Legal and Ethical Issues in International Business
As businesses expand internationally, they must not only understand an organization’s mission, vision, goals, policies, and strategies. So, they must also take into account the legal and ethical issues in international business. Because when companies plan their long-term expansion into a foreign environment, they must tackle serious moral and ethical challenges and decision-making in order to make their expansion a success.
Some of the most common ethical issues in international business include:
- working standards and conditions
- workplace diversity and equal opportunity
- child labor
- trust and integrity
- supervisory oversight
- human rights
- the political arena
- the environment
- bribery and corruption
Businesses trading internationally are expected to fully comply with federal and state regulations. As a result, they must follow regulations including safety, environmental laws, fiscal and monetary reporting statutes, and civil rights laws.
Cultural considerations can also make or break a company conducting business globally. Every culture and nation has its own history, customs, traditions and code of ethics. Cultural barriers include language, which often means a company must rely on translators when speaking to business contacts and customers.
Furthermore, gender can be an issue in countries where women do not have the same rights as men. And finally, religious holidays and other cultural events can prohibit trade at certain times. Therefore, acting in accordance with ethical and cultural values is crucial for a multinational company to win clients’ support and business and to achieve a competitive advantage in a particular market.
Demand For Qualified Professionals
The rapid growth of international business has increased the demand for qualified professionals. Therefore those who are familiar with global markets, business practices, cultural considerations, and ethical issues in international business are in increasing demand. You may study the complex legal and ethical issues encountered while conducting business overseas within an online Master of Business Administration (MBA) program.
MBA students can also learn about:
- international law and ethics
- unique customs and attitudes
- governmental policies
- monetary systems
- trade basics
- cross-cultural management
Master of Business Administration (MBA)
An MBA can be one of the best ways professionals can prepare for management, a trade or a general business career on a multinational level. The global marketplace is ever-expanding. Therefore, a variety of positions in numerous fields and industries is becoming increasingly available.