Case Report Not peer-reviewed version

The Impact of Globalization on the

Strategic Management Sustainability of
the Venture Capital Industry

Mustafa Jaber , Abdel-Aziz Ahmad Sharabati * , Ahmad Yacoub Nasereddin , Ra'ed Masa'deh

Posted Date: 15 April 2024

doi: 10.20944/preprints202404.0873.v1

Keywords: globalization; sustainability; strategic management; environmental; social; economic; innovation;

businesses

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Case Study
The Impact of Globalization on the Strategic
Management Sustainability of the Venture
Capital Industry
Mustafa Jaber 1, Abdel-Aziz Ahmad Sharabati 1,*, Ahmad Yacoub Nasereddin 1
and Raed Masadeh 2
1 Business Faculty, Middle East University, Amman, Jordan. [email protected] (M.J.);
[email protected] (A.Y.N.)
2 School of Business, The University of Jordan, Amman, Jordan, raed [email protected]

* Correspondence: [email protected]; [email protected]

Abstract: This research explores and analyzes the challenges and opportunities due to
globalization's impact on sustainable strategic management. The research uses a mixed-method
design, combining primary and secondary data collection methods. Secondary data is sourced from
various credible publications and analyzed through an extensive literature review. A case study
approach is adopted, involving semi-structured interviews with six experienced managers from
Tazweed Venture Capital in Jordan. The study employs a qualitative, descriptive, and analytical
approach to develop a conceptual framework by exploring managers' experiences and perspectives
on Globalization and its impact on Sustainable Strategic Management. The findings identify
challenges of environmental degradation, economic inequality, transportation and logistics
pressures, and compliance challenges for sustainability. While implementing sustainable practices
incurs upfront costs, accessing renewable energy markets and financial support presents
opportunities. Tazweed successfully implements sustainable strategic management, emphasizing
stakeholder engagement and collaboration across departments. This research offers valuable
insights and guidance for companies navigating globalization's impact on sustainability strategic
management

Keywords: globalization; sustainability; strategic management; environmental; social; economic;

innovation; businesses

1. Introduction
Globalization connects global economies, cultures, and societies, which is becoming an
increasingly hot topic in various fields and interdisciplinary fields. The concept of globalization is
comprehensive enough to cover the increasing interdependence between the world's economies,
cultures, and societies, the increasing interdependence between countries, the erosion of national
borders, and the emergence of a global culture. This research aims to understand how globalization
affects Tazweed's strategic management sustainability, identifying challenges and potential
opportunities.
The study adopts a mixed-method research design, using both primary and secondary data
collection. Secondary data from credible sources, like articles and research papers, undergo an
extensive literature review to gain insights into globalization's effects on sustainable strategic
management. Additionally, the research employs a case study approach, focusing on Tazweed
Venture capital, with semi-structured interviews of Six experienced managers providing valuable
perspectives on globalization's impact. Using a qualitative, descriptive, and analytical approach, the
research aims to develop a conceptual framework that highlights challenges and opportunities
arising from globalization's influence on strategic management sustainability. The findings are

© 2024 by the author(s). Distributed under a Creative Commons CC BY license.

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expected to contribute significantly to sustainable business practices, guiding companies like

