading to a significant increase in bankruptcy filings, particularly among americans. According to a study by jialan wang et al. (2020), there was a staggering 200% increase in the annual number of bankruptcies among major international corporations between January and august 2020. It can be accurately stated that the disruption in both suplly and demand caused by covid-19 were at the core of this issue, significantly influencing the global business landscape. According to research and experts in the field, global supply chain management and compasses a wide range of indeptha concept and practices. Some key elements that are often focused in global supply chain management research include global integration, supply chain optimization, global risk management, global corporation and partnerships, sustainable development, technological challenge. Research continues to be conducted as the global business enviropment changes, with a focuss on issues such as digitalization pandemic response and globalization that continue to impact how companies manage their supply chains around the world. LITERATURE REVIEW AND DISCUSSION Supply Chain Management or SCM is a comprehensive process that efficiently coordinates the movement of goods, data, and services from suppliers to the final consumers. Efficiency, flexibility, and customer-centricity are the key objectives for achieving maximum supply chain performance. Supply chain management encompasses various aspects such as sourcing the raw materials, manufacturing the goods, storing them, distributing them, managing inventory, and ensuring proper transportation. To ensure a smooth and efficient flow of goods and information, it

is crucial for supply chain stakeholders like suppliers, manufacturers, distributors, and customers to work closely together. Furthermore, supply chain management includes considerations for sustainability, innovation, risk management, and cost management. In the ever-evolving and globalized business landscape, the primary objectives are achieving greater adaptability, productivity, and client contentment. In order to reach your supply chain planning goals, it is imperative to clearly define them and establish the strategies that will be employed to attain them. When it comes to selecting suppliers, it is crucial to consider various factors like quality, price, and reliability in order to choose the best one. Demand forecasting involves analyzing historical data and trends to estimate future demand. To ensure customer satisfaction and prevent surplus inventory, it is crucial to maintain appropriate levels of inventory. Planning distribution routes and determining the method of product delivery to customers. In the realm of supply chain management, risk management encompasses the crucial tasks of recognizing and minimizing potential risks. Increase the efficiency and reliability of the supply chain by working together with partners such as suppliers, manufacturers, and distributors. Performance evaluation involves consistently monitoring and assessing your supply chain to discover opportunities for improvement. Embrace the power of automation and technology to efficiently organize and oversee your supply chain through the utilization of software systems. In Appendix A, Table A.1 provides a listing of the questionnaires. According to Mishra et al. (2021) and Sharma and Kumar (2021), the COVID-19 pandemic has brought to light three key aspects that are impacting global supply chains: logistics, supply, and demand. Prior to the outbreak of the COVID-19 pandemic, supply chain managers prioritized just-in-time inventory management as a means of minimizing expenses and improving operational effectiveness. The strategy, however, proved ineffective in preparing international supply chains for unforeseen calamities like the COVID-19 pandemic (Govindan et al., 2020). Additionally, the importance of managing and mitigating risks has been highlighted due to the widespread effects of the ongoing COVID-19 pandemic on global supply chains. Companies must evaluate their supply chain structure, approach, and the supply chain itself. Defining key terms is the initial step in addressing how global markets affect local supply chain management.

According to Vidrova (2020), a supply chain is a web of connections between different economic actors where value can be created (p.2). An integration of resources and information through a sequence of value-adding activities is another definition of the supply chain (Vidrova, 2020: p. 2). According to this viewpoint, global SCM models influence the structure of relationships between actors in local supply chains. Suriyantphupha and Bourlakis (2019) argued from the perspective of global markets that create new demands on SCM that modern business must acquire a long-term strategy to adopt innovative technologies to remain competitive in global SCM Consequently, businesses are compelled to adjust their local supply chain management procedures to meet the demands of the worldwide market. Modern business is compelled to become customer- and supplier-oriented in addition to being focused on new technologies; this tendency is seen in international marketplaces. While SCM had historically been carried out to reduce costs and boost business profitability, Stefanelli (2020) contended that global SCM had an impact on local SCM practices by putting a greater emphasis on the needs of customers. Consequently, businesses typically expand their operations globally in order to find better ways to serve local clients. Halal supply chain A halal supply chain is a systematic approach to managing capital, information and material flows. It involves the strategic cooperation and coordination of all parties to ensure the implementation of all halal activities from suppliers to end consumers. By implementing a halal supply chain, it is possible to meet expectations regarding quality standards, product quality and services related to halal products. Researchers have developed a halal supply chain management model [59-78]. According to this model, the establishment of a halal supply chain system is based on the support of top management, starting with the halal policy. This policy is the foundation of the supply chain structure. In addition, aligning halal strategies and practices with the company and overall strategy is critical. The halal supply chain has the potential to improve the competitiveness of Indonesian products, especially in the agricultural and food sectors [1-16]. Both manufacturers and Indonesian logistics service providers can use this opportunity. The success of a halal supply chain depends on the cooperation of various stakeholders, not just industry players. State support, infrastructure, appropriate information technology, skilled workforce and strong vertical and horizontal

partnerships are enabling factors. In this context, the government plays an important role in preparing plans, regulations and initiatives to increase the export capacity of domestic goods. It emphasizes consistent performance and lean manufacturing practices. Consistent performance and lean manufacturing practices Kamble and colleagues (2020) utilized value stream mapping (VSM) to depict the advancement of lean manufacturing, focusing on waste reduction. Their research compares present and future objectives to emphasize the advantages of lean manufacturing, and the findings unequivocally indicate and anticipate the value of streamlining processes. Another aspect connected to sustainability and environmental responsibility, as indicated in earlier studies, is the correlation between lean production and financial performance. Orji and Liu (2020) highlighted its significant contribution to financial gains. Considerable cost savings are achieved through minimizing waste in lean production. According to Hussain et al. (2019), apart from reducing waste management expenses, lean manufacturing facilitates pollution reduction and fosters economic benefits. Ecological Supply Chain Organizing Ecological supply chain management is an approach that focuses on managing supply chains taking into account environmental impacts. Here are some resources to help you understand this concept, Definition of Ecological Supply Chain is an ecological supply chain is an approach that considers environmental factors such as resource use, carbon emissions and ecological impacts in the planning, management and implementation of supply chain, Environmental supply chain principles is a reduce waste and consumption of resources. - More efficient energy use. - Use of sustainable raw materials. - Reduce carbon emissions. - Collaboration with suppliers committed to sustainable practices, Advantages of an ecological supply chain is a reduce environmental impacts. - Work efficiency and cost savings. - Improve the image of the company. - Comply with environmental regulations. - Increasing competitiveness, Environmental Supply Chain Challenges is a identify sustainable resources. - Measurement of environmental impact. - Risk management. - Supplier and customer participation, Tools and methods is a life cycle analysis (life cycle assessment). - Sustainable product design. - Sustainable logistics. - Use of information technology, Case Study is a examples of companies that have successfully implemented ecological supply chains such as Unilever, Patagonia and Toyota. By understanding these concepts and practices,

