Contemporary Global Business Research Articles

Optimizing Supply Chain Resilience in the Era of Global Disruptions: A Comprehensive Framework for Effective Risk Management

In the contemporary global business environment, characterized by increasing interconnectivity and frequent disruptions, supply chain resilience has become paramount for organizational success. This thesis introduces a comprehensive framework aimed at optimizing supply chain resilience amidst such challenges. Drawing from extensive literature, theoretical models, and empirical research, the framework emphasizes proactive risk identification, robust mitigation strategies, and agile response mechanisms. It stresses collaboration, information sharing, and alignment among supply chain partners, leveraging technology for enhanced visibility and adaptability. Additionally, the framework underscores the significance of organizational culture, leadership, and employee empowerment in fostering resilience. Through empirical validation and case studies, practical insights are provided, addressing challenges like resource allocation and sustainability integration. Moreover, the thesis explores emerging trends such as climate change impacts and technological advancements, guiding organizations towards future-proofing their supply chains.

Tax Implication On Online Bussiness In Tanzania:re-assessment Of The Income Tax Act Revied In 2019

The increased dependence on the internet facilitated by the development in science and technology has affected contemporary global business which depends on the use of the Internet, where buying and selling of goods is easy and possible. The changes in technology have affected tax environments and compelled business firms to adopt different measures on how to pay taxes from their income, and institutions responsible for collecting tax have made an architecture of paying tax through an online tax return for registered business owners. Despite the drastic change in technology, the Income Tax Act [Revised Edition of 2019], has not effectively adopted the changing tax environments, causing a potential loss of revenue for online businesses that go unnoticed and without regulations. The current tax legal framework requires physical presence for the taxpayer for tax assessment, which is repugnant to digital economies. Most online businesses have no physical location or fingerprint and record huge sales at the expense of the government and revenue collections. This study exposes the weakness of the tax regime in collecting revenue from online businesses in Tanzania, and such tax mischief has cost the nation huge revenue loss that would have been used to finance development projects in the country

A Comprehensive Examination of the Practice of Outsourcing within the Framework of International Business in the Contemporary Era of the 21st Century

This study provides an in-depth analysis of the widespread phenomenon of outsourcing in the context of contemporary global business in the 21st century. This study examines the various forms, branches, and consequences of outsourcing. The practice of outsourcing can yield economic advantages for developing nations, but it may result in employment losses for industrialized nations. Companies have the ability to decrease expenses, although they encounter obstacles such as communication hurdles. The recommendations encompass the implementation of flexible work environments as well as the update of processes. Additional investigation into a sustainable outsourcing framework is necessary in light of the environmental and social consequences it entails. Finally, the concept of outsourcing continues to hold significance, albeit necessitating intricate worldwide strategies that facilitate reciprocal advantages and address respective deficiencies.

Protection of privacy in Bangladesh: issues, challenges and way forward

ABSTRACT Nowadays, privacy emerges as one of the most desired human rights. It is crucial for the fullest development of the physical and mental growth of human beings. Due to constant progress and subsequent usage and dependence on Information and Communications Technology in the digital age, personal data emerges as the new fuel to the Internet and coin to the digital world. While the digital environment makes life easier, faster and smarter, it eventually, poses tremendous challenges to information privacy as diverse actors always monitor, or track our online activities, or behaviour mostly without our knowledge. Thus, the debate encompassing information privacy appears as one of the hot-button issues in contemporary global politics, policies and business. In response, numerous policy measures have been adopted globally, but Bangladesh is lagging. This context requires a study to learn – whether the existing legal regime of Bangladesh adequately protects citizens’ rights to privacy. Such kind of research work is lacking, and hence, this study aims to fill that gap. The findings of this research will enlighten all stakeholders to understand the existing legal framework for privacy in Bangladesh. It will further facilitate them to map and design their future policies and strategies encompassing privacy.

