International business is a term used to collectively describe topics relating to the operations of firms with interests in multiple countries. Such firms are sometimes called multinational corporations (MNC's). Well known MNCs include fast food companies McDonald's and Yum Brands, vehicle manufacturers such as General Motors and Toyota, consumer electronics companies like LG and Sony, and energy companies such as ExxonMobil and BP. Most of the largest corporations operate in multiple national markets.
Areas of study within this topic include differences in legal systems, political systems, economic policy, language, accounting standards, labor standards, living standards, environmental standards, local culture, corporate culture, foreign exchange, tariffs, import and export regulations, trade agreements, climate, education and many more topics. Each of these factors requires significant changes in how individual business units operate from one country to the next.
MNCs typically have subsidiaries or joint-ventures in each national market. How these companies are organized, how they operate, and their lines of business are heavily influenced by socio-cultural, political, global, economic and legal environments of each country a firm does business in. The management of the parent company typically must incorporate all the legal restrictions of the home company into the management of companies in based in very different legal and cultural frameworks. International treaties, such as the Basel Accords, the World Trade Organization, and the Kyoto Protocol often seek to provide a uniform framework for how business should be influenced between signatory states.
International business by its nature is a primary determinant of international trade, One of the results on the increasing success of international business ventures is globalization.
from Wikipedia
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