Dijana Grahovac – University of Business Studies, Banja Luka, Bosnia and Herzegovina
Biljana Rađenović-Kozić – University of Business Studies, Banja Luka, Bosnia and Herzegovina
6th International Scientific-Business Conference – LIMEN 2020 – Leadership, Innovation, Management and Economics: Integrated Politics of Research – CONFERENCE PROCEEDINGS, Online/virtual, November 26, 2020, published by the Association of Economists and Managers of the Balkans, Belgrade; Printed by: SKRIPTA International, Belgrade, ISBN 978-86-80194-39-4, ISSN 2683-6149, DOI: https://doi.org/10.31410/LIMEN.2020
In modern, global economic relations, interstate borders are minorized by the strong influence of economic interest. National business is becoming almost negligible because modern economic activities are, in most areas, within the framework of international business. Knowledge of the elements of culture in international business has become increasingly important, and it’s reflected in the fact that it is necessary to know and respect the rules of the manner of business entities in certain cultures, which is both theoretically and practically confirmed as the only path that permanently provides long-term stability and successful business development in an international framework. For successful business cooperation with foreign partners, it is necessary to know their culture and how to adapt to it. Empirical researches in this area emphasize that depending on the culture business entities belong to, there are different business goals, relationships, different ways of business negotiation, business culture itself, and the values that come from it. Knowing and respecting diversity affects understanding and attitudes to (potential) business partners, which is the first step of business cooperation, and therefore has a significant impact on achieving positive results in negotiations in international business.
Global economic relations, International business, Importance of different business cultures and values.
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