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Digital Technologies And The Financial Performance Of Female Smes In Serbia: The Mediating Role Of Innovation


  • Sanja Popović-Pantić
  • Dušica Semenčenko
  • Nikola Vasilić


Digital technologies that cre-ate innovation have the capacity to leverage economic development. The integration of digital technologies in daily operations has become a key success factor in sustainable development, market positioning, and ad-vancement. This is particulary challenging for female companies in developing coun-tries, which face numerous biases on their entrepreneurial path, including in innova-tion. This specific group of entrepreneurs faces additional barriers in implementing digital technologies and digital transfor-mation, which are considered part of their innovation capacity. However, some com-panies perform well according to finan-cial parameters, regardless of the level of digitization and innovation potential. This research paper explores the correlation be-tween financial performance and the inno-vative implementation of digital technolo-gies. The main assumption in this research is that companies that do not use digital technologies to innovate can not expect to improve their financial performance. We focus on the impact of digital technology on the financial performance of female compa-nies. We also consider the indirect impact of digital technology use on financial per-formance, with product innovation as the mediator variable. The sample consists of 46 female companies. The results of the analy-sis confirm the hypotheses that digital tech-nology has no direct influence on financial performance, and that product innovation mediates the relationship between digital technology and financial performance.

Suggested Citation

  • Sanja Popović-Pantić & Dušica Semenčenko & Nikola Vasilić, 2020. "Digital Technologies And The Financial Performance Of Female Smes In Serbia: The Mediating Role Of Innovation," Economic Annals, Faculty of Economics, University of Belgrade, vol. 65(224), pages 53-82, January –.
  • Handle: RePEc:beo:journl:v:65:y:2020:i:224:p:53-82

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    References listed on IDEAS

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    More about this item


    digital technology; innova-tion; product innovation; female compa-nies; SME; financial performance; media-tion;
    All these keywords.

    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination


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