Arbitration in the Age of Globalization: Addressing Cultural and Legal Diversity in Commercial Disputes to Achieve Sustainable Development Goals in Society

Abstract

Objective: The article aims to identify the most effective ways to improve arbitration in the context of considering the influence of cultural and legal diversity factors in commercial disputes to achieve sustainable development goals in society. Theoretical Framework: Special attention is paid to the analysis of effective ways to improve arbitration in the context of considering the influence of cultural and legal diversity factors in commercial disputes to achieve sustainable development goals in society. Method: The methodology of the study involves the use of the IDEF3 functional modelling method. As a result of the study, a model for improving the processes of information support for arbitration processes in the context of taking into account the influence of cultural and legal diversity factors in commercial disputes was formed. Results and Discussion: The results obtained indicate the need for a more flexible approach to arbitration procedures in a globalized context, in particular, taking into account the cultural and legal characteristics of the parties to achieve sustainable development goals in society. Research Implications: The implications of the study are the dependence of the findings on the availability and quality of data on international arbitration procedures, which may be incomplete or heterogeneous across different legal cultures. Originality/Value: The practical significance lies in the disclosure of modern trends in the development of effective ways to improve arbitration in the context of considering the influence of cultural and legal diversity factors in commercial disputes to achieve sustainable development goals in society.