Impact of Cultural Intelligence on Employee Productivity in Mega Projects

Aim of the Study: Projects are fundamentally cross-cultural in nature due to its team diversification and the outcome of different perception and understanding results conflicts. This dilemma of the teams are more evident when we talk about globalization because in the contemporary global business environment expansion into new markets, outsourcing, cross-border mergers, joint ventures, and mega projects are very common but challenging. This study highlighted the impact of cross cultural diversity on employee’s performance accompanied with the identification of gaps in competencies necessary to manage these mega projects. It also point out the need and importance of cultural knowledge for running any successful Mega project. It attempts to examine the impact of Cultural Intelligence (CQ) and mediating role of innovative work behavior on Employee Job Performance. Methodology: For the said purpose, the data was gathered from 209 employees working in the telecom sector and analyzed by using a structural equation modeling (PLS-SEM) technique. Findings & Conclusion: The study highlighted the fact that, CQ has a positive impact on employee job performance via innovative work behavior. The study also provides practical and managerial implications in support of multicultural organizations working in international activities where people from different cultural background work together for the successful execution of any project.

Gender equality and social inclusion (GESI) and institutions as key drivers of green entrepreneurship

This study aims to evaluate the roles of Gender Equity and Social Inclusion (GESI) and institutions, as drivers of green entrepreneurship and sustainable development goals (SDGs). A systematic and holistic integrated approach was used in encouraging the developmental processes, with both primary and secondary data qualitatively and quantitatively utilized. Mixed methods were also used through two phases, namely exploratory and explanatory design. The results showed that the role of GESI and community institutions encouraged the improvement of green entrepreneurship, whose role was one of the win-win solutions in mitigating the impact of global climate change and encouraging the achievement of the SDGs. Based on the limitations, the awareness of every individual was globally required on the importance of entrepreneurial trends. These results are expected to increase the knowledge and understanding of green entrepreneurship importance, as an alternative to contemporary global business.

The Influence of Tone at the Top on Financial Statement Fraud of Listed Manufacturing Firms in Nigeria

Financial statements prepared by the management remains the umbilical cord that connects the financial health of an enterprise to the various stakeholders who rely on them to take informed economic decision. However, the contemporary global business community has unimaginably been submerged in the recent wave of the shocking death of notable corporate entities sooner after the publication of juicy profits which metamorphosed from the poor and ineffective tone at the top orchestrated by top management in collaboration with the independent external auditors. Most of these corporate collapses were associated with the top management with widely exercised corrupt practices. The inefficient or nonexistence of tone at the top in most of entities contributed to the widespread violations and exploitation of accounting loopholes. These apparent upsurge of recently doctored financial statements frauds have resulted in the impairment of firm’s productivity, operational efficiency, damages reputation for businesses, heavy financial losses, collapse of an entire organization and have severely eroded the stakeholders’ confidence and public trust. The thrust of this study is to establish and develop efficient and formidable tone at the top that will help to ameliorate financial statement fraud rascality in the quoted Nigerian manufacturing sector. Ethical leadership strategy, corporate ethical culture and risk management practices were used as the proxies of tone at the top while improper revenue recognition dimension of the financial statements fraud. The researchers adopted correlational survey design for the study and used primary data via structured questionnaire. The null hypotheses were formulated and tested at 0.05 level of significance and other data were analyzed by Pearson Product Moment Correlation and multiple linear regression model with the aid of Statistical Packages for the Social Sciences version 25. The study found that all the tone at the top proxies; Ethical leadership strategy, corporate ethical culture and risk management practices positively and significantly related to improper revenue recognition of quoted Nigerian manufacturing companies in the period of this study. The study concludes that tone at the top effectively and significantly related with the financial statement fraud. We recommend that the policymakers to prompt manufacturing companies in the country to develop strategies for tone at the top with strong ethical approach where employees will be trained and re-trained on the need always to do what is rightful and needful at every moment in the society and workplace. We also suggest that the parents should give their wards very good upbringing so that they can be useful in society and will be free from all social vices such as fraud.