you can take steps to organize an ecological supply chain in your company or understand how other companies are doing it to support the environment. Cost savings and market gains were discussed in relation to the advantages and disadvantages of lean management initiatives. There are some contradictory results from the financial performance and lean management. The markets' varying reactions to various categories of lean inventiveness are the subject of this type of research. Applying lean inventiveness could get rid of or minimize hidden waste and ineffective processes, claims Vanichchinchai (2019). They emphasize how their program and other related programs have similarities and overlaps. Lean manufacturing practices Haiyun et al. (2021), helps combat global warming by reducing production externalities such as pollution. A number of studies and research findings have shown that lean operations and transportation are successful in reducing pollution and increasing efficiency. Limiting excess emissions of carbon dioxide is the most important environmental issue, and lean practices have made this possible by using more resources in less time. In 2021, Bhatia and Gangwani introduced the concept of measuring and evaluating business development or progress to implement lean. In this evaluation and case study, five different organizations were considered, which were combined through a conceptual framework and validation. This demonstration showed that the actions taken for a demonstration are appropriate. Relationship between process and equipment for sustainable operation Some agents want to create a production process workflow that is both reliable and efficient. These are the tools and procedures that promise improvement; machine control, cycle time reduction, availability and "error-proof" tools are some examples (Mathiyazhagan et al., 2021). Defects and waste occur as a result of improper and over-processing. Excessive processing and incorrect processing of machines leads to high-risk materials, increased water consumption and energy loss. According to Tripathi et al. (2021), the evidence and devices mentioned above are more effective because they are designed to improve the environment, can detect leaks and leaks, and reduce energy consumption and failures by reducing pollution. The application of processes

and equipment has brought many advantages (Chavez et al., 2020) One advantage is that no energy or water is used. They also have a better impact on the company's operations, which improves the business environment and helps create a healthy environment. Process and equipment efficiency has a significant effect on long-term performance. The relationship between long-term performance and planning and management planning strategies are combined with lean production planning and control practices to meet market demand. Several factors contribute to productivity growth (Nagaraj and Jeyapaul, 2020). Three major sources of waste—schedule, labor usage, and initial material cost—are important to lean design and management. Effective schedules should be the focus because they yield favorable results. Setting a small lot size along with eliminating imbalances in the production line ensures a smoother production flow (Iqbal et al., 2020). Using lean and control methods without affecting delivery times reduces storage and minimizes waste from overproduction. These methods also help to reduce the use of components and materials in the production process. Additionally, as Jermsittiparsert et al. (2020), draft promotion minimizes the waste of damaged products, accelerates work processes and optimiz available floor space. This is consistent with the previous statement that the application of these approaches can reduce process waste and errors of design and inspection procedures. Therefore, we propose the following hypothesis: Planning and control significantly affect long-term performance. The relationship between long-term performance and HR practices effective implementation of HR practices leads to the development of human capital and the creation of a favorable work environment (Rathore et al., 2020). Lean goals include employee empowerment, involvement, self-directed work teams, independent problem solving, problem solving teams, and structured training programs. These elements form the basis for quality improvement initiatives that arise from the implementation of lean production. is human resources. Human resources have a major impact on pollution and waste depletion, as shown by Kumar et al. (2020). Well-trained and disciplined workers can effectively cut waste and increase resource efficiency. One way to improve an organization's financial performance is to give employees the freedom to cut waste and pollution, but this can only be accomplished through the use of HR. This implies the theory that follows.

Practices Significantly Influence Sustainable Performance. The Connection Between Long-Term Performance and Product Design. Lean manufacturing incorporates various product design approaches, such as multifunctional pattern teams, design for production, product modularization, and high-value component selection (Jamil et al., 2021a). These product design strategies primarily aim to reduce material consumption and facilitate easy product maintenance, resulting in a seamless and efficient manufacturing process and optimal resource utilization for businesses (Sahu et al., 2020). Additionally, this product design contributes to reducing. The Mediating Role of Green Supply Chain Management Lean production and more efficient methods have led to a significant reduction in emissions during both production and transportation. Carbon dioxide, a greenhouse gas with global implications and climate change consequences, is a major concern. Reducing carbon dioxide emissions is a strategy to combat pollution and global warming (Jamil et al., 2021b). Lean manufacturing, by reducing waste and accelerating cycle times while optimizing available resources, can play a role in pollution reduction. Sarfraz et al. (2021) proposed an assessment system to measure the effectiveness of supply chain implementation in businesses. To validate the conceptual framework, multiple case studies from five distinct manufacturing companies were examined. CONCLUSION Global production and supply chain management is, in general, a crucial strategy in today's business environment. Companies can use labor, resources, and international markets to their advantage through global production, which lowers costs and improves quality. In contrast, global supply chain management aims to improve efficiency, responsiveness, and customer satisfaction by carefully coordinating the movement of products, information, and services across international borders Businesses can increase customer satisfaction, cut costs, shorten response times, and

optimize added value by combining global production with efficient supply chain management. But there are drawbacks as well, including complexity, risk, and reliance on outside variables. A solid understanding of global production and global supply chain management is critical to business success in an increasingly connected and dynamic world. This enables businesses to compete effectively in a changing global environment while maintaining operational resilience and sustainability. In an increasingly connected business world, global production and supply chain management is a critical approach. Companies can use labor and resources from other nations to achieve cost savings and higher quality through global production. Contrarily, supply chain management entails organizing, carrying out, and managing the movement of products, data, and services from suppliers to clients. Companies can compete in global markets in a more efficient, responsive, and customer- oriented manner by combining global production and global supply chain management. This necessitates meticulous coordination in the management of complex supply chains involving numerous stakeholders from around the world. Strong understanding and practice in these two fields are critical to the success of businesses that want to compete in the global market in the age of globalization. CHAPTER 18 EFFECTIVE GLOBAL MARKETING STRATEGIES: LEVERAGING BUSINESS ANALYTICS FOR INTERNATIONAL BUSINESS SUCCESS. INTRODUCTION In the dynamic realm of international business, the quest for effective global marketing strategies has transformed into a blend of art and science (Guru et al., 2023). Thriving on the global stage demands a precise understanding of intricate cultural, economic, and competitive landscapes (Williams-Sanchez, 2021). The pivotal factor driving success in this international context is the strategic application of business analytics. This introduction serves as a prelude to our exploration of how harnessing the capabilities of business analytics can propel businesses towards

international triumph, enabling them to adapt, target, and excel in the global arena (Ku, 2014; Varma & Director, 2022). The world has observed a significant shift in the approach companies take to global marketing (Husen & Chowdhury, 2023). Uniform strategies are no longer effective. Presently, organizations must adopt a more sophisticated, data-driven approach to comprehend and engage with diverse global markets (Phillips-Wren et al., 2021). Business analytics, equipped with advanced tools and algorithms, empowers companies to decode complex market dynamics, consumer behaviors, and emerging trends (Khan et al., 2022). As we venture into the domain of global marketing strategies, this introduction emphasizes the indispensable role of business analytics in aiding businesses to decipher the intricacies of international markets (Zschech, 2023). Moreover, the digital era has ushered in an age of unparalleled data accessibility. The abundance of information presents both prospects and challenges (Wu et al., 2021). By strategically leveraging the insights derived from data analysis, businesses can customize their global marketing endeavors with an unprecedented level of accuracy (Ali, 2023). It is within this context that this exploration aims to spotlight the methods through which business analytics can be utilized as a potent instrument for achieving success in international business (Suhairi et al., 2023). In the following sections, we will delve deeper into the strategies and approaches that make effective use of business analytics to navigate the intricate and ever-evolving global marketplace (Zhou et al., 2022). LITERATURE REVIEW AND DISCUSSION Effective global marketing strategies have evolved significantly in response to the complexities of the international business landscape (Teguh Setiawan Wibowo & Dwi Bhakti Iriantini, 2022). The integration of business analytics has become a pivotal driver of success, as it empowers companies to make data-informed decisions, adapt to diverse markets, and ultimately achieve global business success (Rathipriya et al., 2023). A review of relevant literature highlights the growing consensus that leveraging business analytics is essential for businesses seeking to thrive in the international arena. One prominent theme in the literature emphasizes the critical role of business analytics in

