They gain an understanding of different countries’ business cultures, economies, and political systems. This fosters global citizenship.
For instance, in an introductory accounting class, students learn how the accounting systems—Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS)—differ. While GAAP is U.S. based, and IFRS is global, there are many other differences.
“This not only helps students understand the global accounting landscape but also prepares them to interpret financial statements from international companies,” said Assistant Professor of Accounting Yulin Zhu.
In Cost Accounting, another professor teaches the concept of transfer pricing, where companies transfer goods between related legal entities, which involves international tax rates and legal requirements that can affect the prices of the transferred goods.
In Intermediate Macroeconomics, students participate in a global village activity throughout the semester, collecting and reading current news about countries and comparing their economies, macroeconomic variables, and current economic conditions.
“This is a great interactive way for students to learn about world economies and apply the knowledge that they learned in other economic classes as well,” said Director of MBA Programs and Associate Professor of Economics Ariuna Taivan.
Legal and ethical implications of a law regarding international business and trade practices are studied in a business law class.
“One of the priorities of the in-class discussion is to look at both why the law was enacted and how some business-related behaviors are likely to be seen as unethical but still legal,” said Assistant Professor of Business Law Brian Lukasavitz. “The discussion allows students to weigh their own ethical philosophies in the context of laws and regulations as well as different international customs.”
The effects and repercussion of global events on the insurance industry as well as an understanding of foreign exchange market are lessons taught in Risk Management courses, while in Financial Planning courses, students learn how global events can influence clients’ fears and risk tolerance.
In Marketing for a Better World, students are learning about the United Nations’ 17 Sustainable Development Goals, applying global aspects on U.S. issues such as homelessness, sustainability, affordable housing, and other social issues.
“We discuss how we can market these important topics to people based on what other cultures and countries are doing around the world,” said Matt Lunde, assistant professor of Marketing. “For example, we talk about how Finland has pretty much solved homelessness, how Copenhagen and Singapore are ranked as some of the top sustainable countries in the world, and how Tokyo leases public housing to residents, reducing the cost of housing and housing shortages in Japan.”
The supply chain management course integrates a wide range of international content. Designed by Dr. Wenqing Zhang, associate professor of operations and supply chain management, the curriculum engages students in analyzing global case studies focused
on multinational companies. Key topics include global sourcing, cross-border logistics, and managing supplier relationships across different regions. Students also learn about international supply chain strategy, covering topics such as global sourcing and procurement, international transportation and trade regulations, global supply chain risk management, offshoring vs. nearshoring decisions, and managing cultural differences in international supplier negotiations. Lastly, students gain an understanding of the impact of supply chain disruptions brought on by real-world events.
These are just a few of the instances of global content incorporated into LSBE courses that are helping our students gain global business perspectives.
Main photo: Economics professor Ariuna Taivan