A strategic assessment and evaluation of the major factors behind the high failure rate of many restaurants in the city of Beirut-Lebanon

Only 65% of restaurants survive beyond their fifth year, despite being a lucrative industry. Restaurant failure is prevalent in contemporary global business environments, including Lebanon. This study sought to explore external, internal, and personal factors that contributed to high closure rate of restaurants in Beirut despite its dining potential. A qualitative study using semi-structured interviews solicited owners' perception of restaurant failure. Using snowball sampling, we interviewed 28 restaurateurs who ceased operation before their fifth year of operation. Findings found internal more than external factors accounted for restaurant failure, with personal factors playing a significant role. The research recommends restaurateurs focus on prudent financial management by investing more on professional development, human resource management and marketing, and technological aids, and less on aesthetic or high-end items at start-up that reduce return on investments. Moreover, owners should develop and implement pragmatic and consistent business strategies to improve brand positioning and operational coherence.

Consent Theory and Adhesion Contract: A Critical Analysis of Contemporary Global Business Practices

Consent Theory mandates that both parties should have the right to negotiate terms and conditions of the contract on equal footings. At present, the ‘right to negotiate’ has been adversely affected by the introduction of Adhesion Contracts in almost all forms of online business and parts of the traditional business modes. This paper aims at critically analyzing jurisprudential tensions created by the Adhesion Contract to Consent Theory through application of analytical method. The authors argue that the Adhesion Contract tilts in favor of the dominant party. This paper further aims to examine the relevant case laws in Pakistan, relating to the enforcement of Adhesion Contracts and to assess the overall effectiveness of such clauses that renders the weaker party in exploitative state. Findings of the study suggests that courts should intervene to eradicate exploitation of the weaker party, by more markedly differentiating the legal treatment of unfair terms. Furthermore, Pakistani legislators must enact laws declaring such terms to be illegal.

EXTRATERRITORIAL APPLICATION OF THE EU GENERAL DATA PROTECTION REGULATION: AN INTERNATIONAL LAW PERSPECTIVE

The General Data Protection Regulation (the GDPR) of the European Union (EU) emerges as a hot-button issue in contemporary global politics, policies, and business. Based on an omnibus legal substance, extensive extraterritorial scope and influential market powers, it appears as a standard for global data protection regulations as can be witnessed by the growing tendency of adopting, or adjusting relevant national laws following the instrument across the globe. Under Article 3, of the GDPR applies against any data controller or processor within and outside the EU, who process the personal data of EU residents. Therefore, the long arm of the GDPR is extended to cover the whole world, including Malaysia. This gives rise to tension worldwide, as non-compliance thereof leads to severe fines of up to €20 million or 4% of annual turnover. This is not a hypothetical possibility, rather a reality, as a huge amount of fines are already imposed on many foreign companies, such as Google, Facebook, Uber, and Equifax to name a few. Such a scenario, due to the existence of state sovereignty principles under international law, has made the researchers around the world curious about some questions, why does the EU adopt an instrument having the extraterritorial application; whether the extraterritorial scope is legitimate under normative international law; how the provisions of this instrument can be enforced, and how these are justified. This article attempts to search for answers to those questions by analyzing the relevant rules and norms of international law and the techniques of the EU employed. The article concludes with the findings that the extraterritorial scope of the GDPR is justified under international law in a changed global context. The findings of this article will enlighten the relevant stakeholders, including Malaysian policymakers and business entities, to realise the theoretical aspects of inclusion of the extraterritorial feature of the GDPR, and this understanding may facilitate them to map their future strategies.