Tazweed to make informed decisions for long-term sustainability.
The research findings revealed environmental degradation, economic inequality, transportation
and logistics pressure, complex supply chains, and compliance challenges for sustainability [1,2].
Implementing sustainable practices incurred upfront investments and higher costs, but opportunities
included accessing renewable energy markets and financial support [3,4]. Tazweed Venture Capital
successfully implemented sustainable strategic management practices, with comprehensive
sustainability frameworks and stakeholder engagement. The company integrates sustainable supply
chain practices and collaborates across departments. The study emphasized coordination for
sustainable strategic goals, aligning with Tazweed's vision and core values. Continuous
improvement, employee training, and technology integration enhance sustainability efforts.
Emphasizing sustainability reduces risks and builds strong supplier relationships, while regulatory
compliance remains a priority [5–8].
Literature Review.
Globalization and Sustainable Strategic Management
Globalization is a complex process that connects global economies, cultures, and societies. It has
positive aspects like increased trade, investment, and cultural exchange, but also negative impacts
such as inequality and environmental harm [9], however, In the business world, globalization's
importance is constantly evolving and subject to ongoing debates about its effects. Nevertheless, it
remains a crucial force shaping the modern world and significantly impacting businesses [10].
Strategic management is vital for organizations, involving the formulation and execution of
long-term goals. It includes assessing internal strengths, weaknesses, external opportunities, and
threats to create a well-defined strategy [11], besides that, scholars and practitioners emphasize its
importance in measuring organizational performance, considering factors like innovation,
entrepreneurship, and overall success [12], therefore, the universal applicability and impact of
strategic management highlight its research significance and importance in the field [13].
Sustainable strategic management involves developing and implementing strategies to create
lasting value for the organization while considering the well-being of society [14]. In the context of
globalization, strategic management is crucial for success in a globalized world. It helps businesses
understand the global landscape, devise global strategies, manage risks, stay adaptable, build
relationships, and foster innovation [15]. The different theoretical frameworks and models
connecting globalization and strategic management are valuable tools for businesses. They help in
comprehending the challenges and opportunities posed by globalization and guide the development
of effective strategic responses [16].
Globalization presents challenges and opportunities for sustainable strategic management.
Global competition can lead to increased efficiency, but it may also limit investments in sustainability
[17]. However, cooperation among stakeholders is essential for successful sustainable strategies.
Globalization presents both challenges and opportunities in strategic decision-making. While
heightened competition encourages informed choices. On the positive side, globalization fosters
collaborative initiatives for global sustainability [18].
Challenges of Globalization on Sustainable Strategic Management
Incorporating sustainability amidst globalization presents several challenges. The lack of a
universally accepted definition for sustainability makes it difficult to align goals and measure
progress [2]. Additionally, tracking environmental and social impacts in global supply chains is
challenging due to weak regulations in supplier countries. Cost-cutting pressures in the global
economy hinder investments in sustainable practices, which are often more expensive than
conventional methods [19], so balancing global sustainability with stakeholder needs proves to be a
complex task, and managing risks associated with sustainable practices [7,20], such as higher costs
and reputational damage, requires careful attention [21]. Establishing partnerships with businesses,
governments, and NGOs becomes essential to effectively address sustainability challenges [22]. In
addition to these challenges, cultural variations also play a crucial role in sustainability efforts.
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Different cultures may emphasize economic, social, and environmental issues differently, requiring
businesses to be culturally sensitive and adapt sustainability strategies accordingly [23].
Opportunities for Sustainable Strategic Management in a Globalized Environment
Globalization provides opportunities for sustainable strategic management, allowing companies
to adopt eco-friendly practices like sourcing from environmentally regulated suppliers and using
innovative technologies to reduce environmental impact [24]. However, globalization also brings
challenges to sustainable strategic management, such as complex global supply chain management
and increased risk of environmental damage. On the positive side, it opens up new opportunities and
increases resource availability, emphasizing the need for collaboration, innovation, and risk
management [25]. Sustainable strategic management is crucial for creating a more sustainable future
[26]. Accordingly, a systematic literature review conducted by De Oliveira and others showcases
successful companies integrating sustainability into global strategic management [27,28]. Accounting
sectors can promote environmental conservation through proper environmental cost allocation and
improve performance with a Corporate Sustainability Management System (CSMS). A Content
Management System (CSMS) with environmental activity and cost disclosure enhances customer
loyalty. Psychological ownership of green products boosts employee behavior and performance.
Building supply chain management processes following sustainability standards is crucial for
corporate sustainability [27,28].
Strategies and Best Practices for Navigating Globalization in Sustainable Strategic
Management
To navigate globalization effectively, companies should set clear sustainability goals aligned
with their strategic objectives, involve all stakeholders, risk assessment, invest in sustainable
innovation, and build partnerships with other organizations [29].
Companies must establish clear, ambitious, and realistic sustainability goals that align with their
overall strategic objectives. This allows them to monitor progress and assess performance effectively
[14]. Additionally, involving all stakeholders, such as employees, customers, suppliers, and investors,
in the sustainability process fosters support for sustainability initiatives and ensures alignment with
the broader community's needs [30]. Adopting a risk-based approach to sustainability involves
identifying and managing risks related to operations, such as environmental pollution, social conflict,
and supply chain disruptions [31], and Investing in sustainable innovation is crucial to creating
environmentally friendly and socially responsible products and processes, reducing environmental
impact, and enhancing social performance [32]. Lastly, forging partnerships with NGOs, government
agencies, and other businesses enables collaboration, knowledge-sharing, pooling of resources, and
the achievement of common sustainability goals. Such partnerships enable the scaling up of
sustainability initiatives for a greater impact [33].
In a globalized context, sustainable strategies require strong leadership, a sustainable
organizational culture, and cross-functional collaboration. [34], also, organizational culture plays a
key role in sustainability, valuing environmental protection, social responsibility, and economic
prosperity [35]. Cross-functional collaboration is vital for sustainable strategies, bringing together
diverse perspectives from departments like operations, marketing, and finance to align on
sustainability goals and work collectively towards achieving them [36]. To enhance strategic
management amid globalization, companies can follow key recommendations: set clear sustainability
goals [14], develop aligned strategies, engage stakeholders to understand their needs [29], manage
globalization-related risks [25], build partnerships for shared success [33], invest in sustainable
leadership [37], and foster innovation to adapt to evolving global conditions [38]. Additionally,
companies must recognize challenges, like heightened international competition [39], shifts in
consumer preferences [40], and evolving regulations [41], alongside opportunities such as accessing
new markets, gaining efficiency through economies of scale, and embracing new technologies [30].
Being mindful of these factors will position companies for success in a globalized world [42].
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Figure 1. MDPI. Source: MDPI- Sustainability.

Table 1. Shows the Source (Key Articles) Used in the Literature Review:.

Article Author Publish

The corporate sustainability strategy in organizations:
[14] MDPI
A systematic review and future directions
Resources, innovation, globalization, and green
[29] Elsevier
growth: The BRICS financial development strategy
Flexibility and resilience in corporate decision making:
a new sustainability-based risk management system in [31] SpringerLink
uncertain times
The added value of partnerships in implementing the
[33] Elsevier
UN sustainable development goals
Routledge, Taylor & Francis
Sustainable strategic management [43]
Group
A socio-technical view of the performance impact of
[5] Taylor&Francis Online
integrated quality and sustainability strategies
Stakeholder engagement: Achieving sustainability in
[7] ResearchGate
the construction sector
Sustainalism: An integrated socio-economic-
environmental model to address sustainable [2] MDPI
development and sustainability
Western Cedar/Western
Increasing Sustainability in Global Supply Chains [25]
Washington University
Sustainability in strategic planning: An Italian case
[36] POLITesi
study

