Application of institutional innovation in trade: Experience of market-developed economies

• Published in: Ekonomika (Niš, Serbia) Serbia), 2020-07, Vol.66 (3), p.15-26
• Main Author: Sokolov-Mladenović, Svetlana
• Format: Article
• Language: English
• ISSN: 0350-137X; 2334-9190
• DOI: 10.5937/ekonomika2003015S

One of the main features of trade in developed market conditions is innovation. Almost no sector of the economy is so intensely prone to change and innovation as trade. For this reason, trade development experience of market economies so far is extremely rich and provides opportunities for some generalization and analysis of certain principles in the processes of development and implementation of innovation in trade. In addition, innovation in trade is markedly diverse and abundant, with institutional innovation occupying a significant place. In line with the above, the subject of this paper relates to the analysis of the application of institutional innovation in trade. The objective of the paper is to review the achieved level of institutional innovation in trade of the developed economies. Based on the available secondary data sources, we conduct an empirical study to test the hypothesis of the importance of institutional innovation for the positioning of trading companies. The ANFIS method was used to test the hypothesis. The results of the research showed that the introduction of institutional innovations influences on the positioning of trading companies.