understanding global market dynamics. (Kristoffersen et al., 2021; Singh, 2022) underscore the necessity of data-driven insights to comprehend market intricacies and consumer behaviors in different regions. By collecting and analyzing vast sets of data, businesses can unveil valuable trends, preferences, and emerging opportunities within international markets. As a result, these insights allow companies to tailor their marketing strategies to be more culturally and geographically relevant, gaining a competitive edge in the global marketplace (Singh, 2022). Furthermore, the literature underscores the transformative impact of business analytics on market segmentation and targeting. Traditionally, companies employed broad, one-size-fits-all marketing approaches for their international ventures. However, as (Kannan et al., 2021) argue, the era of precision marketing has arrived, facilitated by business analytics. By segmenting global markets based on demographic, psychographic, and behavioral data, businesses can create highly targeted and personalized campaigns (Madhani, 2023). This not only improves the effectiveness of their marketing efforts but also enhances the overall customer experience, which is crucial for establishing a global foothold and ensuring international business success (Gao & Sarwar, 2022). A third critical dimension explored in the literature is the role of business analytics in optimizing marketing campaigns (Dr Girisha H et al., 2023). The research of Smith and Anderson (2020) highlights that analytics tools enable businesses to assess the performance of their marketing initiatives in real time. This dynamic feedback loop allows for continuous improvement and refinement of strategies (Xu et al., 2021). Additionally, the predictive capabilities of business analytics assist in forecasting future market trends and consumer demands, enabling proactive adjustments to marketing plans. By optimizing marketing campaigns through data-driven insights, companies can make more informed decisions that drive international business success and longterm growth (Ciampi et al., 2021; Rydell, 2022). Understand the importance of business analyst and international market research. Recognizing the significance of business analysis and international market research holds immense importance in the context of global business operations (Valaskova et al., 2022). To

begin, business analysts play a pivotal role in bridging the gap between raw data and informed decision-making. Their responsibility lies in deciphering intricate datasets and converting them into practical insights (Ciccullo et al., 2022). In the context of international business, this role gains heightened significance, as it facilitates companies in navigating the complexities of diverse markets, encompassing distinct cultural preferences and regulatory frameworks (Oberdorf et al., 2021). Business analysts excel in identifying both opportunities and risks, streamlining processes, and ensuring that global strategies are firmly rooted in data-driven precision(Bharadiya & Bharadiya, 2023). They serve as the linchpin connecting a company's overarching goals to the practical steps required to realize them, guaranteeing that resources are allocated efficiently and international endeavors are embarked upon with a well-grounded comprehension of the global market dynamics (Chaudhary & Alam, 2022a; Yi et al., 2021). Concurrently, international market research serves as the bedrock upon which well- informed business decisions are erected. It operates as the guiding beacon steering companies through the uncharted territories of global markets (Soni et al., 2021). By conducting thorough research, organizations can gain profound insights into factors such as market size, demand patterns, competitive environments, and consumer behaviors unique to each targeted region (Bashan & Ben Jacob, 2021). This knowledge equips companies to adapt their products or services, marketing approaches, and distribution channels in harmony with the distinctive features of international markets (Ghaffar & Zharova, 2022). International market research transcends surface-level understanding; it delves deep into the underlying cultural, economic, and societal elements that influence consumer choices. In doing so, it assists companies in averting costly mistakes, optimizing opportunities, and ultimately attaining success in the expansive global marketplace (Indrajit et al., 2021). Explain why it might make sense to vary the attributes of a product from county to county. Varying the attributes of a product from country to country can be a strategic approach that makes sense due to the distinct cultural, economic, and regulatory differences that exist across international markets (Phabao et al., 2023). Consumer preferences, needs, and purchasing behaviors can vary significantly from one country to another (Cheng et al., 2022). Adapting a product's attributes, such as its design, features, or packaging, allows a company to better align

with the local market's unique requirements and cultural sensitivities. Moreover, variations may be necessary to comply with different regulations, standards, and safety requirements in each country (Darshan & Gurusamy, 2022). This flexibility in product attributes ensures that a company's offerings are not only more appealing to consumers but also meet the legal and regulatory conditions, contributing to enhanced market acceptance and overall success in diverse global markets (Kearney et al., 2021). Recognize why and how a firm's distribution strategy might vary among countries. Understanding the reasons and methods behind the divergence in a firm's distribution strategy among countries is crucial, and this divergence can be attributed to several market-specific factors (Ghosal et al., 2021). These differences arise from disparities in consumer preferences, behaviors, and purchasing patterns, necessitating adjustments in distribution channels and methodologies (Phillips et al., 2021). Additionally, variances in infrastructure, geography, and logistical capabilities across nations influence the firm's choice of distribution strategy. Compliance with local regulations and trade restrictions also plays a pivotal role, often demanding the adoption of specific distribution approaches (Mulunda et al., 2021). Economic elements, such as income levels, market maturity, and competitive landscapes, further impact the firm's distribution strategy by influencing pricing, channel selection, and market positioning (Sihare, 2022). Hence, recognizing these distinctions and tailoring the distribution strategy accordingly is essential for the firm to effectively penetrate diverse markets, optimize operational efficiency, and achieve success across various countries (van Oosterhout et al., 2023). Identify why and how advertising and promotional strategies might vary among countries. The divergence in advertising and promotional strategies among countries is primarily driven by the need to adapt to distinct cultural, social, and economic contexts in each market (Zakaria et al., 2021). These variations stem from differences in consumer preferences, values, and lifestyles, necessitating modifications in advertising content to resonate with the local audience. Furthermore, disparities in media availability, consumption patterns, and advertising regulations mandate the

customization of strategies (Shen, 2021). Economic factors, such as varying income levels and market maturity, can influence budget allocation for advertising and the mix of promotional activities (Gamit et al., 2021). Additionally, language differences and communication styles call for translation and localization of advertising materials (Al-Ababneh, 2021). Recognizing these distinctions and making the necessary adjustments to advertising and promotional strategies is vital for establishing effective connections with consumers, ensuring brand relevance, and achieving marketing success across a range of countries (Ebikade et al., 2021). CHAPTER 19 GLOBAL HUMAN RESOURCE MANAGEMENT INTRODUCTION Developing a global workforce is an important process in the context of globalization and international business development (Bris et al., 2021). The process involves preparing and improving the skills and capabilities of individuals, groups and organizations so they can operate and compete effectively in an increasingly integrated global market (Daljeet Kaur lal, 2021). A global workforce is an invaluable asset for companies looking to grow and compete internationally (Daljeet Kaur lal, 2021). Globalization has changed the outlook for international business, with companies able to access global markets more easily than before (Alkhatnai & Shawyun, 2022). In this context, companies need a workforce that can adapt to various cultures, languages and business rules (Pinheiro et al., 2019). This indicates that members of a company's workforce need to have the skills to interact with individuals who come from diverse cultural backgrounds (Krasnokutska & Kryshtalieva, 2021). They must be able to understand and respect language differences and behavioral norms, and also comply with business regulations that apply in various countries (Amalia Yunia Rahmawati, 2020). Developing a global workforce requires understanding and respecting cultural diversity (Hung et al., 2022). This refers to companies' efforts to prepare and improve their employees to be able to work in a global work environment (Kyere & Fukui, 2023). Covers the development of skills,