Tazweed Venture Capital Overview

Tazweed Venture Capital is a corporate venture capital capital firm with a focus on impact
investing. It invests in venture capital with growth potential and a viable path to profit, while also
seeking to make a positive social and environmental impact.
Tazweed Company was established in 2013 as a private equity company owned by Mezzan
Holding Company, which was established in 1944, as a leading Kuwaiti group in the food, beverage,
and fast-moving consumer goods industry. Tazweed Company began its business in Jordan and Iraq.
Within its capabilities, it looks forward to expanding its business in the Middle East and North Africa
region, through the strategic support and expertise enjoyed by the parent company, Mezzan Holding.
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Tazweed's main business lines are fast-moving consumer goods, food distribution, food supplies
and fresh vegetables, retail services, pharmaceuticals, third-party logistics warehousing services, and
government, and United Nations organizations contracts. Tazweed Company has a distinctive
footprint in its work in cooperatives, supermarkets, hypermarkets, small stores, etc., along with the
added value of equipment and supplies, to achieve outstanding brand recognition, consumer loyalty,
deep market penetration, and broad market reach.
The administrative team that leads the company is represented by the Chairman of the Board of
Directors, Mr. Mutasim Jassim Mohammed Al-Wazzan, the Executive Vice Chairman of the Board of
Directors Mr. Mohammed Jassim Mohammed Al-Wazzan, and the CEO of Mezzan Holding
Company Mr. Garrett Walsh, and others, they have extensive experience in the industry and working
to enhance the sustainable strategic growth of the company; and they achieved important
achievements for investment capital, in addition to strategic cooperation with the United Nations
World Food Program by opening retail outlets for refugees and beneficiaries of the UN WFP in both
Jordan and Iraq.
Tazweed obtained many awards and letters of appreciation for its services and contributions to
humanitarian initiatives. Among these awards are a letter of thanks from the United Nations World
Food Program within the framework of the “Against Hunger” initiative, the best service company in
2015, 2016, and 2019, and it was selected for the International Steering Committee of the Small and
Medium Enterprises for Humanity Initiative (SME4H.org), the humanitarian agenda that Managed
by the United Nations Office for the Coordination of Humanitarian Affairs.
The company's objectives include delivering innovative and high-quality products/services,
fostering a positive and inclusive work environment, achieving sustainable growth and profitability
with strong ethical standards, becoming a market leader, contributing to environmental
conservation, prioritizing customer satisfaction, engaging with local communities through social
initiatives, and building a strong brand reputation based on trust, transparency, and integrity.
Tazweed Venture Capital is a vertically integrated business with operations in distribution,
retail, wholesale, and contract services, focusing on making a positive impact on society and the
environment.

2. Materials and Methods

The Nature of Research
This qualitative study [44] explores the impact of globalization on sustainable strategic
management in a Venture capital company. The research uses a descriptive and analytical
methodology, utilizing both primary and secondary data. Interviews were conducted with Six
managers [44] at Tazweed company in Jordan to gain insights into the effects of implementing
sustainable strategic management on the firm. The study contributes to the literature on sustainable
strategic management practices in the context of globalization [14] by identifying challenges and
opportunities in this area.
Research Design.
This research investigates the impact of globalization on sustainable strategic management at
venture capital companies, This development is achieved using a qualitative methodology that
identifies key themes and associations using a combination of primary and secondary data [44].
Secondary data, including website information and newspaper articles, were extensively reviewed
[45]. The study adopts a case study approach [44], focusing on Venture capital companies and
exploring challenges and opportunities in sustainable strategic management due to globalization.
Primary data was collected through structured interviews with Six company managers selected for
their expertise in strategic management practices. The research aims to develop a conceptual
framework [44] for sustainable strategic management in the context of globalization and confirm its
reliability through consistent questioning and coordination of venture capital company coordinators.
The research involved a review of academic articles and aggregation of secondary data to
identify main themes. Background data from websites and journals were explored to provide context
for case studies. These documents supported inquiries for interviews. Additionally, secondary data
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were analyzed through an extensive review of peer-reviewed journals and published works. The case
study method was employed to gather raw data and explore the impact of globalization on
sustainable strategic management. The study specifically used a case study approach for an in-depth
understanding of the topic [46]. Semi-structured interviews served as the primary source of raw data,
providing valuable insights into the challenges and opportunities of implementing sustainable
strategic management in Venture capital companies.
Case Selection
The number of available firms that implement sustainable strategic management practices is
limited. The case is focal points in sustainable strategic management one company was chosen for in-
depth analysis through face-to-face interviews with managers who have implemented sustainable
strategic management approaches in their departments, this selected case plays a significant role in
the research according to [44,46], and has been active in the Venture capital industry in Jordan for at
least ten years, with expertise in Venture capital in Jordan namely those in FMCG, Food Distribution,
Fresh Food & Vegetable Supplies, Retail Services, Logistics, Warehousing Services, Pharmaceutical,
3PL Services, Government, and UN Contracts. This research applied the method of content analysis
[47] by coding the online challenges set, and the opportunity set as a unit of analysis for each manager
(A, B, C, D, ..) the main points that each manager focused on in his interview and the common points
which more than one manager focused on, and took into account the percentages for each answer.
Interviews were conducted with 6 managers using the same protocol for better reliability, including
CEO, COO, CFO, CHRO, and procurement manager [46]. These 20-minute structured question-and-
answer sessions were conducted over a month to collect data from various roles and functions. The
managers were experts in Venture capital management with a proven track record of achieving
positive results and customer sustainability. Before the interviews, they were informed about the
study's objectives and consented to participate. Standardized open-ended interviews took place at
the company locations. Participants were chosen based on their job responsibilities and knowledge,
ensuring relevant information was obtained. The research followed a research agenda, including
interview protocols and reporting procedures.
Data Collection
This research utilized three sources for the case study: semi-structured Interviews as the main
source with literature reviews and strategic management sustainability reports as secondary sources
(Table 2). Six interviews with Six managers from Tazweed Venture Capital, experienced in top-level
sustainable strategic management leadership, In total, 6 face-to-face interviews, every interview
lasted 20 minutes and were recorded, focusing on examining the impact of globalization on
sustainable strategic management on Tazweed [44]. The approved interviews were used to develop
the case study as analyzed through cross-interview analysis [48,49]. Through emails, phone calls, and
document exchanges, several contacts were made with those managers to obtain reflective
practitioner inputs that created the trust and mutual benefits [50]. One researcher conducted and
recorded the interviews with all the participants, each of whom was asked the same questions, using
the same interview protocol. The approved interviews were used to develop the case studies as
analyzed through cross-question analysis [48,49]. After reviewing the available literature on the fields
of sustainable strategic management secondary data were gathered from articles, published books,
and previous research cited in the references section incorporating purposive sampling, and
literature reviews [50]. The study was conducted in Jordan in 2023, with a total of Six interviews
involving directors and managers responsible for sustainable strategic management in the company.
The same interview protocol was used for all participants, and notes were taken with their consent.
The approved interviews were analyzed through cross-case analysis to develop case studies.
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Table 2. Shows the Source of Data Collection for the Case Study.

