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2. Literature review

2.1 Introduction

Businesses are part of the world and part of the culture they inhabit. They are deeply affected by environmental changes and need to adapt to them to survive. This adaptability also determines the competitive advantage over another (Baron and Baron, 2003). Banking has made a significant contribution to the business, from the initial humble beginning affecting how the transactions took place to the modern international networks that have eased the burden on international trade. One of the major problems in international banking was the absence of uniformity achieved through the SWIFT banking network. However, the potential of introducing new systems by China or Russia means decentralising the banking system, which would result in a new dimension for international business decisions.

2.2 International Business:

Communication is at the core of most international business operations. Yet the understanding of the phenomenon is partially constrained by a cross-cultural comparative focus as opposed to intercultural, process-oriented research designs that capture the dynamic nature of communicative interactions (Szkudlarek et al., 2020).

Increasing levels and types of business internationalization, global mobility, global (virtual) teams, and new global communication technologies all require increased attention and understanding of communication processes and their implications for organizations (Gaur et al., 2019).

The advanced economies were hosts to the headquarters of most of the world’s major multinational enterprises (MNEs) and were both the sources of, and the destinations for, most of the global flows on outward and inward foreign direct investment (FDI). Inward FDI was generally perceived to be a “good thing” for most host countries, bringing benefits in terms of output, employment and technology transfer, with countries competing to secure the most attractive projects. Small and medium-sized enterprises (SMEs) were barely considered in the context of international business scholarship (Ghauri et al., 2021) …