knowledge, and understanding necessary to operate successfully in global markets (Bris et al., 2021). Differences in values, norms, ethics, and behavior can be a challenge to overcome in a global work environment (McHunu et al., 2019). Companies need to invest in training and developing the skills of their employees to be able to cope with the demands of a global work environment (- & -, 2023). This includes developing language skills, international business understanding, crosscultural leadership, and effective communication skills (Jotabá et al., 2022). Employees need to understand international business dynamics, such as differences in regulations, markets and business habits in different countries (Bris et al., 2021). This understanding helps in making informed decisions in a global context (Tenai & Wambua, 2021). For individuals who wish to pursue a global career, it is important to plan and develop a clear international career path (“THE RIGHT OF ELDERLY PEOPLE TO HEALTH – THE CHALLENGES OF TODAY,” 2020). This includes understanding the opportunities and challenges of a career in various global markets (Bris et al., 2021). In this case, it is also important for the company's progress in the global realm (Bris et al., 2021) Developing a global workforce also includes building strong relationships with international business partners, whether they are customers, suppliers or other affiliates (Hung et al., 2022). Cross-cultural diplomacy and negotiation skills are essential in this context. Because the company's progress is also driven by external parties (Daljeet Kaur lal, 2021). Developing a global workforce is a complex process and requires sound strategy, commitment and support from various levels of the organization (Hung et al., 2022). Companies that succeed in developing a global workforce can gain a competitive advantage in increasingly complex global markets and intense competitive (Digitalisasi, n.d.) LITERATURE REVIEW & DISCUSSION Developing a Global Workforce Strategic human resource management is the foundation for building a successful workforce, including recruitment, retention and employee management in companies (Al-Khaled & Fenn,

2020) . Managers need to create standards in employee recruitment covering several aspects that must be qualified by prospective employees to meet company requirements, including : training and skills development, understanding the global market, adapting to the environment, cultural understanding, and employee mobility (Zaffina & Moscato, 2019). Over the past few decades, globalization has had a profound impact on the economy, the environment, and society (Li et al., 2023) . It has significantly transformed our way of life (Yoon et al., 2018), resulting in enhanced communication, quicker access to technology, and increased innovation (Milloy et al., 2022). The process of globalization involves assimilating the beneficial aspects of one culture into another, breaking down language and communication barriers, and fostering trade and collaboration between disparate domains (Kyere & Fukui, 2023). This, in turn, paves the way for international trade and business with a focus on profit (Digitalisasi, n.d.). Despite its advantages, globalization also carries negative consequences for the environment (Sukmo Hadi Nugroho, 2022). Globalization in practice is the ability of organizations and individuals to be able to carry out almost all types of economic transactions across national borders thanks to the single transnational market formed by globalization, which is based on the principles of free trade and supported by a dynamic flow of information exchange (Hussain, nd ) . Globalization encourages individuals to always be prepared to face changes and competition that occur on a global scale (Tenai & Wambua, 2021). Companies need to manage their workforce so that they have a global culture and strong social skills in order to compete in the international arena (Amalia Yunia Rahmawati, 2020). In developing a global workforce there is a human resource development function (Kyere & Fukui, 2023). Human resource development plays a role in obtaining human resources that suit the company's needs, both in terms of quality and quantity (Pinheiro et al., 2019). Companies need to identify the skills required from their employees and the number of employees required (Milloy et al., 2022). Decision-making in high-risk environments often grapples with uncertainty and vagueness, leading to the need to balance conflicting objectives, as discussed by (Digitalisasi, n.d.). Social awareness, entails the capacity to comprehend and effectively manage individual and group responsibilities (Herbut et al., 2021). Taking into account the designated roles and setting criteria for addressing specific issues is crucial (Muhani, 2023). Leaders have the opportunity to engage various team members based on their strengths and their scope of responsibilities (Tu, 2023).

Assessing strategies to tackle specific challenges is essential (Fernández et al., 2020). Leaders can also involve different team members based on their strengths and the nature of the tasks (Kovalyov & Ataeva, 2021). It is imperative to consider alternative roles and establish criteria to ensure the appropriate team member is assigned to handle a given task (Axtell et al., 2022). Global workforce refers to workers or employees who work for a company or organization in various countries around the world (Zaffina & Moscato, 2019). This phenomenon is closely related to economic globalization, which has allowed companies to expand their operations into international markets (Qureshi et al., 2021). The global workforce consists of individuals who may have different cultural backgrounds, languages, and skills (Apriantoro et al., 2022). Companies need to prepare to manage global employees cohesively by keeping all employees under one digital roof with one HR platform and connecting with employees in new markets so they feel part of the team before launch (Milloy et al., 2022). In this case, it is also important to have links with other companies to be able to continue to develop and to collaborate with each other (Sukmo Hadi Nugroho, 2022). Companies that employ a global workforce often have offices or production facilities in different countries or regions, or they may work with teams located in several regions spread across the world (Ivanović et al., 2022). A global workforce can work physically at office locations, factories, company branches in other countries, or they can work remotely using modern communications technology such as video conferencing and online collaboration tools (Hamid et al., 2019). Global workforce management involves special challenges, including cultural differences, different employment regulations in each country, and coordination of geographically dispersed teams (Suwandi, 2022). Effective management of a global workforce requires a deep understanding of cultural differences, cross- cultural communication skills, and policies that support collaborative work in a complex global environment (Milloy et al., 2022) One of the most significant effects is rooted in the organizational or company culture (Qureshi et al., 2021). This culture is cultivated and transmitted from incumbent staff to newcomers, representing a shared comprehension of the values, assumptions, norms, and expected behaviors within an organization or company (Lazarova et al., 2023). Employee or workforce development is the main goal of the organization. Investing in employee development is associated with

increased productivity. So, an organization must develop strategies to ensure personnel progress through training (Axtell et al., 2022). Technological evolution represented by robots, artificial intelligence, remote storage, and remote information processing is also having a strong impact on organizations (Digitalisasi, n.d.). As artificial intelligence continues to advance, machines will progressively acquire the ability to assess situations, enabling them to handle unforeseen circumstances and adjust to their surroundings and uncertainties. This represents a move toward autonomy, although it should be noted that they must still operate under supervision. (“IMPACT OF THE EIGHTEENTH CONSTITUTIONAL AMENDMENT ON PROVINCIAL AUTONOMY IN PAKISTAN,” 2021). In short, developing a global workforce requires companies to set clear goals, understand cultural differences, consider employment regulations, prepare to manage global employees in an integrated manner, accommodate diverse employee needs, ensure efficient and consistent levels of training, foster a strong corporate culture who appreciates values. diversity and inclusion, developing talent management programs, expecting changes in problems and patterns, and being flexible and respecting diversity (Fernández et al., 2020). Evolution of HR Strategy The HR Strategy Evolution Theory emphasizes that the Human Resources (HR) development strategy in an organization must continue to develop in line with changes in the business environment and market demands (Suklum & Ozturk, 2022). In this context, HR includes aspects of employees, skills, knowledge and individual expertise within the organization (Kyere & Fukui, 2023). In the early stages of the evolution of Human Resources (HR) strategy, Traditional Personnel Management, organizations tended to focus on administrative aspects and compliance with labor regulations (Mabai & Hove, 2020). The main focus at that time was on administrative tasks such as managing salaries, recording employee data, and ensuring that the organization complied with applicable labor regulations (Alkhatnai & Shawyun, 2022). At this stage, organizations are reactive to change and often do not have a proactive strategy for managing HR (Syakarna et al., 2021). The

