Geert Hofstede did discover five dimensions that illustrated the values of people from different cultures. In his discovery, he did take note of the fact that all of these deeply embedded values did immediate different consequences with regards to how individuals were sharing a shared workspace behaved. These five dimensions included power distance, individualism vs. collectivism, uncertainty avoidance, long-term vs. short-term orientation and masculinity vs. femininity. In this regards, therefore, it was noted that individuals from societies with a high power distance did expect less power sharing and accepted unequal power distribution much readily than their counterparts from communities with a much lower power distance. Individuals who came from societies that easily handled uncertainty were known to handle jobs that presented them with higher risk, unlike workers who came from risk intolerant societies. Individuals who came from cultures that valued individualism over collectivism were less inclined towards working in groups. In this regards, they emphasized on personal fulfillment as opposed to achieving this as a part of a team. Also, individuals from masculine societies enjoyed work that presented them with distinct gender roles as opposed to their counterparts from feminine cultures. Lastly, long term and short term dimension societies showed different traits. For instance, individuals who were long-term oriented stayed longer with the companies they worked for unless their counterparts who changed their employers quite often.
Standardization of business processes aims at unifying the procedures in organizations so as to apply different practices that achieve the same results. In this regards, it is worth noting that the only way such an end can be accomplished includes setting and reporting set standards. Additionally, all the processes have to adhere to a set standard so as to ensure that a continuous improvement continues. The end results of this, therefore, include a reduction in losses, increased transparency between different departments, and variability reduction. Business adaptation involves coping with both demographic and cultural differences in a way that marketers can appeal to their set clientele. In this regards, marketers tailor their marketing strategy so as to attract customers from a different region. For example, brand adaptation includes the retooling of elements of the brand so as to appeal to the new market. Glocalization, on the other hand, involves the adaptation of products sold in foreign markets and match this with the particularities of the host country’s local culture. Therefore, this process does enable the smooth integration of the goods sold in the local market on an international scale. For example, international food chain restaurants have to integrate their menus to match a few the preferences of the host country so that the locals can feel part of the entity as it does not only a foreign concept.
Transaction risks involve the time delays in entering and executing a contract. Therefore, the greater the time required before both parties can settle the contract, the greater the transaction risk. The reverse is also true. Perhaps the biggest reason why time remains a significant factor stems from the fact that there is a fluctuation in the exchange rates as more time continues to pass. It is worth noting that transaction risk does present individual investors and corporations with various difficulties as currencies continue to fluctuate. The risk arises when an organization makes sales on credit and experiences delays in payments. This delay could meet a fluctuation in currency exchange processes hence leading to losses. Translation risk, on the other hand, is associated with firms that own assets that are listed on their balance sheets and which are denominated in foreign currency. This risk does present a huge challenge to companies that operate in overseas markets as exchange rates do have an effect on reported figures due to significant variances in periodic financial statements. However, it is worth noting that both transaction and translation risks can be mitigated through hedging, and the purchase of currency swaps in order to ensure that losses can be kept in check.
Accounting Information Systems usually provide an avenue for the tracking of accounting activity using technological advancements. Perhaps the biggest reason why this system exists is attributable to the fact that it does enable data to become of more value to the company as it does exude certain characteristics. These aspects include relevance, completeness, verifiability, reliability, accessible, and timeliness of information that internal management and audit firms can use with ease. It is worth noting that these systems usually enable important organs to provide advice to companies based on the results gotten as well as provide far better services. Some of the most relevant reports produced by the Accounting Information System include financial reports which can be used by both internal and external auditors and management teams. Aspiring investors could also find this report useful as it does highlight the financial position of the firm. Additionally, tax authorities can use this information to assess compliance with existing tax laws. Therefore, these systems do also aid in the production of tax reports which indicate returns against remittance to the concerned authorities. Additionally, these systems do aid in the generation of auditing reports which do have an impact in preserving integrity and accountability in transactions.
A financial analysis statement does aid in the process of reviewing a company’s financial statement so as to enable those conducting the evaluation process to understand the financial health of the firm. Knowing this information remains imperative in informing decisions that would be taken into consideration much later. In this regards, therefore, investors continue to consider financial analysis as being of more use to them as it makes subject financial statements through a thorough evaluation. Financial statement analysis applies different techniques aimed at assessing the performance of the firm. These two techniques include horizontal and vertical analysis. On the one hand, the Horizontal analysis does make a comparison between recent years of financial data. Vertical analysis, on the other hand, does, however, categorize each account on the balance sheet to establish a relationship between data. The resulting statement from this analysis does allow analysts with enough data to measure the profitability, liquidity, and cash flow of the firm. Additionally, the cash flow statement does provide investigators with a rough estimate of just how much this company makes from the business it conducts. Therefore, based on the financial statement, analysts can make a definitive decision based on their assessment of the company and whether it is as profitable as they previously anticipated.
Ailon, G. (2008). Mirror, mirror on the wall: Culture’s Consequences in a value test of its own design. The Academy of Management Review, 33(4):885–904].
Geert Hofstede (2009). Who is the fairest of them all? Galit Ailon’s mirror. The Academy of Management Review, 34(3): 570-571.
Hofstede, Geert (2001). Culture’s Consequences: Comparing values, behaviors, institutions, and organizations across nations (2nd Ed.). Thousand Oaks, CA:
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