Tec Empresarial | 2026
Authors: Vladimirov Z.; Mladenova I.; Harizanova O.
DOI: 10.18845/te.v20i2.8630
Journal: Tec Empresarial
Year: 2026
Publisher: Business School, Instituto Tecnologico de Costa Rica
Document Type: Article
Open Access: All Open Access; Gold Open Access; Green Open Access
Cited by: 1
This study, based on the Technology-Organization-Environment (TOE) framework and Upper Echelon Theory, aims to identify the managerial and organizational factors influencing the digital transformation (DT) of small and medium-sized enterprises (SMEs) in Bulgaria. Data for the study were collected via a questionnaire applied to a sample of 338 Bulgarian SMEs. The factor analysis yielded seven factors: performance, digital strategy, perceived barriers, state support, external factors, technology usage, and DT adoption. These factors were used as new composite variables for the cluster analysis, which produced a three-cluster solution featuring two highly distinct clusters and one intermediate cluster. The first cluster had the highest values for all factors except perceived barriers, whereas the third cluster had the lowest values for all factors. The results show that manager characteristics moderate the effects of TOE factors on SME DT, shaping how these factors are understood, utilized, and ultimately applied to DT. The factors of SMEs’ DT are positively correlated with managers’ work experience and education, top management support, employee skills, firm’s size, and the manufacturing, high-technology, and knowledge-intensive sectors. No significant differences were found for firm or manager age or gender. These findings could inform government policies aimed at providing targeted DT support to specific groups of SMEs. © 2026, Business School, Instituto Tecnologico de Costa Rica. All rights reserved.
clusters; digital transformation; managerial and firm characteristics; SMEs; TOE model