HR function operates separately from main business strategy, and HR-related decision making tends to be hierarchical, with policies set from the top down (Milloy et al., 2022). Additionally, at this stage, employee development and performance appraisal are rarely the focus (Muhani, 2023). Formal training and skills development was in short supply, and company culture and employee satisfaction were not top priorities (Müller & Wöhler, 2023). This stage is often considered a primitive step in HR management (Kyere & Fukui, 2023) The Development Stage in the evolution of Human Resources (HR) strategy characterizes a paradigm shift from traditional, administrative management towards a more strategic and planned approach to managing human resources (Muhani, 2023). At this stage, organizations begin to recognize the important role of HR in achieving long-term business goals and implement more proactive measures (Sukmo Hadi Nugroho, 2022) At this stage, attention is paid to employee development through training and skills development programs, as well as formal education (“Teacher Training and Skill Enhancement in India Using Innovative Techniques,” 2020) Recruitment of a quality workforce and employee motivation are the focus, with the introduction of incentives to improve performance (Syakarna et al., 2021). A formal performance appraisal system was introduced, enabling the organization to assess employee achievements and identify potential and areas of development (Milloy et al., 2022). The Development Stage reflects a substantial change in the way organizations view Human Resources, which are now considered strategic assets capable of providing competitive advantage (Kim et al., 2021). Organizations at this stage focus more on employee development, increasing productivity, and strategic integration with the organization's overall vision and mission (Alkhatnai & Shawyun, 2022) The Transformation Stage in the development of Human Resources (HR) strategy marks a deep and strategic change in the HR management approach (Muhani, 2023). At this stage, HR is fully integrated with the organization's core goals and strategies (Kyere & Fukui, 2023). HR policies are designed to support the company's vision and mission, ensuring that human resource management supports the achievement of long-term business goals (Arner et al., 2020). Building a positive company culture and increasing employee satisfaction is an important focus (Bris et al., 2021). An inclusive and collaborative approach is strengthened to drive effective

teamwork and employee satisfaction, ensuring that employees feel valued and recognized (Wongsinhirun et al., 2023). At this stage, HR does not only act as an administrative department, but becomes a strategic partner for organizational leaders (Syakarna et al., 2021). HR decision making is based on in-depth data analysis and understanding of industry trends, helping organizations face market challenges and opportunities more effectively (Wongsinhirun et al., 2023). This stage reflects the organization's maturity in managing human assets efficiently and strategically (Mabai & Hove, 2020) The Innovation Stage in the evolution of Human Resources (HR) strategy involves the application of advanced technologies and innovative solutions to improve HR management (Hlushko & Hyrenko, 2022). Organizations at this stage utilize high technology-based HR management systems, including HRIS, big data, analytics and artificial intelligence (AI) (Wongsinhirun et al., 2023). This technology is used to manage employee data, analyze performance, provide technology-based training, and provide self-service portals to employees (Margherita & Bua, 2021). In addition, organizations use artificial intelligence to automate routine HR tasks, such as the initial selection process in recruitment and schedule management (Galeotti, 2020). This approach allows organizations to respond to market dynamics quickly and intelligently (Sertkaya, 2022). The use of this technology also creates a better user experience through an intuitive and user-friendly interface (Kyere & Fukui, 2023). At the innovation stage, organizations not only adopt the latest technology, but also extract deep insights from data to make strategic decisions related to HR (Alkhatnai & Shawyun, 2022). Thus, this stage reflects the organization's commitment to improving efficiency, productivity and employee experience through advanced technology and data analytics (Tenai & Wambua, 2021). The Collaboration Stage in the evolution of Human Resources (HR) strategy emphasizes close collaboration with external and internal parties to improve HR management. At this stage, organizations partner with educational institutions, non-profit organizations, suppliers, customers, and local communities (Syakarna et al., 2021. This collaboration involves training programs, information exchange, product development, as well as social and environmental projects (Yoon et al., 2018).

Through collaboration with external partners, the organization provides training and education to employees, improving their skills according to industry needs (Jotabá et al., 2022). Additionally, collaboration with suppliers and customers helps in improving products or services, while involvement in local communities supports social projects and strengthens relationships with local communities (Fernández et al., 2020). The Collaboration Stage also contributes to the organization's positive brand image and implementation of corporate social responsibility (Wongsinhirun et al., 2023). Through sustainable social and environmental projects, the organization seeks to have a positive impact on its communities and strengthen its connectedness with external stakeholders (Milloy et al., 2022). Thus, this stage reflects the organization's commitment to playing an active role in its business and social ecosystem, while providing concrete benefits for employees and the surrounding community (Sumardjo & Supriadi, 2023). Macro Environmental Impact The macro environment refers to external elements that are able to influence various aspects of a company's operations, including the management of human resources (HR) (Zhang & Lai, 2022). Companies should not ignore the significance of the macro environment when designing human resource management strategies, policies and practices applicable at the global level (Tu, 2023). The impact that the macro environment has on global human resource management has very significant implications (Nair & Meenakumari, 2021). Some of the consequences of the influence of the macro environment on global human resource management include the following: International laws and regulations, regulations that apply at a global level, such as regulations on international trade, human rights, and environmental protection, can influence a company's human resource management (HRM) policies (Zaffina & Moscato, 2019). This includes international regulations and agreements established by countries and international bodies to protect the global environment and promote sustainability (Bris et al., 2021). Companies need to carefully follow these provisions and ensure that their human resource management practices are in line with international standards (Jotabá et al., 2022). This is important to ensure that their operations are in compliance with global legal requirements and widely accepted ethical values (Tu, 2023).

Global politics and security, political instability and security issues in various countries can significantly affect the process of recruiting, retaining and managing human resources (Kyere & Fukui, 2023). In this situation, global companies must be mature and thorough in considering these factors when designing their human resource management strategies and policies (Meghani et al., 2021). This includes monitoring the political situation, having security contingency plans, and following applicable international rules and regulations (Bris et al., 2021). These efforts can help companies mitigate risks and maintain stable business operations amidst global political turmoil (Khusnul, 2023). That way, they can respond appropriately to challenges arising from political instability and security issues that have the potential to affect the continuity of their business (Galeotti, 2020). Immigration policies, immigration regulations in various countries influence international labor mobility (Milloy et al., 2022). These impacts include a direct influence on the recruitment process, the company's ability to send employees abroad, and diversity management in the company's work environment (Müller & Wöhler, 2023). In global human resource management, it is important to understand immigration regulations in various countries and adapt to changes in immigration policies (la Roi & Mood, 2023). Companies must ensure that their human resource management (HRM) practices are adapted to immigration regulations, and that they can meet their human resource needs in this ever- changing environment (Alkhatnai & Shawyun, 2022). More open immigration policies may allow companies to access a wider range of global talent, while stricter policies may require companies to seek creative solutions to meet their workforce needs (Fernández et al., 2020). Global economic conditions, including changes in global economic fluctuations, have the potential to impact how companies manage compensation, incentives, the availability of flexibility for employees, and benefits for employees in various countries (Kovalyov & Ataeva, 2021). Companies must be able to adapt their compensation strategies to the dynamics of global economic change (Kyere & Fukui, 2023). In an effort to maintain a competitive and sustainable balance in terms of compensation, companies must continuously monitor and respond to changes in the global economic market (Sadeghi et al., 2022). This includes wage resets, workforce reduction policies, as well as recruitment strategies. In an ever- changing economic environment, flexibility and adaptation are key to successful global human resource management (Qureshi et al., 2021).

