Экономическая роль культурного разнообразия на примере северных стран / Economic Role of Cultural diversity on the example of Nordic countries

Аннотация

The purpose of this study is to determine the economic role of cultural diversity in international business. Where the object of the study is focused on the role of cultural diversity in international business. To achieve this, the study carried out an exploratory and descriptive analysis for the four Nordic countries (Sweden, Norway, Finland, and Denmark). The study employed factors such as trade, economic growth, migration, and Foreign direct investment. All of which were sourced from World Bank, QoG, and UNDP. The result from the interactive analysis indicates that multi-Active culture countries (Brazil and Russia) have an unstable migratory trend, while Reactive culture countries (China) have consistent trade flows but not so well in terms of FDI and growth rate. Linear-active countries (Germany and Sweden) have a consistent migrant flow, albeit Germany has a non-linear trend. Two-way scattered plot analysis revealed a correlation between cultural diversity and socioeconomic variables like trade and migration. We also found that culturally diverse countries tend to have more trade flow. FDI and economic development distributions are unclear. Thus, the two components' relationship was unclear. Cultural diversity may be a key strategy for meeting understudied SDG objectives.
In light of these findings, the study recommends the preservation and promotion of cultural diversity to increase the efficacy of international business in the context of international trade and foreign investment. In addition, the study recommends timely public orientation and awareness about the significance of and methods for fostering and enhancing cultural values and norms.