We live in a rapidly changing global society, where no one can predict the outcome of the economic, social, and political structures of the world. Changes in science, technology, and economics are particularly noticeable and are closely linked to human life. These changes create new opportunities but also challenges in new areas of everyday activity in order to achieve sustainable development. For countries to compete with each other, they must be creative and innovative in all fields to cope with domestic, national, and global issues. Current economic competitiveness is based on the capabilities of a country and their respective companies to be and stay innovative. This is the main reason why many governments place innovativeness at the center of their growth strategies so that they can foster economic progress and global competitiveness in general. The recognition and need for identification of innovation as a driver of change are evident on a company level as well. This study will use secondary data collected this year from the World Economic Forum to identify critical challenges and opportunities for B&H competitiveness. Also, the results of this research identified enabling environment and markets impact on the innovation ecosystem. Practical contribution relates to concrete implications and recommendations that can be used for the improvement of Bosnia and Herzegovina innovativeness.
Vlastou-Dimopoulou F. Organisation for Economic Co-operation and Development (OECD). Research Handbook on the European Union and International Organizations. 2019.
2.
Boomsma A, Hoogland JJ. The Robustness of LISREL Modeling Revisited’. Structural equation modeling Present and future. 2001;139–68.
3.
Breusch TS, Pagan AR. A Simple Test for Heteroscedasticity and Random Coefficient Variation. Econometrica. 1979;47(5).
4.
Bruner GC, Kumar A. Gadget lovers. Vol. 35, Journal of the Academy of Marketing Science. 2007. p. 329–39.
5.
Chang FYM, Webster CM. Influence of Innovativeness, Environmental Competitiveness and Government, Industry and Professional Networks on SME Export Likelihood. Vol. 57, Journal of Small Business Management. 2019. p. 1304–27.
6.
Ciocanel AB, Pavelescu FM. Innovation and Competitiveness in European Context. Vol. 32, Procedia Economics and Finance. 2015. p. 728–37.
7.
Diamantopoulos A, Siguaw J. Introducing LISREL: A Guide for the Uninitiated. 2000.
8.
Feldmann P, Jacomossi R, Barrichello A, Morano R. The relationship between Innovation and Global Competitiveness: The mediating role of Management Practices evaluated by Structural Equation Modeling. Vol. 21, Review Of Business Management. 2019. p. 195–212.
9.
Fonseca LM, Lima VM. Countries three wise men: Sustainability, Innovation, and Competitiveness. Vol. 8, Journal of Industrial Engineering and Management.
10.
Hair JF, Black WC, Babin BJ, Anderson RE. Multivariate Data Analysis. 2010.
11.
Hsu PH, Tian X, Xu Y. Financial development and innovation: Cross-country evidence. Vol. 112, Journal of Financial Economics. 2014. p. 116–35.
12.
Ince H, Imamoglu SZ, Turkcan H. The Effect of Technological Innovation Capabilities and Absorptive Capacity on Firm Innovativeness: A Conceptual Framework. Vol. 235, Procedia - Social and Behavioral Sciences. 2016. p. 764–70.
13.
Jabbouri NI, Siron R, Zahari I, Khalid M. Impact of Information Technology Infrastructure on Innovation Performance: An Empirical Study on Private Universities In Iraq. Vol. 39, Procedia Economics and Finance. 2016. p. 861–9.
14.
Jang S, Lee C. The Impact of Location-Based Service Factors on Usage Intentions for Technology Acceptance: The Moderating Effect of Innovativeness. Vol. 10, Sustainability. p. 1876.
15.
Knight GA, Cavusgil ST. Innovation, organizational capabilities, and the born-global firm. Vol. 35, Journal of International Business Studies. 2004. p. 124–41.
16.
Koh WTH, Koh WTH. Singapore ’ s Transition to Innovation-based Economic Growth : Infrastructure , Institutions and Government ’ s Role Singapore ’ s transition to innovation-based economic growth : infrastructure , institutions and government ’ s role. R&D Management. 2006;36(2):143–60.
17.
Kowal J, Paliwoda-Pękosz G. ICT for Global Competitiveness and Economic Growth in Emerging Economies: Economic, Cultural, and Social Innovations for Human Capital in Transition Economies. Vol. 34, Information Systems Management. 2017. p. 304–7.
18.
Martínez-Román JA, Romero I. Determinants of innovativeness in SMEs: disentangling core innovation and technology adoption capabilities. Vol. 11, Review of Managerial Science. 2017. p. 543–69.
19.
Mateut S. Subsidies, financial constraints and firm innovative activities in emerging economies. Vol. 50, Small Business Economics. 2018. p. 131–62.
20.
Padilla-Pérez R, Gaudin Y. Science, technology and innovation policies in small and developing economies: The case of Central America. Vol. 43, Research Policy. 2014. p. 749–59.
21.
Popa S, Soto-Acosta P, Martinez-Conesa I. Antecedents, moderators, and outcomes of innovation climate and open innovation: An empirical study in SMEs. Vol. 118, Technological Forecasting and Social Change. 2017. p. 134–42.
22.
Pressman S. Book Review: The Competitive Advantage of Nations. Vol. 17, Journal of Management. 1991. p. 213–5.
23.
Reid SD. The Decision-Maker and Export Entry and Expansion. Vol. 12, Journal of International Business Studies. 1981. p. 101–12.
24.
Schumpeter JA. The Theory of Economic Development. An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Translated from the German by Redvers Opie. 1934;XLVI.
25.
The Global competitiveness report, 2006-2007. Vol. 44, Choice Reviews Online. 2007. p. 44-5759-44–5759.
26.
Şener S, Sarıdoğan E. The Effects Of Science-Technology-Innovation On Competitiveness And Economic Growth. Vol. 24, Procedia - Social and Behavioral Sciences. 2011. p. 815–28.
27.
Sivak R, Caplanova A, Hudson J. The impact of governance and infrastructure on innovation. Vol. 23, Post-Communist Economies. 2011. p. 203–17.
28.
Veselovsky MY, Pogodina TV, Ilyukhina RV, Sigunova TA, Kuzovleva NF. Financial and economic mechanisms of promoting innovative activity in the context of the digital economy formation. Vol. 5, Entrepreneurship and Sustainability Issues. p. 672–81.
29.
Walker RM. Internal and External Antecedents of Process Innovation: A review and extension. Vol. 16, Public Management Review. 2014. p. 21–44.
Citation
Copyright
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
The statements, opinions and data contained in the journal are solely those of the individual authors and contributors and not of the publisher and the editor(s). We stay neutral with regard to jurisdictional claims in published maps and institutional affiliations.