Method Type Source Type Each Manager Company Total

CEO 1
COO 1
CFO 1
Semi-Structured Interviews
CHRO 1
Supply chain and Logistics manager 1
Procurement manager 1 6
Sustainable Strategic
Available on the publishing house website
Management Reports, and 52 52
Available on the academic scholars' websites
Globalization Reports

3. Data Analysis and Results

This research followed a three-way analysis method to develop the main findings and establish
a new framework for sustainable strategic management in the era of globalization [44,48–51]. This
method includes five steps. The first step was to list the main themes generated by the composite
analysis of the literature review. The second step was to list coding as subtopics. Each main topic of
reducing the data of interview records and sustainability reports through the single case of the focus
of the research [46,50]. The fourth step was to compare the answers that resulted from the interviews
to enhance the logic of copying and common denominators by providing groups for the effects of
globalization and measuring it using psychological laws and a set of qualitative and quantitative
decisions. The fifth step was to build explanations to validate the new conceptual framework for
strategic management in the age of globalization from the point of view of the pivotal participants at
Tazweed Venture Capital.
1. Findings and discussion
The primary challenges and opportunities that arise concerning sustainability in the context
of globalization efforts in the Tazweed venture capital:
The Chief Executive officer said that “the main challenges are a) environmental Impact: increased
industrialization and trade will inevitably result in environmental degradation and pollution. Managing this
impact while promoting sustainable practices is a significant challenge. b) globalization may cause economic
inequality and will affect the distribution of resources and opportunities. To ensure sustainable development
we need to address poverty, unemployment, and income disparities among different segments of our society. c)
globalization has led to increased urbanization and pressure on infrastructure, mainly transportation, energy,
and waste management.
Opportunities, a) we have a significant potential for renewable energy, such as solar and wind power.
Embracing clean energy technologies can reduce dependency on fuel. b) By investing in green industries and
sustainable business practices we can create new jobs, attract investments, and adopt economic growth while
minimizing environmental harm. c) We must leverage Jordan’s global partnerships and learn from best
practices to implement more sustainable policies and regulations.”
The findings indicated challenges in Table 3 related to environmental degradation, economic
inequality, transportation and logistics pressure, complex supply chains, and compliance with
diverse sustainability requirements. Implementing sustainable practices incurred upfront
investments and higher costs. On the other hand, potential opportunities in Table 4 included
accessing renewable energy markets, financial support for green industries, leveraging global
partnerships, and enhancing the brand's reputation. Sustainable sourcing drove innovation, and
diverse teams fostered creativity. Emphasizing sustainability reduced risks and built strong supplier
relationships. Despite initial costs, the company expected long-term savings and growth in
international markets.
The Chief Financial Officer said "There are several opportunities and challenges, we summarize them as
follows:
Challenges:
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• Implementing sustainable practices requires upfront investments, which have posed financial challenges,
e.g. renewable energy sources, and implementing waste reduction measures.
• We are witnessing stricter environmental regulations, which have increased the audit and compliance
costs.
• We had to reevaluate and restructure the supply chains. This has led to increased costs as well.
Opportunities:
• Although we have incurred initial costs, we are confident that we will generate long-term savings and
reduce operational expenses.
• Enhance our brand reputation and attract consumers who increasingly favor businesses with strong
sustainability commitments, this had translated into increased sales and market share.
• Financial institutions are increasingly supporting sustainable initiatives by providing favorable terms for
green investments, e.g. lower interest rates and preferential financing”

Table 3. Shows the Outlined Challenges by the Participants.