Technological developments, especially in terms of remote communication and collaboration, have changed the way companies manage global employees (Hebibi et al., 2019). This impacts how companies recruit, train, and communicate with employees located in different countries (Axtell et al., 2022). The development of digital communication tools and collaboration software has enabled cross-border teamwork and more efficient management of human resources in a global environment (la Roi & Mood, 2023). In some cases, technology has the potential to harm the environment, wise use and sustainable development of technology can help reduce the macro environmental impact (Corvite et al., 2023). It is important for governments, companies and society to collaborate to ensure that technological developments are directed towards achieving environmental sustainability and minimizing negative impacts (Revfine, 2021). Social and cultural issues refer to factors related to values, norms and social dynamics in society that can influence companies and human resource management globally (Bris et al., 2021). In global human resource management, companies must consider all social and cultural issues in designing their policies and practices (Axtell et al., 2022). This will help create an inclusive work environment, respect cultural diversity, and effectively manage social impacts in a variety of global environments (Wolfgruber & Einwiller, 2023). Therefore, it is very necessary for companies to have an understanding of cultural diversity and respect the differences that exist in a work environment that includes diverse cultures and employee backgrounds (Bris et al., 2021). Environment and sustainability, the pressure to be sustainable is increasingly important in global human resource management (Aziz et al., 2022). With increasing awareness of environmental and sustainability issues, companies need to consider human resource management (HRM) practices that support these goals (la Roi & Mood, 2023). This not only includes internal policies that reduce a company's environmental impact, but also creates a company culture that focuses on sustainability and awareness of environmental impacts (Revfine, 2021). Companies must consider environmental impacts in their human resource management (HRM) practices, such as environmentally friendly transportation policies or waste reduction (Tu, 2023). This, global human resource management (HRM) must be part of a company's efforts to keep our planet sustainable (Müller & Wöhler, 2023)

Changes in the demographic characteristics of the global workforce, such as population aging in some countries, have the potential to influencing human resource planning, pension arrangements and employee welfare policies (Marinette Bahtilla, 2020). The impact of these demographic changes is significantly impacting human resource management on a global scale, forcing companies to plan, adapt and manage their workforce taking into account changes in employee demographic profiles (Khusnul, 2023). Understanding the demographic characteristics of the global workforce well helps companies address the challenges and opportunities that arise as a result of these changes (Jotabá et al., 2022). In facing these macro environmental impacts, global companies must have a human resource management (HRM) strategy that is flexible and able to adapt to environmental changes (Sugeng et al., 2023). They must also ensure that their human resource management (HRM) practices comply with international regulations and norms and promote diversity and sustainability (Khusnul, 2023). That is why, companies need to continuously evaluate and improve their human resource management (HRM) strategies and practices to suit the latest changes at the global level (Khatoon & Mudarbish, 2023). Effective human resource management in a global context will consider all these factors to achieve company goals efficiently (Axtell et al., 2022) CONCLUSION Various aspects related to human resource management (HR) in the context of a global workforce, the evolution of HR strategy, and the impact of the macro environment greatly influence the progress of a company. Strategic HR management is the key to building a successful workforce in a global environment. Globalization affects companies by opening up new opportunities but also bringing challenges, including changes in culture, regulations, and the environment. Companies must develop recruitment and retention standards that cover various aspects such as training, global market understanding, cultural adaptation, and employee mobility. Globalization has a major impact on various aspects of life, including communication, technology, innovation, international trade and the environment. Even though it brings many benefits, globalization also has a negative impact on the environment. The human resource development function is very important in identifying the quantity and quality of human resources needed by the company.

Global HR management must accommodate diverse cultures, ensure efficient training, and foster a corporate culture that values diversity. In high-risk environments, decision-making is shaped by the presence of uncertainty and ambiguity, necessitating the need for social awareness and the careful selection of team members. In addition, the evolution of human resource management strategies depicts a change from traditional management to strategic integration with the company's vision and mission. The evolution of HR strategy includes a change from reactive administrative management to strategic management that is integrated with business objectives. The HR development stage includes a focus on employee development, increasing productivity, strategic integration, and collaboration with external parties. Technological innovation, including artificial intelligence, plays an important role in more efficient and adaptive HR management. The development of this HR strategy also reflects a paradigm shift from viewing HR as an administrative department to becoming a strategic partner for organizational leaders, who understand the importance of human assets in achieving competitive advantage and long-term company success. Macro environmental impacts, such as international regulations, global politics, immigration policies, economic conditions, technology, social and cultural issues, sustainability, and demographic changes, have a significant influence on global human resource management. Companies must have flexible strategies in complying with international regulations, monitoring political situations, adapting to environmental changes, managing compensation according to economic dynamics, complying with international regulations, and considering sustainability and environmental impacts in their HR practices. Changes in the demographic characteristics of the global workforce also need to be taken into account in human resource planning. In the era of globalization, understanding the impact of the macro environment is very important to maintain the sustainability of company operations and take advantage of emerging opportunities. Therefore, human resource management on a global scale demands flexibility, responsibility to external elements, and awareness of technological progress and sustainability. In the era of globalization, companies must have a deep understanding of the impact of the macro environment to ensure the sustainability of their operations and take advantage of emerging opportunities. Companies' success in managing a global workforce depends on their ability to develop HR strategies that can adapt flexibly, operate efficiently, and align with ongoing global developments.

CHAPTER 20 CROSS-BORDER FINANCIAL STRATEGIES FOR INTERNATIONAL ENTERPRISES INTRODUCTION Accounting and finance in international business are areas that play a key role in the current era of economic globalization (Felicya and Sutrisno, 2020). As technology advances and cross-border trade increases, companies around the world must understand and manage the increasingly complex financial aspects of international trade (Prasetyanto, 2023). In this talk, we highlight the important role of accounting and finance in the global business context and benefit from the perspectives ofexperts who provide insight into the field. International accounting is a key element that enables the comparison and analysis of corporate finances around the world (Sidharta and Nurdina, 2022). In line with economic globalization as cited in (Oktapriana and Diyani, 2022), IFRS have become a widely accepted standard that helps companies report their financial performance more consistently and transparently. For companies operating in various global markets, thorough research and understanding of IFRS is important. Financial regulation also plays an important role in the business decisions of multinational companies. Differing tax regulations, capital controls, and financial policies between countries can have a significant impact on a company's financial strategy (Puteri, 2022). Therefore, a thorough understanding of international financial regulations is key to minimizing risk and maximizing profits in international trade (Karina, 2020). Financial risk management is another important aspect of's international business. Companies are often exposed to complex risks such as currency fluctuations, interest rates and political risks. Recent research has identified various risk management techniques, including the use of derivatives and currency hedging, that multinational companies use to protect themselves from possible financial risks (Maychael and Pangestuti,

