Influence of Digital Technologies

1262 Technical Gazette 28, 4(2021), 1262-1267
ISSN 1330-3651 (Print), ISSN 1848-6339 (Online)
https://doi.org/10.17559/TV-20200924091906Original scientific paper
Influence of Digital Technologies and Its Technological Dynamics on CompanyManagementIvana MARTINČEVIĆ*, Goran KOZINAAbstract: Doing business in the market today is unthinkable without new and modern technology, which is one of the key resources by which companies achieve asustainable competitive advantage. Digitalization and digital transformation of business includes a number of information and communication technologies (ICT) that arebuilt into business processes and which make it easier for management to do business but also ensure market recognition. Globalization of business affects the expansionand easier access to markets, whereby the management of the company must find new ways and methods of doing business, where the digital transformation of businessand new digital and information-communication technologies have an effect on growth and competitive advantage. The ability of an organization to transform its businesstowards digitalization and application of new digital technologies largely depends on the management of the company and a clear digital strategy as an integral part of thecorporate business strategy. In order to investigate the impact of constant and rapid development of digital technologies on the management of the company from the aspectof its acceptance and integration within the company’s strategy, a survey was conducted in the territory of the Republic of Croatia and Croatian export companies (micro,small, medium and large) were included in the survey.Keywords: digitalization; digital strategy; digital transformation; digital technology; export companies; information and communication technologies (ICT); management1 INTRODUCTIONThe digital transformation of business affects thebusiness of all companies and all industries involved in theglobal market, which greatly facilitates business and thereare ways to do business much more efficiently, better andfaster. Digitalization and digital transformation of businessfacilitate access to new knowledge and capital, facilitateand accelerate the transfer of new knowledge andtechnologies, but also create and influence businessspecialization and increase profitability.Modern businesses need to know and be able to adaptbusiness needs to the challenges of the modern market, i.e.they should have the ability to adapt and transformbusiness to the digital needs of the market. Digital businesstransformation means recognizing, implementing and useof new technology to develop new business models,systems and platforms that will result in higher levels ofefficiency and productivity, but also to create and ensure asustainable competitive advantage in the market.There are a large number of tools and techniques ofmodern digital technologies in the market that can affectthe improvement of business performance, make thecompany recognizable, ensure long-term relationshipswith market stakeholders. Among the many tools ofmodern digital technologies are certainly social media, atool whose growth in implementation and use is visible toboth individuals and the business world, thus ensuringgreater visibility, greater availability, interactivity with themarket and stakeholders, which ultimately leads to thecreation of loyal consumers and a sustainable competitiveadvantage.Recognition, adoption, implementation and ultimatelythe use of new technology is a decision of the company’smanagement. In accordance with the business policy of thecompany, the beliefs and attitudes of the managementlargely depend on the acceptance and use of new digitaltechnologies. Precisely because of market trends anddynamics, management must be flexible and prone tochange and acceptance of novelties and innovations,including new digital technologies, ie strategically orientedtowards new digital technologies [1].The aim of this paper is to investigate and determinewhether the management of export companies of theRepublic of Croatia (micro, small, medium and large)under the influence of technological changes caused bynew digital technologies that are developing rapidly andwhose application is constantly growing in the market hasdeveloped a vision and strategy of application and use ofnew digital technologies in business. The research wasconducted in 2019 through a randomly selected sample of194 export companies of the Republic of Croatia.2 DIGITAL TECHOLOGIES AND DIGITALTRANSFORMATION OF BUSINESSCompanies implement and use a large number ofdigital technologies in their business, incorporating newtechnology into business processes, various activities andprocedures. Digital business transformation implies theimplementation and integration of new digital technologyin all business areas of the organization and all its businessprocesses, which greatly affects the change in the way ofdoing business and conducting business operations.Closely related to the digital transformation of business isthe concept of digitalization, that is defined as “the use ofdigital technologies and data (digitized and originallydigital) to generate revenue, improve business andtransform business processes and create an environmentfor digital business in which digital information is crucial”[2].Digital transformation is also defined as “the changethat digital technologies can bring to the business model,products, processes, and organizational structure of acompany” [3]. Some authors say that digital transformationis “the application of digital technologies thatfundamentally affects all aspects of business and society”[4]. Most authors who explain and interpret the process ofdigital transformation of business explain and state thatdigital transformation of business implies the use of newdigital technology (social, mobile, analytical, cloud andIvana MARTINČEVIĆ, Goran KOZINA: Influence of Digital Technologies and Its Technological Dynamics on Company ManagementTehnički vjesnik 28, 4(2021), 1262-1267 1263Internet of things) as a key factor by which companiesimprove their business performance, create and increasethe added value of company, ie transform and change theirbusiness models and way of doing business fromtraditional to digital business [5-7].Globalization and internationalization, and with themthe closely related digitalization of business, facilitateaccess and expansion to numerous world markets, whichaffects the faster growth and development of companies,especially those oriented to export. It is precisely theinternationalization and globalization of businessconditioned in some way by digitalization that facilitatesand accelerates access to new knowledge, encourages theexchange of knowledge, but also facilitates and acceleratesaccess to new, modern and digital technology.The digital transformation of business differs fromcompany to company, the recognition and implementationof new digital technology in business processes largelydepend on the existing infrastructure but also theacceptance and support by company management.Transformation of business and acceptance of new digitaltools, techniques and technologies in business provides thecompany with a certain level of flexibility, greatervisibility, creating long-term partnerships with marketstakeholders.3 THE ROLE OF TOP MANAGEMENT IN THEDEVELOPMENT OF COMPANY DIGITAL STRATEGYThe digital transformation of business and theadoption and implementation of new technology within thebusiness processes of the company largely depend on theacceptance of the same by the top management of thecompany. It is the digital transformation of business that ispart of the long-term corporate strategy of the company andits integral part if the company wants to improve itsbusiness in accordance with the digital needs of the marketand the needs of modern business. Recognizing theimportance of new digital technologies and theirimplementation within the business brings with it a numberof challenges that involve appropriate adaptation andchange of existing business models.The implementation and use of new information –communication and digital technologies facilitates thetransfer of knowledge, capital and innovation. The task oftop management is to prepare the organization for thechanges that come with the digital transformation ofbusiness, its implications, advantages and possibledisadvantages. In order for the management of thecompany to be able to develop and create strategicdirections and, accordingly, further development of thecompany, it must know its internal and externalenvironment. The market distinguishes and classifies thosecompanies that are successful from those that are lesssuccessful, all from the aspect of technological progressand development of the organization, which is today adeterminant of the market and today’s global business.An important factor that dictates the pace anddevelopment of the market today, but also the ability ofcompanies to respond to the challenges that markets poseto organizations is the degree of technology developmentand the associated digital transformation of business.Technological changes and new digital and information –communication technologies encourage competitivenessbetween organizations, which can affect the improvementof business performance but also the creation of addedvalue. In line with the intensive and rapid growth anddevelopment of new technologies, company managementshould be prone to change and strategically oriented to theimplementation and the use of new digital technologies.Management is the one that, in accordance with itsbeliefs, desires and possibilities, is responsible for theadoption and acceptance of new technology within thebusiness and its integration into the business strategy of thecompany [1].Through the creation of corporate strategy anddefining the strategic direction and direction of companydevelopment, company management should include andincorporate the so-called “IT strategy” (technologystrategy, strategy of new digital technologies). Theintegration of “IT strategy” within the corporate strategy ofthe organization becomes a determinant of how and in whatway the company uses the new digital technology.Technology strategy or “IT strategy” is part or shouldbe part of the company’s corporate strategy if the companywants to compete in the global market, with emphasis ontop management of the company and recognition,importance and use of new digital technologies and theirintegration as part of corporate strategy.The implementation and use of digital technologiesand the digital transformation of business today arebecoming a strategic tool of the organization in terms ofachieving competitiveness and sustainable developmentand market