Abstract
The COVID-19 pandemic shock made nations worldwide seek support in different forms of international cooperation, realizing that strength is derived from countries' capacities to unite their forces and act together in times of crisis. Faced with the perspective of the COVID-19 crisis consequences, states have to adapt, focusing on implementation of robust managerial strategies and concentrating attention on ensuring strong financial systems. Given that, on the one hand, in the attempt to provide a healthy life and sustainable development, a balance needs to be established in terms of environmental, social, and corporate governance; and, on the other hand, in the quest to guarantee fair and transparent tax systems, a minimum global tax rate should be implemented. Likewise, in the new economy, the knowledge-based economy, the digitalized economy, business organizations should act in the spirit of sustainability while centering their efforts on efficiency, productivity, profitability, and performance and benefiting from the impressive advantages provided by intangible assets.
TopIntroduction
Nowadays, international businesses have “experienced far-reaching structural change” due to organizations’ continuously growing interest to develop and become globally active and worldwide known (Organization for Economic Co-operation and Development (OECD), 2011, p. 13). In continuations, all the documents that are focused on the changes, challenges, development and transformations that are taking place in this complex international business environment “have evolved to reflect these changes”, thus empowering the countries to face the novel context and to cope with the international requirements, facilitating in this matter aligning the countries’ national laws to the international commitments (Organization for Economic Co-operation and Development (OECD), 2011, p. 13). Also, these days the focus is on the new economy, the globalized economy, which has to master successfully “the rise of service and knowledge-intensive industries and the expansion of the Internet economy” and in which “service and technology enterprises are playing an increasingly important role in the international marketplace” (Organization for Economic Co-operation and Development (OECD), 2011, p. 13).
These elements are highlighted below (see Figure 1).
Figure 1. Diversity perspectives for international businesses and structural-change to accommodate international commitments
What is more, this modern economy has to deal with new business arrangements, focusing on determining and motivating organizations to be part of more competitive and more sustainable activities (Popescu et al., 2015). The new economy is centered on the crucial role played by intangible assets (IA), such as, for instance, intellectual capital (IC), human capital (HC), human resources (HR), and human resources management (HRM), which play an important role in enhancing innovation and inspiring change and modernization (Popescu et al., 2008; Popescu et al., 2012; Popescu et al., 2016; European Union (EU), 2021b). According the specialists, the role of IC is vital in the new economy and, based on recent studies, it has the power to make the difference between successful or unsuccessful activities and businesses, since IC represents one of the most precious assets that entities possess these days (Popescu, 2018; Popescu, 2019a; Popescu, 2019b; Popescu, 2019c; Popescu, 2019d; Popescu, 2019e; Popescu, 2019f). Also, the role of quality management is highly praised at the level of the organizations, and based on specialists’ researches in eatables sustainable development (SD) behavior as well as Corporate Social Responsibility (CSR) and Responsible Business Conduct (RBC) (Popescu, 2017).
Furthermore, responsible and sustainable entrepreneurship has become extremely valuable for all organizations worldwide and has become more and more keen on addressing major issues such as Corporate Social Responsibility (CSR) and Responsible Business Conduct (RBC) (Popescu & Popescu, 2015; Popescu et al., 2015; Popescu et al., 2017c; Popescu et al., 2017d; Popescu, 2019g). For instance, in this regard could be mentioned the Organization for Economic Co-operation and Development (OECD) document entitled “OECD Guidelines for Multinational Enterprises”, which provides “voluntary principles and standards for responsible business conduct consistent with applicable laws and internationally recognized standards” and which should be implemented by the adhering countries together with the aspects presented in the “Decision of the OECD Council on the OECD Guidelines for Multinational Enterprises” (Organization for Economic Co-operation and Development (OECD), 2011, p. 13; Organization for Economic Co-operation and Development (OECD), 2021l).
These elements are highlighted below (see Figure 2).
Figure 2. New and modern economy, in the light of sustainability and sustainable actions
Key Terms in this Chapter
Fairness in International Reporting and International Transactions: Are considered vital attributes of healthy tax systems; and, while referring to the European Union Member States, it should be pointed out that the European Commission’s agenda focuses on awareness in terms of international reporting, creating robust financial systems and helping the European Union Member States to cope better and more efficiently and successfully with the provocations of the COVID-19 pandemic shock as well as the COVID-19 crisis.
Environmental, Social, and Corporate Governance: Are three forms of governance strongly interconnected, which show the powerful bond that exists between a balanced environment, a healthy society system, and concerned and responsible entities.