THE IMPACT OF GLOBALIZATION AND DIGITALIZATION ON THE OPERATIONS OF SMALL AND MEDIUMSIZED ENTERPRISES – ECONOMIC CHALLENGES AND LEGAL REGULATION

Maja Kovačević; Nemanja Pantić; Ivan Milojević

doi:10.5937/ptp2602192K

Authors

Maja Kovačević University Business Academy in Novi Sad, Faculty of Economics and Engineering Management in Novi Sad, Novi Sad, Serbia https://orcid.org/0000-0001-6902-3794
Nemanja Pantić University of Kragujevac, Faculty of Hotel Management and Tourism in Vrnjačka Banja, Vrnjačka Banja, Serbia https://orcid.org/0000-0003-0030-6950
Ivan Milojević University of Business Studies, Banja Luka, Bosnia and Herzegovina https://orcid.org/0000-0003-3653-3477

DOI:

https://doi.org/10.5937/ptp2602192K

Keywords:

globalization, SME, digital platforms, economic entities, EU regulation, national legal framework

Abstract

The subject of this research is an analysis of the impact of globalization on the operations of modern enterprises, with particular emphasis on small and medium-sized enterprises (SMEs) striving for internationalization, with the aim of providing a comprehensive and systematic overview of the influence of globalization on the transformation of corporate competitiveness in the context of digitalization and the expansion of digital platforms. The paper identifies critical transition points towards proactive business models, accompanied by a detailed analysis of the associated risks and the regulatory frameworks necessary for overcoming them. The research indicates that, under conditions of intensified global competition, companies must continuously innovate and employ modern information and communication technologies in order to achieve a sustainable competitive advantage through overcoming geographical barriers and efficient resource management. The paper also provides an overview of the legal regulations in the European Union and the Republic of Serbia that are relevant to the development of the modern SME sector, particularly in light of the impact of digitalization on the operations of economic entities. The research results highlight the importance of timely alignment of SME operations with innovative market trends, which are closely followed by national legal regulations harmonized with the regulatory framework at the level of the European Union.

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