positioning. Through the technology strategy,the company can have an impact on the industry in whichit participates and performs economic activity and thusaffects its competitive advantage, and therefore thetechnology strategy should be an integral part of thecompany’s corporate strategy [8].The importance of technology in order to achievemarket competitiveness should include: (1) whichtechnologies to develop, (2) whether to seek technologicalleadership in these technologies, (3) the role of technologylicensing [8].A small number of studies deals with the importanceof including and integrating IT strategy as an integral partof corporate strategy. A significant research was conductedin the Republic of Croatia and proved that a small numberof companies in the Republic of Croatia poorly use moderninformation technology and a small number have adeveloped IT strategy, thus competing poorly globally [9].Figure 1 Two directions in bridging the technology strategy and the businessstrategy [10]Ivana MARTINČEVIĆ, Goran KOZINA: Influence of Digital Technologies and Its Technological Dynamics on Company Management1264 Technical Gazette 28, 4(2021), 1262-1267A model that explains and describes the relationshipbetween the technological and corporate strategy of acompany that is in the function of achieving the set goalsof the company is presented in Fig. 1.The digital transformation of business and the relatedstrategy of digital transformation has a focus on thetransformation of products, processes, but alsoorganizational aspects of business and new businessmodels based on new technologies [11].IT strategy as already mentioned should be an integralpart of corporate strategy, but digital strategy is intertwinedamong other strategies, so the inclusion of digital strategy(IT strategy) as part of corporate strategy is an effort andsupport at the organization level (Fig. 2).Figure 2 Relation between digital transformation strategy and other corporatestrategies [11]The digital transformation of business and the strategyof digital transformation whose acceptance depends on topmanagement has four important determinants: the use oftechnology, changes in value creation, structural changesand financial [11]. These four transformation dimensionsand their dependencies can be integrated into a commonframework of digital transformation are presented in Fig.3. Taking into account the above four dimensions as partof the framework that supports the development of a digitalstrategy can be seen as help and support factors in assessingthe current capabilities of the company in developing adigital transformation strategy.Figure 3 Digital transformation framework: balancing four transformationaldimensions [11]Digital transformation and development of digitalbusiness transformation strategy from the aspect ofacceptance and implementation of new technologyrequires support of top management since the inclusion orimplementation and use of new technologies requiresactive involvement of various stakeholders affected by thetransformation. Digital transformation today drives variousdisciplines through numerous researches and influencespractice [12].4 RESEARCH RESULTSAs no research has been conducted on the territory ofthe Republic of Croatia that correlates new technologiesand their technological dynamics and their impact oncompany management, the reason for conducting thisresearch is justified. The research was conducted in theRepublic of Croatia, through a randomly selected sampleof 194 exporting companies (micro, small, medium andlarge).The research aims to test the following hypothesis:H1: “New technologies and their technological dynamicshave an impact on the top management of Croatian exportcompanies in terms of the representation of newtechnologies (social media) in business strategy”.The survey was conducted in 2019 electronically, bysending questionnaires to 500 randomly selectedaddresses, and 194 questionnaires were collected.Respondents were asked to rate the importance of eachparameter related to the new technology and theirtechnological dynamics and to evaluate the parameterrelated to top management using the Likert scale from 1 to5 (1 – strongly disagree, 5 – strongly agree). Tab. 1 (authorswork) and Tab. 2 show the constructs used to test thehypothesis.Table 1 Construct of measuring technological dynamics of new technology ofthe industry
Code
Particle
Modality
TECH_DYN1
Technological changes arecreating new opportunities inour industry
Likert scale (1 –strongly disagree, 5– strongly agree)
TECH_DYN2
Technology is changingrapidly in our industry
Likert scale (1 –strongly disagree, 5– strongly agree)
TECH_DYN3
We expect growth in ourindustry over the next fiveyears
Likert scale (1 –strongly disagree, 5– strongly agree
Table 2 Construct of measuring representation of social media (networks)(new technology) in business strategy [13]
Code
Particle
Modality
M1
The top/senior management of ourfirm actively articulates a vision forthe organizational use of newtechnology
Likert scale (1 –strongly disagree, 5– strongly agree)
M2
The top/senior management of ourfirm actively formulated a strategyfor theorganizational use of newtechnology
Likert scale (1 –strongly disagree, 5– strongly agree)
