David answered on
Dec 28 2019
Assessment2_literature Review: Business research
A LITERATURE REVIEW ON
CHALLLENGES FACED BY BUSINESS IN MULTINATIONAL COMAPANIES
Globalization is crucial as it aids in provisioning the opportunities to millions around the globe. According to Edwards, Marginson & Ferner (2013); Multinational companies (MNCs) are the emerging global class of organizations with the potential to ‘form their own intra-organizational field’ which leads to have major effects on employment practices in the host environments. The significant role of multinational companies can be well estimated with the manner in which foreign capital infusion takes place for any country.
The economic development pertaining to any country is reflected with the existence and the operation of MNC's. The FDI and FII potential portfolio investment is a requisite for the development in the economy. It has been estimated that there are 82,000 MNCs worldwide which are responsible for controlling 810,000 foreign affiliates as well as accounting for around a third of total world trade (Edwards, Marginson & Ferner 2013). The measures of economic development basis the rates of growth and the changes taking place in the distribution are directly reflected with the operations of multinational companies. Their contribution cannot be negated with respect to language management, globalization and CSR management (Brannen, Piekkari & Tietze 2014; Scherer, Palazzo & Matten 2009; Lattemann et al. 2009; Bondy & Starkey 2014, Cruz & Pedrozo 2009; Scherer & Palazzo 2011).
This literature review focuses on;
· Addressing the crucial aspects pertaining to the language, globalization, and corporate social responsibility management in fostering multinational businesses.
· Considering the relevant factors and trends to explain how these factors even though are significant for running international business but could also be challenging at the same time and hence, affect the entire business within the multinational companies.
· To understand the relevance of these responsible factors
· To propose potential challenges faced by MNCs in managing CSR Strategies and identify some management skills.
This scope of the project takes into consideration the below:
· Factors that shape up psychological aspect of the language
· Factors influencing globalization to accelerate global economy.
· Role of traditional and transnational approaches of CSR management in businesses.
· The role of the multinational companies with respect to the alignment to the business goals
The context specific languages in case of multinational companies are crucial and have gained popularity due to the need of business communication (Barner-Rasmussen et al., 2014; Brannen, MY et al., 2014; Peltokorpi, V., & Vaara, E., 2014). The use of language in operation, global interaction with transcontinental intermediaries is significant. With the business of multinational companies spreading across the globe, the relevance of language is based on the various decisions taking place from a strategical perspective (Kohzadi, H. et al., 2014; Phillipson, R., & i København, H., 2014). The various forms of language prevalent in the corporate culture associated with the range from defining hierarchies to the exercising of power plays a significant role.
The surveys conducted in the arena of international businesses are never monolingual. There pertains a peculiar methodological challenge closely linked to multilingual research projects (Kohzadi, H. et al., 2014; Phillipson, R., & i København, H., 2014). Data and the materials required along with their outputs are put together in various languages and then translated typically to English for publication with focus on their meanings and back translation. Consequently, this process may change and affect the survey responses as language can also act as a type of psychological major (Kohzadi, H. et al., 2014; Phillipson, R., & i København, H., 2014).
The synchronization of the rules of a peculiar community with the international businesses explains the reasoning as to why there is a priority being provisioned to the language nodes instead of focusing on expatriates as cultural boundary spanners, rather than the notions of social capital.
In contrast; Ehrenreich (2010) argues that for any international company, English is a dominant language. With the consideration of English that tends to be the "sine qua non" and a prerequisite in hiring, the usefulness pertaining to other foreign...