2022). In this increasingly interconnected world, financial risk management is an important element to ensure a company's financial stability in changing situations (Dewi, 2020). International trade finance plays a key role in facilitating cross-border transactions and promoting global economic integration (Felicya and Sutrisno, 2020). International business ventures often involve complex financial arrangements, including foreign exchange, international trade financing and risk management (Maychael and Pangestuti, 2022). International companies must be able to manage the complexities associated with different currencies, financial regulations and tax systems in different countries. Effective international financial management is essential to minimize risks and maximize opportunities in global markets. In the area of international finance, this goes beyond simple bookkeeping; These include financial strategies for expansion, investment and diversification on a global scale (Ompusunggu and Irenetia, 2023). Companies must evaluate exchange rate fluctuations, understand the impact of political and economic events on financial markets, and developstrategies to reduce the risk of foreign currency exposure. In addition, international finance is crucial for making decisions about capital budgets, financing operations in multiple countries, and assessing the overall financial condition of multinational companies, because good financial management is the foundation of international business and ensures that companies operate in a competitive environment can develop and grow. Environment. the world of global trade. and closely related (Sidharta and Nurdina, 2022). DISCUSSION Discuss the national differences in accounting standards. National differences in accounting standards can have a significant impact on the financial reporting and analysis of global companies (Hasanah and Siregar, 2021). These differences arise mainly from differences in legal systems, cultural norms and economic structures of different countries. For example, countries such as the United States and Japan follow Generally Accepted Accounting Principles (GAAP) and Generally Accepted Accounting Standards (GAAS), while many European countries followInternational Financial Reporting Standards (IFRS) (Oktapriana and Diyani, 2022). These differences in accounting standards can result in different revenue recognition, asset valuation and financial reporting practices, making it difficult for international

investors and stakeholders to compare and evaluate the performance of companies operating in different regions (Diyani et al., 2022). Furthermore, these differences can also create opportunities for financial manipulation, as companies may choose accounting standards that are more tolerant or more favorable to their financial situation, further highlighting the importance of understanding and overcoming the differences in national accounting (Bakri , 2020). The importance of national differences in accounting standards becomes particularly clear when considering their impact on cross-border investments, mergers and acquisitions (Hasanah and Siregar, 2021). Investors and multinational corporations face the complexity of translating financial statements prepared according to one set of standards into another, which can create uncertainty and distort assessments of financial performance. Furthermore, these differences can result in additional compliance costs, as companies operating in multiple countries may need to maintain two sets of accounting documents and use complex reconciliation processes to ensure regulatory compliance (Wulanditya, 2022). To address this challenge, efforts have been made at the international level, such as the unification of accounting standards and the adoption of IFRS by a large number of countries to harmonize global accounting practices (Oktapriana and Diyani, 2022) (Diyani, 2022). However, achieving full uniformity remains a complex and ongoing undertaking, and stakeholders must continue to adapt and remain vigilant to navigate the diverse landscape of national accounting standards. Explain the implications of the rise of international accounting standards. The emergence of international accounting standards has important implications in the context of economic globalization. For example, experts show that the introduction of international accounting standards, especially International Financial Reporting Standards (IFRS), allows companies from different countries to present more consistent and comparable financial statements (Oktapriana and Diyani, 2022) (Wulanditya, 2022). . This increases transparency and helps investors, creditors and other stakeholders make smarter decisions. In addition, international accounting standards also help reduce disclosure costs and numerous reporting requirements for companies operating in different countries (Hasanah and Siregar, 2021). Therefore, the main impact of adopting international accounting standards is to

increase the efficiency, transparency and comparability of financial information in global markets (Oktapriana and Diyani, 2023). In addition, the adoption of international accounting standards also allows companies to access global capital markets more easily (Sari and Siregar, 2021). By preparing financial statements in accordance with IFRS or other international standards, companies can gain access to more international investors and more opportunities to raise capital for the growth and development of their companies (Oktapriana and Diyani, 2023). However, it is important to remember that the implementation of these standards may also posechallenges, such as the need to invest in changes in the accounting system and staff training to adapt to the new standards (Wulanditya, 2022 ). In summary, the rise of international accounting standards has brought significant benefits in terms of transparency and global market access, but also requires companies to adapt effectively to these changes (Mita et al., 2020). Explain how accounting systems affect control system within the multinational enterprise. The accounting system has a significant impact on the control system in international companies (Syukri and Kusniati, 2021). In fact, accounting plays a key role in collecting, compiling and analyzing financial information required for effective decision making (Suciyawati and Sinarwati, 2022). In the context of multinational corporations whose operations are spread across countries with different currencies, tax laws, and other regulatory differences, a good accounting system can help standardize financial reporting, minimize the risk of fraud, and ensure compliance with international regulations (Mita, 2020 ). Additionally, companies can effectively monitor performance, identify potential problems and make strategic changes.Therefore, a good accounting system plays a key role in improving the efficiency of international companies' control systems (Agata, 2021). The accounting system represents a very important basis for financial control in international companies (Syukri and Kusniati, 2021). They enable the efficient collection and aggregation of financial data from different subsidiaries, branches or business units in different countries. By

standardizing financial reporting practices, these systems enable central management to comprehensively monitor the performance of the entire organization (Ajizah and Marlina, 2021). This uniformity ensures easy comparison and analysis of data fromdifferent regions, enabling better decision making (Anugrah, 2023).On the other hand, the lack of a unified accounting system can lead to discrepancies and inconsistencies in financial data, making it difficult to monitor operations and assess the company's overall financial position. Accounting systems have a direct impact on compliance and risk management in international companies. In international business, different accounting standards, tax laws and reporting requirements apply in different countries. An accounting system that can adapt to theseglobal changes is critical to maintaining compliance and adhering to local regulations. The accurate financial records produced by these systems help international companies avoid legal complications and financial penalties (Asyhari and Aryati, 2023). Additionally, a sound accounting system facilitates risk assessment and management by providing reliable and timely financial information. This allows management to quickly identify and resolve potential problems, improve overall control, and mitigate financial, legal, or reputational risks (Sofiani, 2023). Discuss how operating in different nations affect investment decisions within the multinational enterprise. The activities of international companies in different countries have a significant impact on the investment decisions of these companies (Agata, 2021). This is due to different economic, political, social and legal factors in each country (Syukri and Kusniati, 2021). In several recent studies, international economists have highlighted the importance of different investment environments around the world. For example, according to research by Rugman and Verbeke (2020), they emphasize that international companies need to consider factors such as political stability, trade regulations, tax levels, and environmental and social policies when making investment decisions in different countries (Prasetyanto, 2023). The success of international companies in global markets largely depends on their ability to adapt to changes in a diversified economic environment. In conclusion, doing business in different countries has a great impact on the investment strategies of multinational companies and informed investment decisions require careful consideration of all these factors (Suciyawati and Sinarwati, 2022).