4.1 Company CharacteristicsIn order to present the results of the research, it isnecessary to define and explain the characteristics of thecompanies that were part of the research sample. Tab. 3(authors research work, 2019) shows the size of the firmsinvolved in the survey.4.2 Testing the Set Research HypothesisAppropriate statistical methods and tests were appliedto test the set research hypothesis. The course of dataanalysis is as follows: (1) scale reliability testing, (2)Ivana MARTINČEVIĆ, Goran KOZINA: Influence of Digital Technologies and Its Technological Dynamics on Company ManagementTehnički vjesnik 28, 4(2021), 1262-1267 1265assumption testing for regression analysis, (3) analysis toinvestigate relations (correlation and multiple regression).From the performed analyses, reliability and normality,input and output data, it was proved that the preconditionsfor the implementation of linear regression analysis weremet.Table 3 Company size and number of employees
Number ofcompanies
Structurein %
Cumulative%
Micro company (less than10 employees, annualturnover in the amount up toEUR 2,000,000.00)
73
38
38
Small company (less than 50employees, annual turnoverup to EUR 10,000,000.00)
48
25
63
Medium-sized company(less than 250 employees,annual turnover of up toEUR 50,000,000.00)
35
18
81
Large company (more than250 employees, annual andturnover in the amount ofmore than EUR50,000,000.00)
38
19
100
TOTAL
194
100,00
One of the prerequisites for performing regressionanalysis is the existence of a linear relationship between thevariables. In this case, the dependence of one phenomenonon two or more independent phenomena is examined,which justifies the method of testing hypothesis H1through multiple regression and correlation.Research wanted to investigate and prove whether newtechnologies and their technological dynamics affectcompany top management in the context of the acceptanceand the representation of new technologies (social media)in the business strategy of Croatian export companies. Theresearch hypothesis consists of two constructs. The firstconstruct is: “New technologies and technologicaldynamics” (Tab. 1) while the second is “Representation ofnew technologies (social media/networks) in the businessstrategy” (Tab. 2).In order to test the set hypothesis H1, the followingrelationships were set: independent variable TECH_DYN“New technologies and technological dynamics”(variables: TECH_DYN1, TECH_DYN2, TECH_DYN3)and dependent variable M “Representation of newtechnologies (social media/networks) in business strategy(variables: M1 and M2). Regression was tested by testingthe relationship and correlation of the independentvariables with each of the dependent variables. Theresearch includes the relationship between three (3)independent and two (2) dependent variables, of whichcorrelations and relationships with both dependentvariables M1 and M2 were confirmed by mutual testingthrough regression analysis, which is shown below.Table 4 Representativeness indicators of the regression model with thedependent variable M1
Model
R
R Square
Adjusted RSquare
Std. Error ofthe Estimate
1
0,338
0,114
0,100
1,136
Tab. 4 (authors processing research, June 2020.)presents the representativeness indicators of the regressionmodel, with the dependent variable M1 (The top/seniormanagement of our firm actively articulates a vision for theorganizational use of new technologies). The coefficient ofdetermination indicates that the model interpreted 11,4%of the variance deviation from the dependent variable.Table 5 Anova analysis of the regression model – Dependent Variable M1
Model
Sum ofSquares
df
Square Mean
F
Sig.
1
Regression
31,557
3
10,519
8,155
0,000***
Residual
245,067
190
1,290
Total
276,624
193
Note: ***1% significanceTab. 5 (authors processing research, June 2020.) showsAnova’s analysis of the regression model with thedependent variable M1 (The top/senior management of ourfirm actively articulates a vision for the organizational useof new technologies). Anova test is statistically significantwith 1% probability, and it can be concluded that at leastone of the independent variables has a statisticallysignificant impact on the dependent variable M1 (Thetop/senior management of our firm actively articulates avision for the organizational use of new technologies).Anova analysis tests whether R can be 0. If Sig is lessthan 0,05; the hypothesis that R is zero is rejected, in whichcase we have enough statistical evidence that thecorrelation is different from zero, allowing the independentvariable TECH_DYN “New technologies andtechnological dynamics” (variables: TECH_DYN1,TECH_DYN2, TECH_DYN3) has an impact on thedependent variable M1 (The top/senior management of ourfirm actively articulates a vision for the organizational useof new technologies). If R were zero, the independentvariables would have no effect on the dependent variable.Tab. 6 (authors processing research, June 2020) showsthe estimation of the parameters of the regression modelwith the dependent variable M1 (The top/seniormanagement of our firm actively articulates a vision for theorganizational use of new technologies). One independentvariable has a statistically significant effect on thedependent variable. Independent variable TECH_DYN1(Technological changes are creating new opportunities inour industry) has a statistically significant positive impacton the dependent variable with 10% probability.Table 6 Estimation of regression model parameters – Dependent variable M1
Model
UnstandardizedCoefficients
StandardizedCoefficients
t
Sig.