Success beyond STEM: an analysis of educational background of the Fortune 50 CEOs

PurposeThe purpose of this article is examine some of the most successful contemporary global business leaders in relation to undergraduate institution and undergraduate major in order to examine the value and return of higher education programs for global business leadership. This is an important topic in the modern global context, as there continues to be an increasing global push toward deemphasizing and defunding liberal arts education in favor of science, technology, engineering and math (STEM) fields for college and university students around the globe.Design/methodology/approachThe educational backgrounds of the 2019 Fortune 50 CEOs were researched in relation to undergraduate institutions attended and undergraduate majors. The study also included an examination of graduate education, if applicable. Using available biographical information regarding the CEOs educational backgrounds, these business leaders were compared relative to the educational data.FindingsAn examination of the undergraduate educational backgrounds of the 2019 Fortune 50 CEOs revealed an exact split between 18 STEM majors, 18 liberal arts majors and 18 business majors, with 1 CEO who began university studies but did not graduate. Upon examination, it is also apparent that some majors were more directly related to a CEO's industry, while other majors ended up having little relation to the CEO's chosen career path.Practical implicationsThe results of this study contribute to the very important discussion concerning the long-term value of a college education. At both micro and macro levels, stakeholders are constantly questioning the ultimate return on investment of a college education, and examination of the 2019 Fortune 50 CEOs indicates that the choice of college major is only one ingredient in the overall recipe for professional success. For these business leaders, there were a wide variety of educational paths, in terms of college academic preparations, that eventually led to the very pinnacle of professional and leadership attainment.Originality/valueThis study demonstrates that a particular undergraduate field of study is not going to make or break a career, and the examination of these Fortune 50 CEOs indicates that one's ultimate career achievement is not simply relegated to the specific field of undergraduate major.

The Relevance of “Born Global” Definition in the Research Process

Purpose of the article: The purpose is to create a new definition of a Born Global (BG) company, more relevant to contemporary global business situation. BG companies are the phenomenon which contributes to national economic development by fostering innovation, creating stocks of skills and knowledge, supporting industrial growth. It would be a right decision to study the options to develop BG companies in Latvia, as a small number of exportcapable sectors represent a factor that renders the Latvian economy sensitive to any changes in the external environment. Developing standard definitions helps to increase the research clarity as well as the comparability of firms across regions, countries and specific industries. Methodology/methods: The research is conducted through literature reviews, case studies, survey studies, and modelling. The focus group discussion was organized to clarify the standard definition of the BG with the aim of using this definition as a basis for further research. Scientific aim: The newly created definition of born global companies is based on scientific justification for all the features it contains. The authors would like to base the justification on the causation and effectuation theories which include all the features associated with orientation to revenues and international market capacity. Findings: The authors highlight the role of defining and predicting of the opportunities for a company to become a BG. The theories help to justify an inclusion of all the corresponding components in the definition. This theoretical justification could serve as the basis for the further investigation of the relationship between effectual conditions and the outcome (potential to be a born global company). Conclusions: Before studying the options to develop BG companies as the growth patterns in Latvia, it is necessary to find the most appropriate definition of the BG. The newly created definition is justified by causation and effectuation theories.

Challenges in the International Business Market Through Fixed Currency Systems: A Study Based on Business Scenario in UAE

The contemporary global business scenario is significantly dynamic that incorporates modern financial and business potentials and possibilities making business avenues simultaneously flexible and fair. Until recent past sea was considered as worst option to reach nations for doing business. However, after realization of the concept that business can easily be spread beyond national boundaries, men started conquering lands for conducting business and to earn higher income and profit. Consequently, the business faced the challenge of meeting larger demands of goods and services across the nations, as a results business started dealings in number of possibilities such as exchange of facilities, barter system, gold/silver related commodities. Meanwhile, the disadvantage of doing business across borders in such a way was widely propagated. As a result nations and business were forced to use a unique and commonly accepted commodity as a medium of exchange, which should overcome the problems of barter system and gold rates system. This led to the birth of modern currency and further advancements in the form of financial instruments including paper currencies and bullion exchanges. Majority of the modern day business are guided by the profit, and doing business in international currency relatively increases the rate of profit. At the beginning nations started exploring number of possibilities of trade on the basis of fixed and floating exchange rate for capital gains. This modern type of multiple payment settlement system in business across borders has increased the attractiveness of international business; customers search for quality products at competitive prices. Consequently, companies and even economies have been considering international business as best alternative for earing higher profits while at the same time doing business with developed and stable economies. Trade among countries and regions needs unified currency, which has been made easy through introduction of fixed and floating exchange rate systems. Countries entering into international trade agreements either fix-up a common value for the currency in which regular trading happens with another nation or tie up with the currency of a develop economy. The fixed exchange rate system has enabled countries to make prior financial arrangements required for modern day businesses. Present study has been carried out to properly examine the currency arrangements in UAE against US Dollars and other GCC countries’ currencies. Hence the study has evaluated the expected benefits of fixed exchange rate system in case of UAE. In addition to that, prime factors that significantly affect the process of pegging UAE currency against major currencies such as USD, Euro, and Pound Sterling have also been examined.