Code Outlines of Challenges

A Increased industrialization and trade lead to environmental degradation and pollution
B Globalization causes economic inequality and affects resource distribution.
Increases pressure on transportation, energy, and waste management infrastructure,
C
managing the environmental impact of increased transportation and logistics
Overcoming complex supply chains, cultural differences, language barriers, time zone
D
differences, increased competition, and regulatory variations.
Managing supply chain transparency and traceability across complex global supply
E
chains is difficult for ethical sourcing hindering the verification of sustainable practices.
Implementing sustainable practices requires upfront investments incurs additional costs
F and requires careful cost-benefit analysis, including renewable energy sources and waste
reduction measures.
Stricter environmental regulations have increased audit and compliance costs, to ensure
G
compliance with diverse sustainability requirements regulations in different countries
H Reevaluating and restructuring supply chains has led to increased costs.
Diverse teams bring different cultural values, work styles, and perspectives, and
I
geographical dispersion makes it difficult to build strong relationships and trust.
J Leading diverse international teams requires cultural sensitivity and adaptability.
K Increased complexity and scale
Finding suppliers aligned with sustainability goals is challenging, particularly in regions
L
where such practices are not common.

The findings derived from Figure 2 shed light on the challenges and complexities surrounding
supply chain management in the context of globalization and sustainable practices. Managing
transparency and traceability in intricate global supply chains presents difficulties in verifying
sustainable practices, particularly in ethical sourcing. Moreover, stringent environmental regulations
have led to increased costs for audits and compliance to meet diverse sustainability requirements.
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The % outlines challenges by the

participants
80%
70%
60%
50%
40%
30%
20%
10%
0%
A B C D E F G H I J K L

Figure 2. Shows the % Outlined Challenges by the Participants.

Globalization introduces a set of significant challenges for sustainable strategic management.

However, organizations must navigate the effects of globalization while simultaneously increasing
revenues and addressing various issues, including transportation infrastructure, energy, waste
management, and environmental impacts. Implementing sustainable practices demands upfront
investments and incurs additional costs, necessitating a thorough cost-benefit analysis.
Finding suppliers that align with sustainability goals is a challenging endeavor, particularly in
regions where such practices are not commonly adopted. The expansion of globalization also gives
rise to environmental degradation, pollution, economic inequality, and resource distribution
challenges. The process of restructuring supply chains to accommodate sustainability requirements
further adds to operational costs.
Effectively managing diverse international teams requires cultural sensitivity and adaptability,
as different values and work styles come into play. The magnitude and complexity of these challenges
compound the intricacies of sustainable supply chain management.
The research findings presented in Figure 3 provide a classification of the challenges
encountered by sustainable strategic management in response to the impacts of globalization, as
highlighted by the insights shared by the interviewed managers. The results indicate that 47% of
these challenges are economic. Figure 4, encompasses issues such as transportation complexities,
additional costs, economic inequality, unemployment, and income disparities.

Weight of challenges categories

28%

47%

25%

Economies Environmetnt Cultures and societies

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10

Figure 3. Weight of Challenges Categories.

Furthermore, 28% of the identified challenges pertain to cultures and societies Figure 6,
comprising obstacles related to language barriers, time zone differences, cultural nuances, ensuring
transparency, navigating diverse regulations, and finding suitable suppliers.
Finally, 25% of the challenges fall under the category of environmental challenges. Figure 5,
encompasses waste management difficulties, environmental degradation, pollution, energy-related
challenges, and the increased carbon emissions associated with global operations.

Economics Challenges
income disparities
unemployment
economic inequality
Additional Costs
transportation
putting pressure on infrastructure
regulations, and supply chain…
increased competition

0% 10% 20% 30% 40% 50% 60% 70%

Series2 Series1

Figure 4. Economics Challenges.

Environment Challenges

increased carbon emissions

energy

environmental degradation and

pollution

waste management

0% 10% 20% 30% 40% 50% 60% 70%

Series2 Series1

Figure 5. Environment Challenges.

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Cultures and Societies Challenges

poverty

Finding Suitable Suppliers

Navigating Diverse Regulations

Ensuring Transparency
Language, Time Zone, and Cultural
Differences
0% 10% 20% 30% 40% 50% 60%

Figure 6. Cultures and Societies.

Table 4. Shows the Outlines of Opportunities by the Participants.

Code Outlines of Opportunities

Access to new markets with significant potential for renewable energy like solar and wind
M
power supports environmentally friendly practices.
Financial institutions offer favorable terms for investment in green industries and
N sustainable practices, such as lower interest rates and preferential financing create jobs and
attract investments.
Leveraging global partnerships and best practices for more sustainable policies and
O
regulations.
P Cost efficiencies and technological advancements.
Q Reduce waste and promote renewable energy sources.
R Investing in cross-cultural training and diversity initiatives for inclusivity.
Developing products and services to cater to diverse regional needs while respecting local
S
customs and preferences.
Despite initial costs, the company expects long-term savings and reduced operational
T
expenses.
Enhancing brand reputation attracts environmentally conscious consumers and investors.
U Expansion into international markets enables the adoption of sustainable practices locally,
leading to increased sales and market share, and giving a competitive advantage
Sustainable sourcing drives innovation in socially responsible products and processes.
V
Diverse teams lead to enhanced innovation and creativity in problem-solving.
Interacting with diverse team members fosters continuous learning and intercultural
W
competence.
Emphasizing sustainability reduces risks associated with reputation, supply chain
X disruptions, and regulatory non-compliance, and building strong relationships with like-
minded suppliers leads to long-term and mutually beneficial partnerships.