B
Std.Error
Beta
1
(Constant)
1,808
0,308
5,864
0,000
TECH_DYN1
0,212
0,110
0,194
1,926
0,056**
TECH_DYN2
0,076
0,101
0,079
0,752
0,453
TECH_DYN3
0,114
0,104
0,106
1,098
0,274
Note: **10% significanceTable 7 Representativeness indicators of the regression model with thedependent variable M2
Model
R
R Square
Adjusted RSquare
Std. Error ofthe Estimate
1
0,298
0,089
0,074
1,193
Tab. 7 (authors processing research, June 2020)presents the representativeness indicators of the regressionmodel, with the dependent variable M2 (The top/seniorIvana MARTINČEVIĆ, Goran KOZINA: Influence of Digital Technologies and Its Technological Dynamics on Company Management1266 Technical Gazette 28, 4(2021), 1262-1267management of our firm actively formulated a strategy forthe organizational use of new technology). The coefficientof determination indicates that the model interpreted 8,9%of the variance deviation from the dependent variable.Tab. 8 (authors processing research, June 2020) showsAnova’s analysis of the regression model with thedependent variable M2 (The top/senior management of ourfirm actively formulated a strategy for the organizationaluse of new technology). The Anova test is statisticallysignificant with a 1% probability, suggesting that at leastone of the independent variables has a statisticallysignificant effect on the dependent variable M2.Table 8 Anova analysis of the regression model – Dependent Variable M2
Model
Sum ofSquares
df
Square Mean
F
Sig.
1
Regression
26,290
3
8,763
6,157
0,001***
Residual
27,432
190
1,423
Total
296,722
193
Note: ***1% significanceTab. 9 (authors processing research, June 2020) showsthe estimation of the parameters of the regression modelwith the dependent variable M2 (The top/seniormanagement of our firm actively formulated a strategy forthe organizational use of new technology). Oneindependent variable has a statistically significant effect onthe dependent variable. Independent variableTECH_DYN2 (Technology is changing rapidly in ourindustry) has a statistically significant positive impact onthe dependent variable with 10% probability.Table 9 Estimation of regression model parameters – Dependent variable M2
Model
UnstandardizedCoefficients
StandardizedCoefficients
t
Sig.
B
Std.Error
Beta
1
(Constant)
1,983
0,324
6,125
0,000
TECH_DYN1
0,097
0,116
0,086
0,841
0,401
TECH_DYN2
0,205
0,106
0,207
1,940
0,054**
TECH_DYN3
0,036
0,109
0,032
0,330
0,742
Note: **10% significanceThrough the conducted research, it has been proventhat new technologies and their technological dynamicshave an impact on the top management of Croatian exportcompanies from the aspect of the representation of newtechnologies in the business strategy. The researchconfirmed that new technologies and their technologicaldynamics affect top management, and confirmed that intoday’s international and global market, new technologiesand their technological dynamics create pressure on topmanagement from the aspect of accepting newtechnologies that is its vision and integration within thebusiness strategy which today affects competitiveadvantage and sustainable development. The managementof Croatian export companies is aware of the importanceof new digital technologies and its technologicaldevelopment and its impact on the creation of added valueand sustainable development, which was confirmed by thisresearch. The digital development strategy of the company,ie the integration and inclusion of IT strategy within thecorporate strategy is a prerequisite for long-term growthand development of export companies that operate globallyand internationally. Considering the structure ofrespondents’ responses related to variable testing of thedependent variable M “The representation of newtechnologies (social media (network)) in business strategy”is shown in Tab. 10 (authors processing research, June2020), where is shown the structure of respondents’responses to variables M1 (The top/senior management ofour firm actively articulates a vision for the organizationaluse of new technologies) and M2 (The top/seniormanagement of our firm actively formulated a strategy forthe organizational use of new technology). As can be seenthrough Tab. 10, looking at the M1 variable, 35% ofrespondents assign a grade 3 (three) (neither agree nordisagree) while 30% of respondents assign a grade of 4(four) (agree) to the M2 variable. The research proved thatthe management of Croatian export companies recognizesthe importance of integrating IT strategy (digitaltechnology strategy) within the corporate strategy, but it isclear that there is still a gap in which one part of themanagement of Croatian export companies does notrecognize the importance of digital technologies and theirintegration within corporate strategy which leaves spacefor new and further research in this area.Table 10 Structure of respondents’ answers to the representation of newtechnologies (social media/networks) in the business strategy