Differences in the regulatory and legal context of different countries can have a significant impact on investment decisions (Nurwulandari, 2021). Each country has different regulations and legal requirements regarding company ownership, taxation, intellectual property protection, and many other aspects that may impact investments (RaFi, 2021). International companies must have extensive knowledge of the laws and regulations of each country in which they operate (Syukriand Kusniati, 2021). This may mean that investing in one country may be more profitable or riskier than investing in another country, depending on the existing regulatory framework.Factors such as market demand, economic growth rate, political stability and inflation rate will have a direct impact on investment prospects. Investment decisions must be in line with the macroeconomic and market situation of each country, which is why international companies need to conduct in-depth analysis to assess the potential risks and returns of investing in different locations (Suciyawati and Sinarwati, 2022). International companies need to understand the local culture and social dynamics of thecountries in which they want to invest. This can affect how they customize their products and services and how they promote their products in different markets (Syukri and Kusniati, 2021). Discuss the different financing option available to the foreign subsidiary of a multinational enterprise. Over the last three years, experts have actively participated in debates about the various financing options available to foreign subsidiaries of multinational companies (Agata, 2021). A frequently highlighted approach is internal financing, where the subsidiary relies on the parent company's resources and capital. Conversely, external financing is also a major concern, with a focus on issuing bonds and bank loans as a way to raise additional capital. Another increasingly popularapproach is partnerships with local financial institutions, allowing partners to access funds at a lower cost.Experts like (Gupta, 2020) (Chen, 2019) have provided detailed information on such financing strategies and options in the context of multinational companies (Syukri & Kusniati, 2021). One of the most important financing options for foreign subsidiaries are intercompany loans. Multinational companies can extend loans from their parent companies to their foreign subsidiaries.These loans can be an efficient source of financing as they can offer favorable interest rates and terms (Damayanti & Sulindawati, 2023). Intercompany loans can be a

flexible option that allows subsidiaries to access capital when they need it for specific projects or operational needs. However, it is important to ensure compliance with local regulations and transfer pricing rules when using intercompany loans to avoid tax and regulatory issues (Refi, 2022). Another common financing option is equity financing. Stocks are issued to raise capital from external investors, either through an initial public offering (IPO) or a private placement (Putra, 2021). Equity financing can be a suitable option when subsidiaries want to finance large expansion projects or acquisitions or when they want to share the financial burden with external investors (Taqirozan, 2023). However, going public or attracting outside capital investors could require compliance with local securities regulations and result in a dilution of the parent company's ownership control.In addition, foreign subsidiaries can consider local debt financing. You can get loans from local banks or local financial institutions by using the local debt market. This option may be attractive if local interest rates are favorable or if the subsidiary wants to reduce foreign exchange risk (Sasono, 2020). However, local debt financing often requires compliance with local regulatory requirements and credit ratings may impact the availability of funds. Multinational companies should consider the benefits and costs of local debt financing compared to other alternatives (Syukri & Kusniati, 2021). Understand how money management in international business can be used to minimize cash balances, transaction costs, and taxation. Money management in international business is a key element in minimizing cash, transaction costs and taxes (Utomo, 2022). Experts have recognized that efficient tactics in international financial management can reduce risks and increase corporate profitability (Ramdani, 2021). One of the recommended approaches is monetary diversification, that is, holding assets in multiple currencies to avoid damaging exchange rate fluctuations (Sasono, 2020). Additionally, the use offinancial instruments such as currency futures and options can help protect a company from currency risks.Careful cash management and wise tax planning can also help minimize transaction costs and taxes (Maharani & Rita, 2020). By following these best practices, international

businesses can achieve financial efficiency and sustainable growth. One main strategy in international money management is efficient cash balance management (Gumanti, 2020) (Maharani & Rita, 2020). Companies must strive to maintain sufficient cash balances to meet daily operational needs, but must also minimize the amount ofcash left idle (Asyhari & Aryati, 2023). This can be achieved by optimizing the capital structure, implementing risk management policies, and using financial instruments such as high-interest bank accounts, which generate additional income on unused cash balances.In this way, companies can minimize the costs associated with storing excess cash and maximize the potential returns from efficient use of cash (Agata, 2021). International money management also takes transaction costs into account. Companies can minimize transaction costs by well-planning the management of international transactions, including payments to suppliers, currency risk management, and movement of funds between branches (Refi, 2022). Options such as futures contracts, currency options or payment alignment can be used to minimize the costs associated with currency fluctuations (Saprudin , 2021).Additionally, the latest financial technologies such as blockchain and fintech have helped companies reduce international transaction costs by increasing efficiency in processing and tracking payments. Deep knowledge of international tax law is also very important (Unsulangi, 2020). Companies must adopt legal and efficient tax strategies, which often include choosing the appropriate corporate structure, optimizing the tax burden, and diligently complying with tax obligations (Taqirozan, 2023).Some countries offer tax incentives to attract foreign investment, and companies must use knowledge of local tax regulations to legally reduce their tax obligations (Wardani and Nistiana, 2022). Understand the basic techniques for global money management Understanding basic global money management techniques is key to success in managing personal or business finances in the age of globalization. According to financial experts like David L. Scott, it is important to carefully identify and measure risks when investing globally, diversify portfolios intelligently, and understand legal and tax considerations in different jurisdictions. In

addition, George Soros emphasized the importance of understanding foreign exchange markets and exchange rate fluctuations.A thorough understanding of these fundamental techniques, coupled with continuous monitoring of global economic trends, can help individuals and companies optimize their financial management in a dynamic global environment (Chairunnisa & Prayudi, 2022). Understanding currency fluctuations is crucial to global currency management (Chairunnisa & Prayudi, 2022). The foreign exchange market can change dramatically and affect the value of your assets and investments (Susilo, 2022). Therefore, it is important to monitor currency changes and consider appropriate hedging strategies. This can involve the use of financial instruments such as futures contracts or currency options (Sofyanty, 2022). Another important aspect is risk management. In an ever-changing world, anticipating uncertainty and planning actions to protect your portfolio is the key to success. This requires a deep understanding of global economic conditions, evolving government policies, and geopolitical issues that may impact your investment (Karisma, 2021).Therefore, understanding basic global money management techniques will help people and investors make smarter financial decisions in a dynamic global environment (Kusumahadi & Utami, 2022). Conclusion Accounting and finance in international business play a central role in bridging the gap between companies, governments and global markets. Research in this area has uncovered a number of important issues related to financial management in the context of increasing globalization. In summary, the introduction of International Financial Reporting Standards (IFRS) has brought about significant changes in international accounting. The use of IFRS has increased the transparencyand quality of financial reporting of international companies. It also makes comparison between companies from different countries easier. Therefore, IFRS play an important role in facilitating global financial access. International financial regulations are also an important factor in international business. Research has shown that changes in tax laws, capital controls and international financial

regulations can affect the financial strategies of multinational companies. Therefore, a deep understanding of international financial regulations is required to manage risks and maximize profits in a complex global business environment. Financial risk management is a key element in international business, particularly because companies are often exposed to complex risks such as currency, interest rate and political risks. Recent research has examined various risk management techniques, including currency hedging and the use of derivative instruments, that international companies use to reduce risk. This highlights the need for a good strategy to deal with global uncertainty. In addition, changes in global economic factors such as currency fluctuations and international trade dynamics have a significant impact on the financial decisions of international companies. In this context, recent research has shown the importance of adapting companies' financial strategies to address these challenges (Shapiro, 2020). With a good understanding of global economic factors, companies can better mitigate risks and maximize opportunities in international business. Well-trained human resources in international accounting and finance play a critical role in the success of global companies. With knowledge of IFRS, international financial regulations, financial risk management and global economic factors, finance professionals can help companies better address global challenges.Therefore, education and training in this area is essential to prepare the workforce to work in the ever-changing international business environment.