At the same time, all managers indicated in Figure 7 that there are multiple opportunities for
applying sustainable strategic management practices to take advantage of globalization by adopting
sustainable practices in various aspects of business operations. Reducing waste and promoting
renewable energy sources not only attracts environmentally conscious consumers and investors but
also provides cost efficiency and savings in the long run. Expansion into international markets
enables the adoption of sustainable practices, resulting in increased sales, market share, and
competitive advantage. Sustainable sourcing drives innovation in socially responsible products and
processes, while diverse teams foster creativity in problem-solving. Access to new markets with
renewable energy potential supports environmentally friendly practices. Financial institutions offer
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12

favorable conditions for investment in green industries, job creation, and investment attraction.
Emphasizing sustainability reduces risks associated with reputation, supply chain disruptions, and
regulatory non-compliance, and fostering strong relationships with like-minded suppliers leads to
mutually beneficial partnerships. Furthermore, investing in cross-cultural training and diversity
initiatives promotes inclusivity, and developing products and services that cater to diverse regional
needs and preferences helps build a strong market presence. Leveraging global partnerships and best
practices contributes to more sustainable policies and systems. In general, sustainable practices
provide strategic advantages and pave the way for a flexible and competitive business model.

The % outlines opportunities by the participants

80%
70%
60%
50%
40%
30%
20%
10%
0%
M N O P Q R S T U V W X

Figure 7. Shows the % Outlines Opportunities by the Participants.

The investigation into opportunities arising from the practice of strategic management in the era
of globalization, as perceived by interviewed managers (Figure 8), revealed a diverse landscape of
potential benefits. Within this context, 45% of the identified opportunities were associated with
cultures and societies Figure 11. These opportunities encompassed the implementation of more
sustainable policies and systems, the attraction of socially interested clients, and the acquisition of
valuable insights through global partnerships. Additionally, the organization stands to gain
advantages from adopting best practices, enhancing its reputation, increasing market share, fostering
innovation and creativity, as well as demonstrating adaptability and flexibility to gain a competitive
edge.

Weight of opportunities categories

25%
45%

30%

Economies Environment Cultures and Societies

Figure 8. Weight of Opportunities Categories.

Furthermore, 30% of the opportunities identified were centered around the environmental
dimension Figure 10. These opportunities included the integration of renewable energy sources, such
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as solar and wind power, reducing dependence on fossil fuels, implementing sustainable practices,
and mitigating environmental damage.
Lastly, 25% of the opportunities were associated with economic opportunities Figure 9. Within
this category, the organization can achieve long-term cost savings and reduce operating expenses
through sustainable practices and technological advancements. Additionally, embracing green
investments and industries can lead to attracting new investments, realizing cost efficiencies, creating
job opportunities, and contributing to overall economic growth.

Economic Opportunities
Achieve economic growth

Opportunities arise in the form of cost…

Green Industries

Increasing revenue

Long-term savings and reduce…

0% 10% 20% 30% 40% 50% 60%

Figure 9. Economics Opportunities.

Environment Opportunities

Minimizing environmental harm

Wind Power

Solar Power

Sustainable Practices

Reducing dependency on fossil fuels

Renewable Energy

0% 10% 20% 30% 40% 50% 60% 70% 80%

Figure 10. Environment opportunities.

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Cultures and Societies Opportunities

Competitive Advantage

Adaptability and resilience

Innovation and Creativity

Increasing market share

enhance its reputation

Leveraging best practices

Learning from Global Partnerships

Attract socially conscious customers

Implementing more sustainable policies…

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Figure 11. Cultures and Societies Opportunities.

Strategic Management Aligns with Sustainability Goals Due to Globalization and Initiatives
to Ensure Sustainability Remains an Integral Part of Strategic Decision-Making during the
Globalization Process.
The Group Operation and Commercial Director said that. "
• We understand the unique challenges and regulations in each location and then develop location-specific
practices that comply with local regulations and cultural norms.
• We establish measurable and quantifiable targets, and then we communicate these targets to local teams
and emphasize their importance.
• We constantly engage with local communities and industry partners to collaborate on various initiatives
and exchange knowledge, experiences, and best practices.
• We regularly review and update sustainability strategies to adapt to evolving challenges and emerging
opportunities."
Figure 12 presents the initiatives discussed with the managers during interviews, aimed at
exploring the compatibility of strategic management with sustainability goals in the context of
globalization. The initiatives were categorized based on addressing challenges and capitalizing on
opportunities.
Cultures and societies

Initiatives and actions to overcome the

challenges

16%

56% 30%

Economies Environment Cultures and Societies

Figure 12. Initiatives and Actions to Overcome the Challenges.