1
2
3
4
5
Total
M1
15(8%)
36(18%)
67(35%)
37(19%)
39(20%)
194(100%)
M2
21(11%)
43(22%)
42(22%)
59(30%)
29(15%)
194(100%)
5 CONCLUSIONInternationalization and globalization of markets inalmost all industries leads to research into newtechnologies and research into the benefits and advantagesthat new technologies provide to companies. Digitalbusiness transformation involves the transformation of keybusiness models and affects products and processes as wellas the organizational structure and management concepts.Businesses need to establish procedures how to adopt,implement and use new technologies in order to be able tomanage these complex business transformations well. Avery important step in the digital transformation ofbusiness is the formulation of a digital strategy, theinclusion of IT/digital strategy within the corporatestrategy of the company (digital transformation strategy).The research proved that the top management ofCroatian export companies understands the importance ofusing new technologies in today’s global and internationalmarket. Technological dynamics of new technologiescreates pressure on the management of export companies,which creates a vision of using new technologies that leadsto the development of digital strategies and its integrationwithin the corporate strategy necessary for the growth anddevelopment of companies in accordance with digitalmarket needs. The management of Croatian exportcompanies recognizes the importance and significance ofthe development of an IT strategy (digital businessstrategy) which becomes an integral part of the corporatebusiness strategy and which ensures the long-term growthand development of the company.Ivana MARTINČEVIĆ, Goran KOZINA: Influence of Digital Technologies and Its Technological Dynamics on Company ManagementTehnički vjesnik 28, 4(2021), 1262-1267 12676 REFERENCES[1] Martinčević, I. (2020). Influence of the use of socialnetworks on the export activity of Croatian exportcompanies. Doctoral thesis.[2] Clerck, J. (2017). Digitization, digitalization and digitaltransformation: the differences. i-SCOOP. Available athttps://www.i-scoop.eu/digitization-digitalization-digitaltransformation-disruption/[3] Thomas, H., Christian, M., Alexander, B., & Florian, W.(2016). Options for formulating a digital transformationstrategy. MIS Quarterly Executive, 15(2).[4] Gruman, G. (2016). What digital transformation reallymeans. Info World.http://www.infoworld.com/article/3080644/itmanagement/what-digital-transformationreally-means.html[5] Li, F. (2018). The digital transformation of business modelsin the creative industries: A holistic framework andemerging trends. Technovation, 92, 102012.https://doi.org/10.1016/j.technovation.2017.12.004[6] Westerman, G., Bonnet, D., & Mcafee, A. (2014). The nineelements of digital transformation. MIT Sloan ManagementReview. https://sloanreview.mit.edu/article/the-nineelements-of-digitaltransformation[7] Sebastian, I. M., Ross, J. W., Beath, C., Mocker, M.,Moloney, K. G., & Fonstad, N. O. (2017). How big oldcompanies navigate digital transformation. MIS QuarterlyExecutive, 16(3), 197-213.[8] Porter, M. E. (2008). Konkurentska prednost: Postizanje iodržavanje vrhunskog poslovanja. Zagreb, Masmedia.[9] Dunković, D., (2000). Strateško usmjerenje menadžmentaprema modernoj informacijskoj tehnologiji u hrvatskimtvrtkama. Ekonomski vjesnik: Review of ContemporaryEntrepreneurship, Business, and Economic Issues,1(2), 63-79.[10] Vernet, M. & Arasti, M. R. (1999). Linking BusinessStrategy to Technology Strategies: A Prerequisite to the R &D Determination. International Journal TechnologyManagement, 18(3/4).https://doi.org/10.1504/IJTM.1999.002776[11] Matt, C., Hess, T., & Benlian, A. (2015). DigitalTransformation Strategies. Bus. Inf. Syst. Eng., 57(5), 339-343. https://doi.org/10.1007/s12599-015-0401-5[12] Hausberg, J. P., Liere‑Netheler, K., Packmohr, S., Pakura,S., & Vogelsang, K. (2019). Research streams on digitaltransformation from a holistic business perspective: asystematic literature review and citation network analysis.Journal of Business Economics, 89, 931-963.https://doi.org/10.1007/s11573-019-00956-z[13] Bharati, P., Zhang, C., & Chaudhury, A. (2014). Socialmedia assimilation in firms: Investigating the roles ofabsorptive capacity and institutional pressures. InformationSystems Frontiers, 6(1), 1-33Contact information:Ivana MARTINČEVIĆ, PhD(Corresponding author)University North,Trg Žarka Dolinara 1,48000 Koprivnica, CroatiaE-mail: [email protected]Goran KOZINA, Professor, PhDUniversity North,Trg Žarka Dolinara 1,48000 Koprivnica, CroatiaE-mail: [email protected]

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