Navigating selected perceived risk elements on investor trust and intention to invest in online trading platforms

Orientation: In the contemporary global business environment, online trading is a new distribution channel and trading platforms are products of investment and financial services companies.Research purpose: This study determined the influence of perceived risk elements on investor trust and the intention to invest in online trading platforms among students at a selected university in South Africa.Motivation for the study: The significance of how perceived risk elements may influence an investor’s trust and the intention to invest in online trading has largely been overlooked in previous research. Therefore, the principal objective of this study was to address this research gap.Research approach, design and method: A structural equation modelling (SEM) procedure was applied to perform the hypotheses testing using the AMOS (version 25.0) package.Main findings: All the perceived risk elements had a positive and a significant impact on investor trust as well as the intention to invest in online trading platforms.Practical/managerial implications: This study provides fruitful implications to practitioners. The collective knowledge on dimensions of perceived risk will be advantageous to managers in understanding consumer risk perception and how students attempt to reduce these risks. Hence, this will also help managers to implement risk-reduction strategies in order to increase the prospect of students investing in their online trading platforms.Contribution/value-add: This study stands to add new knowledge to the present body of investment management and financial management literature in Africa – a context that has not received much research attention in developing countries.

THE IMPACT OF MANAGEMENT CONTROL SYSTEMS (MCS) ON ORGANIZATIONS PERFORMANCE A LITERATURE REVIEW

The impact of management control systems (MCS) on organizations performance empirical research has been the subject of numerous studies during the past decade in developed and emerging economies. In the contemporary competitive, complex and changing global business environment, firms are being challenged to adopt business models that enable them to address the strategic uncertainties and risks they face in their business environments. The main issue of this study is that management accounting researchers argue that one of the ways firms can continually rejuvenate themselves to survive and succeed in these complex and uncertain environments is to understand the role of management control systems in Formulating a business strategy in management control systems that yields a sustainable competitive advantage which in turn lead to enhance organizations performance. The purpose of this study is attempting to wading in the literature review related to The impact of management control systems on organizations performance based on 10 articles published in a wide variety of journals. 
 Discuss some methodological issues related to stage in the organizational life cycle and, finally, review the main results related to this topic and provide suggestions for future research Literatures indicate several factors that could possibly influence management control systems and organizations performance. It is worth highlighting the numerous factors as it is possible to conduct the proper orientation of influence of management control systems on performance.

A Dynamic Change Perspective on how Employees Make Sense of Technology-driven Organizational Change

This paper aims to explore the dynamics of the emerging employee perception and response to the process of technology-driven organizational change. The study follows a grounded theory approach, and uses Critical Incident Technique to capture the recollection of events over time within the process of business transformation. Findings suggest a ten-stage change process in the development of emerging and changing employee perceptions and responses. Moreover, a particularly salient focus on internal changes emerged in the perspective of employees, whereas management focuses on external drivers of change, which effectively created two separate realities, hampering the success of the change processes. Furthermore, we see that employees start off organizational change with a positive change perception, which then seems to shift at the start of the actual implementation of change with the process ending on strong negative perception and responses during the evaluation phase. This study contributes to the body of organizational change literature by taking an intra-individual dynamic approach to studying employee perceptions, and responses to, change using a process-perspective. Second, by collecting data in a highly volatile, digitalizing environment which is exemplary for contemporary global business developments, the findings add to the understanding of change-related employee behavior.

