Authors: Petkovski, Ivana 
Fedajev, Aleksandra
Mihajlović, Ivan
Affiliations: Computer Science 
Mathematical Institute of the Serbian Academy of Sciences and Arts 
Title: Technology-based factors of globalization in market and transition economies. Is there a difference?
Journal: Business Management and Economics Engineering
Volume: 22
Issue: 1
First page: 33
Last page: 52
Issue Date: 2024
ISSN: 2669-2481
DOI: 10.3846/bmee.2024.19904
– The global crises that emerged during the last two decades proved that
economies that focus their development on demand are the most vulnerable during
However, development strategies depend on specific internal and external circumstances im
pacting development of particular country. In that sense, this research aims to identify how
digitalization, science and technology, and ICT trade impact globalization in market and tran
sition economies.
Research methodology
– Authors employed the PLS-SEM methodology on available dataset
for 32 European economies.

According to the findings, digitalization is the factor that has the highest positive
impact on globalization in market economies, while ICT trade has the greatest positive im-
pact on globalization in transition economies. Science and technological advancements have
a diverse impact. The MGA results stressed out the difference between these groups even
more clear.
Research limitations
– The presented model does not consider country-level analysis of glo-
Practical implications
– The study is providing theoretical and empirical base for strategy and
policy development in the globalization domain in line with economy character.
– The value of the research is found in contributing to the globalization topic in
market, and particularly in transition economie that lack empirical research in this field.
Keywords: globalization | PLS-SEM | ICT trade | digitalization | science and technology
Publisher: Vilnius Gediminas Technical University

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