Explain the key tenants of institutional theory. Illustrate how institutions impact corporate decision-making in international business (50 marks). (b) Discuss the pressure for local responsiveness for firms in choosing a global strategy. What are the strategic implications for a firm in responding to this pressure? (50 marks) Question 5 (a) What are the main advantages and disadvantages of the ethnocentric, polycentric, and geocentric approaches to staffing policy? When is each approach appropriate? (50 marks) (b) Why is diversity good for an international business? What actions can a company take to foster greater diversity? Take examples to illustrate your discussion
