INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE)
Vol. 2 No. 2 (2025): AUGUST

LOCAL BUSINESS DYNAMICS IN THE ERA OF GLOBALISATION: LEGAL UNCERTAINTY, GLOBAL COMPETITION, AND ADAPTIVE STRATEGIES OF LOCAL ENTREPRENEURS

Gunawan Widjaja (Senior Lecturer Faculty of Law Universitas 17 Agustus 1945 Jakarta)
Dyah Ersita Yustanti (Senior Lecturer Faculty of Law Universitas 17 Agustus 1945 Jakarta)
Rio Johan Putra (Lecturer Faculty of Economy, Business and Social Sciences Universitas 17 Agustus 1945 Jakarta)



Article Info

Publish Date
01 Aug 2025

Abstract

This study examines the dynamics of local businesses in the era of globalisation, focusing on the challenges of legal uncertainty, global competition, and the adaptive strategies implemented by local entrepreneurs. Globalisation has opened up opportunities for market access, but it has also increased the risks to the sustainability of local businesses due to the entry of global players who are superior in terms of capital, technology, and networks. Legal uncertainty manifests in various forms, including inconsistent regulatory changes, incompatibility with international law, and weak protection for domestic businesses. Through a literature review, this study identifies that local entrepreneurs address these challenges through product innovation, digital transformation, human resource development, and business network expansion. These adaptive strategies are not only important for maintaining their position in the domestic market but also key to penetrating global markets. Government support in the form of clear regulations, access to technology, and fair legal protection is essential for local businesses to develop sustainably. This study provides insights for business actors, government, and academics to understand the real conditions of local businesses in facing the ever-changing global era.

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Journal Info

Abbrev

IJEFE

Publisher

Subject

Economics, Econometrics & Finance

Description

INTERNATIONAL JOURNAL OF FINANCIAL ECONOMICS (IJEFE) is a scientific journal that publishes articles in the field of Business and finance that contain conceptual ideas in the fields of Economics, Accounting, Management, Business and finance. The scope is Human Resource Management, Marketing ...