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The findings reveal that 56% of the initiatives, focusing on cultures and societies, are
implemented to address 28% of the challenges identified in Figure 3, while also leveraging 45% of the
available opportunities as depicted in Figure 8.
Regarding environmental initiatives, 30% of the identified initiatives are designed to tackle 25%
of the environmental challenges illustrated in Figure 3, and simultaneously capitalize on 30% of the
available opportunities, aiming to harmonize environmental impacts resulting from sustainable
strategic management in the era of globalization.
Finally, the economic initiatives constitute 16% of the total initiatives, aiming to confront 47% of
the challenges presented in Figure 3 and capitalize on 25% of the available opportunities illustrated
in Figure 8.
Figure 13 depicts the initiatives implemented by Tazweed management in practicing sustainable
strategic management to address the challenges and leverage the opportunities posed by cultures
and societies due to globalization. These initiatives encompass various aspects, including
coordination and collaboration with cross-functional departments, integration of sustainability into
the company's core values, engagement of stakeholders, and the creation of a supportive work
environment to foster employee engagement. Tazweed also ensures compliance with relevant
sustainability regulations and industry standards [5], and learns from best practices and knowledge
exchange with governmental bodies, NGOs, local communities, and industry partners. Furthermore,
the company develops a sustainability-focused employer brand, incorporates sustainability criteria
in job descriptions and selection processes, and shares relevant information across departments to
facilitate a comprehensive approach to addressing sustainability challenges. Additionally, Tazweed
collaborates with the HR department to educate employees about sustainability practices and their
role in achieving sustainability goals. The company works closely with significant suppliers to
promote the adoption of sustainable practices [52], establishes open communication channels among
finance, marketing, supply chain [36], and HR departments, and links employee performance
evaluations to sustainability objectives to motivate contributions and recognition [53]. Tazweed also
demonstrates its commitment to continuous improvement by regularly reviewing and updating
sustainability strategies to address emerging challenges and opportunities. Notably, the company's
focus on non-financial impacts includes the development of clear key performance indicators (KPIs)
to measure progress toward sustainability goals [54]. These initiatives exemplify Tazweed's
dedication to embedding sustainability principles in its strategic management approach and
addressing cultures and societies' challenges in the context of globalization.

Figure 13. Cultures and Societies Initiatives.

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Group Procurement Manager: said that "

Firstly, we have enhanced our brand and reputation by sourcing goods and services from responsible
suppliers.
Secondly, we believe that strong and sustainable procurement mitigates potential risks associated with
supply chain disruptions.
Thirdly, it enabled us to stay ahead of competitors and tap into emerging markets driven by sustainability
trends. Last but not least, sustainable procurement helped us in complying with regulatory requirements and
industry standards related to sustainability."
Figure 14 illustrates the environmental initiatives undertaken by Tazweed management to
integrate sustainable strategic management and address environmental challenges while leveraging
globalization opportunities. These initiatives involve fostering collaboration among employees from
different departments and locations to share best practices and lessons learned. Tazweed conducts
environmental impact assessments before expanding into new markets or launching products,
ensuring compliance with local regulations and cultural norms specific to regulations and industry
standards. Regular assessments of supply chain, environmental, and social aspects are conducted,
and sustainable supply chain practices are implemented. To enhance resiliency and sustainability in
an uncertain marketplace, Tazweed diversifies investments. Additionally, technology integration,
working closely with IT and IS departments, ensures efficient order fulfillment and delivery. These
environment-focused initiatives reflect Tazweed's commitment to sustainable strategic management,
enabling the company to address environmental challenges and capitalize on opportunities in the
context of globalization.

Environment Initiatives
ensure efficient order fulfillment and delivery.
Technology integration, working with IT and IS…
Diversifying investments to enhance resiliency…
Implementing sustainable supply chain practices
Regular assessment of supply chain,…
Adapting location-specific practices to comply…
Conducting environmental impact…
Encouraging collaboration among employees…

0% 10% 20% 30% 40% 50% 60% 70% 80%

Figure 14. Environment Initiatives.

Figure 15 depicts the economic initiatives implemented by Tazweed management to embrace

sustainable strategic management and address economic challenges while leveraging globalization
opportunities. These initiatives involve setting measurable targets to gauge progress and success.
Tazweed allocates financial resources to support sustainable initiatives, including investments in
renewable energy projects and eco-friendly materials. Effective financial decisions are made to
mitigate risks associated with market volatility and regulatory changes, ensuring financial stability
and adaptability. Tazweed prioritizes suppliers aligned with sustainability principles and
environmental initiatives [55], fostering strong and sustainable procurement practices that mitigate
risks related to supply chain disruptions. Embracing sustainability trends grants Tazweed a
competitive advantage and access to emerging markets, enhancing the company's growth prospects.
Additionally, financial metrics are used to evaluate the economic impact of sustainable strategies and
initiatives. These economic-focused endeavors exemplify Tazweed's commitment to sustainable
strategic management and its efforts to address economic challenges while capitalizing on
globalization opportunities.
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Economies Initiatives
Financial metrics
Strong and sustainable procurement…

Gain competitive advantage and access to…

Prioritizing suppliers aligned with…
Making effective financial decisions to…
Allocating financial resources to support…

Setting measurable targets

0% 5% 10% 15% 20% 25% 30% 35%

Figure 15. Economies Initiatives.

Towards a Conceptual Framework for Sustainable Strategic Management in the Context of

