The Concept of Legal and Regulatory Forces
Multiple domains, such as social, political, ethical, and economic, are regulated by regulatory and legal forces. In today’s globe, countries and all activities within their borders are governed by democratic or monarchical governments. To ensure a proper and justifiable commercial system, governments formulate, implement, and maintain rules and regulations. Corporate social responsibility rules, for example, require corporations to contribute to the social development process and to uplift society.
Technology advancements, globalization, privatization, and liberalization have significantly impacted corporate operations in today’s globalized world. The rising complexity of worldwide commercial or trade activities necessitates a sophisticated regulatory framework for a healthy corporate climate. Foreign investment, taxation, dispute resolution, employment, antitrust regulations, and other policies impact global trade transactions and firms, ensuring that ethical and legal market principles are followed.
Key Aspects of Legal and Regulatory Forces
Regulation of business activities is an essential aspect that promotes optimal performance by the companies without disrupting the market. The legal and regulatory forces constitute an organized framework of laws, rules, and regulations to direct the activities of the corporations and ensure transparency.
Employees are a company’s assets, and managers should make every effort to ensure that their rights are kept and protected. To protect the interests of employees, legal and regulatory forces develop standards for businesses, such as employment laws, labor laws, and regulatory provisions. Employees in the automobile manufacturing industry, for example, have the right to work in a secure and safe environment. Employment regulations require the corporation to offer all necessary safety measures and equipment to protect the well-being of its employees/workers.
The legal and regulatory forces can be internal or external to a company. For example, a business is a legal entity that engages in commercial activities to achieve its objectives. A firm regulates its operations by following legal and ethical business norms to monitor management and employee decisions and actions. A domestic firm is governed by it’s own country’s laws, while national and international regulations govern a multinational corporation. Twitter is a multinational social media firm with its own set of rules that require employees and management to adhere to the company’s standards. It operates in several nations, and to do so, and it must follow the laws of the other nations.
The Influence of Legal and Regulatory Forces on the Markets
Taxation is one of the legal and regulatory components that have an impact on a company. Tax compliances vary within a country and from one country to another country. The government can raise or cut taxes to boost or manage economic growth. Higher taxes could be discouraging for the companies. Multinational companies look for such countries where they can operate freely with minimum compliances and tax burden. Lower taxes could attract more companies and thus would contribute to the growth of the overall market environment. Income tax, corporate tax, custom and excise duty, and surcharge are examples of direct and indirect taxes used by governments to generate revenue and regulate the market.
Monetary and fiscal policy, import and export laws, international tariffs, and trade agreements are examples of trade rules and regulations impacting business operations. Corporate operations and expansion can be facilitated or hampered by such policies. Protectionist commercial policies can stifle free trade. For example, The Federal Trade Commission, monitors corporate actions such as marketing and advertising campaigns, deceptive labeling, and misrepresenting information that may lead to customer misinformation. Regulatory institutions such as the Food and Drug Administration, the Environmental Protection Agency, and the Federal Reserve Bank are legally mandated to regulate commercial operations in their respective fields.
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