State-owned enterprises in the contemporary global business scenario: introduction

PurposeThe purpose of this paper is to introduce the special issue on state-owned enterprises (SOEs) in the contemporary global business scenario. Against the theoretical background of and the invited themes for the special issue, the paper presents a summary of key findings and practical implications of the accepted papers and suggests future research directions.Design/methodology/approachThe paper is conceptual, which organized through utilitarianism or legitimism; SOEs scenario 1 – hungry fox, hunting bears; SOEs scenario 2 – dancing elephant, flying bears; what do we know and what we wish to explore; what have been examined; what we need to study further; closing note by bears’ well-wishers; and protocol of the special issue.FindingsBy deeply looking into emerging economies (China, India), developed economies (Denmark, Italy, Sweden), transition economies (Tunisia) and diverse sectors (public transport, space), coupled with cross-country sample data, the nine accepted papers have discussed several interesting findings and recommended numerous implications for the policymakers and SOEs’ managers. Drawing upon the interdisciplinary literature, empirical and qualitative papers would deepen the understanding of the growth strategies and performance of SOEs, and the application of management theories such as institutional theory, agency theory, social exchange theory, managerial grid theory, incomplete contracts theory and public governance view, among others. The issue also brings a review-cum-citation analysis paper on the impact of privatization on the performance of SOEs.Originality/valueThe papers have made unique contributions to the public economics, new public management, international business and organizational development literature by critically analyzing the burgeoning phenomenon of the changing dynamics and globalization of SOEs.

The Design of Integrated Logistics Management System of an Industrial Company

In the contemporary global business markets environment, when the business markets are getting more and more commercial, there are growing demand for effective management of material flows. The effectivity and effectiveness of planning, management and control the material flows across an industrial company and its distribution networks, represents one of the main pillar regarding the high level of competitive advantage within the frame of supply chains. Thus, the company information management system design should have also included a module of integrated logistics management system to ensure required level of material flow management effectivity and effectiveness. The article deals with brief description of the issues on company management, company information management systems and logistics management. Further it’s stated the methodology to created integrated logistics management system, which is containing the methodics to design logistics management sub-systems of purchasing, manufacturing, distribution and reverse material flows. The essential methodics of the stated methodology is the methodics to create independent demand forecasting sub-system.

Motivation and Performance Excellence of Pharma Employees-A Case Study Approach

The current case study deals with various choices of motivational aspects of sales representatives of pharma industry and the sales representatives choices towards various financial and non-financial incentives. This case also deals with importance of motivation for enhanced performance and commitment of pharma sales employees. Various contemporary methods of employees also dealt in this case. The employees get motivated by various incentives which impacts on their performance. It is sector where more of innovation and research development is needed and its impact on performance due to motivational strategies in the contemporary global business scenario has also been studied.

Old and New Forms of Giving: Understanding Corporate Philanthropy in India

Corporate philanthropy in India is burgeoning due to a fast growing economy, rise in the number of billionaires, and the recent introduction of legislation that mandates spending 2 % of company profits on corporate social responsibility. Through analysis of key historical and anthropological texts, we argue that ‘business philanthropy has a long and honorable history in India’ (Sidel, Voluntas: International Journal of Voluntary and Nonprofit Organizations 12(2):171–180, 172, 2001), and explain this with reference to Indian giving practices from Hindu, Mughal (Muslim), British Raj, and Gandhian traditions. We then move into a review of the emerging field of literature on corporate philanthropy, to explore how these traditions synthesized with contemporary global business and economic practices to create a distinct form of Indian corporate philanthropy. We necessarily also include an overview of its salient critiques. This will be of interest to those concerned with Indian philanthropy and of culturally specific scholarship of philanthropy.