Globalization.
This study explores the main topics of sustainable strategic management in the context of
globalization, based on the challenges and potential opportunities for sustainable strategic
management in the context of globalization, the increase in facing the effects resulting from
globalization in the current business by focusing on the context of globalization for the management
of multiple projects. In detail in the classification of strategies and initiatives taken by sustainable
strategic management. However, these topics have not been studied jointly and in detail and have
not fully revealed the correlations between the effects of globalization and these strategies and the
results of their implementation. This single empirical case study was based on exploring the
challenges and potential opportunities of applying sustainability initiatives and strategies in strategic
management as an approach to meet the challenges of the effects of globalization as well as leverage
potential opportunities, and how these initiatives and strategies can affect the performance of
sustainability in leverage of the methods and advantages arising from the implementation
sustainability practices in strategic management in the age of globalization. The figure illustrates a
new conceptual framework, based on a literature review and case study, by emphasizing the
theoretical link between the application of specific initiatives for sustainable strategic management
as an approach, practices, and standards for the performance of sustainability as consequences of the
impact of globalization on the environment, economy, as well as cultures and societies. The field of
sustainable strategic management, including potential challenges and opportunities from applying
sustainability initiatives and strategies in strategic management that can be enhanced by unifying
methods and initiatives to achieve sustainability goals such as coordination and cooperation with
multifunctional departments, stakeholder involvement, and conducting environmental impact
assessments before expanding into markets, new or product launches. Implement sustainable supply
chain practices, set measurable goals, and allocate financial resources to support sustainable
initiatives, including renewable energy projects and environmentally friendly materials to keep pace
with globalization. This research also presents results on how the application of sustainability criteria
in strategic management creates opportunities that increase financial returns in the long term, reduce
dependence on fossil fuels, reduce environmental damage, achieve economic growth, attract socially
conscious clients, and benefit from best practices. These practices have proven that the application of
sustainability standards achieves the goals of sustainable development, encourages innovation, and
creates job opportunities in light of globalization.
The complexities facing effective management in the individual research on the impact of
globalization to expand knowledge in the fields studied in terms of sustainability and its practices.
As shown in (Figure 16), this research contributed to sustainable strategic management in light of
globalization by creating a new conceptual framework related to challenges, opportunities,
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approaches, and features of sustainability performance. Sustainable strategic management is

important as it can be defined as “involve analyzing formulating and implementing business
strategies that are economically competitive, socially responsible, and in balance with the cycle of
nature” [43].

Figure 16. Conceptual Framework of the Impact of Globalization on Sustainable Strategic

Management.

4. Discussion and Conclusion

This research revealed the main findings about the impact of globalization on sustainable
strategic management based on empirical strategies and initiatives to meet the challenges and exploit
potential opportunities for the investment capital industry to achieve the research goals and current
questions. The research attempted to identify the applicable challenges and strategies to invest in any
given industry or use case. The research was completed by demonstrating the theoretical benefits of
sustainable strategic management in the context of globalization. The main findings made it possible
to identify the real challenges and potential opportunities faced by researchers. The study of [56] only
had specific use cases or review requests around sustainable strategic management, however, the
review and analysis were in no way based on a set of real projects in which companies had invested
[57,58]. Hence, this research allows for connections between the identified key themes, allowing for
the synthesis of 17 joint economic, environmental, societal, and cultural challenges and 24 potential
joint economic, environmental, societal, and cultural opportunities. This can help scholars
understand the challenges that focal points face in individual research to expand knowledge in the
fields studied. As shown in (Figure 16), this research contributed to the impact of globalization on
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sustainable strategic management by establishing a new conceptual framework related to these

challenges, potential opportunities, and sustainable management strategies. Sustainable strategic
management is important as sustainable strategic management can be defined as “involve analyzing
formulating and implementing business strategies that are economically competitive, socially
responsible, and in balance with the cycle of nature” [43].
This research makes practical contributions for managers, especially actors throughout the
company. The new framework guides shaping and describing potential challenges and opportunities
among actors for their sustainable strategic management in the context of globalization, building on
existing current challenges and potential opportunities for strategic management through strategies
and initiatives adopted to counter the impact of globalization. To improve implementations of
strategies among actors in the case of the single study, actors must create and implement strategies,
linking them to sustainability performance that can be highly supportive of countering the impact of
globalization. Policymakers can also benefit from the key findings and the new framework that can
help them program and manage capital projects and adopt the changes required to counteract the
impact of globalization. This may indicate that different actors are making practical decisions and are
in the process of learning more with each project they are involved in. This may indicate that they
are in the advanced stages of adopting specific sustainability strategies in management and that
actors are open to learning more about sustainable strategies before making investments with greater
uncertainty or risk in creating and implementing new strategies to better cope with the effects of
globalization [14,31]. This research applied the results of the current study to the investment capital
industry. This type of research presented a new attempt for the venture capital industry to apply
different strategies and initiatives of strategic management in the face of their globalization effects,
which can help managers evaluate performance control and management to improve decision-
making and ultimately analyze the results. The new framework will help managers analyze the
effects of globalization define strategies to meet challenges and exploit potential opportunities, and
then perform sustainability in the field of sustainable strategic management in environmental,
economic, as well as social & cultural. Hence, managers and executives can identify the KPIs that
most influence performance. These features assist and enable practitioners to update information
about different types of strategies, allowing each type of manager to manage their sustainable
strategies.
This research raises interesting questions in the field of study. The conceptual framework
indicates great opportunities for future studies. Despite the results of the study being somewhat
promising and showing that companies have begun investing in sustainable strategies, we should
realize that globalization continues to represent various challenges and obstacles for startups. and
medium-sized companies in the studied industry and the empirical context for applying
sustainability strategies to counter the effects of globalization. This research is qualitative, and the
conceptual framework needs to be tested through further qualitative or quantitative studies
involving large-scale surveys. Another possible field of study is the role of technology and artificial
intelligence in facing the effects of globalization in achieving sustainable strategic management. It is
important to know that industries are adopting and disseminating sustainability strategies very early
on. This research also has some limitations that can be used to advance future research on the circular
economy and its relationship to sustainability performance in the face of the effects of globalization.
These include the lack of prior research on sustainability strategies in circular economies in the
context of globalization. This study provided an application framework by analyzing a limited
number of active managers; Thus, future studies could take into account many other case studies'
influences containing active managers, and the links between these cases.

Funding: This research received no external funding.

Acknowledgments: Thanks to Middle East University for continuous support.

Conflicts of Interest: The authors declare no conflicts of interest.

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